Slides
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INFLO-1 Data Readout: Strengthening the Nintedanib DPI Opportunity in IPF July 29, 2026 © Copyright 2026. All rights reserved. Mannkind Corporation.
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© Copyright 2026. All rights reserved. MannKind Corporation. /2 29 July 2026 Cautionary Statement © Copyright 2026. All rights reserved. MannKind Corporation.2 Statements in this presentation that are not statements of historical fact are forward-looking statements that involve risks and uncertainties. Words such as “believes”, “anticipates”, “plans”, “expects”, “intend”, “will”, “goal”, “potential” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon MannKind’s current expectations. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of risks and uncertainties, which include, without limitation, risks associated with manufacturing and supply, risks associated with developing product candidates, stock price volatility and other risks detailed in our filings with the Securities and Exchange Commission (“SEC”), including under the “Risk Factors” heading our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 26, 2026, and subsequent periodic report on Form 10-Q and current reports on Form 8-K. You are cautioned not to place undue reliance on these forward-looking statements. which speak only as of the date of this presentation. All forward-looking statements are qualified in their entirety by this cautionary statement, and we undertake no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this presentation.
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© Copyright 2026. All rights reserved. MannKind Corporation.3 Agenda The IPF Opportunity Clinical Overview Closing Remarks Q&A Michael Castagna, PharmD Chief Executive Officer Dr. Wassim Fares Senior Vice President, Therapeutic Area Head, Respiratory 1 2 4 3
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© Copyright 2026. All rights reserved. MannKind Corporation.4 Furoscix ReadyFlow Autoinjector Nintedanib DPI Major Catalysts Driving 2026 & Beyond • Population expansion; INHALE-1ST • Unique value proposition addressing patient unmet needs • Compounds growth as adolescents age into adults • Reduces administration from hours to seconds • Supports broader adoption • Would significantly reduce cost of goods • Urgent need for new, effective therapies in IPF • Lung targeted delivery addresses IPF tolerability barriers • Key clinical de-risking step Afrezza® Pediatrics PDUFA May 29 Ph1b Readout Q3 Ph2 First Patient Q2APPROVED .APPROVED
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© Copyright 2026. All rights reserved. MannKind Corporation.5 The IPF Opportunity © Copyright 2026. All rights reserved. MannKind Corporation.5
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© Copyright 2026. All rights reserved. MannKind Corporation.6 © Copyright 2025. All rights reserved. MannKind Corporation.6 Highlights ✓ Phase 1b study demonstrated safety and tolerability in patients with IPF • No serious adverse events • No GI burden • No discontinuations • No difference in spirometry parameters between placebo (empty cartridge) and Nintedanib DPI ✓ Phase 2 global study underway • First patient dosed; enrollment ramping through 2026 © Copyright 2026. All rights reserved. MannKind Corporation.6
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© Copyright 2026. All rights reserved. MannKind Corporation.7 A Validated Category + Persistent Unmet Need Creates an Opportunity for Targeted Inhaled Approaches U.S. MARKET LANDSCAPE >$150K annual brand pricing / patient >$40B implied U.S. total addressable market Approved oral therapies: OFEV® · Esbriet® · JASCAYD® >$4B OFEV global revenue in 2025 — blockbuster precedent Sources: American Lung Association / GlobalData; Avalyn Corporate Deck (May 2026); Boehringer Ingelheim 2024 annual report. Implied TAM = approx. patient population × annual brand pricing (theoretical ceiling, not realized sales). mannkind ~650,000 patients with ILDs >200 ILD subtypes can progress to fibrosis ~180,000 PPF patients larger adjacent fibrosing ILD segment ~100,000+ patients with IPF 20% rise in the last decade
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© Copyright 2026. All rights reserved. MannKind Corporation.8 IPF: A Progressive and Fatal Disease with Problematic Therapies patients with IPF are not on an approved antifibrotic therapy1 1 Dempsey et al. Annals of the American Thoracic Society, 7, 1121-1128, (2021); 2 American Lung Association and GlobalData, Pharma Intelligence Center, Epidemiology & Market Size Database. 3 Boehringer Ingelheim and Roche, Disease State Information, (2023-24) • Current therapies exhibit major safety and tolerability issues • Discontinuation rates are as high as 50%1 • A minority of patients even start IPF therapy • 80% of patients die within 36-60 months3 3 out of 4
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© Copyright 2026. All rights reserved. MannKind Corporation.9 Local Delivery, Systemic Advantage: A Potentially Better Path Forward Target the lungs directly Efficient, targeted deep-lung delivery Improve efficacy and tolerability May support long-term adherence Bypass the GI tract Lower systemic exposure
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• Technosphere® technology provides highly efficient delivery – Dry powder administered via portable inhalers – Rapid, uniform distribution deep into the lung • FDKP (fumaryl diketopiperazine) microparticles drive extensive distribution throughout the lung • Proven platform utilized in two FDA-approved products (Afrezza, Tyvaso DPI®) Our Technology is Differentiated Versatile Platform with Competitive Advantages © Copyright 2026. All rights reserved. MannKind Corporation.10
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© Copyright 2026. All rights reserved. MannKind Corporation.11 Technosphere Particles Driven Predominantly by FDKP Tyvaso DPI 99% FDKP 1% active API Pipeline Target powder is 10mg max per dose and is 80-99% FDKP and 1-20% drug load Afrezza 90% FDKP 10% active API Technosphere Powder Used in >50,000 patients Nintedanib DPI 80% FDKP 20% active API
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© Copyright 2026. All rights reserved. MannKind Corporation.12 Case Study: Patient Preference in Rare Lung Disease 100% 100% 100% 100% 100% 99% 76% 62% 50% 39% 37% 39% 39% 35% 37% 34% 35% 33% 27% 23% 22% 24% 38% 50% 61% 63% 61% 61% 65% 63% 66% 65% 67% 73% 77% 78% $0M $100M $200M $300M $400M $500M $600M Treprostinil Revenue ($M) Nebulized DPI The inhaled treprostinil market is dominated by DPI usage, which has grown to nearly 80% of the market
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© Copyright 2026. All rights reserved. MannKind Corporation.13 Clinical Overview © Copyright 2026. All rights reserved. MannKind Corporation.13
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© Copyright 2026. All rights reserved. MannKind Corporation. /14 29 July 2026 Wassim Fares, MD, MSc, FCCP Senior Vice President, Therapeutic Area Head, Respiratory Board-certified pulmonologist with 18+ years leading respiratory clinical development—from early-stage studies through Phase 3 and post-approval • Deep experience spanning academic medicine, clinical research, and biopharma leadership focused on serious, rare lung diseases • Leadership roles at PureTech Health, Merck, Acceleron Pharma, Bellerophon Therapeutics and Johnson & Johnson • Clinical trial principal investigator, published author, and inventor on patented pulmonary therapies • Former Associate Professor of Medicine, Yale University; Adjunct Faculty, University of North Carolina
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© Copyright 2026. All rights reserved. MannKind Corporation.15 Strong Preclinical Safety and Lung-Targeted PK Established the Foundation for Clinical Development PK signal: lung concentrations were ≥100-fold higher than plasma with minimal systemic exposure Initial Tox Two 28-day repeat-dose studies in two species showed no systemic toxicity and non-adverse respiratory tract histologic findings Long-term Chronic Tox 6-month repeat-dose study revealed no clinical toxicity and wide safety margin PK & Exposure Dose-proportional concentrations; high lung concentrations with minimal systemic exposure and rapid plasma absorption, reflecting immediate delivery to deep lungs Five non-GLP animal PK / PD and dose-ranging toxicokinetic studies informed the GLP program and supported the advancement of Nintedanib DPI, demonstrating robust safety margins and favorable tolerability. Clinical development justification Reference: Fares and Castagna. Safety and Pharmacokinetic Data for Inhaled Administration of Nintedanib Dry Powder Inhalation for Treatment of Pulmonary Fibrotic Diseases. J Aerosol Med Pulm Drug Deliv. 2026 Aug;39(4):185-197.
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© Copyright 2026. All rights reserved. MannKind Corporation.16 Nintedanib DPI Clinical Development Rapidly de-risking program scaling from first-in-human to a 210-patient global study Phase 1b INFLO -1 U.S. Patients with IPF 10 27 Completed · Jul 2026 Phase 2 INFLO -2 Global Patients with IPF ~85 210 Enrolling · Since May 2026 Phase 1 First -in-Human Healthy Volunteers in the US 1 SITE 40 ADULTS (n) Completed · Nov 2024 SITES PATIENTS (n) SITES PATIENTS (n)
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© Copyright 2026. All rights reserved. MannKind Corporation.17 Phase 1a: Study Designed to Evaluate Pharmacokinetics and Safety COHORT A1 2 mg once Part A: Single-Ascending Dose (n = 24; 3:1 randomization) Safety Data Review COHORT A2 4 mg once COHORT A3 8 mg once Safety Data Review COHORT B1 2 mg BID COHORT B2 4 mg BID Safety Data Review Part B: Multiple-Ascending Dose (7 Days) (n = 16; 3:1 randomization)
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© Copyright 2026. All rights reserved. MannKind Corporation.18 Phase 1a: Proven Molecule, Now Proven Tolerability in First-in-Human Safe and well-tolerated over 7 days in healthy adult volunteers — no safety signals 0 Safety Signals 0 Serious AEs 0 Discontinuations Adverse Events • Mild, reversible cough, typically after the first dose with no worsening (consistent with Technosphere® powder) • No systemic AEs typical of Ofev (e.g. diarrhea, nausea, vomiting, headache) Pharmacokinetics • Immediate peak in plasma with rapid distribution into tissues (see next slide) Reference: Fares and Castagna. Safety and Pharmacokinetic Data for Inhaled Administration of Nintedanib Dry Powder Inhalation for Treatment of Pulmonary Fibrotic Diseases. J Aerosol Med Pulm Drug Deliv. 2026 Aug;39(4):185-197.
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© Copyright 2026. All rights reserved. MannKind Corporation.19 Cmax Drives Efficacy in Pulmonary Fibrosis References: Surber MW, Beck S, Pham S, et al. Pulm Pharmacol Ther. 2020;63:101938; Epstein-Shochet G, Pham S, Beck S, et al. Pulm Pharmacol Ther. 2020;63:101933. • Cmax, not AUC, drives nintedanib efficacy — hitting a threshold peak concentration matters more than total lung exposure. • Beyond that peak, more exposure adds little — large oral-derived tissue levels contribute minimal extra anti-fibrotic benefit. • Brief, high peaks are sufficient — short bursts of high concentration were sufficient to inhibit fibrotic pathways.
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© Copyright 2026. All rights reserved. MannKind Corporation.20 Phase 1a: PK Data for Nintedanib DPI References: Fares and Castagna. Safety and Pharmacokinetic Data for Inhaled Administration of Nintedanib Dry Powder Inhalation for Treatment of Pulmonary Fibrotic Diseases. J Aerosol Med Pulm Drug Deliv. 2026 Aug;39(4):185-197; Palacios M, Pham S, Surber M, et al. Inhaled Nintedanib (AP02) for the Treatment of IPF: Safety, Tolerability, and Pharmacokinetics After Single Ascending Doses to Healthy Subjects and patients with IPF. Am J Respir Crit Care Med. 2025;211(Suppl 1):A2915. 8.64 1.08 12.2 1.94 29.4 3.11 0 5 10 15 20 25 30 35 Nintedanib DPI Nebulized Nintedanib Day 7 MAD Plasma Cmax 2mg 4mg 8mg Nintedanib DPI delivers more drug to the deep lung — 6x to 8x higher plasma Cmax than nebulized nintedanib at every comparable dose * *Results for 8 mg Nintedanib DPI are from the 8 mg SAD Cohort (i.e., Day-1).
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© Copyright 2026. All rights reserved. MannKind Corporation.21 A Randomized, Double-Blind, Placebo-Controlled, Phase 1b Clinical Study of the Safety, Tolerability, and Pharmacokinetics of Nintedanib Dry Powder Inhalation (MNKD-201) in Patients with Idiopathic Pulmonary Fibrosis. Nintedanib DPI Phase-1b Study (U.S.)
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© Copyright 2026. All rights reserved. MannKind Corporation.22 INFLO-1 Phase 1b: First-in-Patient Study to Assess Safety, Tolerability and Pharmacokinetics Multiple-Ascending Dose (7 Days) (n = 27; 2:1 randomization) COHORT 1 2 mg TID COHORT 2 4 mg BID Safety Data Review (Sponsor & External DSMB) 01 Early Safety Data First-in-patient safety readout in idiopathic pulmonary fibrosis 02 Pulmonary Tolerability Short-term pulmonary safety & tolerability profile 03 Multiple-Ascending Dose 7-day dose escalation; safety- focused with no efficacy objectives Objectives Reference: ClinicalTrials.gov (NCT07344558)
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© Copyright 2026. All rights reserved. MannKind Corporation.23 Phase 1b: A Clean Safety Profile in First IPF Study 0 Safety Signals None of the diarrhea, nausea or vomiting that limits oral nintedanib (OFEV®) 0 Bronchospasms A known risk for inhaled powders — none observed, even in fibrotic lungs 0 Discontinuations Where current oral therapies see discontinuation rates as high as 50% A tolerability profile built for chronic use – de-risking the program as it advances into Phase 2
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© Copyright 2026. All rights reserved. MannKind Corporation.24 Phase 1b Cough: Mild and Transient Most patients had no cough — and when it occurred, it was mild and led to zero discontinuations. Cough was not correlated to powder mass. ~60% of patients had NO cough (11 of 18 on active drug) THE PHASE 1b SUMMARY • ~90% of patients had no cough or a mild cough event (Grade 1); none were severe (Grade ≥3) • Cough typically follows the first dose and does not worsen with continued use • No cough-related discontinuations and no serious AEs • No dose reductions after over ~450 inhalations administered over 7 days PROVEN PLATFORM: Technosphere® powder in two FDA-approved DPI products, with clinical data showing <3% discontinuation due to cough. ~30% No severe cough of patients had a mild cough 0 0 serious AEs discontinuations from cough
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© Copyright 2026. All rights reserved. MannKind Corporation. /25 29 July 2026 Nintedanib DPI Delivers Deep Inhaled Exposure inPatients with IPF 270 448 282 6 0 100 200 300 400 500 Healthy Volunteers Patients with IPF # of Doses Administered Nintedanib DPI Nebulized Nintedanib WHY IT MATTERS 448 doses in patients with IPF with Nintedanib DPI ~75× the IPF dosing experience vs. the other inhaled nintedanib formulation Nintedanib showed no difference in spirometry between placebo (empty cartridge) and active drug. FDKP carrier utilized in underlying lung disease Thousands of ILD patients have already used our Technosphere powder (Tyvaso DPI in PH-ILD). Palacios M, Pham S, Surber M, Nair D, Woodhead F. Inhaled nintedanib (AP02) for the treatment of IPF: safety, tolerability, and pharmacokinetics after single ascending doses (SAD) to healthy subjects and IPF patients. Am J Respir Crit Care Med. 2025;211:Axxxx. Presented at: American Thoracic Society International Conference; May 2025; San Francisco, CA; MannKind data on file.
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© Copyright 2026. All rights reserved. MannKind Corporation.26 A Randomized, Double-Blind, Placebo-Controlled Study of the Safety, Tolerability, and Efficacy of Two Different Doses of Nintedanib Dry Powder Inhalation (MNKD-201) in Patients with Idiopathic Pulmonary Fibrosis. Nintedanib DPI Phase-2 Study (Global)
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© Copyright 2026. All rights reserved. MannKind Corporation.27 . INFLO-2 Phase 2: Global Enrollment Underway in IPF Nintedanib DPI 4 mg BID Placebo DPI BID Placebo DPI QID (12 weeks) Nintedanib DPI 2 mg QID (24 weeks) Nintedanib DPI 4 mg BID Nintedanib DPI 4 mg BID Nintedanib DPI 2 mg QID Nintedanib DPI 2 mg QID • Randomization 2:2:1:1 • Sample size 210 • Aged 40-85 • Patients with IPF without current background IPF treatment or on stable pirfenidone and / or nerandomilast background therapy • N=70 / Active Study Arm Phase 2 Controlled Study Phase 2 Open-Label Extension 01 1◦ Objectives: Safety and tolerability 02 Efficacy Endpoint: FVC (Forced Vital Capacity) STUDY DESIGN
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© Copyright 2026. All rights reserved. MannKind Corporation.28 Closing Remarks © Copyright 2026. All rights reserved. MannKind Corporation.28
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© Copyright 2026. All rights reserved. MannKind Corporation.29 A Layered Patent Estate Extends Protection to 2046+ Product -specific Patent Estate (MNKD -201) To 2041 COMPOSITION Composition for treating pulmonary fibrosis Covers FDKP-nintedanib + surfactant dry powders and the methods of making and using them. To 2043 METHOD OF USE Methods for treating lung diseases Covers kinase inhibitors and their methods of use across pulmonary fibrotic disease. To 2046 METHOD OF TREATMENT Method for treating lung diseases Extends the product-specific estate's longest-dated protection potentially to 2045. THE PLATFORM MOAT >1,400 patents in force worldwide, plus >300 pending applications >125 U.S. patents on FDKP synthesis & Technosphere® particles Manufacturing complexity adds a practical barrier to entry beyond the patent estate mannkind© Copyright 2026. All rights reserved. MannKind Corporation.29
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© Copyright 2026. All rights reserved. MannKind Corporation. /30 29 July 2026 Nintedanib DPI: Lung-Targeted Delivery Without the Nebulizer Burden or Systemic AEs DPI A proven, portable platform designed to make inhaled nintedanib practical for chronic use PROVEN PLATFORM Technosphere® particles are validated in 2 FDA-approved DPI products used in adult patients, including elderly individuals with compromised lung function <3% discontinuation due to cough in approved products PRACTICAL ADMINISTRATION Portable, handheld dosing with rapid administration and no need for nebulizer setup, cleaning, or maintenance Designed to support long-term adherence PULMONARY EXPERIENCE Demonstrated safety and tolerability in patients with underlying lung diseases Our platform technology (Tyvaso DPI®) is approved for use in PAH and PH-ILD, including patients living with IPF who also have PH
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© Copyright 2026. All rights reserved. MannKind Corporation.31 Nintedanib DPI is Positioned to Anchor the Future of IPF Therapy 1 2 oral anti-fibrotics Oral nintedanib and pirfenidone 2014 – Today 2 Novel MOAs & delivery routes JASCAYD · Next-gen agents (e.g., Tyvaso, Tyvaso DPI, Ralinepag DPI, admilparant) · Nintedanib DPI Emerging 3 Future Nintedanib DPI can become the backbone even as IPF shifts to combination therapy Nintedanib is the gold standard — but oral GI burden caps its use. Nintedanib DPI The pattern is proven – chronic respiratory diseases have evolved from monotherapy to combination regiments Combination therapy Nintedanib DPI + multiple agents
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MannKind Has Three Shots on Goal in IPF Nintedanib DPI Wholly-owned © Copyright 2026. All rights reserved. MannKind Corporation.32 3 2 1 Tyvaso DPI United Therapeutics Partnership Currently approved in PAH and PH-ILD. Future expansion into IPF. Proven molecule, now with proven tolerability in IPF. Phase 2 underway. Next-gen prostacyclin with multi-indication opportunity. Progressing to IND.Ralinepag DPI United Therapeutics Partnership One proven platform. One large, under-served market.
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© Copyright 2025. All rights reserved. MannKind Corporation.33 Q&A Contact: ir@mnkd.com
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© Copyright 2026. All rights reserved. MannKind Corporation.34