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© Copyright 2026. All rights reserved. MannKind Corporation. Corporate Deck January 2026 Nasdaq: MNKD
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© Copyright 2025. All rights reserved. MannKind Corporation. /2 9 January 2026 © Copyright 2025. All rights reserved. MannKind Corporation.2 Cautionary Statement 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, 2024, filed with the SEC on February 26, 2025, 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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Transforming Chronic Disease Care Through Innovative Patient- Centric Solutions for Cardiometabolic and Orphan Lung Diseases © Copyright 2025. All rights reserved. MannKind Corporation.3
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© Copyright 2026. All rights reserved. MannKind Corporation. /4 9 January 2026 Our Key Pillars Tyvaso DPI® Backbone of PAH/PH-ILD Treatment with IPF Upside Potential Afrezza® Positioned for Growth with 2026 Pediatric Catalyst FUROSCIX® High-Growth Revenue Stream Nintedanib DPI Progressing Phase 2 Trial in IPF FUROSCIX ReadyFlow Approval Would Expand Market Opportunity
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© Copyright 2026. All rights reserved. MannKind Corporation. /5 9 January 2026 MNKD Products & Pipeline Product Targeted Indications Pre-IND Phase 1 Phase 2 Phase 3 Approval Afrezza® (insulin human) Inhalation Powder T1DM / T2DM (adults) T1DM / T2DM (pediatrics) V-Go® All-in-One Insulin Delivery Patch T1DM / T2DM (adults) FUROSCIX® (furosemide injection) (marketed by scPharmaceuticals, a wholly owned subsidiary of MannKind) Edema from CHF / CKD FUROSCIX ReadyFlow Autoinjector Edema from CHF / CKD Bumetanide DPI (MNKD-701) Edema from CHF / CKD Tyvaso DPI® (treprostinil) Inhalation Powder (marketed by United Therapeutics) PAH / PH-ILD Nintedanib DPI (MNKD-201) IPF Clofazimine DPI (MNKD-102) NTM Partner Program with United Therapeutics (MNKD-1501) UNDISCLOSED Cardiometabolic Orphan Lung Phase 2 (INFLO-2 study) PDUFA: Q2 2026 Marketed Marketed STAGE UNDISCLOSED Marketed Marketed T1DM = type 1 diabetes mellitus; T2DM = type 2 diabetes mellitus; CHF = chronic heart failure; CKD = chronic kidney disease; PAH = pulmonary arterial hypertension; PH-ILD = pulmonary hypertension associated with interstitial lung disease; IPF = idiopathic pulmonary fibrosis; NTM = nontuberculous mycobacterial lung disease. PDUFA: Q3 2026 Pre-Clinical Pre-Clinical
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© Copyright 2026. All rights reserved. MannKind Corporation.6
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© Copyright 2026. All rights reserved. MannKind Corporation.7 Primary Burden for Patients Suffering from HF Stable Patient Treated with Oral Loop Diuretic Start of Fluid Retention • Fluid retention (Congestion)- hallmark of HF • Decompensation leads to reduced oral bioavailability of diuretics • Worsening symptoms is the most common reason patients contact their provider Hospitalized Patient Treated with IV Diuretic • 59% of hospital admission directly attributed to volume overload1 • Up to 50% of HF hospital admissions may be avoidable2 • 30-50% patients discharged still congested3-5 • 25-30% of patients readmitted to the hospital after discharge within 30 days6,7 • 2/3 heart failure hospitalizations are considered ‘uncomplicated’8 1. Bennett S, et al. American Journal of Crit Care. 1998;7(3):168-174. 2. Collins et al. J Am Coll Cardiol. 2013 January 15; 61(2): 121–126. 3. Neuenschwander JF, et al. Crit Care Clin. 2007;23(4):737-58. 4. Costanzo MR, et al. Am Heart J. 2007;154(2):267-77. 5.Fonarow GC, et al. JAMA. 2005;293(5):572-80 6. Kilgore M et al. Risk Manag Healthc Policy. 2017;10:63..7. Fitch K, et al (2017) The cost burden of worsening heart failure in the Medicare fee for service population: an actuarial analysis [white paper]. 8. Greene SJ et al. JACC Heart Fail. 2020; 8(11): 943-953. Cycle of Decompensation & Hospitalization
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© Copyright 2026. All rights reserved. MannKind Corporation.8 Market Opportunity in Heart Failure and Chronic Kidney Disease 1. HFSA. HF Stats 2024: Heart Failure Epidemiology and Outcomes Statistics. Available at: https://hfsa.org/hf-stats-2024-heart-failure-epidemiology-and-outcomes-statistics. [hfsa.org) 2. CDC. Chronic Kidney Disease in the United States, 2023.Available at: https://www.cdc.gov/kidney-disease/php/data-research/index.html 3. Vaduganathan M, et al. Heart Failure in 2024: A Contemporary Review. JACC: Heart Failure. Published in PMC. Available at: https://pmc.ncbi.nlm.nih.gov/articles/PMC11009372/. ~6.7M U.S. adults have heart failure; projected to reach 8.7M by 20301 >1 in 7 U.S. adults has CKD, a significant risk for fluid overload2 Average cost of an HF hospitalization is ~$19,0003, accounting for roughly 50% of heart failure–related healthcare costs Significant cost-saving potential by reducing hospital admissions/readmissions CMS Ambulatory Specialty Model • Incentivizes prevention of avoidable hospitalizations beginning in 2027 >$10B Addressable Opportunity
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© Copyright 2026. All rights reserved. MannKind Corporation.9 FUROSCIX: Redefining Heart Failure Care Reducing Admissions Through Innovative Therapy • A wearable, at-home treatment that delivers furosemide (gold standard hospital diuretic) subcutaneously through an On-Body Infusor over 5-hours • Indicated for the treatment of edema associated with chronic heart failure (CHF) and chronic kidney disease (CKD) in adults • pH-neutral, well-tolerated, and equivalent diuresis and natriuresis to IV furosemide, ensuring reliable absorption
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© Copyright 2026. All rights reserved. MannKind Corporation.10 FUROSCIX Net Revenue YTD Q3 2025 $7.3 $24.2 $47.1 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 50.0 YTD 2023 YTD 2024 YTD 2025 $19.3M Q3 2025 Net Revenue Up 93% from Q3 2024 Revenue (M)
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© Copyright 2026. All rights reserved. MannKind Corporation.11 FUROSCIX Doses Dispensed 8,599 28,223 61,407 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 YTD 2023 YTD 2024 YTD 2025 27,347 Q3 2025 Doses Dispensed Doses Up 153% from Q3 2024 Nephrology ~15% in Q3 2025
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© Copyright 2026. All rights reserved. MannKind Corporation.12 FUROSCIX ReadyFlow Autoinjector Could Transform Care From Hours to Seconds • If approved, would deliver IV-equivalent diuretic dose in under 10 seconds • Potential to significantly reduce COGS • PDUFA date July 26, 2026
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© Copyright 2026. All rights reserved. MannKind Corporation.13
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© Copyright 2026. All rights reserved. MannKind Corporation. /14 9 January 2026 • Indicated for T1DM & T2DM mealtime control • Taken at the start of a meal • Comparable to AID systems • Access at $35 for Medicare and commercial Afrezza: A Market-Exclusive Insulin Innovation Afrezza® Inhaler Afrezza® Insulin Cartridges 4 Units 8 Units 12 Units
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© Copyright 2026. All rights reserved. MannKind Corporation. /15 9 January 2026 Afrezza Q3 YoY Rx Performance Source: Prescription data from IQVIA NPA Ext Insights; Rx is Net of Cash. +31% YoY NRx Growth (Q3 2025 vs. Q3 2024) +27% YoY TRx Growth (Q3 2025 vs. Q3 2024) 4,077 9,879 5,345 12,579 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 NRx TRx Afrezza YoY Rx Performance Q3 2024 Q3 2025
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Afrezza Net Revenue YTD Q3 2025 $39.4 $45.8 $51.7 0.0 10.0 20.0 30.0 40.0 50.0 60.0 2023 YTD 2024 YTD 2025 YTD $18.5M Q3 2025 Net Revenue 16 Up 23% from Q3 2024 Revenue (M)
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© Copyright 2026. All rights reserved. MannKind Corporation. /17 9 January 2026 Afrezza: Recognized Option for Individualized Care • 2026 ADA Standards of Care is utilized by healthcare professionals, patients and caregivers, healthcare systems, and more to guide therapeutic decisions • Inhaled insulin is recognized as a therapeutic option along with MDI and AID • ADA Standards (Section 9: Pharmacologic Treatment; Figure 9.2) now recommend clinicians evaluate inhaled insulin as a prandial option at every patient visit— moving it into routine care conversations and creating a catalyst for broader adoption
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© Copyright 2026. All rights reserved. MannKind Corporation. /18 9 January 2026 INHALE 1st (Naïve Treatment T1D) Pediatrics BI = basal insulin; CGM = continuous glucose monitor; FEV 1 = forced expiratory volume in 1 second; HbA1c = hemoglobin A1c; TI = Technosphere insulin; TIR = time in range. Positions Afrezza as 1st Choice for Mealtime Insulin Treatment Phase – 13 Weeks Optional Extension Phase – 26 Weeks Afrezza+Basal Continued Afrezza+Basal Screening FEV1 Week 4 Meal Challenge Week 39 CGM (TIR), HbA1c, FEV1 Week 13 CGM (TIR), HbA1c, FEV1 Week 26 HbA1c • Objective: Evaluate safety/efficacy of inhaled insulin plus basal for youth (aged 10 to <18) with newly-diagnosed T1D • Up to 100 patients across ~10 sites • Primary endpoint: % of participants with CGM-measured TIR 70-180 mg/dl ≥70% during 14 days prior to13-week visit • Aim to introduce a 2U cartridge for titration and utilize MannKind’s BluHale® dose tracking device
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© Copyright 2026. All rights reserved. MannKind Corporation. /19 9 January 2026 Projected Peds Transition %** 28% 14% Switch to Afrezza from MDIs Switch to Afrezza from AIDs (incl. Omnipod) “… I would definitely offer Afrezza as an option to my pediatric patients if approved. The lack of insulin stacking is appealing …” – Pediatric Endocrinologist “… Not having to worry about counting carbs or injections every time we eat would be super helpful and really help my kid and whoever’s out with him …” – T1D Caregiver “… It’s all about making it easier for my kid and avoiding negative associations. A simple inhalation and we get to skip the mealtime routine? Great! …” – T1D Caregiver *Assumes pediatric approval in 2026. ** Does not include an overstatement adjustment; Source: L.E.K. survey, research and analysis . Upside Potential with Pediatric Approval – PDUFA Date May 29, 2026 Each 10% of Pediatrics Share is ~$150M in Revenue
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© Copyright 2026. All rights reserved. MannKind Corporation.20
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$205 $761 $954 0 200 400 600 800 1,000 1,200 2023 2024 Q4 2024 - Q3 2025 $275 $336 0 50 100 150 200 250 300 350 400 Q3 2024Q3 2025 Tyvaso DPI-related Revenue Growth Continues * Please refer to the 10-Q for full C&S details© Copyright 2026. All rights reserved. MannKind Corporation.21 UT Tyvaso DPI Revenue ($M) YTD Q3 2025 $59M Q3 2025 UT-related Revenue* +22% Up 15% from Q3 2024 Q3 2024 Q3 2025YTD 2023 YTD 2024 YTD 2025
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© Copyright 2026. All rights reserved. Mannkind Corporation.22 Potential Growth Drivers with United Therapeutics Tyvaso DPI • Launch of 80 mcg cartridge • Bridging study anticipated in IPF Expanding Collaboration • Formulating a 2nd investigational molecule with UT
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© Copyright 2026. All rights reserved. MannKind Corporation.23 Nintedanib DPI
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© Copyright 2026. All rights reserved. MannKind Corporation. /24 9 January 2026 IPF: A Progressive and Fatal Disease with Problematic Therapies ~13-26%1 ~74-87%1 Patients who never utilize an approved therapy Patients on an approved therapy A Minority of U.S. IPF Patients Stay on Current 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. • ~100K2 IPF cases in the U.S.; 20% uptick in the last decade • Current therapies exhibit major safety and tolerability issues leading to high discontinuations • Developing Nintedanib DPI as potential treatment improvement with opportunity for use in combination with current and/or future IPF therapies
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• Technosphere® technology provides highly efficient delivery – Dry powder administered via portable inhalers – Provides rapid systemic and uniform distribution to the deep lung • Extensive distribution of powder throughout lung using FDKP (fumaryl diketopiperazine) microparticles • Technosphere 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.25
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© Copyright 2026. All rights reserved. Mannkind Corporation.26 INFLO-2: Phase 2 Global Study for IPF STUDY DESIGN Nintedanib DPI 4 mg BID Placebo DPI BID Placebo DPI QID 12 weeks Nintedanib DPI 2 mg QID 6 months 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 • Patients with IPF, 40-80 years of age* • Primary Objective: Safety & Tolerability Phase 2 Controlled Study Phase 2 Open-Label Extension * Without background IPF treatment or on stable pirfenidone / nerandomilast background therapy. Study Initiated with First Patient Expected Early Q2 2026
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Momentum Ahead © Copyright 2025. All rights reserved. MannKind Corporation.27
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© Copyright 2026. All rights reserved. MannKind Corporation. /28 9 January 2026 Major Catalysts Driving 2026 © Copyright 2026. All rights reserved. MannKind Corporation.28 COMMERCIAL CLINICAL DRIVERS & COLLABORATIONS * Subject to FDA approval. Pediatrics Launch* ReadyFlow Autoinjector Launch* Nintedanib DPI Ph 1b Inflo-1 Topline Data 1H 2026 2H 2026 TETON-1 (UT) Topline Data 1H Nintedanib DPI Ph 2 Initiated Label Update* (Dose Conversion)
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© Copyright 2026. All rights reserved. MannKind Corporation. /29 9 January 2026 TYVASO DPI CARDIOMETABOLIC PIPELINE Nintedanib DPI (Ph1b & 2 in IPF) • 2024 Ofev net revenues of $4.1B Bumetanide DPI • Advancing pre-clinical development Expanding Collaboration to Formulate 2nd Investigational Molecule with UT Tyvaso DPI Growth and Conversion • Every 10K covered patients is ~$300-350M in revenue UT TETON 1&2 Studies (IPF) as additional upside FUROSCIX • Every 100K patients is ~$350M in revenue • Future potential with ReadyFlow Autoinjector AFREZZA • Each 10% of pediatrics share is ~$150M in revenue Stairway to Building Value
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© Copyright 2025. All rights reserved. Mannkind Corporation.30