MannKind (NASDAQ:MNKD) held its annual meeting of stockholders on May 20, 2026, with shareholders approving all three proposals presented, including the election of the company’s board nominees and ratification of its independent auditor.
James Shannon, chairman of the board of directors, presided over the meeting. According to the meeting report, holders of 233,461,993 shares were represented in person or by proxy out of 308,795,777 shares of common stock outstanding as of the March 23, 2026 record date, establishing a quorum.
CEO Highlights Strategic Shift and Near-Term Catalysts
Following the formal portion of the meeting, Michael Castagna, MannKind’s chief executive officer, said the company is entering what he described as a new phase of growth following several years of strategic expansion. He pointed to the company’s history with Afrezza, the launch of TYVASO DPI through its partnership with United Therapeutics, and the 2025 acquisition of FUROSCIX as key elements of that evolution.
Castagna said MannKind is approaching several potential catalysts, including a Prescription Drug User Fee Act, or PDUFA, date within 10 days for a pediatric indication for Afrezza. He said the potential approval would address “a huge unmet need” in a pediatric population where meal timing and activity levels can be unpredictable.
He also highlighted the FUROSCIX ReadyFlow Autoinjector, which has a PDUFA date of July 26. Castagna said the device could reduce administration time “from hours or even a hospitalization to just seconds” and support broader use of FUROSCIX, including earlier hospital discharge. He also said MannKind expects the product to significantly reduce cost of goods sold, potentially by 70%.
FUROSCIX and Afrezza Seen as Growth Drivers
Castagna said MannKind expects FUROSCIX revenue of $110 million to $120 million in 2026. He noted that the company faced high patient deductibles in the first quarter, citing nearly $700 per month for some patients, but said the upcoming ReadyFlow Autoinjector launch in the third and fourth quarters could support broader adoption as co-pays diminish.
On Afrezza, Castagna said a pediatric expansion could unlock a growth opportunity the company has pursued for more than a decade. He said MannKind has a targeted sales and marketing plan and would be prepared to launch on the first day of approval, potentially beginning around the American Diabetes Association meeting in the coming weeks. He estimated the pediatric opportunity includes about 1,200 to 1,400 prescribers.
Pipeline and United Therapeutics Collaboration
Castagna also discussed MannKind’s nintedanib DPI program for idiopathic pulmonary fibrosis, or IPF, describing an urgent need for more tolerable treatments. He said the program recently received institutional review board approval to proceed to the second cohort of dosing, with the step expected to wrap up by the end of the second quarter or early in the third quarter. He said a Phase 2 study is open for enrollment and that the company expects its first patient “momentarily.”
In addition, Castagna reviewed MannKind’s collaboration with United Therapeutics. He said TYVASO DPI continues to have an opportunity to expand in IPF and progressive pulmonary fibrosis, and he discussed ralinepag DPI, formerly referred to as 1501. Castagna said MannKind recently received $5 million from United Therapeutics to accelerate the program and expects $35 million in milestones and royalties, including $15 million in milestones over the next 12 months.
Shareholder Questions Address Diversification
During a brief question-and-answer session, Castagna responded to a shareholder question about efforts to unlock shareholder value through partnerships, restructuring or expansion of the Technosphere platform. He said MannKind has held discussions with potential partners, but some either lacked resources or preferred MannKind to generate and de-risk data first. He said the company is now in a position to fund its own innovation, including work on bumetanide and other undisclosed efforts.
Castagna said the acquisition of scPharmaceuticals reflected MannKind’s push for diversification. He described FUROSCIX as an opportunity to address an unmet need by helping patients receive care outside of the hospital. He also said MannKind would continue to focus on shareholder value, citing the potential pediatric Afrezza indication and FUROSCIX autoinjector as important near-term execution points.
In response to another shareholder question about holding an in-person annual meeting, Castagna said the company generally sees greater attendance remotely and is spread across several sites, though he said MannKind is willing to engage with investors at conferences and other opportunities.
The company said final voting results will be reported in a Form 8-K filing within four business days of the meeting.
About MannKind (NASDAQ:MNKD)
MannKind Corporation, a biopharmaceutical company, focuses on the development and commercialization of inhaled therapeutic products for endocrine and orphan lung diseases in the United States. It offers Afrezza, an inhaled insulin used to improve glycemic control in adults with diabetes, and the V-Go wearable insulin delivery device, which provides continuous subcutaneous infusion of insulin in adults. The company's product pipeline also includes Tyvaso DPI (Treprostinil), an inhalation powder for the treatment of pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease; MNKD-101, a nebulized formulation of clofazimine, for the treatment of severe chronic and recurrent pulmonary infections, including nontuberculous mycobacterial lung disease; MNKD-201, a dry-powder formulation of nintedanib, for the treatment of idiopathic pulmonary fibrosis (IPF).
