MannKind is a commercial-stage biopharmaceutical company with two core businesses: a cardiometabolic business and an orphan lung disease business built on its proprietary Technosphere dry powder inhalation (DPI) platform. MannKind's largest revenue source is a collaboration with United Therapeutics on Tyvaso DPI, an inhaled dry powder treatment for pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease. MannKind manufactures Tyvaso DPI and earns a 10% royalty on United Therapeutics' net sales; United Therapeutics handles all commercialization. On the cardiometabolic side, MannKind sells Afrezza, an inhaled ultra rapid-acting insulin for adults with diabetes, directly to endocrinologists and primary care physicians in the U.S. MannKind also sells Furoscix, acquired in late 2025, a subcutaneous furosemide formulation delivered via a wearable infusor for heart failure and chronic kidney disease patients, targeting cardiologists and nephrologists. MannKind's pipeline leverages the Technosphere platform to develop inhaled treatments for orphan lung diseases, including MNKD-101 (inhaled clofazimine for NTM lung disease, in Phase III) and MNKD-201 (inhaled nintedanib for IPF, in Phase II). Near-term catalysts include a potential Afrezza pediatric approval in mid-2026 and a ReadyFlow auto-injector for Furoscix. The Tyvaso DPI royalty and manufacturing revenues provide recurring cash flow that funds MannKind's commercial and R&D investments.