MannKind at RBC Conference: Strategic Growth and Innovation

On Tuesday, 20 May 2025, MannKind Corp (NASDAQ:MNKD) presented at the RBC Capital Markets Global Healthcare Conference 2025. The company highlighted its strategic shift from inhaled insulin to a broader inhalation platform targeting orphan lung diseases. While optimistic about its financial health and pipeline development, MannKind also addressed challenges in commercializing its flagship product, Afrezza.

Key Takeaways

• MannKind is expanding from inhaled insulin to a broader focus on orphan lung diseases.
• The company has a strong financial position with $200 million in cash and $35 million in debt.
• Key pipeline projects include the ICON 1 study for NTM lung disease and 02/2001 for IPF.
• The company aims to scale Afrezza, particularly in pediatric markets and internationally.
• MannKind’s dry powder inhalation technology is a cornerstone of its strategic vision.

Financial Results

• MannKind reported approximately $200 million in cash, with only $35 million in debt.
• A $150 million transaction in January 2024 helped de-risk the company by monetizing 10% of Tyvaso DPI royalty rights.
• The financial strategy focuses on capital allocation towards advancing the pipeline and commercialization.

Operational Updates

• MannKind’s dry powder technology is noted for delivering drugs more effectively to deep lung tissue.
• The manufacturing facility in Danbury, CT, is FDA-approved and scalable, with key raw materials exempt from tariffs.
• Afrezza’s commercialization has been limited but is now poised for growth, particularly with pediatric indications and international expansion, including a partnership with Cipla in India.

Future Outlook

• MannKind is prioritizing pipeline development, with aims to introduce new chemical entities by the 2030s.
• The ICON 1 study for clofazimine in NTM lung disease is underway, with key data expected by Q3.
• MannKind is exploring expansion into COPD and asthma, with several assets in the pipeline.

Q&A Highlights

• CEO Michael Castagna emphasized the unique delivery capabilities of MannKind’s dry powder technology.
• CFO Chris Prentiss highlighted the company’s strong financial position and strategic focus on pipeline progression.
• The company addressed past challenges in Afrezza’s commercialization due to limited capital and COVID-19 impacts.

MannKind’s presentation at the RBC Capital Markets Global Healthcare Conference 2025 underscores its strategic vision and disciplined execution aimed at long-term growth. For more details, refer to the full transcript below.

Full transcript - RBC Capital Markets Global Healthcare Conference 2025:

Greg Renzo, Senior Biotech Equity Research Analyst, RBC Capital Markets: Great. Well, good morning, everyone. Welcome to the RBC Capital Markets Global Healthcare Conference in 2025. My name is Greg Renzo, one of the senior biotech equity research analyst. And to kick off the day, we’re very pleased to have MannKind with us.

Look forward to a chat with the CEO, Michael Castagna, as well as the CFO, Chris Prentiss. I appreciate that. Alright. All right. Sorry about that.

And guys, we’ve got an eventful year for MannKind. I know we just reported not too far off from the first quarter, a lot in the pipeline, a great deal with DPI. And maybe, Mike Mike, we can just have you kick it off for those who aren’t familiar with with MannKind. Just a brief overview and introduction to the company, the Afrezza franchise, the the the Uther collab, well as really what is an emerging and exciting pipeline.

Michael Castagna, CEO, MannKind: Yeah. For those who don’t if know Mankind, it’s, thirty four years in the making. It’s been a long journey for for many people. And it’s an inhalation platform that started out as a diabetes, insulin inhaled insulin, as many of

Greg Renzo, Senior Biotech Equity Research Analyst, RBC Capital Markets: us known us for. And in 2017, we started funding some of the pipeline assets. And in 2019, we pivoted to orphan lung disease while we waited for the pediatric data readout on Afrezza.

Michael Castagna, CEO, MannKind: And so over the last five, six years, we’ve

Greg Renzo, Senior Biotech Equity Research Analyst, RBC Capital Markets: been building up the Tyvaso DPI franchise with UT. We launched a trial into

Michael Castagna, CEO, MannKind: non doraciclibacterium, and then we got a inhaled version. We had profanidone and enotetinib. We moved one of them forward and killed the other one. And then we have a few other things that we haven’t disclosed yet. So the company’s continuing to evolve and really thinking about how you best utilize a platform to make a difference in people’s lives and make sure you get fair price points as we saw.

Me too drugs weren’t going to get the pricing in the future than they used two years ago.

Greg Renzo, Senior Biotech Equity Research Analyst, RBC Capital Markets: Yeah. And, of course, MannKind is predicated on the proprietary inhalation technology, the dry powder. How do you believe that these technologies are positioned to have an impact in pulmonary diseases like PH, like the orphan lung diseases that talking about as well as, of course, the diabetes space.

Michael Castagna, CEO, MannKind: So when and I’m a pharmacist by training, so when you’re dispensing drugs, you don’t think about one inhaler is different than another inhaler, and the powders are the powders. And I didn’t appreciate that when I got to MannKind. And really, as I’ve come to appreciate the technology and how the inhaler itself has a very easy ability for people with lung disease to inhale, the velocity of the powders and other devices really cause either the cough or lose a lot of drug in the administration process or nebulizers. So I think our dry powder technology delivers more drug down to the lungs and deep lung tissue than most dry powders get stuck in the back of the throat, the upper airways. And so there’s a big difference in just dry powder technologies that we stand out.

I would just say from from an investment viewpoint, you know, there a lot of the dry powder companies have have not survived. There are people who just have nebulizers, which aren’t that differentiating, probably because they don’t have something unique or the infrastructure to scale dry powder. But I think that’s where our founder, dreamed big and built big. We have a large facility we’ve seen in Danbury. So it’s scalable.

It’s been FDA approved. You can add additional drugs onto the platform as we have been. And so I think from that perspective, it’s a unique platform that delivers really good scientific drug concentrations. And the novel excipient that most people don’t realize is our own. So that’s really our secret sauce that is not as easy as people think probably to manufacture and scale and creates competitive, opportunities, you know, for us to continue to build out more.

Yeah. Yeah.

Greg Renzo, Senior Biotech Equity Research Analyst, RBC Capital Markets: And and maybe just just talking about that that effort of commercialization and just realizing the value with Tyvaso DPI, maybe talk, Mike, about about the value that you’ve really harnessed from DPI, from Tyvaso with respect to the royalty sale last year, how you view the value and really, frankly, what could translate to an underappreciation and how this is monetized and how you’re actually bolstering the the manufacturing support.

Michael Castagna, CEO, MannKind: Yeah. I guess it was, almost two years ago in June, we kicked off a royalty monetization because our stock we felt was undervalued. And at that time, the royalty wasn’t disclosed. So we thought, okay. Let’s just sell 10% of our royalty rights to put some valuation as a backbone to the company.

Those offers came in, and we announced January of twenty four, a hundred and $50,000,000 transaction for 10% of royalty that we received. And that just hedged the risk mainly because we wanted cash on the balance sheet to pay down our convertible debt Yep. And also just to put a fair value out there. Since then, the royalty came out. I’ll look at what it is.

It makes it easier for investor calls. What that did is fundamentally just derisk the company a little bit. And as you can see, a year later, we paid off most of our debt over last year. And so the company you know, that was a goal of ours five years ago was to be debt free. And I’m proud to say we sit here today, one year left, and we have 35,000,000 left in in in debt.

So I think from the royalty side, that really helped us, you know, delever the company while it provides additional cash flow to fund the pipeline. And that’s really what we always felt was gonna happen as we were moving our preclinical assets through animal models. We said by the time they get to phase two, three, we should have enough money coming in to pay for that and be independent Mhmm. As opposed to giving up rights like we had to back in ’18 for Tyvaso. We we felt it a good partner.

UT’s been a great deal for everybody and patients, especially. But now as you look forward, like, you would want the upside of 02/2001. You want the upside of 01/2001. We really don’t wanna give those up as as that’s to me how our shareholders can see a lot of value.

Greg Renzo, Senior Biotech Equity Research Analyst, RBC Capital Markets: Yeah. So let let’s go there. Let’s go to 01/2001 and and tetanib as you’re really fueling the pipeline and and building a capability set in mankind that is really, frankly, a turnaround. That’s a natural progression of of what you’ve done with the company in the last several years. But specifically, what does one hundred one do?

What problems is it solved for in NTM lung disease just over current standards of care?

Michael Castagna, CEO, MannKind: Yeah. For those who don’t know NTM, it’s a very rare lung disease. It’s it’s often misdiagnosed patients throughout either through infectious disease or pulmonologists for years. And in The US, there’s about a hundred thousand patients. In Japan, there’s about a hundred thousand patients.

It’s very endemic because it lives in the soil and the water and the moisture and humidity. So think about those types of countries, Japan, Hawaii, Florida. It’s it’s prevalent there. So from an infrastructure, you don’t need a large infrastructure to commercialize it. And then from an unmet need, there’s only one drug ever been approved, and most of the people know Enzamed has done a great job at just building out a Syrah case during a really tough time during COVID.

Now that they’re through that cycle, you can really see it accelerating growth in Japan, a little bit in Europe and in US. And so for us, we everything else has unfortunately not made it to s phase three at this point. And so we’re the last one standing from a clinical development perspective. Everything else has failed or died or un kinda unfunded in the last year. And so we expect to be the next launch in NTM.

We have a nebulized version of clofazmia that’s in trials now, and we have a dry powder version. We’re we’re working on that. Hopefully, it will advance pretty soon. But we’re starting out in our refractory population just like ARIKAYCE, moving it up. But the the sum that need is pretty large because ARIKAYCE has quite a few side effects and administration burden.

And so one the things we were trying to solve for was patient out of pocket cost with one month of therapy for two months off, less cleaning, less hassle for the patient. Additionally, they, lofazamine is a drug that we know works, but it has organ accumulation, skin discoloration, and, QT prolongation. So some pretty super severe side effects in the oral formulation. So by cutting the dose down, putting it directly into the lung Mhmm. We think really can deliver a far better experience for the patient and, hopefully, efficacy.

So and then so far in Japan, enrollment’s taken off. Like, it’s really done. We just increased the cap for Japan so they can enroll more. Okay. And so that’s that’s going ahead of expectations.

And The US were to ATS this past week, and that’ll be that’ll be somewhere we’re focused on US is picking up the last few months. You you disclosed some of the

Greg Renzo, Senior Biotech Equity Research Analyst, RBC Capital Markets: enrollment updates. And as far as the randomization is going, just walk us through the ICON one study, some some of the the design and and how it is certainly global and the efforts you’re making to make that push. So

Michael Castagna, CEO, MannKind: for this, if you guys haven’t followed this disease, many drugs take a long time and sometimes they don’t make it because the companies run out of money. So before we really push forward the second, you know, the oral powder and another earlier indication, we had to make sure the first trial was going smoothly. And and, honestly, it’s going smoothly. So we’re gonna advance, hopefully, other opportunities to scale the MTM business faster in terms of clinical development. The trial itself is about a 80 patients.

The first hundred will be evaluable after six months of treatment, and we expect to hit that hundred patient enrollment, for evaluable patients, which is important. Some patients will be enrolled, but they won’t have a baseline sputum. So that we find out about 20% Mhmm. Won’t count towards the end. So we need about probably a 20 to get to a hundred.

And we should hit that mark by the end of the year and then call it sometime mid sometime during q three, we should get the sputum, and then that’ll tell us the size of the trial. Meaning, has it been scaled properly, or do we need a few more patients? The good and bad news is that the enrollment is going. If we need a few more patients, we’re gonna let it keep enrolling. So we should be we should be okay assuming things are in the right direction to be able to lock down the trial late next year and then file 27.

Greg Renzo, Senior Biotech Equity Research Analyst, RBC Capital Markets: K. Great. Great. You’re mentioning being an ATS. I know there’s probably some lots of learnings that you’re that that you’re pulling with the company.

Maybe if you could just share some of your insights and takeaways from from the recent events.

Michael Castagna, CEO, MannKind: Yeah. I mean, I I thought we’d hear you know, heard a little bit on the IPF space, not allowing NTM. There was one patient con there was a NTM conference before, like, ATS every year. The good news, there are 60 some patients there Yeah. Hearing about mankind, a lot of excitement for us in that community.

And then with an ATS, obviously, Aviso gets gets a lot of showtime, DPI with UT. And then for us, clobazamine, we had a clinical team there meeting all the investigators and Mhmm. A lot of The US opportunity to re reposition the trial for them to get back top of mind. These guys are busy, and so we wanna make sure they need to focus on our trial in The US to get that going. And so that’s been part of our focus.

And then the 02/2001, we didn’t publish anything there yet or present, but we’ll we’ll start to release that data in the coming from here.

Greg Renzo, Senior Biotech Equity Research Analyst, RBC Capital Markets: Okay. And maybe just walk us through the rationale with two zero one and IPF, certainly a challenging indication, many failures with your novel formulation. How are you framing that up for folks?

Michael Castagna, CEO, MannKind: So on two zero one, for those of who know, it’s an inhaled version of OFEV. OFEV has severe diarrhea, unfortunately, in the morning to talk about, but it’s a it’s a drug. It’s only two drugs approved for IPF. We looked at both profenadone as well as nantetinib. We felt the profenadone had it would require a long nebulization or a lot of dry powder, and we just didn’t think that was worth the development.

There’s no rationale to really put both of these drugs together from overlapping toxicities in our minds. And so we we moved the OFEV one, killed the profanidone. And, you know, this is one that we we really do believe the fibrosis is in the lung and trying to get better lung penetration, deeper lung penetration, could help hopefully the the patient population faster. And so within that, we’ve not released all the data, so the investors keep asking us about dosing and efficacy. And these what I’d say about mankind is, you know, we’ve gotten several drugs approved.

We’ve developed 40 formulations. We Mhmm. Have a good guesstimate of of moving from one space to another. Now we could always be wrong as these are difficult, but I would say, you know, I know Aravae failed and Antu and a few others past year. But I I think we have a good platform, pretty predictable dosing levels that we get in.

We’re able to see this weekend, honestly, the the levels of avalance the tetanus program. So seeing where they’re put putting their data out there

Greg Renzo, Senior Biotech Equity Research Analyst, RBC Capital Markets: and Mhmm.

Michael Castagna, CEO, MannKind: Their confidence and duration, we feel very good about ours. We have a much higher, plasma than than they did in duration of that. So we feel whether it’s our high dose or mid dose or even low dose, we have a good good opportunity to hopefully have

Greg Renzo, Senior Biotech Equity Research Analyst, RBC Capital Markets: a good shot on goal there. Yeah. Okay. Alright. Great.

Great. I wanna talk Afrezza and just another commercial engine for you. But but before that, maybe just a little bit on the the manufacturing platform and just the technology, the potential just beyond these indications. You’ve spoken, Mike, about how you’re taking sort of a very judicious approach. You’re doubling down on the right indications where it makes sense.

But talk to us about how you’re evaluating expanding the pipeline. And it’s even a good way to weave you in, Chris, as you’re thinking about capital allocation. As you’ve joined about a year about a year now and

Michael Castagna, CEO, MannKind: you’ve been kind of

Greg Renzo, Senior Biotech Equity Research Analyst, RBC Capital Markets: joined with a lot of potential ways to sort of use the the cash that you’re generating. How are you framing up that, basically, that that matrix of determining what to go after, how to partner, and and how to commercial or how how to develop?

Michael Castagna, CEO, MannKind: Yeah. I think one of the big questions for us is do we expand beyond, like, we go into COPD? Do we go into asthma with the inhalation platform? And the pros and cons of that. But I think as you look at Tyvaso’s success, obviously, these patients have comorbidities.

They have you know, COPD. They have IPF. They have ILD. And and so we we think seeing our technology continue to work well in that population, tolerate it, gives us more and more confidence that, we can look in other areas that we weren’t normally going into. We can’t go into PH because of UT owns that space exclusively.

But I think from a company perspective, there’s there’s another three to five assets we’re working on, in the pipeline. And and once we we lose to a stage, we’re comfortable, we’ll disclose those. But we we aren’t running out of ideas yet. I I do think we’ll start to evolve to NCEs and start to look for more targets early stage and start to move those through because as you wanna think about IP long term and, you know, launching drugs in 02/1940 and 02/1938, we gotta start thinking about that today, unfortunately. Mhmm.

And I feel very good about our our platform and our launches over the next three to five years. But as you think about 2033, ’20 ’30 ’5, what else can you start to move? So that’s really what we’re spending a little bit of time thinking about now. Sure. Great.

Chris, I’ll let you talk about allocation.

Chris Prentiss, CFO, MannKind: Yeah. I I think for us, you know, we’re just sitting with a great balance sheet. So to have approximately 200,000,000 of cash at the end of the quarter, and as Mike said, just our 35,000,000 of of debt remaining, it leaves us in a really strong position. So for us, obviously, trying to progress the pipeline as as quickly as we can, that’s our first priority. And then we just we’ll get to it in a second here, but just what a great opportunity with Afrezza with a pediatric indication to be able to, you know, to bring new life to a brand that’s been approved for ten years now.

Greg Renzo, Senior Biotech Equity Research Analyst, RBC Capital Markets: And maybe, Chris, as you think about the the manufacturing and and the mankind capabilities, how are you framing up some of the global pressures it comes to the supply chain, when it comes to tariff impacts? Where does mankind and your facility stand with that? Yeah. We obviously, nervous days as you

Chris Prentiss, CFO, MannKind: continue to evaluate and and guess what’s gonna come through next. But, you know, for us, we manufacture Afrezza, Tyvaso DPI, well as our pipeline assets are all manufactured in Danbury, Connecticut. So that puts us in a really good position to be able to manage through. And as we look at some of our key raw materials, such as insulin, such as our proprietary excipient that Mike mentioned, those are all exempt from tariffs at this point. So, you know, there will be some small impacts on ancillary products or or pieces of our product.

But overall, we’re able to manage this really well.

Greg Renzo, Senior Biotech Equity Research Analyst, RBC Capital Markets: Great. Great. And and well, let let’s talk let let’s talk Afrezza. You certainly mentioned going back to the roots of of of mankind. Just talk, Mike, about how this franchise is really evolving and sort of met your expectations commercially, but also with the data that you’ve you’ve been generating.

How has it been used to support the growth, and what’s your vision going forward?

Michael Castagna, CEO, MannKind: Yeah. I think what people misunderstand about Afrezza is we we we didn’t have the capital in my first four or five years, then we had COVID Yeah. And then we’re just waiting for peds data. So we have not really invested as much as people think to really commercialize an asset like this. And it required a lot of work in terms of, redosing the trials, getting the label changed, getting pediatrics.

That was not well funded in the beginning years I got here, so it took a long time to get things moving. But now the good news is all those things are done. So now it’s how do you scale it. And, you know, last two, three years, we were investing for profitability, not growth. And so, yeah, we’re still growing at 7 to 10,000,000 a year, but we weren’t growing as fast as shareholders would like or myself included in that.

And so now that we have the capital, now that we’ve fixed the balance sheet, we are looking to grow it faster. And then so now we hired a president in January. I think the the the manufacturing facility can handle a lot more dosing. From a capacity perspective, we just got India’s last clearance. So that was the last milestone.

So we’ll be in Danbury tomorrow just planning how to get the supply ready for India. So within The US, I feel like the pediatric side, gestational, there’s exercise study kicked off. There’s type one. There’s type two. So Afrezza is a brand within a brand as you think about how many patients it can help and the millions and millions of people that suffer Mhmm.

With high sugars and lack of control. It’s still a huge unmet need. And I think that’s you know, if if people’s sugars were in great control, we wouldn’t be as excited about Afrezza’s opportunity. But my nine years as CEO, all we’ve done is move the population from a Medtronic device to a tandem device to an Omnipod to Beta Bionics. Why do they keep switching?

Because they’re not doing well. Right? Otherwise, that’ll still be on the original device that was promised to be like an artificial pancreas. Has the technology gotten better? Yes.

Has a one c’s dramatically improved in this country? No. So we as a society are spending billions of dollars for CGM and pumps and all this technology on patients, and the patients just want good sugar control. Yeah. And I do think our trial that we just released last year showed don’t need an insulin pump, that you can safely switch off it if that’s what you want.

If you want a pump, that’s fine. We don’t judge. But you don’t need one. And I think that’s that’s not what patients are being told. So a lot of our work going into the second half of this year and next year is making sure patients have a choice

Greg Renzo, Senior Biotech Equity Research Analyst, RBC Capital Markets: Mhmm.

Michael Castagna, CEO, MannKind: To their care that they pay for it. And, and today, we’re not offered as a choice. So that that’s one of things we gotta work on, scaling up our sales force, working with the societies to make sure that the tools that are out there for patient new information is all including inhaled insulin as an option for patients. Because when you get there, it’s here’s insulin pumps, here’s a pen, here’s a vial. Yeah.

And so even the state laws are getting changed to include inhaled insulin. We got Medicare. They all include inhaled insulin. So I think that’s one of our main focuses is to make sure we’re set up. And then patient access on the payer side, and we offer low cash price, so so if someone really needs it.

So we try to remove the payer barrier. I think we’ve done a a decent job. The doctors will still perceive there to be a barrier, but that’s because they’ve not either met our reps or prescribed it. And so that’s part of what we’re working on, making that whole process as as possible and getting ready for kids. So for us, it’s it’s really the if you ask me, like, the the pediatric opportunity is really what we’re focused on.

Right? So, yes, we’ll grow a little faster in adults, but I think the inflection comes with kids. Yeah.

Greg Renzo, Senior Biotech Equity Research Analyst, RBC Capital Markets: Yeah. And I’ve always admired how you take a very deliberate approach historically when you go to market, but you’ve also, like, taken a also a test and learn. So as you as you’re doing efforts in the field force, you’re you’re collecting data, you’re seeing what works, you’re seeing what doesn’t, and you’re never afraid to to make those shifts accordingly and to double down on on on what works. And I trust peds is no exception.

Michael Castagna, CEO, MannKind: No. Mean, we’re excited about peds. I mean, I’ve met several big foliars in pediatrics last this past year just as we get our data and say, hey. What’s your reaction? Yeah.

People’s number one reaction when they see the lung function data was most important because there’s such an overhang on safety in the lung that if it didn’t have if there’s any signal in kids, I think we were dead. And there’s absolutely no signal. In fact, the rapid acting arm did worse in lung function test than the Afrezza arm, which, again, you’re like, why? And then there was I read an article this weekend in diabetes care. Even in adults, patients with CHF and heart heart disease have lower rates of f e b one.

So I’m like, well, we go back and look at our type two trials and understand, was there a correlation there? So so the data is still evolving, but I think the safety profile of this product, which has been its biggest overhang, I would say, for ten years on the market, we feel very good about the safety. So going into the kids, going into gestational, some of these other areas, we think just helps build out that that user case and experience with the product.

Greg Renzo, Senior Biotech Equity Research Analyst, RBC Capital Markets: And how are you characterizing the potential top line impact with with peds?

Michael Castagna, CEO, MannKind: Yep. So we’ve said, I think we were at q one q four earnings that happened in q one, that Afrezza had the opportunity to get to over 200,000,000 from where we are today. I think we finished last year at 65,000,000 ish. Mhmm. And and so peds, every 10% share, is about a hundred and 50,000,000 in revenue.

So it doesn’t take a lot of kids to really think about this is a billion dollar opportunity. Obviously, we don’t think it’s gonna do a billion, but can it do a couple hundred million more top line? I think the answer is yes. We think there’s a real possibility here, And we’ll be, hopefully, twelve months or so from launching that very soon.

Greg Renzo, Senior Biotech Equity Research Analyst, RBC Capital Markets: Yeah. And you touched on India, but maybe the Afrezza opportunity outside of The US perhaps doesn’t receive the spotlight it could it could deserve. So maybe just walk us through how you think about Afrezza, that the partnership, the CIPRA partnership, the top line con contribution even from Yeah. From those markets outside.

Michael Castagna, CEO, MannKind: I I mean, for me, we’ve already paid for FTKP. We’ve already paid for a lot of insulin. So the factory itself needs to produce more. Yeah. And and so some of this is just recouping spreading our fixed cost amongst more millions of cartridges.

And so India, you won’t make a lot of money, but at least if we can get back some of the cash we’ve already outlaid Mhmm. And India’s got eighty million people with diabetes. There’s a lot of excitement there, lot of awareness already, believe it or not. And I I think from that perspective, yes, we’ll make some money. There’s a lot of people.

So if it launches well, I think we’ll we’ll do okay, and it’ll be a nice addition. But it also we’re starting to have inbounds for countries, which we’ve never had. So having someone a country in Europe, just kinda talked to Chris in another country in Asia, ask us if we would sell a tender when we make our friends available. The answer is yes. We will.

So I think as that news spreads, right, we’ll we’ll get more and more it’s it’s like the snowball effect right now that kinda happens. So now Europe with the most favorite nation, I think that’s something we’ll watch closely Mhmm. Because, obviously, insulin’s a lot cheaper outside The US, and so we can’t sell it for $15 a month as much as I’d love to. We won’t be in business. So so I think just you know, that’s one of our focuses of the new data was how do we get more people to go?

How do we improve time of range? How do we improve outcomes? Right? Not just give you a crappy outcome, but improve that outcome. And I think that’s the value proposition of Afrezza.

Right? Is you’re paying for an insulin pump just to fix the profile of insulin, that’s costing 5 or $10 patient cost. So when you think about the cost of insulin, it’s not just the insulin. It’s the device. It’s the supplies.

It’s the syringes, pens, needles, everything else that you need that, honestly, society doesn’t think about. And and so but we do spend billions of dollars on those things as well. Yeah.

Greg Renzo, Senior Biotech Equity Research Analyst, RBC Capital Markets: Great. Great. We just have a minute left. I just wanna open it up to the audience if there are any questions for for Mike and Chris, the Mankind team. Like, we’re good.

Well, guys, great to see you. Congrats on the progress.

Michael Castagna, CEO, MannKind: Alright. Thank you, Greg, for everything, and look forward to the rest of this year and finishing up strong. Alright. Thank you, and thank you, everyone.

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