Pay Versus Performance

The disclosure included in this section is prescribed by SEC rules and does not necessarily align with how the Company or the Compensation Committee view the link between the Company’s performance and named executive officer (“NEO”) pay. For additional information about our pay-for-performance philosophy and how we align executive compensation with Company performance, refer to the Compensation Discussion and Analysis beginning on page 27.

Required Tabular Disclosure of Pay Versus Performance

The amounts set forth below under the headings “Compensation Actually Paid to PEO” and “Average Compensation Actually Paid for Non-PEO NEOs” have been calculated in a manner consistent with Item 402(v) of Regulation S-K. Use of the term “compensation actually paid” (“CAP”) is required by the SEC’s rules and as a result of the calculation methodology required by the SEC, such amounts differ from compensation actually received by the individuals and the compensation decisions described in the “Compensation Discussion and Analysis” section above.


(a)	(b)		(c)		(d)		(e)		(f)		(g)		(h)			(i)
									Value of Initial Fixed $100 Investment Based on:(4)
Year	Summary Compensation Table Total for PEO ($)(1)(2)		Compensation Actually Paid to PEO ($)(3)		Average Summary Compensation Table Total for Non-PEO NEOs ($)(1)(2)		Average Compensation Actually Paid to Non-PEO NEOs ($)(1)(2)		Total Shareholder Return ($)		NASDAQ Biotechnology Index Total Shareholder Return ($)		Net Loss (thousands) ($)(5)			Total Revenue (thousands) ($)(6)
2023		7,068,114		96,764		2,201,163		351,865		282.17		118.87		(11,938	)		198,962
2022		3,905,058		9,653,678		1,481,321		2,201,087		408.53		113.65		(87,400	)		99,770
2021		4,030,833		7,317,812		1,730,384		3,037,694		338.76		126.45		(80,926	)		75,442
2020		3,563,295		7,424,884		1,613,615		3,137,880		242.64		126.42		(57,240	)		65,144


(1)	The following individuals are our PEO and other non-PEO NEOs for each fiscal year:


Year	PEO	Non-PEO NEOs
2023	Michael E. Castagna	Steven B. Binder, Lauren M. Sabella, David B. Thomson, and Stuart A. Tross
2022	Michael E. Castagna	Steven B. Binder, Alejandro Galindo, Joseph Kocinsky, Sanjay Singh, David B. Thomson, and Stuart A. Tross
2021	Michael E. Castagna	Steven B. Binder, Joseph Kocinsky, David B. Thomson, and Stuart A. Tross
2020	Michael E. Castagna	Steven B. Binder, Joseph Kocinsky, David B. Thomson, and Stuart A. Tross


(2)	The dollar amounts reported in column (b) and (d) are the amounts of total compensation reported for Mr. Castagna (our Chief Executive Officer and PEO) and the average total compensation for our non-PEO NEOs for each corresponding year in the “Total” column of the Summary Compensation Table. Refer to “Executive Compensation—Summary Compensation Table.”
(3)	The dollar amounts reported in column (c) and (e) represent the amount of CAP to Mr. Castagna and the average amount of CAP to our Non-PEO NEOs, respectively, as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid to our NEOs during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to the reported total compensation for each year to determine the CAP for the year ended December 31, 2023:


	PEO ($)			Average Non-PEO NEOs ($)
Summary Compensation Table Total		7,068,114			2,201,163
Deduct: Grant Date Fair Value of "Stock Awards” Column in the Summary Compensation Table for Applicable FY		5,536,550			1,447,497
Add: Fair Value at Applicable FY End of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End (7)		3,994,631			1,058,886
Add: Year over Year Change in Fair Value of Awards Granted during Prior FY that were Outstanding and Unvested as of Applicable FY End (7)		(4,968,406	)		(1,318,753	)
Add: Vesting Date Fair Value of Awards Granted during Prior FY that Vested During Applicable FY		(461,025	)		(141,934	)
Deduct: Fair Value at Prior Year End of Awards Granted during Prior FY that were Forfeited during Applicable FY	—			—
Add: Dividends or Other Earnings Paid during Applicable FY prior to Vesting Date	—			—
CAP		96,764			351,865


(4)	The amounts reflect the cumulative total shareholder return of our common stock (column (f)) and the NASDAQ Biotechnology Index (column (g)) at the end of each fiscal year. In each case, assume an initial investment of $100 on December 31, 2019, and reinvestment of dividends, if any.
(5)	The dollar amounts reported in column (h) represent the net loss as reported in the Company’s audited financial statements for the applicable year.
(6)	As required by Item 402(v) of Regulation S-K, we have determined that Total Revenue is the Company-Selected Measure.
(7)	The fair values of PSUs and stock options vested during the fiscal year or outstanding as of fiscal year end were estimated using the Monte Carlo simulation model and Black-Scholes option valuation model, respectively. The following valuation assumptions used to calculate the fair values of these awards differed materially from the assumptions used to value the awards on their respective grant dates:


Assumptions	PSUs	Stock Options
Term (years)	0.38 — 2.50	2.00 — 6.00
Correlation Coefficient — MannKind	0.40 — 0.44	—
Correlation Coefficient — Peer Average	0.31 — 0.32	—
Correlation Coefficient — Peer Median	0.32	—
Beginning Average Stock Price	$2.95—$4.26	—
Valuation Date Stock Price	$3.64	$3.64 — $4.83
Initial TSR	(14.55%) — 23.39%	—
Risk-Free Rate	4.08% — 5.30%	—
Volatility — MannKind	53.85% — 61.06%	69.95% — 77.70%
Volatility — Peer Average	70.47% — 78.56%	—
Volatility — Peer Median	65.35% — 78.38%	—
Exercise Price	—	$1.32 — $4.55

Named Executive Officers, Footnote


Year	PEO	Non-PEO NEOs
2023	Michael E. Castagna	Steven B. Binder, Lauren M. Sabella, David B. Thomson, and Stuart A. Tross
2022	Michael E. Castagna	Steven B. Binder, Alejandro Galindo, Joseph Kocinsky, Sanjay Singh, David B. Thomson, and Stuart A. Tross
2021	Michael E. Castagna	Steven B. Binder, Joseph Kocinsky, David B. Thomson, and Stuart A. Tross
2020	Michael E. Castagna	Steven B. Binder, Joseph Kocinsky, David B. Thomson, and Stuart A. Tross

PEO Actually Paid Compensation Amount

96,764

9,653,678

7,317,812

7,424,884

Non-PEO NEO Average Compensation Actually Paid Amount

$ 351,865

2,201,087

3,037,694

3,137,880

Equity Valuation Assumption Difference, Footnote


Assumptions	PSUs	Stock Options
Term (years)	0.38 — 2.50	2.00 — 6.00
Correlation Coefficient — MannKind	0.40 — 0.44	—
Correlation Coefficient — Peer Average	0.31 — 0.32	—
Correlation Coefficient — Peer Median	0.32	—
Beginning Average Stock Price	$2.95—$4.26	—
Valuation Date Stock Price	$3.64	$3.64 — $4.83
Initial TSR	(14.55%) — 23.39%	—
Risk-Free Rate	4.08% — 5.30%	—
Volatility — MannKind	53.85% — 61.06%	69.95% — 77.70%
Volatility — Peer Average	70.47% — 78.56%	—
Volatility — Peer Median	65.35% — 78.38%	—
Exercise Price	—	$1.32 — $4.55