Business Combinations (Tables)

12 Months Ended

Dec. 31, 2025

Business Acquisition [Line Items]

Summery of Reconciliation of Cash Flows Included in Investing Activities

The reconciliation of cash flows included in investing activities on the consolidated statements of cash flows to total purchase price is reflected below (in thousands):

Amounts included in cash flows from investing activities:
Acquisition of scPharma, net of cash acquired	$	347,742
Issuance of note receivable		10,000
Total included in cash flows from investing activities		357,742
Contingent consideration liability		25,217
Cash acquired in acquisition of scPharma		38,679
Total purchase price	$	421,638

Schedule of Fair Values of Identifiable Assets Acquired and Liabilities Assumed

The fair values of identifiable assets acquired and liabilities assumed by the Company from scPharma as of the Merger Date are reflected below (in thousands):

	As of  October 7, 2025 (preliminary)			Measurement period adjustments		As of  December 31, 2025 (as adjusted)
Assets:
Cash and equivalents	$	38,679		$	—	$	38,679
Accounts receivable		21,862			—		21,862
Inventory		11,200			—		11,200
Other current assets		4,951			—		4,951
Other assets		88			—		88
Right-of-use asset (liability) – net		1,107			—		1,107
Fixed assets		45			—		45
Developed technology - on-body infusor		194,000			—		194,000
IPR&D - ReadyFlow Formulation		129,600			—		129,600
Total assets		401,532			—		401,532
Liabilities:					—		—
Accounts Payable		(18,953	)		—		(18,953	)
Accrued expenses and other current liabilities(1)		(20,456	)		—		(20,456	)
Right-of-use liability		(1,180	)		—		(1,180	)
Deferred tax liability		(4,969	)		—		(4,969	)
Total liabilities		(45,558	)		—		(45,558	)
Net assets acquired		355,974			—		355,974
Goodwill		65,664			—		65,664
Total purchase price	$	421,638		$	—	$	421,638

_________________________

(1) Includes $12.5 million related to employee stock compensation paid out as part of the acquisition.

The fair values of identifiable assets acquired and liabilities assumed by the Company from Pulmatrix as of the Effective Date are reflected below (in thousands):

	Amount
Assets:
iSPERSE License – IPR&D	$	4,300
Right-of-use asset – Bedford R&D facility		10,057
Property and equipment		959
Total assets		15,316
Liabilities:
Operating lease liability – Bedford R&D facility		10,057
Total liabilities		10,057
Net assets acquired – Gain on bargain purchase	$	5,259

Summary of Activities Within Account Balance

The following table summarizes the activities within the account balance as of December 31, 2025 (in thousands):

Beginning balance as of October 7, 2025	$	25,217
Fair value changes		1,029
Ending balance	$	26,246

Summary of Supplemental Pro Forma Information (Unaudited)

The following unaudited pro forma summary presents consolidated total revenue and net losses of MannKind as if the scPharma business combination had occurred on January 1, 2024 (in thousands). The unaudited supplemental pro forma information is presented for informational

purposes only and is not indicative of the actual results of operations that would have been achieved if the scPharma acquisition had taken place on January 1, 2024 or of future results. Such unaudited pro forma financial information is based on the historical financial statements of MannKind and the acquired scPharma’s operations. The unaudited pro forma financial information is based on estimates and assumptions that have been made solely for the purpose of developing such unaudited pro forma financial information, including, without limitation, purchase accounting adjustments, acquisition-related transaction costs, and debt financing adjustments together with their consequential tax effects. The pro forma adjustments were based upon information available at the time they were prepared and certain assumptions that the Company believes are reasonable under the circumstances. The unaudited pro forma financial information does not reflect any future anticipated synergies or operating cost reductions that may be achieved from integrating the acquired operations into the rest of the Company.

	Year Ended December 31,
	2025			2024
Total revenues	$	396,150		$	321,836
Net loss		(27,117	)		(57,560	)