Cantor Fitzgerald Global Healthcare

Conference
October 2, 2018
NASDAQ: MNKD

Michael Castagna, PharmD

Chief Executive Officer

©2018 MannKind Corporation. All rights reserved. No copying or distribution of this material may be made without written consent of MannKind Corporation.
Cautionary Statement
Today’s presentation includes forward-looking statements
relating to the development, commercialization and benefits
of our products and investigational product candidates,
including AFREZZA®, that are subject to certain risks and
uncertainties that could cause actual results to differ
materially from those projected herein. The words "believe,"
"expect," "intend," "anticipate," "plan," variations of such
words, and similar expressions identify forward-looking
statements, but their absence does not mean that a
statement is not forward-looking. These forward-looking
statements are not guarantees of future performance and
are subject to certain risks, uncertainties, and assumptions
that are difficult for us to predict and include, without
limitation, our ability to generate significant product sales,
our ability to manage our existing cash resources or raise
additional cash resources, stock price volatility and other
risks detailed in MannKind’s filings with the Securities and
Exchange Commission. For detailed information about the
risks and uncertainties that could cause actual results to
differ materially from those implied by, or anticipated in,
these forward looking statements, please refer to our current
and periodic reports filed with the Securities and Exchange
Commission from time to time, including our annual report
on Form 10-K for the year ended December 31, 2017.
2

Corporate Overview
Founded in 1991, biopharma company focused
on inhaled therapeutic products for diabetes and
pulmonary arterial hypertension (PAH)
Platform Technology:
Technosphere particles enable drug molecules to be
delivered efficiently through the lungs
Technosphere Pipeline:
• Treprostinil (TreT): Partnered with United Therapeutics upon
FTC clearance

• Exclusive PAH license collaboration with United Therapeutics

• Cannabinoid Class: Partnered with Receptor Life Sciences

• 4 Additional Development Candidates in progress

FDA Approved Growth Driver: Afrezza

Afrezza® is an ultra fast inhaled mealtime insulin positioned
to be at the forefront of diabetes treatment and technology

Danbury, CT Westlake Village, CA • Approved for adults with diabetes in the US and filed in Brazil
R&D and Manufacturing Corporate Headquarters
>300,000 Sq Ft
• Addresses a large global population >400 Million people

• Studied in 60+ clinical trials in over >5,000 patients

3
Executive Management Team
Extensive Biopharma and Medical Device Experience

Michael Castagna, PharmD Steven B. Binder Patrick McCauley David M. Kendall, MD

Chief Executive Officer Chief Financial Officer Chief Commercial Officer Chief Medical Officer
CEO since May 2017 CFO since July 2017 CCO since July 2017 CMO since February 2018

Previously served as a Global VP
Lifecycle Management and Commercial
Lead for biosimilar portfolio at Amgen
Prior to Amgen, served in a variety of
executive and commercial roles at BMS,
Novartis, EMD Serono, DuPont and
PharaAsset.
Received a BS from Philadelphia College
of Pharmacy, Doctorate from MCPHS and
MBA from Wharton Business School
Previously served as VP and CFO for
Stryker’s International Group
Prior to Stryker, served in a series of
senior leadership roles at Bristol-Myers
Squibb
Received a BA from Muhlenberg College
Certified Public Accountant
Previously was in a series of senior sales
and compliance leadership roles at
Astellas Pharma
Prior to Astellas, held a sales leadership
role at Yamanouchi Pharma
Received an MBA from Kellogg School of
Management, JD from South Texas
College of Law Houston and a BA from
Notre Dame
Over 30 years in diabetes and metabolism
research, clinical management, research,
and policy advocacy
Most recently, served as Research
Physician and VP of Global Medical
Affairs for Lilly Diabetes and prior to Chief
Scientific and Medical Officer at the
American Diabetes Association
Received his MD at University of
Minnesota and a BA in Biology from St.
Olaf College

©2018 MannKind Corporation. All rights reserved. No copying or distribution of this material may be made without written consent of MannKind Corporation.
MannKind R&D Platform: Innovative Oral Inhalation Technology

Powder
Devices
Formulations

Digital Technology
5
Technosphere – Innovative Oral Inhalation Platform
Targeting Pulmonary Delivery of Therapeutic Agents

Lungs Have a Large Compatibility with

Surface Area Diverse APIs

 Rapid drug exposure – similar to I.V.  Small Molecules, peptides and biologics
 Avoids first pass liver metabolism  Local drug delivery for lung disease
 Consistent dose to dose delivery  Systemic delivery for vaccines

Patient-focused
Business Advantages
Design

 Significant investments in IP platform  Portable and discreet devices

 Proven approval track record  Non-invasive therapy – needle free
 FDA approved excipient  Wide user compatibility due to ease of use

MannKind’s dry powder formulations with our proprietary inhalation devices ensure
successful drug delivery in first in human studies

STRICTLY CONFIDENTIAL 6
TECHNOSPHERE® PARTICLES: WHAT ARE THEY?

O O
H
HO
N
HN
O CRYSTALLINE
O HN
N
OH PARTICLE
H
O O

» Crystalline plate » Extremely high

FDKP assembly surface area
1µm

1000
100
AMORPHOUS
SOLUBILITY (mg/mL)

10 PARTICLE
1
0.1
0.01
0.001
0 2 4 6 8 10 12 1µm
pH

DRUG PRODUCT IS RELEASED FROM FDKP WHEN IT REACHES THE LUNG

STRICTLY CONFIDENTIAL 7
Proven Platform to Enhance Therapeutic Profiles on New and Existing
Treatments

Technosphere® Technology enables systemic

delivery of therapies
Excellent
Aerodynamics

Rapid drug absorption that mimics intra-

arterial delivery due to bypassing the liver

Formulations have been prepared with a

diverse assortment of drugs 99mTechnetium-labeled particles
demonstrates uniform distribution
to the deep lung

8
MannKind Innovative Inhalation Delivery Devices

Re-usable
Dreamboat®
Family

Single Use
Cricket® Family

©2018 MannKind Corporation. All rights reserved. No copying or distribution of this material may be made without written consent of MannKind Corporation.
We Have Redefined Our Filter for Development Candidates

Bucket 1 – known compounds Bucket 3 – known compounds,

already delivered to lung
 No additional nonclinical studies
expected
 Clinical program typically comprises
Phase 1 studies only (dose finding and
bioequivalence to reference drug)
non-lung delivery, chronic use
 Nonclinical program includes chronic (6-
9 month) inhalation toxicology studies
 Clinical program includes long-term
efficacy studies in target patient
population

Bucket 2 – known compounds, Bucket 4 – new chemical

non-lung delivery, acute use entities (NCEs)
 Nonclinical program includes short-term  Full nonclinical development program
(14-28 day) inhalation toxicology studies required
 Clinical program includes short-term  Full clinical development program
efficacy studies in target patient required
population

We are moving four FDKP molecules forward in development

10
 Fast and Efficient Insulin
Delivery
Afrezza® Inhaler
Afrezza® (insulin human) Inhalation Powder

Indicated for T1DM & T2DM mealtime control PLUS

Afrezza® Insulin Cartridges
Duration of effect that closely mimics physiologic insulin

Cartridges not to scale.

4 units
Low Rates of Severe Hypoglycemia & Weight Neutral
8 units

In the blood in < 1 minute 12 units

Dose to dose consistency due to large surface area of the lungs

Afrezza is a Unique Mealtime Insulin That Solves

an Unmet Need

11
Large Target Market
Over 20 million people in target patient population in US / >400M Globally
Approximately 1.25 million American children and adults have Type 1 diabetes
Over 20 million adults have Type 2 diabetes (95% of all people living with diabetes)

Illustrative Type 2 Progression and US Patient Estimates

01 02 03 04 3+ OADs /05 06
1 Oral Pill / day 2 Oral Pills/ day day Oral or GLP-1 +
Diagnosis Diet & Exercise 3+ Oral Pills / day
(Metformin) or Oral w / GLP- Insulin or Insulin Only
1

~7.8 Million ~5.4 Million ~1.6 Million

Patients Patients Patients
~23 Million ~2.6 Million ~7.8 Million ~5.4 Million ~1.6 Million ~5.6 Million
Patients Patients Patients Patients Patients Patients

Average Time = 9 to 11 years

Average Delay to Start Insulin is 6+ Years

Source: 2014 U.S. Roper Diabetes Study (rounding applied) 12
 Challenges of Existing Mealtime Insulin Therapy
Convenience / Ease of
Use
People with diabetes do not like
to inject themselves with insulin
due to:
• Stigma associated with giving
oneself injections
• Overt acknowledgement of
disease progression
• General inconvenience of use
(refrigeration, needles, test
strips, etc.)
• Fear of injections or pain
associated with injections
Insulin pumps tend to be
inconvenient for many day-to-day
activities and are very complex /
difficult to program
Note: (1) Humalog
Speed of Action
Existing therapies do not act fast
enough – 14-21 minutes is
average onset of action(1), and
total duration is ~5-6 hours
• If patients take insulin too far
in advance of eating, or do not
follow insulin in-take with a
meal, they could have a
hypoglycemic event
• If patients take insulin with
meal, blood glucose levels
spike until insulin can enter
bloodstream and take effect
Weight Gain
Traditional insulin treatments
often result in weight gain
• The “long-tail” of insulin can
cause low blood glucose
levels long after eating, which
may require the patient to eat
to offset the effect of the
additional insulin, which can
result in weight gain
• Weight gain is exacerbated
due to lack of exercise and
unhealthy / unbalanced diet,
which are often the causes of
Type 2 diabetes
Stigma Associated with
Traditional Insulin
Therapy
Injected insulin usage is often
associated with negative
outcomes
• Typically leads to aversion to
insulin injections and lack of
treatment compliance
Beliefs are typically the result of
anecdotal experience with insulin
rather than an educated approach
to treatment methodology
13
~70% of People on Insulin are Not at Goal, closer to 7% A1C highlights
importance of mealtime control (PPG)

Insulin Patients Achieving A1C Goals(1) Importance of Mealtime Control (PPG) for A1C(2)
100% 100%

90% 90%
> 9% FPG
80% 80%
55% 50% 30% PPG
70%
8 to 9% 70% 60%
% of Subjects

70%

60% 7 to 8% 60%
70%
Insulin Patients Achieving A1C Goals(1)
50% <7% 50%
50%
40% 40% 45%
40%
30% 30%
30%
20% 20%

10% 10%

0% 0%
<10.2 10.2 – 9.3 9.2 – 8.5 8.4 – 7.3 <7.3

A1C Range

Contribution of mealtime control is important the closer to A1C Goal

This goal is always balanced by avoidance of hypoglycemia risk, which costs >$14,000 per hospitalization in US

Diabetes Care 2016 Mar; 39(3): e33-e35. https://doi.org/10.2337/d c15-2229 (2) Monnier L, et al. Diabetes Care. 2003;26:881-885 14
New STAT Data: Afrezza Started to Decrease Sugars in First 30
Minutes

Aspart Rx Afrezza Rx
195

185
Glucose (mg/dL)

175

165

1-hour* : - 31.7±6.6 mg/dl

155 2-hour† : - 13.0±7.1 mg/dl
3-hour : - 0.7±7.4 mg/dl
4-hour : + 4.9±6.7 mg/dl
145
*p<0.001
† Numerically lower
135
Pre-meal 1 hr PP 2 hr PP 3 hr PP 4 hr PP

Basal and pre-meal insulin doses in both arms were unchanged

throughout the 28 day study
15
New STAT Data: Afrezza Reduced Time in Hypoglycemia

60 Aspart Afrezza Non Compliant Afrezza Compliant

54.7
n=34 n=15 n=7
Time in Min

30.2 31.7
28.8

10.1 11.5
8.6
2.9 2.9
0
Time in Hypoglycemia <70 mg/dL Time in Hypoglycemia <60 mg/dL Time in Hypoglycemia <50 mg/dL

Time spent <50mg/dL on Afrezza was <3min/day

16
Afrezza Business Continues to Build and Grow
Weekly Cartridge Sales Exceeding 110,000 per week
130,000

110,000
MannKind
Sales Team
Launched
90,000

70,000

50,000

30,000

10,000
1/6
1/20
2/3
2/17
3/3
3/17
3/31
4/14
4/28
5/12
5/26
6/9
6/23
7/7
7/21
8/4
8/18
9/1
9/15
9/29
10/13
10/27
11/10
11/24
12/8
12/22
1/5
1/19
2/2
2/16
3/2
3/16
3/30
4/13
4/27
5/11
5/25
6/8
6/22
7/6
7/20
8/3
8/17
8/31
9/14
2017 2018

NRx Qty (4wk) TRx Qty (4wk) Refill Qty (4wk)

Source: Symphony Data 17

Afrezza® Writers at 4.2% TRx Market Share in August 2018

MannKind
Sales Team TRx Writer Count TRx Share
Launched
4.5% 1,200
4.2%
4.1%
4.0% 4.0%
3.9% 3.9%
4.0% 3.8% 3.8% 3.8% 3.8% 1,000
3.7%
3.6%
Afrezza Market Share

3.5%
3.4%
3.5% 3.3% 3.4% 800

Writer Count
3.2%
3.1% 3.2% 3.1%

3.0% 600

2.5% 400

2.0% 200

1.5% -
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug
2017 2018
Market: Admelog, Afrezza, Apidra, Fiasp, Humalog, Novolog
Writers: HCPs with 1+ Afrezza TRx within measurement month Source: Symphony Prescriber Data 18
Diabetes Care is Quickly Incorporating Feedback Loops and Digital
Integration

CLICK TO RESTART

19

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United Therapeutics Collaboration Details

 Worldwide exclusive licensing and collaboration agreement for

technosphere treprostinil (TreT)
• $45M milestone upon FTC approval– expected October 2018
• $50M in development milestone payments – expected
throughout 2019 ($25M) and 2020 ($25M) based on
deliverables
• Low double digit royalties
 Research agreement – ability to bring other candidates forward
• $10M upfront received for research collaboration on
undisclosed compound; $30M if brought forward

20
TREPROSTINIL (TreT) Cmax*: Well Tolerated to 150mcg

4000
3500
3000
2500
Cmax (pg/mL)

TreT
2000
Tyvaso
1500
1000
500
0 0 50 100 150 200
54 mcg dose (mcg)
Approved dose

PARALLEL TO TYVASO CURVE

TECHNOSPHERE® (TreT) is a development stage product not approved for sale in any jurisdiction.
STRICTLY CONFIDENTIAL 21
OUR TECHNOLOGY IS PROTECTED BY ~800 PATENTS IN FORCE
WORLDWIDE COVERING BOTH UTILITY AND DESIGN OUT TO 2035

475 32
>780 PROVIDE PROTECTION
to Afrezza® and related
technologies
U.S. PATENTS listed in
FDA’s Orange Book with
Afrezza NDA
TOTAL PATENTS
in force
worldwide

51 >300
>610 >170 U.S. PATENTS
listed in Afrezza’s Patent
Notice related to product
PENDING
Patent applications worldwide
in various technologies
Issued Issued markings
UTILITY DESIGN
patents patents

STRICTLY CONFIDENTIAL 22
Near Term Milestones and Key Events
The Foundation for Long-term Growth (as communicated September 2017)

Milestones and Key Events

✓ Growth Trajectory Continues for Afrezza

✓ FDA Label Change (October 2017)

✓ Completion of STAT Trial (Afrezza+Dexcom) – ADA Presentation & Publication (June 2018, September 2018)

✓ IND Filed for Technosphere Treprostinil (partnered with UTHR September 2018)

✓ Increase in Payor Coverage (Anthem, CVS Health)

✓ Recapitalization (Complete upon UTHR closing)

✓ International Expansion – BIOMM (Brazil, May 2017), Cipla (India, May 2018)

Receptor Life Sciences

One Drop Collaboration

23
Co-promote Opportunities
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The Transformation of Our Revenue Growth Drivers
Compound Over The Next

5 YEARS Afrezza Pediatric

Pipeline and In-license

Afrezza International expansion

US Afrezza

Technosphere Platform
24
 Thank You
Rose Alinaya, SVP Investor Relations
IR@mannkindcorp.com

©2018 MannKind Corporation. All rights reserved. No copying or distribution of this material may be made without written consent of MannKind Corporation.