MannKind Corporation (NASDAQ: MNKD) announced a $50 million private placement to certain institutional investors, with closing expected on or about July 24, 2026, subject to customary closing conditions, according to a press release.

The offering was led by Frazier Life Sciences. Under the terms of the securities purchase agreement, MannKind is selling 10,440,838 shares of common stock at $3.89 per share. In lieu of common stock, certain investors may purchase pre-funded warrants for up to 2,412,632 shares at $3.88 per warrant, with an exercise price of $0.01 per share.

MannKind said it intends to use net proceeds for general corporate purposes, including funding a $45 million contingent value rights payment triggered by the recent FDA approval of Furoscix ReadyFlow.

The securities have not been registered under the Securities Act of 1933 and are being issued under Section 4(a)(2) of that act. MannKind has agreed to file a registration statement with the Securities and Exchange Commission to register the resale of the shares issued in the placement and those issuable upon exercise of the pre-funded warrants.