Look who’s making money

For years, MannKind has been a cautionary tale in biotech, one involving overly rosy sales projections, disappointing partnerships, and new frontiers in online harassment.

But things could be — gradually, fractionally, but measurably — changing. Last quarter, MannKind sold $5.7 million worth of its only product, an inhalable insulin called Afrezza. That’s a small number in drug industry terms, but it’s the company’s best-ever result and it means that, for the first time in MannKind’s history, the firm turned a gross profit.

As STAT’s Adam Feuerstein reports, one solid quarter has not rescued MannKind. The company is still laden with debt and doesn’t have enough cash to avoid another value-destroying stock sale later this year. But three months in the black after more than 25 years in the red remains notable.

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