DEF 14A of Mannkind Corp, Apr 7, 2026

DEF 14A of Mannkind Corp

Filed Apr 7, 2026 · FY20250001193125-26-145613

Open on EDGAR

  1. ELECTION OF DIRECTORS

    ELECTION OF DIRECTORS Our Board currently consists of nine directors. There are nine nominees for director this year, all of whom were nominated by our Board, consisting of our incumbent directors. Each director to be elected will hold office until the next annual meeting of stockholders and until his or her successor is elected, or until the director’s earlier death, resignation or removal. All nominees listed below are currently our directors and were previously elected by our stockholders at the 2025 Annual Meeting of Stockholders. It is our policy that directors are invited and expected to attend annual meetings. All of our directors attended the 2025 Annual Meeting of Stockholders. Directors are elected by a plurality of the votes cast at the Annual Meeting or by proxy. The nine nominees receiving the highest number of affirmative votes will be elected. Shares represented by executed proxies will be voted, if authority to do so is not withheld, for the election of the nine nominees named below. If any nominee becomes unavailable for election as a result of an unexpected occurrence, your shares may be voted for the election of a substitute nominee proposed by our Nominating and Corporate Governance Committee. Each person nominated for election has agreed to serve if elected. Our management has no reason to believe that any nominee will be unable to serve. We believe that we have an accomplished slate of nominees, with diversity of thought, experience, perspective and skills beneficial to the Company. All nominees except Messrs. Castagna and Binder are independent. The average tenure of our directors is approximately 10.4 years, which includes three directors with more than a dozen years of history with the Company and four directors who joined the Board after 2019. We believe that a mix of service lengths is beneficial to the overall functioning of the Board.

  2. NOMINEES FOR DIRECTOR

    NOMINEES FOR DIRECTOR The following is a brief biography of each nominee for director and a discussion of the specific experience, qualifications, attributes or skills of each nominee that led our Board of Directors to conclude that each nominee should serve as a member of the Board.

  3. NOMINEES FOR DIRECTOR

    | JAMES S. SHANNON, M.D., MRCP (UK) | Chair of the Board of Directors Member, Compensation Committee | Age: 69 Director since: 2015 | | The Board believes that Dr. Shannon’s business experience and his extensive experience in drug development, combined with his business acumen and judgment provide our Board with valuable scientific and operational expertise and leadership and qualify him to serve on our Board of Directors. | James S. Shannon, M.D. rejoined our board in May 2015 after previously serving as a director from February 2010 until April 2012. Dr. Shannon was appointed Chairman of the Board of Directors in December 2020. From May 2012 until his retirement in April 2015, Dr. Shannon was the Chief Medical Officer of GSK plc. He formerly held the position of Global Head of Pharma Development at Novartis AG, based in Basel, Switzerland (2005-2008). After joining Sandoz in 1994 as Head of Drug Regulatory Affairs, Dr. Shannon led the Integration Office for R&D overseeing the creation of the Novartis R&D group from those of Ciba-Geigy Ltd. and Sandoz. Following the merger, he was appointed Head of the Cardiovascular Strategic Team and subsequently became Global Head of Project and Portfolio Management before being appointed Global Head of Clinical Development and Medical Affairs in 1999, a position that he held until 2005 when he was appointed to Head Pharma Development. Between 2008 and joining GSK, Dr. Shannon served on the boards of a number of companies, including Biotie, Circassia, Crucell and Endocyte. He also sat on the board of Cerimon Pharmaceuticals where he held the position of interim Chief Executive Officer and President (January 2009-April 2010). Dr. Shannon has served on the boards of Immodulon Therapeutics Limited (July 2015-December 2021) and Horizon Therapeutics (August 2017-October 2023). He is currently Chairman of the Board of Kyowa Kirin (NA), Inc. since July 2019 and has served on boards of ProQR Therapeutics NV since June 2016 and Leyden Labs since September 2020. He first entered the pharmaceutical industry in 1987 joining Sterling Winthrop Inc., working initially in Europe and subsequently in the USA, where he held positions of increasing responsibility in the management of research and development ultimately serving as Senior Vice-President, Clinical Development. Dr. Shannon is trained in Medicine and Cardiology. He received his undergraduate and postgraduate degrees at Queen’s University of Belfast and is a Member of the Royal College of Physicians (UK). | | | MICHAEL E. CASTAGNA, PHARM.D. | Director Chief Executive Officer | Age: 49 Director since: 2017 | | The Board believes that Dr. Castagna’s knowledge and extensive experience with commercial pharmaceutical companies, combined with his business acumen and judgment, provide our Board with valuable operational expertise and leadership and qualify him to serve on our Board of Directors. | Michael E. Castagna, Pharm.D. has been our Chief Executive Officer since May 2017 and was previously our Chief Commercial Officer (March 2016-May 2017). From November 2012 until he joined us, Dr. Castagna was at Amgen, Inc., where he initially served as Vice President, Global Lifecycle Management, and subsequently Vice President, Global Commercial Lead for Amgen’s Biosimilar Business Unit. Dr. Castagna was Executive Director, Immunology (2010-2012), at Bristol-Myers Squibb Company (‘‘BMS’’), an innovative global biopharmaceutical company. Before BMS, Dr. Castagna served as Vice President and Head, Biopharmaceuticals, North America, at Sandoz, a division of Novartis. He has also held positions with commercial responsibilities at EMD (Merck) Serono, Pharmasset and DuPont Pharmaceuticals. He received his pharmacy degree from the University of the Sciences-Philadelphia College of Pharmacy, a Pharm.D. from Massachusetts College of Pharmacy & Sciences and an MBA from The Wharton School of Business at the University of Pennsylvania. | |

  4. NOMINEES FOR DIRECTOR

    | STEVEN B. BINDER | Director | Age: 63 Director since: 2024 | | The Board believes that Mr. Binder’s knowledge and understanding of accounting and finance, his experience as a former executive officer at MannKind and Stryker Corporation, and senior leadership roles at BMS, combined with his business acumen and judgment provide our Board with valuable accounting, financial and operational expertise and leadership and qualify him to serve on our Board of Directors. | Steven B. Binder joined the board in October 2024 and was our Chief Financial Officer from July 2017 to April 2024. Before joining us, Mr. Binder served as Vice President and Chief Financial Officer of the International Group of Stryker Corporation, a leading global medical technology company, based in Singapore (2013-2017). Prior to Stryker, Mr. Binder served in a series of senior leadership roles at BMS. His last four positions at BMS were Vice President, Finance roles over different geographic operating units: United States (2012-2013), Europe (2008-2011), AsiaPacific (2005-2007), and Japan (2003-2005). Prior to his international experience, Mr. Binder served in three senior leadership roles for Oncology Therapeutics Network, a U.S.-based independent subsidiary of BMS: Vice President, Strategic Development (2001-2003), Vice President, Customer Operations (2000-2001), and Chief Financial Officer (1997-2000). Before Oncology Therapeutics Network, Mr. Binder progressed through three finance and accounting roles for BMS Worldwide Medicines Group after joining the company in 1992. Before BMS, he worked for Deloitte & Touche LLP in a series of auditing roles with increasing responsibility over an eight-year period beginning in 1984. Mr. Binder received a B.S. degree in Accounting and Business Administration from Muhlenberg College and is a Certified Public Accountant. | | | RONALD J. CONSIGLIO | Director Chair, Audit Committee Member, Nominating and Corporate Governance Committee | Age: 82 Director since: 2003 | | The Board believes that Mr. Consiglio’s knowledge and understanding of accounting and finance, his experience as a board member and executive officer at financial services firms, combined with his business acumen and judgment provide our Board with valuable accounting, financial and operational expertise and leadership and qualify him to serve on our Board of Directors. Mr. Consiglio meets the requirements of an SEC designated Audit Committee Financial Expert. | Ronald J. Consiglio has been one of our directors since October 2003. Since 1999, Mr. Consiglio has been the Managing Director of Synergy Trading, a securities-trading partnership. Mr. Consiglio was Executive Vice President and Chief Financial Officer of Trading Edge, Inc., a national automated bond-trading firm (1999-2001). Mr. Consiglio served as Chief Executive Officer of Angeles Mortgage Investment Trust, a publicly traded Real Estate Investment Trust (1993-1998). His prior experience includes serving as Senior Vice President and Chief Financial Officer of Cantor Fitzgerald & Co. and as a member of its board of directors. Mr. Consiglio served as a member of the board of trustees for the Metropolitan West Funds since 2003. Mr. Consiglio served as a certified public accountant for over 17 years and was a partner in the international accounting firm of Deloitte, Haskins & Sells. He holds a bachelor’s degree in accounting from California State University at Northridge. | | | MICHAEL A. FRIEDMAN, M.D. | Director Member, Nominating and Corporate Governance Committee | Age: 82 Director since: 2003 | | The Board believes Dr. Friedman’s business experience, including his experience as an executive officer at biopharmaceutical companies and a leading clinical and research center specializing in cancer and diabetes, and his service at the Food and Drug Administration, combined with his business acumen and judgment provide our Board with valuable scientific and operational expertise and leadership and | Michael A. Friedman, M.D. has been one of our directors since December 2003. In 2014, Dr. Friedman completed a decade of service as the President and Chief Executive Officer of the City of Hope National Medical Center. Previously, Dr. Friedman held the position of Senior Vice President of Research and Development, Medical and Public Policy, for Pharmacia Corporation (September 2001-April 2003) and was a Senior Vice President of Searle , a subsidiary of Monsanto Company (July 1999-September 2001). Dr. Friedman served as Deputy Commissioner for Operations for the Food and Drug Administration (1995-1999), and was Acting Commissioner and Lead Deputy Commissioner (1997-1998). He served on the board of Celgene Corporation (2011-2019) and on the board of Smith & Nephew plc (2013-2019). Dr. Friedman received a Bachelor of Arts degree, magna cum laude, from Tulane University, New Orleans, Louisiana, and a doctorate in medicine from the University of Texas, Southwestern Medical School. | |

  5. NOMINEES FOR DIRECTOR

    | qualify him to serve on our Board of Directors. | | | | JENNIFER GRANCIO | Director Chair, Nominating and Corporate Governance Committee Member, Audit Committee | Age: 54 Director since: 2020 | | The Board believes that Ms. Grancio’s business acumen and judgment including her service on other public company boards, provide our Board with valuable operational expertise and leadership and qualify her to serve on our Board of Directors. | Jennifer Grancio has been one of our directors since March 2020. Since October 2023, Ms. Grancio has been the Global Head of Distribution at the TCW Group. Ms. Grancio served as the Chief Executive Officer of Engine No. 1, an impact investment firm (2020-2023), and consulted through Grancio Capital (2018-2020), where she worked with CEOs to accelerate high-growth company success. Ms. Grancio served as a founder and executive with BlackRock’s iShares business (1999-2018), where she spearheaded the distribution of iShares in the United States and Europe. She also acted in other Executive roles around global distribution. Prior to BlackRock, she was a senior associate with PricewaterhouseCoopers, a management consulting firm. Ms. Grancio serves as a board member for Ethic Inc., a technology and investing firm. Ms. Grancio earned a bachelor’s degree in economics and international relations from Stanford University, and an MBA degree in strategy and finance from Columbia Business School. | | | ANTHONY HOOPER | Director Chair, Compensation Committee Member, Audit Committee | Age: 71 Director since: 2020 | | The Board believes that Mr. Hooper’s business experience, his extensive experience in drug commercialization and his service on other public company boards, combined with his business acumen and judgment, provide our Board with valuable operational expertise and leadership and qualify him to serve on our Board of Directors. | Anthony Hooper has been one of our directors since January 2020. He is also a director of BeOne Medicines, Ltd. Mr. Hooper served as executive vice president of Global Commercial Operations for Amgen Inc. (2011-2018). Prior to joining Amgen, Mr. Hooper spent more than 15 years at BMS. His last role there was Senior Vice President, Global Commercial Operations and president of the company’s pharmaceutical business in the Americas, Japan and intercontinental regions. Previously, he was Assistant Vice President of Global Marketing for Wyeth Laboratories and led the international marketing group for Lederle International. Mr. Hooper earned law and MBA degrees from the University of South Africa. | | | SABRINA KAY, ED.D. | Director Member, Audit Committee and Compensation Committee | Age: 63 Director since: 2020 | | The Board believes that Dr. Kay’s business acumen and judgment provide our Board with valuable operational expertise and leadership and qualify her to serve on our Board of Directors. | Sabrina Kay, Ed.D. has been a member of our Board of Directors since December 2020. Currently, Dr. Kay serves as the CEO of Fremont Private Investments where she has led the operations and exits of several companies, including The Art Institute of Hollywood (sold to Education Management Corp.), Premier Business Bank (sold to First Foundation Inc.), Fashion Umbrella, Fremont College, and Dale Carnegie of Los Angeles. Dr. Kay currently serves on the boards of East West Bank (NASDAQ: EWBC) and Hagerty (NYSE: HGTY). She is also a philanthropist, having served on more than 30 charitable and civic boards, including the Los Angeles Sports and Entertainment Commission, Petersen Automotive Museum, Portal Schools, the Leadership Council of International Medical Corps, Leadership Council, the Board of Leaders of USC Marshall School and After-School All-Stars Los Angeles, which she chairs. Dr. Kay received Ed.D. and M.Sc. degrees in education from the University of Pennsylvania. She also holds an MBA from the University of Southern California. | |

  6. NOMINEES FOR DIRECTOR

    | CHRISTINE MUNDKUR | Director Member, Audit Committee and Nominating and Corporate Governance Committee | Age: 57 Director since: 2018 | | The Board believes that Ms. Mundkur’s business experience, including her experience as chair of the board and chief executive officer at a pharmaceutical company developing inhaled drugs, combined with her business acumen and judgment provide our Board with valuable operational expertise and leadership and qualify her to serve on our Board of Directors. | Christine Mundkur has been one of our directors since November 2018. Ms. Mundkur most recently served as Chief Executive Officer and non-voting Chairman of the Board of Directors for Impopharma Inc., a developer of complex formulations focused on inhaled pharmaceutical products (2013-2017). While at Impopharma, Ms. Mundkur led the transition of the company from a successful clinical research organization into a generic pharmaceutical inhalation development company. Her work included the internal development and filing of Abbreviated New Drug Applications for spray and inhalation products. Ms. Mundkur also previously served as President and Chief Executive Officer of the U.S. Division and Head of Commercial Operations for North America for Sandoz, Inc. (January 2009-April 2010). She served as Chief Executive Officer of Barr Laboratories, Inc. (April 2008-December 2008), where she started her career as quality and regulatory counsel in 1993. In addition, Ms. Mundkur has served as a strategic consultant advising several clients on global pharmaceutical business strategies. Ms. Mundkur currently serves on the board of directors of Cardinal Health and served on the board of directors of Lupin Limited (2019-2022). Ms. Mundkur holds a J.D. from the St. Louis University School of Law and received her B.S. degree in chemistry from St. Louis University. | |

  7. A VOTE “FOR” THE ELECTION OF ALL DIRECTOR NOMINEES NAMED ABOVE

    A VOTE “FOR” THE ELECTION OF ALL DIRECTOR NOMINEES NAMED ABOVE

  8. CORPORATE GOVERNANCE PRINCIPLES AND BOARD AND COMMITTEE MATTERS

    CORPORATE GOVERNANCE PRINCIPLES AND BOARD AND COMMITTEE MATTERS

  9. Independence of the Board of Directors

    Independence of the Board of Directors As required under the Nasdaq Stock Market (“Nasdaq”) listing standards, a majority of the members of a listed company’s board of directors must qualify as “independent,” as affirmatively determined by the board of directors. Our Board consults with the Company’s counsel to ensure that the Board’s determinations are consistent with all relevant securities and other laws and regulations regarding the definition of “independent,” including those set forth in pertinent listing standards of Nasdaq, as in effect time to time. Consistent with these considerations, after review of all relevant transactions or relationships between each director or any of his or her family members and the Company, its senior management and its independent auditors, the Board affirmatively has determined that all of the Company’s directors, other than Messrs. Castagna and Binder, are independent within the meaning of the applicable Nasdaq listing standards. Dr. Castagna was determined not to be independent under applicable Nasdaq listing standards due to his position as an executive officer of our company. Mr. Binder was similarly determined not to be independent under applicable Nasdaq listing standards due to his former position as an executive officer of the Company. In making this determination, the Board found that none of the other directors has a disqualifying relationship with the Company.

  10. Information Regarding the Board of Directors and its Committees

    Information Regarding the Board of Directors and its Committees We are committed to maintaining the highest standards of business conduct and ethics. Our Board has adopted a Code of Business Conduct and Ethics and adheres to corporate governance guidelines to assure that the Board will have the necessary authority and practices in place to review and evaluate our business operations as needed and to make decisions that are independent of our management. The guidelines are also intended to align the interests of directors and management with those of our stockholders. The charters for various Board committees set forth the practices the Board will follow with respect to board composition and selection, board meetings and involvement of senior management, Chief Executive Officer performance evaluation and succession planning, and board committees and compensation. Our Board adopted these measures to, among other things, reflect changes to the Nasdaq listing standards and SEC rules adopted to implement provisions of the Sarbanes-Oxley Act of 2002, as amended. Our Code of Business Conduct and Ethics, as well as the charters for each committee of the Board, may be viewed on our website at mannkindcorp.com/corporate-governance/.

  11. Consideration of Director Nominees

    Consideration of Director Nominees

  12. Director Qualifications

    Director Qualifications The Nominating and Corporate Governance Committee believes that candidates for director should have certain minimum qualifications, including being able to read and understand basic financial statements, being over 21 years of age and having the highest personal integrity and ethics. The Nominating and Corporate Governance Committee also considers such factors as possessing relevant expertise upon which to be able to offer advice and guidance to management, having sufficient time to devote to the affairs of the Company, demonstrated excellence in his or her field, having the ability to exercise sound business judgment and having the commitment to rigorously represent the long-term interests of the Company’s stockholders. However, the Nominating and Corporate Governance Committee retains the discretion to modify these qualifications from time to time.

  13. Evaluating Nominees for Director

    Evaluating Nominees for Director The Nominating and Corporate Governance Committee reviews candidates for director nominees in the context of the current composition of the Board of Directors, the operating requirements of the Company and the long-term interests of the Company’s stockholders. In conducting this assessment, the Nominating and Corporate Governance Committee considers age, skills, and such other factors as it deems appropriate given the current needs of the Board and the Company, to maintain a balance of knowledge, experience and capability. In the case of incumbent directors, the Nominating and Corporate Governance Committee reviews such directors’ overall service to the Company during their term, including the number of meetings attended, level of participation, quality of performance, and any other relationships and transactions that might impair such directors’ independence. In the case of new director candidates, the Nominating and Corporate Governance Committee also determines whether the nominee would be independent, which determination is based upon applicable Nasdaq listing standards, applicable SEC rules and regulations and the advice of counsel, if necessary. The Nominating and Corporate Governance Committee does not have a formal policy with respect to diversity; however, the Board and the Nominating and Corporate Governance Committee believe that it is important that directors represent different educational backgrounds, professional experiences, viewpoints and skills. The Nominating and Corporate Governance Committee assesses these factors in connection with the annual nomination process as well as in new director searches. The Nominating and Corporate Governance Committee uses its network of contacts to compile a list of potential candidates, but may also engage, if it deems appropriate, a professional search firm. The Nominating and Corporate Governance Committee conducts any appropriate and necessary inquiries into the backgrounds and qualifications of possible candidates after considering the function and needs of the Board. The Nominating and Corporate Governance Committee meets to discuss and consider such candidates’ qualifications and then selects one or more nominees for recommendation to the Board by majority vote. To date, the Nominating and Corporate Governance Committee has not paid a fee to any third party to assist in the process of identifying or evaluating director candidates.

  14. COMPENSATION OF DIRECTORS

    COMPENSATION OF DIRECTORS Pursuant to our non-employee director compensation program (the “director compensation program”), as amended in August 2024, each of our non-employee directors receives an annual retainer and fees for their service on our standing board committees as follows:

  15. COMPENSATION OF DIRECTORS

    | Element | Amount | | Annual Retainer | $50,000 | | Independent Chair Premium | $50,000 | | Audit Committee | Chair: $25,000 | | | Other members: $10,000 | | Compensation Committee | Chair: $20,000 | | | Other members: $7,500 | | Nominating and Corporate Governance Committee | Chair: $10,000 | | | Other members: $5,000 |

  16. COMPENSATION OF DIRECTORS

    The members of the Board are also eligible for reimbursement for their expenses incurred in attending Board meetings in accordance with Company policy. Other than the annual fees described above, our non-employee directors do not receive meeting fees or other compensation for their attendance at specific Board or committee meetings. Our director compensation program specifies that each non-employee director of the Company is also eligible to receive annual equity awards under our 2018 Equity Incentive Plan (the "EIP"). Specifically, on the date of each of our annual stockholder meetings, each of our non-employee directors receives a restricted stock unit ("RSU") award determined by dividing $250,000 by the then-current stock price used for valuing employee equity awards, which in no event is less than the last reported closing price of the Company’s common stock. Each such annual RSU award vests immediately, but shares are not distributed until the director separates from service to the Board (i.e. retires, is removed or dies). A non-employee director who joins the Board between annual stockholders meetings is entitled to a pro-rata compensation package. Non-employee directors have an option to receive their annual $50,000 retainer in cash or common stock of the Company. If a non-employee director elects to receive his or her annual retainer in common stock, such director will be granted an RSU award consisting of that number of shares that equals 100% of the annual retainer, based on the 20-day trailing average closing price as of the trading day immediately preceding the date of the annual stockholder meeting. This award vests immediately, but shares are not distributed until the director separates from service to the Board (i.e. retires, is removed or dies). Non-employee directors who do not elect this option receive the full annual retainer in cash shortly after the date of the stockholder meeting.

  17. Director Compensation Table

    Director Compensation Table The following table sets forth information concerning director compensation received for the fiscal year ended December 31, 2025 by our non-employee directors:

  18. Director Compensation Table

    | Name | Fees Earned or Paid in Cash ($) | Stock Awards ($)(1)(2) | Total ($) | | Steven B. Binder | 50,000 | 241,543 | 291,543 | | Ronald J. Consiglio | 80,000 | 241,543 | 321,543 | | Michael A. Friedman | 55,000 | 241,543 | 296,543 | | Jennifer Grancio | 70,000 | 241,543 | 311,543 | | Anthony Hooper (3) | 30,000 | 289,852 | 319,852 | | Sabrina Kay (3) | 17,500 | 289,852 | 307,352 | | Christine Mundkur | 65,000 | 241,543 | 306,543 | | James S. Shannon | 107,500 | 241,543 | 349,043 |

  19. Director Compensation Table

    (1) There were no option grants to non-employee directors in 2025. As of December 31, 2025, the non-employee directors listed in the table above had option grants outstanding to purchase 608,651 shares of our common stock as follows: Mr. Binder, 493,025 shares; Mr. Consiglio, 32,161 shares; Dr. Friedman, 45,680 shares; and Dr. Shannon, 37,785 shares. Ms. Grancio, Mr. Hooper, Dr. Kay and Ms. Mundkur had no option grants outstanding as of December 31, 2025. (2) These amounts reflect the grant date fair value of all restricted stock unit awards to non-employee directors in 2025. Restricted stock units are valued based on the market price on the grant date. Reference Note 15 “Stock Award Plans” in the notes to our financial statements for the year ended December 31, 2025, included in Part IV of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with the SEC on February 26, 2026, which identifies the assumptions made in the valuation of restricted stock unit awards. Restricted stock unit awards granted to non-employee directors in 2025 vested immediately, but the shares will not be delivered until there is a separation of service, such as through resignation or retirement from the Board or his or her death. As of December 31, 2025, the non-employee directors listed in the table above had no unvested restricted stock units outstanding and had vested restricted stock units to receive shares of our common stock as follows: Mr. Binder, 467,179 shares; Mr. Consiglio, 511,556 shares; Dr. Friedman, 427,901 shares; Ms. Grancio, 302,605 shares; Mr. Hooper, 393,151 shares; Dr. Kay, 257,039 shares; Ms. Mundkur, 395,309 shares; and Dr. Shannon, 523,404 shares. (3) Annual $50,000 retainer paid in the form of an RSU award pursuant to such director's election and in accordance with our non-employee director compensation policy.

  20. Compensation Philosophy and Objectives

    Compensation Philosophy and Objectives The Compensation Committee oversees our executive compensation within the context of a compensation philosophy. This philosophy is to provide compensation and benefits programs designed to attract, engage, and retain a high caliber workforce that enables us to compete with companies in the pharmaceutical and biotechnology industries and to reward individual and corporate performance. We believe that a well-designed compensation program for our executive officers should: • align the goals of the executive officer with the goals of our stockholders; • recognize individual initiative and achievement; • provide total compensation that enables us to compete for talent with companies in the pharmaceutical and biotechnology industries; and • align compensation with our short-term and long-term corporate objectives and strategy, focusing executive officer behavior on the fulfillment of those objectives. In keeping with this philosophy, our executive compensation program is designed to achieve the following objectives: • attract talented and experienced executives; • motivate and reward executives whose knowledge, skills and performance are critical to our success; • retain executives and employees who are instrumental in accomplishing our corporate goals; • align the interests of our executives and stockholders by motivating executives to increase stockholder value and rewarding executives when stockholder value increases; • provide a competitive compensation package which is weighted towards pay-for-performance (including, when appropriate, long-term incentives such as performance equity awards), and in which total compensation is primarily determined by the Company’s and the individual’s achievement of results; • ensure fairness among the executive management team by recognizing the contributions each executive makes to our success; • foster a shared commitment among executives by aligning the Company’s and their individual goals; and • compensate our executives to manage our business to meet our long-term objectives.

  21. Competitive Market Assessment

    Competitive Market Assessment No less frequently than annually, the Compensation Committee reviews competitive market data to determine if our compensation levels remain at targeted levels and our pay practices are appropriate. These assessments include a review of base salary, STI compensation, and long-term incentive ("LTI") compensation. These components are benchmarked against a group of peer companies. Our peer group of similarly situated companies was developed by considering U.S.-based companies in the same industry (biotechnology/pharmaceutical) with similar company characteristics, such as revenue, market capitalization, and number of employees. In addition to these criteria, we consider companies with a similar competitive strategy, including utilizing an internal sales force, and maintaining internal manufacturing capabilities. In order to ensure that we do not exclude potential peers, we also take note of companies considered to be our peers by Institutional Shareholder Services for their benchmarking purposes. We review the list annually to ensure that our peer group is relevant while also striving for year-over-year consistency. In accordance with our annual process, the Compensation Committee reviewed our peer group in the first quarter of 2025. Based on data compiled by Mercer and reviewed by the Compensation Committee during this process, the Compensation Committee determined that one company needed to be removed from the list: Deciphera Pharmaceuticals, Inc., which was acquired in 2024. In addition, the Compensation Committee added two companies that satisfied our criteria for peer companies: Krystal Biotech, Inc. and Travere Therapeutics, Inc. Accordingly, the full 2025 peer group consisted of the following 13 companies:

  22. Competitive Market Assessment

    | ADMA Biologics, Inc. (ADMA) | Krystal Biotech, Inc. (KRYS) | | Anika Therapeutics, Inc. (ANIK) | MacroGenics Inc. (MGNX) | | BioCryst Pharmaceuticals, Inc. (BCRX) | Mirum Pharmaceuticals, Inc. (MIRM) | | Dynavax Technologies Corporation (DVAX) | Rigel Pharmaceuticals Inc. (RIGL) | | Insmed Inc. (INSM) | Travere Therapeutics, Inc. (TVTX) | | Ironwood Pharmaceuticals, Inc. (IRWD) | Vanda Pharmaceuticals Inc. (VNDA) | | Karyopharm Therapeutics Inc. (KPTI) | |

  23. Competitive Market Assessment

    For some executive positions, the peer group data may not be sufficiently robust, or the position may not have an appropriate counterpart at our peer companies. In those cases, we will also consider industry specific and general published survey compensation data, such as the Aon Radford McLagan Global Life Sciences Executive Survey.

  24. Market Positioning

    Market Positioning The Compensation Committee reviews executive compensation at least annually, establishes competitive compensation levels and designs the compensation program to provide pay commensurate with individual and corporate performance. With support from Mercer, we have targeted total compensation levels for executives at the median of our peer group. We believe this target to be an appropriate level of compensation to attract and retain qualified and capable executives. However, actual compensation (or individual elements of compensation) may fall above or below this level under a range of circumstances, such as individual and Company performance, tenure with the Company or retention concerns. In addition to the factors listed above, we also consider, among other things: • our business need for the executive officer’s skills; • the contributions that the executive officer has made, or we believe will make, to our success; • the transferability of the executive officer’s managerial skills to other potential employers; and • the relevance of the executive officer’s experience to other potential employers, particularly in the pharmaceutical and biotechnology industries. As discussed in more detail below, we consider each element of executive compensation and make adjustments as appropriate. We believe our executive compensation packages are reasonable when considering our business strategy, the revenue potential of our business, our compensation philosophy and the competitive market data.

  25. Consideration of Past Say-on-Pay Results

    Consideration of Past Say-on-Pay Results We believe that our annual say-on-pay advisory vote is a good governance practice that allows us to maintain accountability to our stockholders. The result of this advisory vote can provide valuable insight into the perceptions of our executive compensation programs and areas where we need to improve. When combined with the feedback we receive from direct engagements with investors and analysts, we can better appreciate how different investors assess the alignment between pay and performance differently depending on their time horizons for investment decisions, expectations about the cadence for corporate milestones and other factors. In 2025, approximately 91% of the votes cast were in support of our say-on-pay proposal. We generally take these voting results and investor feedback as an indication of support for our compensation programs in general. Aided by these insights, our annual equity award program for executives and other senior employees is designed to emphasize performance-based vesting, measured over a multi-year period. This component of long-term compensation pays out, if at all, in proportion to the Company’s total stockholder return relative to the Russell 3000 Pharmaceutical and Biotechnology industry index over a multi-year period. We believe that this approach to long-term compensation is responsive to investors’ preference for performance-vesting long-term compensation while also providing compensation that attracts, motivates, incentivizes and retains highly qualified executive officers to drive the success of the Company.

  26. Base Salary

    Base Salary Base salaries are designed to provide compensation for the day-to-day management of the Company, assuming satisfactory levels of performance. This component is designed to provide consistent and steady cash flow for the executive and represents only a portion of total compensation. Salary levels are based primarily upon the competitive market for the executive officers’ services, as reflected by the peer group. Base salaries for our executives are generally intended to fall within 10% of the median of the competitive market, although individual performance, responsibility, and the importance of each role in our organization can also impact base salary levels. In 2025, the Compensation Committee reviewed executive salaries and other elements of compensation against the benchmarks provided by our peer group. The base salaries of all executives were found to be consistent with the competitive market (inclusive of a 3% cost of living increase in base salaries from 2024 to 2025).

  27. Short-Term Incentive Plan

    Short-Term Incentive Plan Each of our executive officers is eligible to receive an annual performance-based cash payment. The annual cash incentive awards under our STI plan are intended to compensate our executive officers for achieving our annual goals at the corporate level and for achieving individual annual performance objectives. The objectives for our company and individual measures are established so that performance at or above target levels requires significant effort on the part of our executives. The STI plan is funded based on the overall achievement of corporate objectives, as determined by the Compensation Committee in its evaluation of the accomplishments of the Company during the previous year. Evaluation criteria can be quantitative or qualitative, depending on the objective. Quantitative objectives are typically evaluated using a leverage curve that allows up to a 200% payout for over-achievement of up to 120% of the stated target and imposes on a 0% payout for any achievement that falls below 80% of the stated target. The STI plan is an important part of our pay-for-performance culture. We believe that tying a significant portion of our executive cash compensation to financial and operational goals – such as production goals, revenue metrics and progress of product development milestones – encourages corporate performance and stock price growth. This element of compensation is truly at risk and has resulted in achievement levels as low as 50% in recent years. Early in 2025, the Board of Directors specified the main corporate objectives and their weightings for 2025. In February 2026, the Compensation Committee evaluated the performance of the Company against the corporate objectives as follows:

  28. Short-Term Incentive Plan

    | Objective | Target | Assessment | Result | | Deliver manufacturing | 25% | Assessed quantitatively with respect to production goals and qualitatively with respect to actions taken to expand production | 20.0% | | Drive endocrinology business | 25% | Assessed quantitatively with respect to financial metrics and qualitatively with respect to clinical development milestones | 27.0% | | Advance pipeline opportunities | 35% | Assessed quantitatively with respect to the achievement of development milestones | 40.0% | | Finance/Quality | 15% | Assessed qualitatively | 20.0% | | Overall Result | | | 107.0% |

  29. Short-Term Incentive Plan

    Each eligible position, including the executive officers, is assigned a target STI opportunity expressed as a percentage of base salary, which reflects market competitive levels. Target STI opportunities are generally intended to be at the 50th percentile of the market. For Dr. Castagna, the target STI opportunity is 80% of base salary. For all other executive officers, the target STI opportunity is 50% of base salary. As a result of the Compensation Committee’s determination that the Company as a whole achieved 107.0% of its 2025 corporate goals, 107.0% of the aggregate target STI opportunity for all bonus-eligible employees was made available as a pool for cash incentive awards throughout the Company. Individual awards were paid from this pool in early April 2026 after adjustments, if any, to differentiate on the basis of individual performance during 2025.

  30. Long-Term Incentives

    Long-Term Incentives In order to provide a significant retention incentive and to ensure a strong link to the long-term interests of stockholders, we provide a portion of our total compensation in the form of LTI compensation, which is generally delivered as an equity award (typically restricted stock units). In 2025, all employees, including executive officers, were eligible to receive equity awards. Equity awards are granted under the 2018 Equity Incentive Plan, which is administered by the Compensation Committee pursuant to a delegation of concurrent authority by our Board of Directors. The awards are made at the discretion of the Compensation Committee, after taking into consideration grant guidelines that we have developed. In 2025, based on the benchmarks provided by our peer group, the Compensation Committee determined that no changes were warranted to the equity guidelines for executive officers. Our policy with regard to the timing of grants of equity compensation is to issue annual grants of equity awards in connection with a regularly scheduled quarterly meeting of the Compensation Committee. The timing of grant dates is not based on any favorable or unfavorable non-public information anticipated to be disclosed at a later date. All stock option awards are granted with an exercise price equal to the closing price of our common stock on the Nasdaq Global Market on the date of the meeting at which such stock options were granted. In May 2025, annual equity awards were delivered as grants of both performance-based and time-based restricted stock units. The total target amount of annual equity compensation for each executive officer was converted into a number of shares using the then-current 20-day trailing average stock price and the resulting number was divided into two awards of restricted stock units. For clarity, the values of these grants for purposes of the Summary Compensation Table on page 34 and the Grants of Plan table on page 36 are calculated on the basis of a Monte Carlo simulation of the grant date fair market value. Note that the actual grants made to Mr. Marasco were pro-rated to reflect the shortened period between his hire date in January 2025 and the grant of the annual equity awards in May 2025.

  31. Long-Term Incentives

    | Executive Officer | LTI Guideline | Performance-based Award | Time-based Award | | Dr. Castagna | 951,000 shares | 523,000 RSUs | 428,000 RSUs | | Mr. Prentiss, Mr. Marasco, Dr. Thomson, and Dr. Tross | 264,000 shares | 145,000 RSUs | 119,000 RSUs |

  32. Long-Term Incentives

    One award, representing approximately 45% of total annual equity incentive, was delivered as a time-based restricted stock unit that vests 25% annually, commencing in July 2026 and ending in July 2029. The other award, representing approximately 55% of the total annual equity incentive, was delivered as a performance stock unit that cliff-vests in July 2028. The number of shares delivered on the vesting date, as a percentage of the target number specified in the table above, will be determined by the percentile ranking of the Company’s total stockholder return (“TSR”) over a three-year measurement period from July 2025 until June 2028 relative to the TSR of the Russell 3000 Pharmaceutical & Biotechnology Index over the same period, as follows: • <25th percentile = 0% of target • 25th percentile = 50% of target • 50th percentile = 100% of target • 75th percentile = 200% of target • ≥90th percentile = 300% of target Payout values will be interpolated between the percentile rankings above. As reflected in the Summary Compensation Table on page 34, executive officers who were awarded a performance-based stock unit in 2022 received a payout from such awards in May 2025. Based on the relative performance of the Company’s TSR over the measurement period (75th percentile), each such executive officer received a number of shares that corresponded to 196% of target for such awards. We believe that the use of relative TSR is an appropriate metric for LTI compensation whereas operational metrics, such as revenue growth, are better suited for STI. Putting a majority of the LTI at risk and tying the value of that compensation to stockholder returns over the same period aligns with our pay-for performance philosophy. At the same time, the inclusion of time-based awards within the LTI program encourages employee retention and fosters equity ownership, which are additional objectives of our compensation program.

  33. Severance Provisions

    Severance Provisions Currently, we have no severance agreements with our executive officers, except with Dr. Thomson. The terms of the agreement and amounts that may be realized are detailed under the heading “Potential Payments Upon Termination or Change of Control.”

  34. Change of Control Provisions

    Change of Control Provisions We have entered into change of control agreements with each of our executive officers in order to ensure that we have the continued dedication of these executives and in order to provide them with reasonable compensation and benefit arrangements in the event of termination of their employment following a change of control. We believe that it is imperative to diminish any distraction of our executives arising from the personal uncertainty and insecurity that arises in the absence of any assurance of job security, thereby allowing executives to focus on corporate objectives and strategy. The terms of these agreements and amounts that may be realized are detailed under the heading “Potential Payments Upon Termination or Change of Control.”

  35. Summary Compensation Table

    Summary Compensation Table The following table shows for the three year period ended December 31, 2025 compensation awarded to, or earned by: • the individuals who served as our principal executive officer ("PEO") or principal financial officer for any portion of 2025; • our three most highly compensated executive officers in 2025, other than the individuals listed above, who were serving as executive officers during 2025 and as of December 31, 2025.

  36. Summary Compensation Table

    | | | | | Non-Equity | | | | | | | Stock | Incentive Plan | All Other | | | | | Salary | Awards | Compensation | Compensation | Total | | Name and Principal Position | Year | ($)(1) | ($)(2) | ($)(3) | ($)(4) | ($) | | Michael E. Castagna | 2025 | 789,436 | 7,689,480 | 675,757 | 145,812(5) | 9,300,485 | | Chief Executive Officer | 2024 | 766,442 | 7,929,950 | 766,442 | 27,794 | 9,490,628 | | | 2023 | 701,546 | 5,536,550 | 808,181 | 21,837 | 7,068,114 | | Christopher B. Prentiss (6) | 2025 | 470,085 | 2,133,480 | 251,495 | 31,739(7) | 2,886,799 | | Chief Financial Officer | 2024 | 300,769 | 2,662,470 | 187,981 | 201,632 | 3,352,852 | | Dominic Marasco (8) | 2025 | 447,596 | 6,269,015 | 239,464 | 24,397(9) | 6,980,472 | | President, Endocrine Business Unit | | | | | | | | David B. Thomson | 2025 | 520,748 | 2,133,480 | 378,600 | 122,420(10) | 3,155,248 | | EVP, General Counsel and Secretary | 2024 | 505,580 | 2,201,450 | 315,988 | 36,870 | 3,059,888 | | | 2023 | 489,611 | 1,480,800 | 352,520 | 20,099 | 2,343,030 | | Stuart A. Tross | 2025 | 438,709 | 2,133,480 | 234,709 | 138,797(11) | 2,945,695 | | EVP, Human Resources | 2024 | 425,931 | 2,201,450 | 266,207 | 39,117 | 2,932,705 | | | 2023 | 412,478 | 1,480,800 | 296,984 | 29,991 | 2,220,253 |

  37. Summary Compensation Table

    | (1) Includes amounts earned but deferred at the election of the named executive officer, such as salary deferrals under our 401(k) Plan established under Section 401(k) of the Code. | | (2) Represents the aggregate grant date fair value of the restricted stock unit awards comprised of time-based and performance-based stock awards. Time-based restricted stock unit awards are valued based on the market price of the stock on the grant date. Performance-based restricted stock unit awards are valued based on a Monte-Carlo simulation model. Those issued during the year ended December 31, 2025 had a grant date fair value of $10.84 per share and will vest on July 15, 2028. The fair value of the performance-based restricted stock unit awards was determined using a share price of $4.72, risk-free interest rate of 3.96%, volatility of 52%, and a dividend yield of 0%. The number of shares delivered on the vesting date is determined by the percentile ranking of TSR over the period from July 1, 2025 until June 30, 2028 relative to the TSR of the Russell 3000 Pharmaceutical & Biotechnology Index over the same period, as follows: less than 25th percentile=0% of target, 25th percentile=50% of target, 50th percentile=100% of target, 75th percentile=200% of target, 90th percentile or higher=300% maximum. Payout values will be interpolated between these percentile rankings. The 300% maximum yields the following: Dr. Castagna, $7,405,680; Messrs. Prentiss, Thomson and Tross, $2,053,200; and Mr. Marasco, $993,975. | | (3) Represents non-equity incentive plan compensation earned in the applicable year which is paid (or will be paid) in the following year. Non-equity incentive plan compensation is based on individual performance in the achievement of corporate objectives. Performance is compared to these objectives annually. | | (4) Amounts include employer contributions credited under our 401(k) Plan and the incremental cost of perquisites received by the named executive officers. Under the 401(k) Plan, which is open to substantially all of our employees, we make matching contributions based on each participant’s voluntary salary deferrals, subject to the provisions of the 401(k) Plan and limits of the Code. | | (5) Includes $11,750 in contributions under the 401(k) Plan, $20,590 in medical benefits, $2,054 in group term life insurance benefits and $111,418 for a one-time payout of unused paid time off. |

  38. Summary Compensation Table

    | (6) On April 22, 2024, Mr. Prentiss was appointed as Chief Financial Officer. | | (7) Includes $11,752 in contributions under the 401(k) Plan, $1,521 in medical benefits, $2,282 in group term life insurance benefits and $16,184 for a one-time payout of unused paid time off. | | (8) On January 6, 2025, Mr. Marasco was appointed as our President, Endocrine Business Unit. | | (9) Includes $10,733 in contributions under the 401(k) Plan, $6,699 in medical benefits, $1,938 in group term life insurance benefits, $3,063 in other stipend and $1,964 for a one-time payout of unused paid time off. | | (10) Includes $12,150 in contributions under the 401(k) Plan, $32,577 in medical benefits and $4,196 in group term life insurance benefits and $73,497 for a one-time payout of unused paid time off. | | (11) Includes $12,610 in contributions under the 401(k) Plan, $61,012 in medical benefits, $3,257 in group term life insurance benefits and $61,918 for a one-time payout of unused paid time off. |

  39. Grants of Plan-Based Awards

    Grants of Plan-Based Awards The following table summarizes the plan-based awards granted to the named executive officers during the fiscal year ended December 31, 2025.

  40. Grants of Plan-Based Awards

    | | | Estimated Future Payouts under Non-Equity Incentive Plan Awards (1) | | | Estimated Future Payouts under Equity Incentive Plan Awards | | | All Other Stock Awards: Number of Shares of Stock or | Grant Date Fair Value of Stock and Option | | Name | Grant Date | Threshold ($) | Target ($) | Maximum ($) | Threshold (#) | Target (#) | Maximum (#) | Units (#) | Awards ($) | | Michael E. Castagna | 5/13/2025(2) | — | — | — | 261,500 | 523,000 | 1,569,000 | — | 5,669,320 | | | 5/13/2025(3) | — | — | — | — | — | — | 428,000 | 2,020,160 | | | | — | 675,757 | 1,351,514 | — | — | — | — | — | | Christopher B. Prentiss | 5/13/2025(2) | — | — | — | 72,500 | 145,000 | 435,000 | — | 1,571,800 | | | 5/13/2025(3) | — | — | — | — | — | — | 119,000 | 561,680 | | | | — | 251,495 | 502,990 | — | — | — | — | — | | Dominic Marasco | 2/12/2025(4) | — | — | — | — | — | — | 252,000 | 1,411,200 | | | 5/14/2025(2) | — | — | — | 36,250 | 72,500 | 217,500 | — | 785,900 | | | 5/14/2025(3) | — | — | — | — | — | — | 59,500 | 271,915 | | | 6/23/2025(5) | — | — | — | — | — | — | 1,000,000 | 3,800,000 | | | | — | 239,464 | 478,928 | — | — | — | — | — | | David B. Thomson | 5/13/2025(2) | — | — | — | 72,500 | 145,000 | 435,000 | — | 1,571,800 | | | 5/13/2025(3) | — | — | — | — | — | — | 119,000 | 561,680 | | | | — | 378,600 | 757,200 | — | — | — | — | — | | Stuart Tross | 5/13/2025(2) | — | — | — | 72,500 | 145,000 | 435,000 | — | 1,571,800 | | | 5/13/2025(3) | — | — | — | — | — | — | 119,000 | 561,680 | | | | — | 234,709 | 469,418 | — | — | — | — | — |

  41. Grants of Plan-Based Awards

    | (1) Annual cash incentive awards under our STI plan are based on a percentage of base salary of 80% for Dr. Castagna and 50% for other NEOs. Actual payout of these awards is assessed by the Compensation Committee as a result of performance against defined corporate objectives. Estimates of these payouts are computed using the following percentages of meeting the corporate objectives: threshold = 0%, target = 100%, and maximum = 200%. The Compensation Committee assessed the achievement of corporate goals of 107.0% for the year ended December 31, 2025, and adjusted individual amounts to reflect performance in achieving such goals, resulting in the following amounts payable: Dr. Castagna, $675,757; Mr. Prentiss, $251,495; Mr. Marasco, $239,464; Dr. Thomson, $378,600; and Dr. Tross, $234,709. | | (2) The performance-based restricted stock units will vest on July 15, 2028 subject to continuing service. The number of shares delivered on the vesting date is determined by the percentile ranking of the Company’s TSR over the period from July 1, 2025 until June 30, 2028 relative to the TSR of the Russell 3000 Pharmaceutical & Biotechnology Index over the same period, as follows: less than 25th percentile=0% of target, 25th percentile=50% of target, 50th percentile=100% of target, 75th percentile=200% percent of target, 90th percentile or higher=300% maximum. The grant date fair value is based on a Monte-Carlo simulation model. | | (3) The time-based restricted stock units will vest 25% on each one-year anniversary of the vesting commencement date of July 15, 2025 until fully vested on the fourth anniversary of the vesting commencement date, subject to continuing service. The grant date fair value is based on the market price of the stock on the grant date. | | (4) The time-based restricted stock units will vest 33% on January 6, 2027 and each anniversary until fully vested on the fourth anniversary of the vesting determination date of January 6, 2025, subject to continuing service. The grant date fair value is based on the market price of the stock on the grant date. | | (5) The performance-based restricted stock units will vest on March 15, 2028 subject to continued service. The number of shares delivered on the vesting date is determined by the achievement of certain performance criteria over the period from October 1, 2027 to December 31, 2027. The grant date fair value is based on the market price of the stock on the grant date. |

  42. Outstanding Equity Awards at Fiscal Year End

    Outstanding Equity Awards at Fiscal Year End The following table sets forth summary information regarding the outstanding equity awards at December 31, 2025 granted to each of our named executive officers.

  43. Outstanding Equity Awards at Fiscal Year End

    | | Option Awards | | | | | Stock Awards | | | | | Name | Number of Securities Underlying Unexercised Options Exercisable (#) | Number of Securities Underlying Unexercised Options Unexercisable (#) | Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) | Option Exercise Price ($) | Option Expiration Date | Number of Shares or Units of Stock That Have Not Vested (#) | Market Value of Shares or Units of Stock That Have Not Vested ($) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(19) | | Michael E. Castagna | — | — | 50,000(1) | 4.55 | 5/19/2026 | — | — | — | — | | | 112,575(2) | — | 37,525(2) | 1.42 | 5/25/2027 | — | — | — | — | | | 173,250(3) | — | 57,750(3) | 1.52 | 5/29/2027 | — | — | — | — | | | 191,000(4) | — | — | 1.52 | 5/29/2027 | — | — | — | — | | | 534,000(5) | — | — | 1.91 | 5/16/2028 | — | — | — | — | | | 584,000(6) | — | — | 1.32 | 5/14/2029 | — | — | — | — | | | — | — | — | — | — | 63,500(7) | 360,045 | 422,000(8) | 2,392,740 | | | — | — | — | — | — | 172,500(9) | 978,075 | 569,000(10) | 3,226,230 | | | — | — | — | — | — | 348,750(11) | 1,977,413 | 523,000(12) | 2,965,410 | | | — | — | — | — | — | 428,000(13) | 2,426,760 | — | — | | Christopher B. Prentiss | — | — | — | — | — | 103,600(14) | 587,412 | 158,000(10) | 895,860 | | | — | — | — | — | — | 96,750(11) | 548,573 | 145,000(12) | 822,150 | | | — | — | — | — | — | 119,000(13) | 674,730 | — | — | | Dominic Marasco | — | — | — | — | — | 252,000(15) | 1,428,840 | 72,500(12) | 411,075 | | | — | — | — | — | — | 59,500(13) | 337,365 | 1,000,000(16) | 5,670,000 | | David B. Thomson | — | — | 20,000(1) | 4.55 | 5/19/2026 | — | — | — | — | | | 112,575(2) | — | 37,525(2) | 1.42 | 5/25/2027 | — | — | — | — | | | 214,000(5) | — | — | 1.91 | 5/16/2028 | — | — | — | — | | | 234,000(6) | — | — | 1.32 | 5/14/2029 | — | — | — | — | | | | | | | | 22,500(7) | 127,575 | 113,000(8) | 640,710 | | | — | — | — | — | — | 46,000(9) | 260,820 | 158,000(10) | 895,860 | | | — | — | — | — | — | 96,750(11) | 548,573 | 145,000(12) | 822,150 | | | — | — | — | — | — | 119,000(13) | 674,730 | — | — | | Stuart Tross | 60,000(17) | — | 20,000 | 2.70 | 2/16/2027 | — | — | — | — | | | 80,000(18) | — | — | 2.70 | 2/16/2027 | — | — | — | — | | | 84,432(2) | — | 28,143(2) | 1.42 | 5/25/2027 | — | — | — | — | | | 214,000(5) | — | — | 1.91 | 5/16/2028 | — | — | — | — | | | 234,000(6) | — | — | 1.32 | 5/14/2029 | — | — | — | — | | | — | — | — | — | — | 22,500(7) | 127,575 | 113,000(8) | 640,710 | | | — | — | — | — | — | 46,000(9) | 260,820 | 158,000(10) | 895,860 | | | — | — | — | — | — | 96,750(11) | 548,573 | 145,000(12) | 822,150 | | | — | — | — | — | — | 119,000(13) | 674,730 | — | — |

  44. Outstanding Equity Awards at Fiscal Year End

    | (1) Performance-based non-qualified option grant on May 19, 2016, which shall vest upon the achievement of certain corporate objectives. | | (2) Performance-based non-qualified option grant on May 25, 2017, which shall vest upon the achievement of certain corporate objectives. | | (3) Performance-based non-qualified option grant on May 29, 2017, which shall vest upon the achievement of certain corporate objectives. | | (4) 25% vesting on the first anniversary of the vesting commencement date and 1/48th per month thereafter; being fully vested on the fourth anniversary of the vesting commencement date. The vesting commencement date is May 29, 2017. | | (5) 25% vesting on the first anniversary of the vesting commencement date and 1/48th per month thereafter; being fully vested on the fourth anniversary of the vesting commencement date. The vesting commencement date is May 16, 2018. | | (6) 25% vesting on the first anniversary of the vesting commencement date and 1/48th per month thereafter; being fully vested on the fourth anniversary of the vesting commencement date. The vesting commencement date is May 14, 2019. | | (7) Time-based restricted stock unit award: 25% vest on each anniversary of the vesting commencement date; shares shall fully vest on the fourth anniversary of the vesting commencement date. The vesting commencement date is May 10, 2022. | | (8) Performance-based restricted stock unit: vest on July 15, 2026 provided that the closing price of the Company’s common stock on June 30, 2026 is not less than the closing price on July 1, 2023. The number of shares delivered on the vesting date is determined by the percentile ranking of MannKind total stockholder return (TSR) over the period from July 1, 2023 until June 30, 2026 relative to the TSR of the Russell 3000 Pharmaceutical & Biotechnology Index over the same period, as follows: less than 25th percentile=0% of target, 25th percentile=50% of target, 50th percentile=100% of target, 75th percentile=200% percent of target, 90th percentile or higher=300% maximum. |

  45. Outstanding Equity Awards at Fiscal Year End

    | (9) Time-based restricted stock unit award: 25% vest on each anniversary of the vesting commencement date; shares shall fully vest on the fourth anniversary of the vesting commencement date. The vesting commencement date is July 15, 2023. | | (10) Performance-based restricted stock unit award: vest on July 15, 2027. The number of shares delivered on the vesting date is determined by the percentile ranking of MannKind total stockholder return (TSR) over the period from July 1, 2024 until June 30, 2027 relative to the TSR of the Russell 3000 Pharmaceutical & Biotechnology Index over the same period, as follows: less than 25th percentile=0% of target, 25th percentile=50% of target, 50th percentile=100% of target, 75th percentile=200% percent of target, 90th percentile or higher=300% maximum. | | (11) Time-based restricted stock unit award: 25% vest on each anniversary of the vesting commencement date; shares shall fully vest on the fourth anniversary of the vesting commencement date. The vesting commencement date is July 15, 2024. | | (12) Performance-based restricted stock unit award: vest on July 15, 2028. The number of shares delivered on the vesting date is determined by the percentile ranking of MannKind TSR over the period from July 1, 2025 until June 30, 2028 relative to the TSR of the Russell 3000 Pharmaceutical & Biotechnology Index over the same period, as follows: less than 25th percentile=0% of target, 25th percentile=50% of target, 50th percentile=100% of target, 75th percentile=200% percent of target, 90th percentile or higher=300% maximum. | | (13) Time-based restricted stock unit award: 25% vest on each anniversary of the vesting commencement date until fully vested on the fourth anniversary of the vesting commencement date. The vesting commencement date is July 15, 2025. | | (14) Time-based restricted stock unit award: 33% vest on April 22, 2026 and an additional 33% vest on each anniversary until fully vested on the fourth anniversary of the vesting commencement date. The vesting commencement date is April 22, 2024. | | (15) Time-based restricted stock unit award: 33% vest on January 6, 2027 and an additional 33% vest on each anniversary until fully vested on the fourth anniversary of the vesting determination date. The vesting determination date is January 6, 2025. | | (16) Performance-based restricted stock unit award: vest on March 15, 2028. The number of shares delivered on the vesting date is determined by the achievement of certain corporate objectives over the period from October 1, 2027 until December 31, 2027. | | (17) Performance-based non-qualified option grant on February 16, 2017, which shall vest upon the achievement of certain corporate objectives. | | (18) 25% vesting on the first anniversary of the vesting commencement date and 1/48th per month thereafter; being fully vested on the fourth anniversary of the vesting commencement date. The vesting commencement date is February 16, 2017. | | (19) Market or payout value of unearned or unvested EIP Awards was computed using the closing price of our common stock of $5.67 on December 31, 2025 multiplied by the number of unearned or unvested EIP Awards at December 31, 2025. |

  46. Option Exercises and Stock Vested

    Option Exercises and Stock Vested The following table contains information relating to the exercise of stock option awards and vesting of stock unit awards by the named executive officers during the fiscal year ended December 31, 2025.

  47. Option Exercises and Stock Vested

    | | Option Awards (1) | | Stock Awards (2) | | | Name | Shares Acquired on Exercise (#) | Value Realized on Exercise ($) | Shares Acquired on Vesting (#) | Value Realized on Vesting ($) | | Michael E. Castagna | 215,840 | 263,580 | 624,523 | 4,056,454 | | Christopher B. Prentiss | — | — | 32,250 | 124,163 | | Dominic Marasco | — | — | — | — | | David B. Thomson | 147,780 | 149,302 | 205,103 | 1,374,281 | | Stuart Tross | — | — | 204,929 | 1,373,521 |

  48. Option Exercises and Stock Vested

    | (1) Shares acquired on the exercise of performance-based non-qualified option awards during the one-year period. | | (2) Shares acquired on vesting represent restricted stock unit awards that vested during the one-year period. |

  49. CEO Pay Ratio

    CEO Pay Ratio As required by Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Item 402(u) of Regulation S-K, we are providing the following information about the relationship of the annual total compensation of our median employee and the annual total compensation of Dr. Castagna, our Chief Executive Officer. In calculating the annual total compensation, we used the actual base salary in 2025, the actual cash short-term incentive compensation paid in 2026 for performance in 2025, the grant date fair value of the equity awards granted in 2025, and the value of all other compensation, contributions under the 401(k) plan and medical benefits. We identified the median employee by examining the 2025 total compensation for all individuals, excluding our CEO, who were employed by us on December 31, 2025. We included all employees, as all our employees are U.S.-based. The annual total compensation for 2025 was $203,592 for our median employee and $9,300,485 for Dr. Castagna. The resulting ratio of our CEO’s pay to the pay of our median employee for 2025 is approximately 46 to 1.

  50. Pay Versus Performance

    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.

  51. Required Tabular Disclosure of Pay Versus Performance

    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.

  52. Required Tabular Disclosure of Pay Versus Performance

    | (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 ($) | Net Income (Loss) (thousands) ($)(5) | Total Revenue (thousands) ($)(6) | | 2025 | 9,300,485 | 752,390 | 3,992,054 | 2,040,765 | 181.15 | 124.75 | 5,863 | 348,966 | | 2024 | 9,490,628 | 22,841,604 | 2,892,840 | 5,529,410 | 205.43 | 93.49 | 27,588 | 285,504 | | 2023 | 7,068,114 | 96,764 | 2,201,163 | 351,865 | 116.29 | 94.03 | (11,938) | 198,962 | | 2022 | 3,905,058 | 9,653,678 | 1,481,321 | 2,201,087 | 168.37 | 89.90 | (87,400) | 99,770 | | 2021 | 4,030,833 | 7,317,812 | 1,730,384 | 3,037,694 | 139.62 | 100.02 | (80,926) | 75,442 |

  53. Required Tabular Disclosure of Pay Versus Performance

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

  54. Required Tabular Disclosure of Pay Versus Performance

    | Year | PEO | Non-PEO NEOs | | 2025 | Michael E. Castagna | Christopher B. Prentiss, Dominic Marasco, David B. Thomson, and Stuart A. Tross | | 2024 | Michael E. Castagna | Christopher B. Prentiss, Steven B. Binder, Burkhard Blank, Lauren M. Sabella, and David B. Thomson | | 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 |

  55. Required Tabular Disclosure of Pay Versus Performance

    | (2) The dollar amounts reported in column (b) and (d) are the amounts of total compensation reported for Dr. 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 Dr. 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, 2025: |

  56. Required Tabular Disclosure of Pay Versus Performance

    | | PEO ($) | Average Non-PEO NEOs ($) | | Summary Compensation Table Total | 9,300,485 | 3,992,054 | | Deduct: Grant Date Fair Value of "Stock Awards” Column in the Summary Compensation Table for Applicable FY | (7,689,480) | (3,167,364) | | Add: Fair Value at Applicable FY End of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End (7) | 8,937,911 | 2,945,307 | | 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) | (7,101,946) | (1,261,480) | | Add: Vesting Date Fair Value of Awards Granted during Applicable FY that Vested During Applicable FY | — | — | | Add: Vesting Date Fair Value of Awards Granted during Prior FY that Vested During Applicable FY | (2,577,875) | (456,082) | | Deduct: Fair Value at Prior Year End of Awards Granted during Prior FY that were Forfeited during Applicable FY | (116,705) | (11,670) | | Add: Dividends or Other Earnings Paid during Applicable FY prior to Vesting Date | — | — | | CAP | 752,390 | 2,040,765 |

  57. Required Tabular Disclosure of Pay Versus Performance

    | (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, 2020, and reinvestment of dividends, if any. | | (5) The dollar amounts reported in column (h) represent the net income (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: |

  58. Required Tabular Disclosure of Pay Versus Performance

    | Assumptions | PSUs | Stock Options | | Term (years) | 0.50 — 2.50 | 0.94 — 1.45 | | Correlation Coefficient — MannKind | 0.16 — 0.26 | — | | Correlation Coefficient — Peer Average | 0.23 — 0.31 | — | | Correlation Coefficient — Peer Median | 0.24 — 0.31 | — | | Beginning Average Stock Price | $2.95—$5.09 | — | | Valuation Date Stock Price | $5.67 | $5.67 | | Initial TSR | 11.39% — 58.38% | — | | Risk-Free Rate | 3.45% — 3.56% | — | | Volatility — MannKind | 46.31% — 59.00% | 49.68% | | Volatility — Peer Average | 67.07% — 74.10% | — | | Volatility — Peer Median | 61.24% — 73.19% | — | | Exercise Price | — | $1.42 — $4.55 |

  59. Required Disclosure of the Relationship Between Compensation Actually Paid and Financial Performance Measures

    Required Disclosure of the Relationship Between Compensation Actually Paid and Financial Performance Measures As required by Item 402(v) of Regulation S-K, we are providing the following graphs to illustrate the relationship between the pay and performance figures that are included in the pay versus performance tabular disclosure above. In addition, the first graph below further illustrates the relationship between Company total shareholder return and that of the NASDAQ Biotechnology Index. As noted above, CAP for purposes of the tabular disclosure and the following graphs were calculated in accordance with SEC rules and does not represent the compensation actually earned by or paid to our NEOs during the applicable years. AP vs Cumulative TSR Compensation Actually Paid vs Net Income CAP vs Total Revenue The most important financial and non-financial performance measures used by the Company to link CAP to the Company’s NEOs for the most recently completed fiscal year to the Company’s performance are set forth below. For further information regarding these performance metrics and their function in our executive compensation program, please see “Compensation Discussion and Analysis” beginning on page 27. Total revenue; • TSR; • Deliver manufacturing; • Drive endocrinology business; and • Advance pipeline opportunities. All information provided above under the “Item 402(v) Pay Versus Performance” heading will not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date hereof and irrespective of any general incorporation language in any such filing, except to the extent the Company specifically incorporates such information by reference.

  60. Potential Payments upon Termination or Change of Control

    Potential Payments upon Termination or Change of Control

  61. Estimated Potential Payments

    Estimated Potential Payments We have entered into a severance agreement with Dr. Thomson and change of control agreements with each named executive officer. The table below sets forth the estimated current value of payments and benefits to each of the named executive officers upon certain terminations or upon certain terminations in connection with a change of control, as described following the table below. The amounts shown assume that the triggering event occurred on December 31, 2025 and do not include other benefits earned during the term of the named executive officer’s employment that are available to all salaried employees, such as accrued vacation and benefits paid by insurance providers under life and disability policies.

  62. Estimated Potential Payments

    | | | Triggering Event | | | | | Termination ($) | Change in Control ($)(1) | | Michael E. Castagna | Salary continuation and annual STI consideration | — | 2,999,460 | | | Continuing health and welfare benefits (2) | — | 64,617 | | | Value of accelerated unvested equity awards (3)(4) | — | 9,815,698 | | | Total | — | 12,879,775 | | Christopher B. Prentiss | Salary continuation and annual STI consideration | — | 1,354,772 | | | Continuing health and welfare benefits (2) | — | 63,613 | | | Value of accelerated unvested equity awards (3)(5) | — | 2,104,255 | | | Total | — | 3,522,640 | | Dominic Marasco | Salary continuation and annual STI consideration | — | 1,311,160 | | | Continuing health and welfare benefits (2) | — | 65,022 | | | Value of accelerated unvested equity awards (3)(6) | — | 2,137,405 | | | Total | — | 3,513,587 | | David B. Thomson | Salary continuation and annual STI consideration | 1,397,779 | 1,531,456 | | | Continuing health and welfare benefits (2) | 53,198 | 65,022 | | | Value of accelerated unvested equity awards (3)(7) | — | 2,208,029 | | | Total | 1,450,977 | 3,804,507 | | Stuart A. Tross | Salary continuation and annual STI consideration | — | 1,296,923 | | | Continuing health and welfare benefits (2) | — | 65,022 | | | Value of accelerated unvested equity awards (3)(8) | — | 2,205,155 | | | Total | — | 3,567,100 |

  63. Estimated Potential Payments

    | (1) Represents estimated current value of payments and benefits payable upon termination without cause or resignation for good reason following a change of control. The terms of change of control agreements with our named executive officers are detailed under the heading “Change of Control Provisions.” | | (2) Represents the estimated cost of providing or paying for continuing medical and dental coverage for 18 months. The amounts for medical and dental insurance coverage are based on rates charged to our employees for post-employment coverage provided in accordance with the Consolidated Omnibus Reconciliation Act of 1985, or COBRA. | | (3) Per SEC rules, the intrinsic value of accelerated unvested stock options was calculated using the closing price of our common stock of $5.67 on December 31, 2025. The intrinsic value is the aggregate spread between $5.67 and the exercise price of the accelerated options, if less than $5.67. Accelerated options with exercise prices equal to or greater than $5.67 have no intrinsic value. The full value awards are valued at the December 31, 2025 closing price of our common stock. | | (4) Includes the value of 145,275 unvested stock options, 1,012,750 shares subject to unvested time-based restricted stock units and 1,509,570 shares subject to unvested performance-based restricted stock units based on an estimated share delivery assumption of 107%, 83% and 112% for awards issued in 2023, 2024 and 2025, respectively. |

  64. Estimated Potential Payments

    | (5) Includes the value of 319,350 shares subject to unvested time-based restricted stock units and 293,540 shares subject to unvested performance-based restricted stock units based on an estimated share delivery assumption of 107%, 83% and 112% for awards issued in 2023, 2024 and 2025, respectively. | | (6) Includes the value of 311,500 shares subject to unvested time-based restricted stock units and 371,200 shares subject to unvested performance-based restricted stock units based on an estimated share delivery assumption of 107%, 83% and 112% for awards issued in 2023, 2024 and 2025, respectively. | | (7) Includes the value of 57,525 unvested stock options, 284,250 shares subject to unvested time-based restricted stock units and 414,450 shares subject to unvested performance-based restricted stock units based on an estimated share delivery assumption of 107%, 83% and 112% for awards issued in 2023, 2024 and 2025, respectively. | | (8) Includes the value of 48,143 unvested stock options, 284,250 shares subject to unvested time-based restricted stock units and 414,450 shares subject to unvested performance-based restricted stock units based on an estimated share delivery assumption of 107%, 83% and 112% for awards issued in 2023, 2024 and 2025, respectively. |