Luigi Mangione, the suspect charged with killing a UnitedHealthcare executive, is set to appear in court Friday.

What Happened: After pleading not guilty to state charges in December over the alleged killing of UnitedHealthcare CEO Brian Thompson, Mangione is set to appear in court again Friday to face murder and terrorism charges.

Judge Gregory Carro will set pretrial paperwork deadlines for the prosecution and defense, reported by CNN. Carro could also set a trial date for the closely followed court case.

State charges include a punishment of up to life in prison without parole if convicted.

Mangione also faces federal charges, which could include the death penalty. The alleged killer has not entered into a plea for the federal charges yet.

Friday's court hearing is set for a 2:15 p.m. ET start.

Mangione's next court hearing for the federal charges is scheduled for March 19, according to the report.

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Why It's Important: Mangione's case captured worldwide attention. The 26-year-old allegedly targeted Thompson and the American healthcare sector over companies focusing on profits over people.

Notes found on Mangione when he was arrested included commentary on the healthcare system.

UnitedHealthcare is a unit of UnitedHealth Group ( UNH ) , one of the largest health insurance companies in the United States.

Mangione has received support from members of the public who also view the health insurance sector negatively. Some supporters have protested the sector and featured signs with the words "Free Luigi" outside his court appearances.

An in-person crowd during an episode of "Saturday Night Live" applauded at Mangione's name being mentioned. Podcaster Joe Rogan also voiced support for Mangione and the public support saying the health insurance business is "dirty."

Public support for Mangione has turned into a windfall of donations that are set to help his defense fund in the case.

A legal defense fund for Mangione has raised over $514,000 in donations through Friday, as reported by the New York Post. The funds are said to help pay Mangione's legal fees as he recently beefed up his legal team.

The online fundraiser reached its previous target and now has its sights set on raising $1 million.

Mangione thanks people for his support in his first statement from prison last week. Enter your email to subscribe to the CNN Five Things Newsletter.

"I am overwhelmed by — and grateful for — everyone who has written me to share their stories and express their support," Mangione's statement said.

UnitedHealthcare is the largest individual player in Medicare Advantage with 7.8 million members, the company's latest earnings report revealed. The company also has 4.3 million members enrolled in Medicare supplement plans through UnitedHealthcare. It also has 3 million people enrolled in standalone Part D coverage.

The Department of Justice is investigating the company over its Medicare billing practices.

Price Action: UnitedHealth ( UNH ) stock is down 8.8% to $458.26 on Friday versus a 52-week trading range of $436.38 to $630.73. The stock is down 12% over the last year.

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