MannKind Reports First Quarter 2026 Financial Results and Provides Business Update
Rhea-AI Summary
MannKind (Nasdaq: MNKD) reported Q1 2026 total revenues of $90.2M, up 15% year-over-year, driven by royalties and new commercial product sales. Cash, cash equivalents and investments totaled $134M as of March 31, 2026. Key near-term regulatory dates: Afrezza pediatric PDUFA May 29, 2026 and Furoscix ReadyFlow Autoinjector PDUFA July 26, 2026. Development updates include MNKD-201 advancing to Phase 2 and a ralinepag DPI collaboration with United Therapeutics with a $5M payment and potential milestone and royalty payments.
Positive
- Total revenues +15% to $90.2M in Q1 2026
- Furoscix net sales $15.5M in Q1 2026; doses dispensed +64% vs Q1 2025
- Cash and investments $134M at March 31, 2026
- United Therapeutics $5M payment for accelerated ralinepag DPI development
Negative
- SG&A +116% to $54.1M in Q1 2026
- R&D +56% to $17.2M in Q1 2026
- COGS nearly doubled (+99%) to $7.5M, lowering gross margin
News Market Reaction – MNKD
In the May 7 session, MNKD declined 0.28%, reflecting a mild negative market reaction. Argus tracked a peak move of +38.6% during that session. Argus tracked a trough of -2.3% from its starting point during tracking. Our momentum scanner triggered 69 alerts that day, indicating high trading interest and price volatility. Trading volume was above average at 1.9x the daily average, suggesting increased trading activity.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Feb 26 | Q4/FY 2025 results | Positive | -7.4% | Reported Q4 $112M revenue and full-year $349M, both strongly higher YoY. |
| Nov 05 | Q3 2025 results | Positive | +10.6% | Q3 $82.1M revenue and scPharma deal, plus multiple regulatory and pipeline milestones. |
| Aug 06 | Q2 2025 results | Positive | -13.2% | Q2 $76.5M revenue with a swing to net income and pipeline advancement. |
| May 08 | Q1 2025 results | Positive | -4.5% | Q1 $78.4M revenue, growing net income, and progress in Afrezza and MNKD-101. |
| Feb 26 | Q4/FY 2024 results | Positive | -4.4% | Full-year $286M revenue, net income, debt reduction, and multiple clinical milestones. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases have generally been fundamentally positive but followed by negative price reactions, with 4 of the last 5 earnings events selling off within 24 hours.
Over the past year, MannKind has repeatedly reported growing revenues and advancing its pipeline, including Q4 2024 annual revenues of $286M and full-year 2025 revenues of $349M. Successive quarters like Q1, Q2, Q3 and Q4 2025 all highlighted revenue growth and pipeline milestones. Despite this, four of five recent earnings reports saw negative next‑day moves, indicating the stock often traded lower after fundamentally strong results, which frames how this Q1 2026 update may be interpreted.
Key Terms
pdufa regulatory
phase 2 medical
phase 1b medical
idiopathic pulmonary fibrosis medical
pulmonary arterial hypertension medical
convertible notes financial
royalties financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
- Q1 updates:
- Q1 2026 total revenues of
$90.2M , +15% vs. Q1 2025 - Built out launch infrastructure and aligned field-based teams for upcoming launches
- Settlement of senior convertible notes of
$36.3M
- Q1 2026 total revenues of
- Program updates:
- Afrezza® pediatric indication PDUFA date May 29, 2026
- Furoscix ReadyFlow™ Autoinjector PDUFA date July 26, 2026
- Nintedanib DPI (MNKD-201) for IPF advancing into Phase 2; INFLO-2 trial anticipates enrolling first patient in Q2 2026
- Ralinepag DPI (MNKD-1501) announced as collaboration program with United Therapeutics, received additional
$5M to support accelerated development
- Conference call and webcast today at 4:30 p.m. ET
DANBURY, Conn. and WESTLAKE VILLAGE, Calif., May 06, 2026 (GLOBE NEWSWIRE) -- MannKind Corporation (Nasdaq: MNKD) a biopharmaceutical company dedicated to transforming chronic disease care through innovative, patient-centric solutions for cardiometabolic and orphan lung diseases, today reported financial results for the first quarter of 2026, and provided a business update.
“We are making meaningful progress executing our corporate transformation strategy, focused on the expansion and diversification of both our commercial portfolio and development pipeline,” said Michael Castagna, Chief Executive Officer of MannKind Corporation. “2026 is the most catalyst-rich year in the Company’s history. The Furoscix ReadyFlow Autoinjector, if approved, represents an opportunity to scale the brand’s growth trajectory. At the same time, we are excited and prepared for the potential Afrezza approval and launch in pediatrics, which would address unmet needs of a new patient population. Combined with the continued momentum of Tyvaso DPI, including its expansion into IPF, a strengthening pipeline, and our expanded collaboration with United Therapeutics to advance ralinepag DPI, MannKind is well positioned to deliver sustained, long-term value for shareholders.”
Business Update and Upcoming Milestones
Commercial Products
Furoscix
- Furoscix® (furosemide injection) generated
$15.5 million in net sales for the first quarter of 2026; doses dispensed increased by64% over Q1 2025 - Furoscix ReadyFlow Autoinjector PDUFA target action date of July 26, 2026; if approved, it would be the first product to deliver an IV-equivalent diuretic dose in under 10 seconds
Afrezza
- Afrezza (insulin human) Inhalation Powder generated
$15.3 million in net sales - FDA approved an updated Afrezza label providing starting dose guidance
- Completed pilot phase of INHALE-1st pediatric study evaluating Afrezza for newly diagnosed type 1 diabetes
- New data presented and published from pediatric and adult studies of Afrezza
- Afrezza pediatric indication PDUFA target action date of May 29, 2026; if approved, it would be the first and only inhaled insulin option for children and adolescent patients living with diabetes
Development
Nintedanib DPI (MNKD-201)
- Completed enrollment of Cohort 1 in Phase 1b (INFLO-1) study with no discontinuations or serious adverse events in patients with idiopathic pulmonary fibrosis (IPF); topline data expected in Q3 2026
- Anticipate Phase 2 clinical trial (INFLO-2) in IPF with first patient enrolled in Q2 2026
Ralinepag DPI (MNKD-1501)
- Ralinepag dry powder inhalation (DPI) program to be pursued for pulmonary arterial hypertension by United Therapeutics, followed by pulmonary hypertension associated with interstitial lung disease, IPF and progressive pulmonary fibrosis
- United Therapeutics has made a payment of
$5 million to support the accelerated development of MNKD-1501; MannKind is eligible to receive up to$35 million in development milestone payments and10% royalties on net sales of any resulting commercial product
Bumetanide DPI (MNKD-701)
- Advancing formulation development of bumetanide DPI for edema associated with congestive heart failure and chronic kidney disease
Corporate Update
- Cash, cash equivalents and investments as of March 31, 2026, totaled
$134 million - Settlement of the remaining
$36.3 million aggregate principal amount of2.50% senior convertible notes for$35.5 million in cash and 569,023 shares of MannKind common stock
First Quarter 2026 Financial Results
Revenues
| Three Months Ended March 31, | |||||||||||||||||||
| 2026 | 2025 | $ Change | % Change | ||||||||||||||||
| Revenues | (Dollars in thousands) | ||||||||||||||||||
| Afrezza | 15,273 | 14,887 | 386 | 3 | % | ||||||||||||||
| Furoscix | 15,493 | — | 15,493 | N/A | |||||||||||||||
| V-Go | 3,141 | 4,086 | (945 | ) | (23 | %) | |||||||||||||
| Collaborations and services | 23,515 | 29,376 | (5,861 | ) | (20 | %) | |||||||||||||
| Royalties | 32,749 | 30,005 | 2,744 | 9 | % | ||||||||||||||
| Total revenues | $ | 90,171 | $ | 78,354 | $ | 11,817 | 15 | % | |||||||||||
Total revenues for the first quarter of 2026 increased compared to the same period in the prior year due to higher revenue from royalties and commercial product sales. Commercial product sales increased primarily due to net sales of Furoscix. The acquisition of scPharma closed on October 7, 2025. Collaborations and services revenue decreased due to fewer units sold to United Therapeutics (UT). The increase in royalties was due to UT’s increase in net revenue from sales of Tyvaso DPI.
Operating Expenses and Other Financial Highlights
- Cost of goods sold – commercial, excluding amortization of acquired intangible assets, was
$7.5 million for the first quarter of 2026, compared to$3.8 million for the same period in 2025, an increase of99% .- The increase is primarily attributable to the inclusion of Furoscix into our product portfolio following the acquisition of scPharma on October 7, 2025. Gross margin decreased in the current period due to the inclusion of Furoscix (on-body infusor), which has a lower gross margin than Afrezza.
- Research and development expenses were
$17.2 million for the first quarter of 2026 compared to$11.0 million for the same period in 2025, an increase of56% .- The increase was primarily attributable to higher personnel costs following the acquisition of scPharma and higher costs from advancing the development of nintedanib DPI (MNKD-201) studies.
- Selling, general and administrative expenses were
$54.1 million for the first quarter of 2026 compared to$25.0 million for the same period in 2025, an increase of116% .- The increase was primarily related to costs associated with the promotion and support of Furoscix, as well as higher Afrezza-related expenses including expanding the field-based teams and preparing for a potential pediatric launch.
Conference Call and Webcast
MannKind will host a conference call and webcast to discuss these results today at 4:30 p.m. Eastern Time. The webcast will be accessible via a link on MannKind’s website at https://investors.mannkindcorp.com/events-and-presentations. A replay will also be available in the same location within 24 hours after the call and accessible for approximately 90 days.
About MannKind
MannKind Corporation (Nasdaq: MNKD) is a biopharmaceutical company dedicated to transforming chronic disease care through innovative, patient-centric solutions. Focused on cardiometabolic and orphan lung diseases, we develop and commercialize treatments that address serious unmet medical needs, including diabetes, pulmonary hypertension, and fluid overload in heart failure and chronic kidney disease.
With deep expertise in drug-device combinations, MannKind aims to deliver therapies designed to fit seamlessly into daily life.
Learn more at mannkindcorp.com.
Forward-Looking Statements
Statements in this press release that are not statements of historical fact are forward-looking statements that involve risks and uncertainties. These statements include, without limitation, statements regarding MannKind's expectations about 2026 being a catalyst-rich year; the potential benefits of and potential pediatric launch of Afrezza, and the expected timing thereof; expectations regarding MannKind’s ongoing and planned clinical trials and nonclinical studies, including the timing for enrollment for the Phase 2 clinical trial of MNKD-201 in IPF and the expected timing for data readouts from the Phase 1b clinical trial of MNKD-201, and preclinical development of MNKD-701 and MNKD-1501; development plans for MNKD-1501 and the potential achievement of milestone payments and royalties; the opportunity and potential benefits of Furoscix; the potential approval of Furoscix ReadyFlow Autoinjector, the timing of such approval and its potential impact on the growth trajectory for Furoscix; and the potential of MannKind to deliver long-term value. Words such as “believes,” “anticipates,” “plans,” “expects,” “intend,” “will,” “goal,” “potential,” “prepare,” “opportunity” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon MannKind’s current expectations. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, risks associated with developing product candidates; risks and uncertainties related to unforeseen delays that may impact the timing of clinical trials and reporting data; risks associated with safety and other complications of our products and product candidates; risks associated with the regulatory review process; risks associated with competition; manufacturing risks; market adoption risks; and other risks detailed in MannKind’s filings with the Securities and Exchange Commission (“SEC”), including under the “Risk Factors” heading of its Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, being filed with the SEC later today. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and MannKind undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this press release.
Tyvaso DPI is a trademark of United Therapeutics Corporation.
AFREZZA, FUROSCIX, MANNKIND, and V-GO are registered trademarks, and Furoscix ReadyFlow is a trademark of MannKind Corporation.
MANNKIND CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS
| Three Months Ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| (In thousands except per share data) | ||||||||
| Revenues: | ||||||||
| Commercial product sales | $ | 33,907 | $ | 18,973 | ||||
| Collaborations and services | 23,515 | 29,376 | ||||||
| Royalties | 32,749 | 30,005 | ||||||
| Total revenues | 90,171 | 78,354 | ||||||
| Expenses: | ||||||||
| Cost of goods sold – commercial, excluding amortization of acquired intangible assets | 7,509 | 3,768 | ||||||
| Cost of revenue – collaborations and services | 9,964 | 13,748 | ||||||
| Research and development | 17,231 | 11,022 | ||||||
| Selling, general and administrative | 54,085 | 25,014 | ||||||
| Amortization of acquired intangible assets | 4,367 | — | ||||||
| (Gain) loss on foreign currency transaction | (1,318 | ) | 2,509 | |||||
| Total expenses | 91,838 | 56,061 | ||||||
| (Loss) income from operations | (1,667 | ) | 22,293 | |||||
| Other income (expense): | ||||||||
| Interest income, net | 1,429 | 1,956 | ||||||
| Interest expense | (7,478 | ) | (4,645 | ) | ||||
| Interest expense on liability for sale of future royalties | (2,563 | ) | (3,577 | ) | ||||
| Interest expense on financing liability | (2,393 | ) | (2,410 | ) | ||||
| Loss on settlement of debt | (917 | ) | — | |||||
| Other expense | (2,777 | ) | — | |||||
| Total other expense | (14,699 | ) | (8,676 | ) | ||||
| (Loss) income before income tax expense | (16,366 | ) | 13,617 | |||||
| Income tax expense | 253 | 459 | ||||||
| Net (loss) income | $ | (16,619 | ) | $ | 13,158 | |||
| Net (loss) income per share – basic | $ | (0.05 | ) | $ | 0.04 | |||
| Weighted average shares used to compute net (loss) income per share – basic | 308,267 | 303,481 | ||||||
| Net (loss) income per share – diluted | $ | (0.05 | ) | $ | 0.04 | |||
| Weighted average shares used to compute net (loss) income per share – diluted | 308,267 | 320,897 | ||||||
| MANNKIND CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS | ||||||||
| March 31, 2026 | December 31, 2025 | |||||||
| (In thousands except share and per share data) | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 52,834 | $ | 74,882 | ||||
| Short-term investments | 81,027 | 96,464 | ||||||
| Accounts receivable, net | 28,137 | 38,367 | ||||||
| Inventory | 49,166 | 35,313 | ||||||
| Prepaid expenses and other current assets | 39,996 | 46,553 | ||||||
| Total current assets | 251,160 | 291,579 | ||||||
| Restricted cash | 747 | 745 | ||||||
| Long-term investments | — | 5,012 | ||||||
| Property and equipment, net | 82,554 | 82,423 | ||||||
| Goodwill | 67,595 | 67,595 | ||||||
| Developed technology - on-body infusor | 185,708 | 190,027 | ||||||
| IPR&D - ReadyFlow Formulation | 129,600 | 129,600 | ||||||
| Other intangible assets | 5,024 | 5,072 | ||||||
| Other assets | 22,015 | 20,129 | ||||||
| Total assets | $ | 744,403 | $ | 792,182 | ||||
| LIABILITIES AND STOCKHOLDERS' DEFICIT | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 16,144 | $ | 9,034 | ||||
| Accrued expenses and other current liabilities | 58,598 | 64,628 | ||||||
| Senior convertible notes – current | — | 36,280 | ||||||
| Liability for sale of future royalties – current | 14,010 | 14,298 | ||||||
| Contingent consideration - current | 23,877 | 21,132 | ||||||
| Financing liability – current | 10,407 | 10,328 | ||||||
| Deferred revenue – current | 11,525 | 15,331 | ||||||
| Total current liabilities | 134,561 | 171,031 | ||||||
| Liability for sale of future royalties – long term | 136,561 | 136,985 | ||||||
| Financing liability – long term | 92,784 | 93,092 | ||||||
| Deferred revenue – long term | 38,905 | 39,977 | ||||||
| Recognized loss on purchase commitments – long term | 64,635 | 65,952 | ||||||
| Operating lease liability | 10,281 | 10,689 | ||||||
| Contingent consideration – long term | 5,146 | 5,114 | ||||||
| Milestone liabilities | 2,003 | 2,003 | ||||||
| Term loan | 318,722 | 318,361 | ||||||
| Total liabilities | 803,598 | 843,204 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders' deficit: | ||||||||
| Undesignated preferred stock, no shares issued or outstanding as of March 31, 2026 or December 31, 2025 | — | — | ||||||
| Common stock, 308,907,331 and 307,832,587 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively | 3,089 | 3,078 | ||||||
| Additional paid-in capital | 3,150,295 | 3,141,741 | ||||||
| Accumulated other comprehensive (loss) income | (4 | ) | 115 | |||||
| Accumulated deficit | (3,212,575 | ) | (3,195,956 | ) | ||||
| Total stockholders' deficit | (59,195 | ) | (51,022 | ) | ||||
| Total liabilities and stockholders' deficit | $ | 744,403 | $ | 792,182 | ||||
Non-GAAP Measures
To supplement our condensed consolidated financial statements presented under GAAP, we are presenting non-GAAP net (loss) income and non-GAAP net (loss) income per share – basic, which are non-GAAP financial measures. We are providing these non-GAAP financial measures to disclose additional information to facilitate the comparison of past and present operations, and they are among the indicators management uses as a basis for evaluating our financial performance. We believe that these non-GAAP financial measures, when considered together with our GAAP financial results, provide management and investors with an additional understanding of our business operating results, including underlying trends.
These non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures; should be read in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP; have no standardized meaning prescribed by GAAP; and are not prepared under any comprehensive set of accounting rules or principles. In addition, from time to time in the future there may be other items that we may exclude for purposes of our non-GAAP financial measures; and we may in the future
cease to exclude items that we have historically excluded for purposes of our non-GAAP financial measures. Likewise, we may determine to modify the nature of adjustments to arrive at our non-GAAP financial measures. Because of the non-standardized definitions of non- GAAP financial measures, the non-GAAP financial measures as used by us in this report have limits in their usefulness to investors and may be calculated differently from, and therefore may not be directly comparable to, similarly titled measures used by other companies.
The following table reconciles our financial measures for net (loss) income and net (loss) income per share ("EPS") for basic weighted average shares as reported in our condensed consolidated statement of operations to a non-GAAP presentation:
| Three Months Ended March 31, | ||||||||||||||||
| 2026 | 2025 | |||||||||||||||
| Net Income | Basic EPS | Net Income | Basic EPS | |||||||||||||
| GAAP reported net (loss) income | $ | (16,619 | ) | $ | (0.05 | ) | $ | 13,158 | 0.04 | |||||||
| Non-GAAP adjustments: | ||||||||||||||||
| Stock compensation | 6,455 | 0.02 | 5,385 | 0.02 | ||||||||||||
| Interest expense on liability for sale of future royalties | 2,563 | 0.01 | 3,577 | 0.01 | ||||||||||||
| Sold portion of royalty revenue(1) | (3,275 | ) | (0.01 | ) | (3,000 | ) | (0.01 | ) | ||||||||
| (Gain) loss on foreign currency transaction | (1,318 | ) | 0.00 | 2,509 | 0.01 | |||||||||||
| Amortization of intangible assets acquired | 4,367 | 0.01 | — | — | ||||||||||||
| Loss on settlement of debt | 917 | 0.00 | — | — | ||||||||||||
| Non-GAAP adjusted net (loss) income | $ | (6,910 | ) | $ | (0.02 | ) | $ | 21,629 | $ | 0.07 | ||||||
| Weighted average shares used to compute net (loss) income per share – basic | 308,267 | 303,481 | ||||||||||||||
| (1) | Represents the non-cash portion of the |
MannKind Contacts: Investor Relations Kate Miranda Email: ir@mnkd.com Media Relations Christie Iacangelo Email: media@mnkd.com