MannKind Reports Third Quarter 2026 Financial Results and Provides Business Update

Nine-month revenue rose 27%, while net results shifted from $21.811 million income to a $58.874 million loss.

Rhea-AI Summary

MannKind (Nasdaq: MNKD) reported third-quarter 2026 revenue of $101.9 million, with Furoscix contributing to growth following its acquisition. Revenue rose 24% year over year, but net results shifted to a $23.224 million loss, or $0.07 per share, from $7.985 million income. Selling, general and administrative expenses rose 111% to $61.4 million.

Furoscix ReadyFlow received FDA approval, and shipments began in mid-September; approximately 75% of Furoscix shipments had transitioned by late October. Afrezza prescriptions increased approximately 17% versus Q2. MannKind reported tolerability in its Phase 1b nintedanib inhaled-powder study and is advancing a global Phase 2 trial. Cash, cash equivalents and investments totaled $96.6 million at September 30. A $50 million private placement funded a $45 million contingent payment triggered by ReadyFlow approval.

21 points · 0 major

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0 major · 28 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointQ3 revenue rose 24% year over year to $101.870 million.
• Moderate pointFuroscix ReadyFlow received FDA approval; shipments commenced in mid-September.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Q4 Furoscix revenue is expected by MannKind to exceed revenue for the first half of 2026.
• Moderate pointAfrezza total prescriptions increased approximately 17% in Q3 versus Q2 2026.
• Moderate pointQ3 royalties rose 12% year over year to $37.463 million.
• Moderate point. Forward-looking: it has not happened yet and may not happen.MannKind anticipates $15 million in ralinepag milestone payments in 2027. 1.2% of market cap
• Moderate point$50 million private placement closed July 24, 2026, providing funding for the ReadyFlow approval-triggered payment. 4% of market cap

14 minor points

• Minor pointNine-month revenue rose 27% year over year to $301.416 million.
• Minor pointFuroscix generated $22.376 million in Q3 revenue and $60.061 million over nine months following its October 2025 acquisition.
• Minor pointApproximately 75% of Furoscix shipments had transitioned to ReadyFlow by late October.
• Minor pointFuroscix monthly prescribers and prescriptions reached records in September.
• Minor pointAfrezza Q3 revenue rose 5% year over year to $19.349 million.
• Minor pointAfrezza average monthly new-to-brand prescriptions increased approximately 80% in Q3 versus Q2 2026 following the pediatric launch.
• Minor pointAll 60 priority pediatric institutions have prescribed Afrezza; approximately 2,000 pediatric patients have been treated since launch.
• Minor pointNine-month royalties rose 8% year over year to $102.583 million.
• Minor pointPhase 1b INFLO-1 results demonstrated tolerability of nintedanib inhaled powder; global Phase 2 development is advancing.
• Minor point. Forward-looking: it has not happened yet and may not happen.Ralinepag inhaled-powder formulation work is complete; United Therapeutics plans clinical development.
• Minor pointRose Pharma licensing and collaboration agreement signed to develop an inhaled GLP-1 for weight management.
• Minor pointCollaboration and services costs fell to $12.299 million in Q3 from $15.705 million a year earlier.
• Minor pointNine-month collaboration and services costs fell to $37.393 million from $45.414 million a year earlier.
• Minor pointStockholders’ deficit narrowed to $37.266 million at September 30, 2026, from $51.022 million at December 31, 2025.

Negative

• Moderate pointQ3 net loss was $23.224 million, versus $7.985 million net income in Q3 2025.
• Moderate pointQ3 operating loss was $2.183 million, versus $18.896 million operating income a year earlier.
• Moderate pointQ3 selling, general and administrative expenses rose 111% year over year to $61.4 million.
• Moderate pointCommercial gross margin decreased because the Furoscix on-body infusor has a lower gross margin percentage than Afrezza.
• Moderate pointQ3 collaborations and services revenue fell 27% year over year to $19.405 million.
• Moderate pointQ3 interest expense rose to $7.642 million from $1.364 million a year earlier.
• Moderate pointOther expense, net was $11.503 million in Q3 and $19.271 million over nine months, versus none a year earlier.
• Moderate point$45 million contingent payment was funded following FDA approval of Furoscix ReadyFlow. 3.6% of market cap
• Moderate pointCash and cash equivalents fell to $41.276 million at September 30, 2026, from $74.882 million at December 31, 2025.
• Moderate pointCommon shares outstanding increased to 321,633,894 at September 30, 2026, from 307,832,587 at December 31, 2025.

18 minor points

• Minor pointQ3 diluted loss per share was $0.07, versus earnings of $0.03 a year earlier.
• Minor pointNine-month net loss was $58.874 million, versus $21.811 million net income a year earlier.
• Minor pointNine-month diluted loss per share was $0.19, versus earnings of $0.07 a year earlier.
• Minor pointNine-month operating loss was $4.200 million, versus $46.488 million operating income a year earlier.
• Minor pointNine-month selling, general and administrative expenses rose 103% year over year to $173.8 million.
• Minor pointQ3 commercial cost of goods sold, excluding acquired-intangible amortization, rose to $11.2 million from $4.5 million.
• Minor pointNine-month commercial cost of goods sold, excluding acquired-intangible amortization, rose to $33.1 million from $12.9 million.
• Minor pointQ3 research and development expenses rose 2% year over year to $14.4 million.
• Minor pointNine-month research and development expenses rose 28% year over year to $49.6 million.
• Minor pointNine-month collaborations and services revenue fell 1% year over year to $77.941 million.
• Minor pointQ3 V-Go revenue fell 14% year over year to $3.277 million.
• Minor pointNine-month V-Go revenue fell 24% year over year to $9.188 million.
• Minor pointNine-month Afrezza revenue declined to $51.643 million from $51.709 million a year earlier.
• Minor pointAcquired-intangible amortization reached $5.160 million in Q3 and $13.895 million over nine months, versus none a year earlier.
• Minor pointNine-month interest expense rose to $27.015 million from $6.294 million a year earlier.
• Minor pointShort-term investments fell to $55.333 million at September 30, 2026, from $96.464 million at December 31, 2025.
• Minor pointTerm loan balance increased to $319.447 million at September 30, 2026, from $318.361 million at December 31, 2025.
• Minor pointMNKD-101’s ICoN-1 clinical study was discontinued, reducing related clinical development expenses.

News Explained

The release adds a Ralinepag update: formulation work is complete, United Therapeutics plans clinical development, and MannKind anticipates $15 million in milestone payments in 2027.

Key Figures

Total revenue: $101.9 million; +24% year over year Commercial product revenue: $45.0 million; +102% year over year Net loss: $23,224 thousand +5 more

Total revenue

$101.9 million; +24% year over year

Q3 2026 vs. Q3 2025

Commercial product revenue

$45.0 million; +102% year over year

Q3 2026 vs. Q3 2025

Net loss

$23,224 thousand

Q3 2026

Cash, cash equivalents and investments

$96.6 million

As of September 30, 2026

Private placement

$50 million

Closed July 24, 2026

CVR payment

$45 million

Payment triggered by Furoscix ReadyFlow FDA approval

Ralinepag DPI milestone payments

$15 million

Company anticipates earning payments in 2027

ReadyFlow share of Furoscix shipments

Approximately 75%

By late October following launch

Previous Earnings Reports

2 past events · Latest: Aug 05

Same Type 2 events

1. Aug 05

   Q2 earnings

   24h Move

   -5.1%

   Revenue rose, but MannKind reported a quarterly net loss and higher launch-related expenses.

2. Nov 05

   Q3 earnings

   24h Move

   +10.6%

   Prior-year Q3 revenue was $82.1 million, the comparison period for current-quarter revenue growth.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

ipf, glp-1, cvr, private placement

4 terms

ipf medical

"clinical validation of Technosphere DPI technology in IPF"

Idiopathic pulmonary fibrosis (IPF) is a progressive lung disease where scar tissue builds up in the lungs for reasons doctors don't fully understand, making it harder to breathe over time. For investors, IPF matters because it represents a clear medical need and a regulated market for treatments, so progress in clinical trials, regulatory approvals, or new therapies can materially affect the value of companies working on drugs or devices for this condition—much like a new road that could open access to a previously hard-to-reach town.

glp-1 medical

"to develop an inhaled rapid-acting, short-duration GLP-1 for weight management"

GLP-1 (glucagon-like peptide-1) is a natural hormone in the body that helps regulate blood sugar levels and appetite. Its significance to investors lies in its role as the basis for a class of medications that address conditions like type 2 diabetes and obesity, which are large and growing markets. Advances or investments in GLP-1-based treatments can signal opportunities in healthcare innovation and potentially impact pharmaceutical companies’ growth.

cvr financial

"proceeds funded the $45 million CVR payment triggered by the FDA approval"

A CVR (Contingent Value Right) is a contract-like entitlement issued in corporate transactions that pays the holder additional cash or shares only if specified future events or milestones occur, such as regulatory approval, sales targets, or performance thresholds. Think of it like a coupon that becomes valuable only if a company hits agreed goals; for investors it changes the risk-reward mix of a deal by offering potential upside tied to uncertain future outcomes and can affect valuation, liquidity and expected returns.

private placement financial

"Closed $50 million private placement on July 24, 2026"

A private placement is a sale of securities directly to a selected group of investors, typically institutions or accredited investors, instead of through a public offering. It lets a company raise money faster and with fewer regulatory steps; for existing shareholders it matters because the newly issued shares, often sold at a discount, increase the share count and can dilute their ownership.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Add on Google Not now

• Q3 2026 total revenues of $101.9 million, +24% vs. Q3 2025
• Q3 2026 commercial product revenue of $45.0 million, +102% vs. Q3 2025
  • Furoscix ReadyFlow™ was approved and shipments commenced mid-September
  • Rapid adoption of Furoscix ReadyFlow, making up approximately 75% of the current weekly Furoscix shipments
  • Afrezza^® pediatric launch accounts for an approximately 80% increase in average monthly new-to-brand prescriptions in Q3 vs. Q2 2026
• Pipeline Advancements
  • Reported positive Phase 1b INFLO-1 results, demonstrating tolerability of nintedanib DPI and clinical validation of Technosphere DPI technology in IPF; global Phase 2 trial underway
• Conference call and webcast today at 4:30 p.m. ET

DANBURY, Conn. and WESTLAKE VILLAGE, Calif., Nov. 05, 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 third quarter of 2026, and provided a business update.

“The third quarter marked an important transition for MannKind as we shifted from delivering on three major catalysts to executing against them,” said Michael Castagna, Chief Executive Officer of MannKind. “We are focused on scaling two commercial launches while supporting three programs in IPF. Furoscix ReadyFlow is off to an exceptionally strong start, and we believe Furoscix will generate more revenue in the fourth quarter than it did in the first half of 2026. ReadyFlow significantly expands the opportunity ahead and reinforces our conviction that Furoscix can be transformational for MannKind and the patients we serve.”

Business Update
Commercial Products
Furoscix

• Furoscix^® generated $22.4 million in net revenue for the third quarter of 2026, with Furoscix ReadyFlow shipments commencing in mid-September
• Approximately 75% of Furoscix shipments transitioned to ReadyFlow by late October, demonstrating rapid adoption following launch
• Achieved record monthly prescribers and prescriptions in September, reflecting continued growth in Furoscix utilization
  

Afrezza

• Afrezza^® generated $19.3 million in net sales for the third quarter of 2026
• Total prescriptions increased approximately 17% compared with Q2 2026, driven by strong early uptake following the pediatric launch
• All 60 priority pediatric institutions have prescribed Afrezza, with approximately 2,000 pediatric patients treated since launch
  

Development
Nintedanib DPI (MNKD-201)

• Positive Phase 1b INFLO-1 results demonstrated tolerability of nintedanib DPI, validating the Technosphere^® DPI platform in IPF
• Advancing MNKD-201 into global Phase 2 trial

Ralinepag DPI (MNKD-1501)

• Formulation work completed; United Therapeutics plans to pursue clinical development
• Anticipate earning $15 million in milestone payments in 2027

Inhaled GLP-1 Program

• Entered into a licensing and collaboration agreement with Rose Pharma to develop an inhaled rapid-acting, short-duration GLP-1 for weight management
  

Corporate Update

• Cash, cash equivalents and investments as of September 30, 2026, totaled $96.6 million
• Closed $50 million private placement on July 24, 2026; proceeds funded the $45 million CVR payment triggered by the FDA approval of Furoscix ReadyFlow

Third Quarter 2026 Financial Results

Revenues

	Three Months Ended September 30,
	2026			2025			$ Change				% Change
Revenues	(Dollars in thousands)
Afrezza		19,349			18,493			856			5	%
Furoscix		22,376			—			22,376			N/A
V-Go		3,277			3,812			(535	)		(14	%)
Collaborations and services		19,405			26,506			(7,101	)		(27	%)
Royalties		37,463			33,319			4,144			12	%
Total revenues	$	101,870		$	82,130		$	19,740			24	%

Total revenues for the third quarter of 2026 increased compared to the same period in the prior year primarily due to the addition of Furoscix to our product portfolio following the October 2025 acquisition of scPharma, as well as an increase in revenue from royalties. The increase in royalties was due to UT’s increase in net revenue from sales of Tyvaso DPI. The increase in total revenue was partially offset by a decrease in revenue from collaborations and services which was primarily attributable to decreased product sold to UT. UT provides notice of their subsequent year purchase quantity on or prior to October 15th of each year and quarterly revenue fluctuations reflect delivery timing rather than changes in annual order volume.

Operating Expenses and Other Financial Highlights

• Cost of goods sold – commercial, excluding amortization of acquired intangible assets, was $11.2 million for the three months ended September 30, 2026, compared to $4.5 million for the same period in 2025.
  • The increase is primarily attributable to the inclusion of Furoscix into our product portfolio following the acquisition of scPharma in October 2025. The Furoscix on-body infusor has a lower gross margin percentage than Afrezza which resulted in a decrease in gross margin in the current period.

• Research and development expenses were $14.4 million for the three months ended September 30, 2026, compared to $14.1 million for the same period in 2025, an increase of 2%. 
  • The increase was primarily attributable to the development of Furoscix ReadyFlow, higher personnel costs following the acquisition of scPharma, and increased clinical development costs for MNKD-201. These increases were partially offset by lower clinical development expenses resulting from the discontinuation of the ICoN-1 clinical study for MNKD-101 and the completion of the Afrezza pediatric study.

• Selling, general and administrative expenses were $61.4 million for the three months ended September 30, 2026, compared to $29.1 million for the same period in 2025, an increase of 111%.
  • The increase was primarily attributable to costs associated with the promotion and support of Furoscix, which was acquired from scPharma in October 2025, expansion of our field-based teams, and launch activities related to Furoscix ReadyFlow and the pediatric indication for Afrezza.

Nine Months Ended September 30, 2026

Revenues

	Nine Months Ended September 30,
	2026			2025			$ Change				% Change
Revenues	(Dollars in thousands)
Afrezza		51,643			51,709			(66	)		(0	%)
Furoscix		60,061			—			60,061			N/A
V-Go		9,188			12,023			(2,835	)		(24	%)
Collaborations and services		77,941			78,727			(786	)		(1	%)
Royalties		102,583		$	94,552		$	8,031			8	%
Total revenues	$	301,416		$	237,011		$	64,405			27	%

Total revenues for the nine months ended September 30, 2026 increased compared to the same period in the prior year due to the addition of Furoscix to our product portfolio following the October 2025 acquisition of scPharma, as well as an increase in royalties. 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 $33.1 million for the nine months ended September 30, 2026, compared to $12.9 million for the same period in 2025.
  • The increase is primarily attributable to the inclusion of Furoscix into our product portfolio following the acquisition of scPharma in October 2025. The Furoscix on-body infusor has a lower gross margin percentage than Afrezza which resulted in a decrease in gross margin in the current period.

• Research and development expenses were $49.6 million for the nine months ended September 30, 2026, compared to $38.8 million for the same period in 2025, an increase of 28%.  
  • The increase was primarily attributable to the development of Furoscix ReadyFlow, higher personnel costs following the acquisition of scPharma, and increased clinical development costs for MNKD-201. These increases were partially offset by lower clinical development expenses resulting from the discontinuation of the ICoN-1 clinical study for MNKD-101 and the completion of the Afrezza pediatric study.

• Selling, general and administrative expenses were $173.8 million for the nine months ended September 30, 2026, compared to $85.7 million for the same period in 2025, an increase of 103%.  
  • The increase was primarily attributable to costs associated with the promotion and support of Furoscix, expansion of our field-based teams, and launch activities related to Furoscix ReadyFlow and the pediatric indication for Afrezza.

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 can be accessed live via the Events & Presentations section of MannKind’s Investor Relations website. A replay will remain available in the same location for approximately 90 days following the conference call.

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 the anticipated growth potential for Furoscix, including as a major commercial brand; the development plans for ralinepag DPI and the expected timing for milestone payments related thereto; the potential benefits of and opportunities for MannKind’s products and product candidates; and expectations regarding MannKind’s ongoing and planned clinical trials and nonclinical studies, including the ongoing Phase 2 INFLO-2 trial. 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 September 30, 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 September 30,								Nine Months Ended September 30,
	2026				2025				2026				2025
	(In thousands except per share data)
Revenues:
Commercial product sales	$	45,002			$	22,305			$	120,892			$	63,732
Collaborations and services		19,405				26,506				77,941				78,727
Royalties		37,463				33,319				102,583				94,552
Total revenues		101,870				82,130				301,416				237,011
Expenses:
Cost of goods sold – commercial, excluding amortization of acquired intangible assets		11,213				4,498				33,130				12,873
Cost of revenue – collaborations and services		12,299				15,705				37,393				45,414
Research and development		14,360				14,063				49,592				38,760
Selling, general and administrative		61,412				29,088				173,801				85,724
Amortization of acquired intangible assets		5,160				—				13,895				—
(Gain) loss on foreign currency transaction		(391	)			(120	)			(2,195	)			7,752
Total expenses		104,053				63,234				305,616				190,523
(Loss) income from operations		(2,183	)			18,896				(4,200	)			46,488
Other income (expense):
Interest income		1,090				2,628				3,541				6,416
Interest expense		(7,642	)			(1,364	)			(27,015	)			(6,294	)
Interest expense on liability for sale of future royalties		(501	)			(3,514	)			(3,573	)			(10,564	)
Interest expense on financing liability		(2,434	)			(2,456	)			(7,241	)			(7,299	)
Impairment of available-for-sale investment		—				(6,409	)			—				(6,409	)
Loss on settlement of debt		—				—				(917	)			—
Other expense, net		(11,503	)			—				(19,271	)			—
Total other expense, net		(20,990	)			(11,115	)			(54,476	)			(24,150	)
(Loss) income before income tax expense (benefit)		(23,173	)			7,781				(58,676	)			22,338
Income tax expense (benefit)		51				(204	)			198				527
Net (loss) income	$	(23,224	)		$	7,985			$	(58,874	)		$	21,811
Net (loss) income per share – basic	$	(0.07	)		$	0.03			$	(0.19	)		$	0.07
Weighted average shares used to compute net (loss) income    per share – basic		320,182				306,806				312,722				305,093
Net (loss) income per share – diluted	$	(0.07	)		$	0.03			$	(0.19	)		$	0.07
Weighted average shares used to compute net (loss) income    per share – diluted		320,182				311,638				312,722				313,339

MANNKIND CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
	September 30, 2026				December 31, 2025
	(In thousands except share and per share data)
ASSETS
Current assets:
Cash and cash equivalents	$	41,276			$	74,882
Short-term investments		55,333				96,464
Accounts receivable, net		41,034				38,367
Inventory		48,469				35,313
Prepaid expenses and other current assets		54,364				46,553
Total current assets		240,476				291,579
Restricted cash		749				745
Property and equipment, net		86,371				82,423
Goodwill		67,595				67,595
Developed technology - Furoscix		305,877				190,027
IPR&D - ReadyFlow Formulation		—				129,600
Other intangible assets		4,927				5,072
Other assets		16,621				20,129
Long-term investments		—				5,012
Total assets	$	722,616			$	792,182
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts payable	$	14,383			$	9,034
Accrued expenses and other current liabilities		59,593				64,628
Liability for sale of future royalties – current		14,573				14,298
Financing liability – current		10,565				10,328
Deferred revenue – current		9,410				15,331
Contingent consideration – current		—				21,132
Senior convertible notes – current		—				36,280
Total current liabilities		108,524				171,031
Liability for sale of future royalties – long term		130,026				136,985
Financing liability – long term		92,231				93,092
Deferred revenue – long term		34,809				39,977
Recognized loss on purchase commitments – long term		63,720				65,952
Operating lease liability		9,177				10,689
Milestone liabilities		1,580				2,003
Term loan		319,447				318,361
Other long term liabilities		368				—
Contingent consideration – long term		—				5,114
Total liabilities		759,882				843,204
Commitments and contingencies
Stockholders' deficit:
Undesignated preferred stock, $0.01 par value – 10,000,000 shares authorized;    no shares issued or outstanding as of September 30, 2026 or December 31, 2025		—				—
Common stock, $0.01 par value – 800,000,000 shares authorized;    321,633,894 and 307,832,587 shares issued and outstanding as of    September 30, 2026 and December 31, 2025, respectively		3,216				3,078
Additional paid-in capital		3,214,437				3,141,741
Accumulated other comprehensive (loss) income		(88	)			115
Accumulated deficit		(3,254,831	)			(3,195,956	)
Total stockholders' deficit		(37,266	)			(51,022	)
Total liabilities and stockholders' deficit	$	722,616			$	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 September 30,																		Nine Months Ended September 30,
	2026										2025								2026												2025
	Net Loss						Basic EPS				Net Income				Basic EPS				Net Loss				Basic EPS								Net Income								Basic EPS
GAAP reported net (loss) income	$	(23,224	)				$	(0.07	)		$	7,985				0.03			$	(58,874	)		$	(0.19					)		$	21,811							$	0.07
Non-GAAP adjustments:
Stock compensation		6,444						0.02				4,318				0.01				23,125				0.07								17,223								0.06
Interest expense on liability for sale of future royalties		501						0.00				3,514				0.01				3,573				0.01								10,564								0.03
Sold portion of royalty revenue (1)		(3,746	)					(0.01	)			(3,332	)			(0.01	)			(10,258	)			(0.03					)			(9,455					)			(0.03	)
(Gain) loss on foreign currency transaction		(391	)					0.00				(120	)			0.00				(2,195	)			(0.01					)			7,752								0.03
Amortization of intangible assets acquired		5,160						0.01				—				—				13,895				0.05								—								—
Expense related to contingent consideration		11,641						0.04				—				—				19,409				0.07								—								—
Loss on settlement of debt		—						—				—				—				917				0.00								—								—
Acquisition related expenses (2)		—						—				3,673				0.01				—				—								3,673								0.01
Impairment loss on available-for-sale investment		—						—				6,409				0.02				—				—								6,409								0.02
Non-GAAP adjusted net (loss) income	$	(3,615	)				$	(0.01	)		$	22,447			$	0.07			$	(10,408	)		$	(0.03					)		$	57,977							$	0.19
Weighted average shares used to compute net (loss) income per share – basic		320,182										306,806								312,722												305,093
(1) Represents the non-cash portion of the 1% royalty on net sales of Tyvaso DPI earned during the three and nine months ended September 30, 2026 and 2025 which is remitted to the royalty purchaser and recognized as royalties from collaborations in our condensed consolidated statements of operations.

MannKind Contacts:
Investor Relations
Kate Miranda
Email: ir@mnkd.com

Media Relations
Christie Iacangelo
Email: media@mnkd.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were MannKind’s Q3 2026 revenue and earnings?

MannKind reported $101.870 million in revenue and a $23.224 million net loss for Q3 2026. Revenue increased 24% from Q3 2025, when net income was $7.985 million. Diluted results changed from earnings of $0.03 per share to a loss of $0.07 per share.

When did MannKind launch Furoscix ReadyFlow, and how quickly was it adopted?

Furoscix ReadyFlow shipments began in mid-September 2026 following FDA approval. By late October, approximately 75% of Furoscix shipments had transitioned to ReadyFlow.

Why did MannKind’s collaborations and services revenue decline in Q3 2026?

The decline primarily reflected less product sold to United Therapeutics. MannKind says quarterly revenue fluctuations reflect delivery timing rather than changes in annual order volume. United Therapeutics provides notice of its subsequent-year purchase quantity on or before October 15 each year.

What milestone payments does MannKind expect from its ralinepag inhaled-powder program?

MannKind anticipates earning $15 million in milestone payments in 2027. Formulation work for ralinepag inhaled powder, also called MNKD-1501, is complete, and United Therapeutics plans to pursue clinical development.