MannKind swings to $23.2M net loss in Q3 2026
Furoscix ReadyFlow shipments started in mid-September, while Afrezza's pediatric launch coincided with higher new-to-brand prescriptions.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
MannKind Corporation reported third-quarter 2026 revenue of $101.9 million, up 24% from $82.1 million a year earlier; commercial product sales were $45.0 million, up 102%. GAAP results were a net loss of $23.2 million, versus $8.0 million net income in Q3 2025. Selling, general and administrative expense rose 111% to $61.4 million, mainly reflecting Furoscix promotion, expanded field teams and launch costs.
Furoscix ReadyFlow was approved and shipments began in mid-September; it represented approximately 75% of Furoscix shipments by late October. Afrezza’s pediatric launch coincided with an approximately 80% increase in average monthly new-to-brand prescriptions in Q3 versus Q2 2026. MannKind reported positive Phase 1b INFLO-1 results for nintedanib DPI, and its global Phase 2 trial is underway.
Cash, cash equivalents and investments totaled $96.6 million as of September 30, 2026. For ralinepag DPI, formulation work was complete, United Therapeutics plans to pursue clinical development, and MannKind anticipates earning $15 million in milestone payments in 2027.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointThird-quarter revenue rose 24% to $101.9 million year over year.
- Minor pointCommercial product sales rose 102% to $45.0 million year over year.
Negative
- Moderate pointThird-quarter net loss: $23.2 million, versus $8.0 million net income.
- Moderate pointSelling, general and administrative expense rose 111% to $61.4 million.
Filing Explained
MannKind reports it closed a
8-K Event Classification
Key Figures
Key Terms
Technosphere® DPI platform technical
IPF medical
CVR payment financial
non-GAAP adjusted net (loss) income financial
available-for-sale investment financial
Earnings Snapshot
MannKind anticipates earning $15 million in milestone payments in 2027.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much revenue did MNKD report for Q3 2026?
Did MNKD make a profit in Q3 2026?
What did MNKD say about its $50 million private placement?
How many pediatric patients had received Afrezza since launch?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): |
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(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On November 5, 2026, MannKind Corporation issued a press release, a copy of which is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
Exhibit 99.1 |
Press release dated November 5, 2026 |
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Exhibit 104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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MannKind Corporation |
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Date: November 5, 2026 |
By: |
/s/ David Thomson, Ph.D., J.D. |
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David Thomson, Ph.D., J.D. |
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Corporate Vice President, General Counsel and Secretary |
MannKind Reports Third Quarter 2026 Financial Results and Provides Business Update
DANBURY, Conn. and WESTLAKE VILLAGE, Calif., November 5, 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
Afrezza
Development
Nintedanib DPI (MNKD-201)
Ralinepag DPI (MNKD-1501)
Inhaled GLP-1 Program
Corporate Update
Third Quarter 2026 Financial Results
Revenues
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Three Months |
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2026 |
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2025 |
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$ Change |
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% Change |
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Revenues |
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(Dollars in thousands) |
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Afrezza |
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19,349 |
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18,493 |
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856 |
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5 |
% |
Furoscix |
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22,376 |
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— |
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22,376 |
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N/A |
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V-Go |
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3,277 |
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3,812 |
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(535 |
) |
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(14 |
%) |
Collaborations and services |
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19,405 |
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26,506 |
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(7,101 |
) |
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(27 |
%) |
Royalties |
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37,463 |
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33,319 |
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4,144 |
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12 |
% |
Total revenues |
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$ |
101,870 |
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$ |
82,130 |
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$ |
19,740 |
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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
Nine Months Ended September 30, 2026
Revenues
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Nine Months |
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2026 |
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2025 |
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$ Change |
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% Change |
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||||
Revenues |
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(Dollars in thousands) |
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|||||||||||||
Afrezza |
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51,643 |
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51,709 |
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(66 |
) |
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(0 |
%) |
Furoscix |
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60,061 |
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— |
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60,061 |
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N/A |
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V-Go |
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9,188 |
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12,023 |
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(2,835 |
) |
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(24 |
%) |
Collaborations and services |
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77,941 |
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78,727 |
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(786 |
) |
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(1 |
%) |
Royalties |
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102,583 |
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$ |
94,552 |
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$ |
8,031 |
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8 |
% |
Total revenues |
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$ |
301,416 |
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$ |
237,011 |
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$ |
64,405 |
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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
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 Contacts:
Investor Relations
Kate Miranda
Email: ir@mnkd.com
Media Relations
Christie Iacangelo
Email: media@mnkd.com
MANNKIND CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS
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Three Months |
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Nine Months |
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2026 |
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2025 |
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2026 |
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2025 |
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(In thousands except per share data) |
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Revenues: |
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Commercial product sales |
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$ |
45,002 |
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$ |
22,305 |
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$ |
120,892 |
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$ |
63,732 |
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Collaborations and services |
|
|
19,405 |
|
|
|
26,506 |
|
|
|
77,941 |
|
|
|
78,727 |
|
Royalties |
|
|
37,463 |
|
|
|
33,319 |
|
|
|
102,583 |
|
|
|
94,552 |
|
Total revenues |
|
|
101,870 |
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|
|
82,130 |
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|
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301,416 |
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|
237,011 |
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Expenses: |
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Cost of goods sold – commercial, excluding amortization of acquired intangible assets |
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11,213 |
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4,498 |
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33,130 |
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12,873 |
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Cost of revenue – collaborations and services |
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12,299 |
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15,705 |
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37,393 |
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45,414 |
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Research and development |
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14,360 |
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14,063 |
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49,592 |
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38,760 |
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Selling, general and administrative |
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61,412 |
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29,088 |
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173,801 |
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85,724 |
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Amortization of acquired intangible assets |
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5,160 |
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|
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— |
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13,895 |
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— |
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(Gain) loss on foreign currency transaction |
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(391 |
) |
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|
(120 |
) |
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(2,195 |
) |
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|
7,752 |
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Total expenses |
|
|
104,053 |
|
|
|
63,234 |
|
|
|
305,616 |
|
|
|
190,523 |
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(Loss) income from operations |
|
|
(2,183 |
) |
|
|
18,896 |
|
|
|
(4,200 |
) |
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|
46,488 |
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Other income (expense): |
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|
|
|
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|
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|
||||
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 |
) |
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|
(3,514 |
) |
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|
(3,573 |
) |
|
|
(10,564 |
) |
Interest expense on financing liability |
|
|
(2,434 |
) |
|
|
(2,456 |
) |
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|
(7,241 |
) |
|
|
(7,299 |
) |
Impairment of available-for-sale investment |
|
|
— |
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|
|
(6,409 |
) |
|
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— |
|
|
|
(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 |
|
|
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 |
|
|
320,182 |
|
|
|
311,638 |
|
|
|
312,722 |
|
|
|
313,339 |
|
MANNKIND CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
|
|
September 30, 2026 |
|
|
December 31, 2025 |
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||
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|
(In thousands except share |
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|||||
ASSETS |
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|
|
|
|
|
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Current assets: |
|
|
|
|
|
|
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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 |
|
|
|
|
|
|
|
|
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LIABILITIES AND STOCKHOLDERS' DEFICIT |
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|
|
|
|
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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; |
|
|
— |
|
|
|
— |
|
Common stock, $0.01 par value – 800,000,000 shares authorized; |
|
|
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:
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Three Months |
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Nine Months |
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2026 |
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2025 |
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2026 |
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2025 |
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Net Loss |
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Basic EPS |
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Net Income |
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Basic EPS |
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Net Loss |
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Basic EPS |
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Net Income |
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Basic EPS |
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GAAP reported net (loss) income |
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$ |
(23,224 |
) |
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$ |
(0.07 |
) |
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$ |
7,985 |
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0.03 |
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$ |
(58,874 |
) |
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$ |
(0.19 |
) |
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$ |
21,811 |
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$ |
0.07 |
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Non-GAAP adjustments: |
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Stock compensation |
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6,444 |
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0.02 |
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4,318 |
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0.01 |
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23,125 |
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0.07 |
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17,223 |
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0.06 |
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Interest expense on liability for sale of future royalties |
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501 |
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0.00 |
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3,514 |
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0.01 |
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3,573 |
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0.01 |
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10,564 |
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0.03 |
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Sold portion of royalty revenue (1) |
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(3,746 |
) |
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(0.01 |
) |
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(3,332 |
) |
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(0.01 |
) |
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(10,258 |
) |
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(0.03 |
) |
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(9,455 |
) |
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(0.03 |
) |
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(Gain) loss on foreign currency transaction |
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(391 |
) |
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0.00 |
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(120 |
) |
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0.00 |
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(2,195 |
) |
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(0.01 |
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7,752 |
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0.03 |
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Amortization of intangible assets acquired |
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5,160 |
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0.01 |
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— |
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— |
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13,895 |
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0.05 |
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— |
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— |
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Expense related to contingent consideration |
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11,641 |
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0.04 |
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— |
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— |
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19,409 |
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0.07 |
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— |
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— |
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Loss on settlement of debt |
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— |
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— |
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— |
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— |
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917 |
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0.00 |
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— |
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— |
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Acquisition related expenses(2) |
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— |
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— |
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3,673 |
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0.01 |
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— |
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— |
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3,673 |
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0.01 |
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Impairment loss on available-for-sale investment |
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— |
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— |
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6,409 |
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0.02 |
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— |
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— |
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6,409 |
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0.02 |
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Non-GAAP adjusted net (loss) income |
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$ |
(3,615 |
) |
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$ |
(0.01 |
) |
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$ |
22,447 |
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$ |
0.07 |
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$ |
(10,408 |
) |
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$ |
(0.03 |
) |
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$ |
57,977 |
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$ |
0.19 |
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Weighted average shares used to compute net (loss) income per share – basic |
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320,182 |
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306,806 |
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312,722 |
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305,093 |
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