--- title: "Mannkind | 8-K: FY2026 Q1 Revenue Misses Estimate at USD 90.17 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/285428390.md" datetime: "2026-05-06T20:07:22.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285428390.md) - [en](https://longbridge.com/en/news/285428390.md) - [zh-HK](https://longbridge.com/zh-HK/news/285428390.md) --- # Mannkind | 8-K: FY2026 Q1 Revenue Misses Estimate at USD 90.17 M Revenue: As of FY2026 Q1, the actual value is USD 90.17 M, missing the estimate of USD 105.31 M. EPS: As of FY2026 Q1, the actual value is USD -0.05. EBIT: As of FY2026 Q1, the actual value is USD 4.382 M. ### Q1 2026 Financial Highlights (Three Months Ended March 31, 2026 vs. 2025) #### Total Revenues MannKind Corporation reported total revenues of $90,171 thousand in Q1 2026, marking a 15% increase compared to $78,354 thousand in Q1 2025, driven primarily by higher revenue from royalties and Furoscix commercial product sales. #### Segment Revenue - **Afrezza**: Net sales increased by 3% to $15,273 thousand in Q1 2026 from $14,887 thousand in Q1 2025. - **Furoscix**: Generated $15,493 thousand in net sales in Q1 2026, with no sales reported in Q1 2025 following its acquisition, and doses dispensed increased by 64% over Q1 2025. - **V-Go**: Net sales decreased by 23% to $3,141 thousand in Q1 2026 from $4,086 thousand in Q1 2025. - **Collaborations and services**: Revenue decreased by 20% to $23,515 thousand in Q1 2026 from $29,376 thousand in Q1 2025, due to fewer units sold to United Therapeutics. - **Royalties**: Increased by 9% to $32,749 thousand in Q1 2026 from $30,005 thousand in Q1 2025, attributed to United Therapeutics’ increased net revenue from sales of Tyvaso DPI. #### Operational Metrics - **Cost of goods sold – commercial (excluding amortization of acquired intangible assets)**: Increased by 99% to $7,509 thousand in Q1 2026 from $3,768 thousand in Q1 2025, mainly due to the inclusion of Furoscix, which has a lower gross margin. - **Research and development expenses**: Rose by 56% to $17,231 thousand in Q1 2026 from $11,022 thousand in Q1 2025, primarily due to higher personnel costs post-scPharma acquisition and advancing nintedanib DPI (MNKD-201) studies. - **Selling, general and administrative expenses**: Increased by 116% to $54,085 thousand in Q1 2026 from $25,014 thousand in Q1 2025, driven by Furoscix promotion and support, and increased Afrezza-related expenses for a potential pediatric launch. - **Amortization of acquired intangible assets**: Was $4,367 thousand in Q1 2026, compared to $0 thousand in Q1 2025. - **Loss from operations**: MannKind Corporation reported an operating loss of -$1,667 thousand in Q1 2026, a significant decrease from an operating income of $22,293 thousand in Q1 2025. - **Net loss**: The company reported a net loss of -$16,619 thousand in Q1 2026, compared to a net income of $13,158 thousand in Q1 2025. #### Cash and Investments - **Cash, cash equivalents and investments**: Totaled $134 million as of March 31, 2026. - **Cash and cash equivalents**: Amounted to $52,834 thousand as of March 31, 2026, compared to $74,882 thousand as of December 31, 2025. - **Short-term investments**: Were $81,027 thousand as of March 31, 2026, compared to $96,464 thousand as of December 31, 2025. #### Other Financial and Operational Metrics - **Settlement of senior convertible notes**: The remaining $36.3 million aggregate principal amount of 2.50% senior convertible notes was settled for $35.5 million in cash and 569,023 shares of MannKind common stock. - **Ralinepag DPI (MNKD-1501) collaboration**: United Therapeutics made a payment of $5 million to support accelerated development of MNKD-1501, with MannKind Corporation eligible to receive up to $35 million in development milestone payments and 10% royalties on net sales of any resulting commercial product. - **Goodwill**: Stood at $67,595 thousand as of March 31, 2026. - **Developed technology - on-body infusor**: Valued at $185,708 thousand as of March 31, 2026. - **IPR&D - ReadyFlow Formulation**: Recorded at $129,600 thousand as of March 31, 2026. - **Total assets**: Were $744,403 thousand as of March 31, 2026, compared to $792,182 thousand as of December 31, 2025. - **Total liabilities**: Were $803,598 thousand as of March 31, 2026, compared to $843,204 thousand as of December 31, 2025. - **Total stockholders’ deficit**: Was -$59,195 thousand as of March 31, 2026, compared to -$51,022 thousand as of December 31, 2025. #### Outlook / Guidance MannKind Corporation anticipates 2026 to be its most catalyst-rich year, with potential approvals and launches for the Furoscix ReadyFlow Autoinjector and Afrezza pediatric indication. The company is advancing its pipeline, including Nintedanib DPI (MNKD-201) into Phase 2, and expanding its collaboration with United Therapeutics for Ralinepag DPI. 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