--- title: "Mannkind | 10-Q: FY2026 Q1 Revenue Misses Estimate at USD 90.17 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/285429699.md" datetime: "2026-05-06T20:11:24.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285429699.md) - [en](https://longbridge.com/en/news/285429699.md) - [zh-HK](https://longbridge.com/zh-HK/news/285429699.md) --- # Mannkind | 10-Q: 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 9.338 M. #### Segment Revenue - **Total Revenues**: MannKind Corporation reported total revenues of $90,171 thousand for the three months ended March 31, 2026, an increase from $78,354 thousand in the prior-year period . - **Commercial Product Sales**: Net revenue from commercial product sales increased by $14,934 thousand, or 79%, to $33,907 thousand for the three months ended March 31, 2026, compared to $18,973 thousand in the prior year . - **Afrezza**: Net revenue from Afrezza sales increased by 3% to $15,273 thousand for the three months ended March 31, 2026, from $14,887 thousand in the same period of the prior year, despite a 5% decrease in gross revenue due to lower demand . The gross-to-net adjustment percentage decreased from 36% to 31% . - **Furoscix**: Gross revenue from Furoscix sales was $20,900 thousand for the three months ended March 31, 2026, with a gross-to-net adjustment of 26%, resulting in net revenue of $15,493 thousand, as there was no Furoscix revenue in the prior-year period . - **V-Go**: Net revenue from V-Go sales decreased by $900 thousand, or 23%, to $3,141 thousand for the three months ended March 31, 2026, compared to $4,086 thousand in the prior year, primarily due to lower demand . - **Collaborations and Services**: Revenue decreased by 20% to $23,515 thousand for the three months ended March 31, 2026, from $29,376 thousand in the prior year, mainly due to decreased product sold to United Therapeutics (UT) . Revenue from UT CSA was $22,015 thousand in 2026 compared to $28,818 thousand in 2025 . - **Royalties**: Royalty revenue increased by 9% to $32,749 thousand for the three months ended March 31, 2026, from $30,005 thousand in the prior year, driven by UT’s increased net revenue from Tyvaso DPI sales . #### Operational Metrics - **Net (Loss) Income**: MannKind Corporation reported a net loss of -$16,619 thousand for the three months ended March 31, 2026, compared to a net income of $13,158 thousand in the prior-year period . - **(Loss) Income from Operations**: The company recorded an operating loss of -$1,667 thousand for the three months ended March 31, 2026, a decrease from an operating income of $22,293 thousand in the prior-year period . - **Cost of Goods Sold – Commercial**: Increased by 99% to $7,509 thousand for the three months ended March 31, 2026, from $3,768 thousand in the prior year, mainly due to the addition of Furoscix . - **Cost of Revenue – Collaborations and Services**: Decreased by 28% to $9,964 thousand for the three months ended March 31, 2026, from $13,748 thousand in the prior year, primarily due to decreased product sold to UT . - **Research and Development (R&D) Expenses**: Increased by 56% to $17,231 thousand for the three months ended March 31, 2026, from $11,022 thousand in the prior year, primarily due to higher personnel costs following the scPharma acquisition and increased costs for MNKD-201 development . - **Selling, General and Administrative (SG&A) Expenses**: Increased by 116% to $54,085 thousand for the three months ended March 31, 2026, from $25,014 thousand in the prior year, mainly due to Furoscix promotion and support, and higher Afrezza-related expenses . - **Amortization of Acquired Intangible Assets**: Was $4,367 thousand for the three months ended March 31, 2026, related to the Furoscix on-body infuser acquired from scPharma . - **(Gain) Loss on Foreign Currency Transaction**: Resulted in a gain of -$1,318 thousand for the three months ended March 31, 2026, compared to a loss of $2,509 thousand in the prior year . - **Commercial Product Gross Profit**: Increased by 74% to $26,398 thousand for the three months ended March 31, 2026, from $15,205 thousand in the prior year, mainly due to increased total product revenues after adding Furoscix . - **Commercial Product Gross Margin**: Was 78% for the three months ended March 31, 2026, compared to 80% in the prior year . - **Interest Income, Net**: Decreased by $527 thousand for the three months ended March 31, 2026, compared to the prior year, primarily due to a lower average balance on the securities portfolio and lower yields . - **Interest Expense**: Increased by $2,833 thousand for the three months ended March 31, 2026, compared to the prior year, mainly due to new term loans from the Blackstone Credit Facility . - **Loss on Settlement of Debt**: Was -$917 thousand for the three months ended March 31, 2026, due to the settlement of senior convertible notes . - **Other Expense**: Was -$2,777 thousand for the three months ended March 31, 2026, resulting from the remeasurement of the fair value of the contingent consideration liability from the scPharma acquisition . #### Cash Flow - **Net Cash Used in Operating Activities**: -$5,365 thousand for the three months ended March 31, 2026, compared to -$6,377 thousand in the prior-year period . - **Net Cash Provided by Investing Activities**: $18,725 thousand for the three months ended March 31, 2026, primarily from proceeds from maturities of available-for-sale securities . - **Net Cash (Used in) Provided by Financing Activities**: -$35,406 thousand for the three months ended March 31, 2026, mainly due to principal payments on senior convertible notes . - **Cash, Cash Equivalents and Restricted Cash, End of Period**: $53,581 thousand as of March 31, 2026 . #### Unique Metrics - **Pre-Launch Inventory**: Raw materials inventory included $1.7 million of pre-launch inventory as of March 31, 2026, up from $0.8 million as of December 31, 2025 . - **Contingent Consideration Liability**: The balance was $29,023 thousand as of March 31, 2026, with fair value changes of $2,777 thousand recorded as other expense for the three months ended March 31, 2026 . - **Milestone Rights Liability**: The remaining balance was $2.5 million as of March 31, 2026, with $0.5 million classified as current . - **Liability for Sale of Future Royalties**: The balance was $150,571 thousand as of March 31, 2026 . - **Blackstone Credit Facility**: Total principal amount outstanding was $325.0 million as of March 31, 2026, with an effective interest rate of 9.09% per annum . - **Insulin Supply Agreement Commitments**: Remaining purchase commitments of €55.2 million and estimated capacity fees of €11.0 million as of March 31, 2026 . - **Unrecognized Stock-Based Compensation**: $58.4 million related to RSUs, Market RSUs, and Performance RSUs, expected to be recognized over approximately 2.0 years, and an additional $11.3 million related to stock options, expected to be recognized over approximately 3.9 years . #### Future Outlook and Strategy MannKind Corporation anticipates two potential milestones in 2026 for its cardiometabolic business, including PDUFA target action dates for Afrezza in children and adolescents (May 29, 2026) and Furoscix ReadyFlow Autoinjector (July 26, 2026) . The company expects to continue incurring expenditures for manufacturing, sales and marketing, and R&D, and believes its current liquidity sources will meet needs for at least the next 12 months and longer term . Additionally, a Phase 1b study of MNKD-201 expects top-line data in Q3 2026, and a global Phase 2 study anticipates first patient enrollment in Q2 2026 . ### Related Stocks - [MNKD.US](https://longbridge.com/en/quote/MNKD.US.md) ## Related News & Research - [Buffett’s 90/10 index fund strategy gains fresh relevance](https://longbridge.com/en/news/286651662.md) - [Will Solana price crash below $90?](https://longbridge.com/en/news/286374202.md) - [How Investors May Respond To American Healthcare REIT (AHR) Cutting 2026 Profit Outlook After Q1 Results](https://longbridge.com/en/news/286866277.md) - [15:24 ETCOCA-COLA TEAMSTERS RATIFY STRONG NEW AGREEMENT](https://longbridge.com/en/news/286957296.md) - [Comey eyes new 'anti-weaponization' fund: 'I'm guessing I'll be in line'](https://longbridge.com/en/news/286948735.md)