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MannKind Reports Second Quarter 2026 Financial Results and Provides Business Update


  • Achieved three major catalysts to drive future growth:

    • Launched the pediatric indication of Afrezza

      ®

      following FDA approval
    • FUROSCIX ReadyFlow™ autoinjector approved for treatment of edema in HF and CKD
    • Positive nintedanib DPI Phase 1b data in IPF patients validates continued Phase 2 advancement

  • Encouraging early momentum in Afrezza pediatric launch

    • 1 in 3 of the top 100 pediatric insulin writers have prescribed

  • Q2 2026 total revenues of $109.4M, +43% vs. Q2 2025

  • Conference call and webcast today at 4:30 p.m. ET

DANBURY, Conn. and WESTLAKE VILLAGE, Calif., Aug. 05, 2026 (GLOBE NEWSWIRE) — MannKindCorporation(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 second quarter of 2026, and provided a business update.

“This was a transformative period for MannKind, during which we delivered all three major catalysts we set out to achieve in 2026,” said Michael Castagna, Chief Executive Officer of MannKind. “The two recent FDA approvals are expected to fuel our near-term growth opportunities to help patients living with diabetes, heart failure and CKD. The positive Phase 1b INFLO-1 results for MNKD-201 reduces development risk and strengthens our confidence in the ability of our platform to help people living with IPF and other fibrotic diseases. Together, these milestones validate our diversification strategy and position MannKind for sustainable growth.”

Business Update and Upcoming Milestones 


Commercial Products

  • Revenue from marketed products (Afrezza, Furoscix®) grew 27% from Q1 2026 to Q2 2026

Furoscix

  • Furoscix (furosemide injection) generated $22.2 million in net sales for Q2 2026
  • Continued growth in Integrated Delivery Networks, increasing doses purchased by 36% over Q1 2026
  • Record number of nephrology units dispensed, increasing by 67% over Q1 2026
  • Received FDA approval of Furoscix ReadyFlow™ on July 23, 2026, the first and only autoinjector delivering IV-equivalent diuretic therapy for the treatment of edema in adults with heart failure (HF) or chronic kidney disease (CKD); expected to be commercially available in late August

Afrezza 

  • Afrezza (insulin human) Inhalation Powder generated $17.0 million in net sales for Q2 2026
  • Received FDA approval of Afrezza on May 29, 2026 for use in children and adolescents ages 6 and older living with diabetes
  • Awarded Breakthrough T1D grant supporting advancement of INHALE-1ST, a pediatric trial of Afrezza in youth with newly diagnosed type 1 diabetes


Development


Nintedanib DPI (MNKD-201) 

  • Topline data readout of U.S. Phase 1b INFLO-1 demonstrates safety and tolerability in IPF patients
  • Site activation and enrollment underway in the global Phase 2 INFLO-2 study

Ralinepag DPI (MNKD-1501)

  • On track for IND filing by year end
  • Received a $5 million payment from United Therapeutics (UT) to support the rapid advancement of ralinepag DPI


Corporate Update

  • Cash, cash equivalents and investments as of June 30, 2026, totaled $111 million
  • Closed $50 million private placement on July 24, 2026; proceeds will fund the $45 million CVR payment triggered by the FDA approval of Furoscix ReadyFlow

Second
Quarter
2026
Financial
Results


Revenues

    Three Months

Ended June 30, 		 
    2026     2025     $ Change     % Change  
Revenues   (Dollars in thousands)  
Afrezza     17,021       18,329       (1,308 )     (7 %)
Furoscix     22,191       —       22,191     N/A  
V-Go®     2,770       4,125       (1,355 )     (33 %)
Collaborations and services     35,022       22,845       12,177       53 %
Royalties     32,370       31,228       1,142       4 %
Total revenues   $ 109,374     $ 76,527     $ 32,847       43 %
                                 

Total revenues for the second quarter of 2026 increased compared to the same period in the prior year due to the addition of Furoscix to our product portfolio through the October 7, 2025 acquisition of scPharma, as well as increases in collaborations and services revenue, and royalties. The increase in collaborations and services revenue was primarily attributable to increased product sold to UT and revenue earned related to the development of ralinepag DPI. 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 $14.4 million for the three months ended June 30, 2026, compared to $4.6 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. Gross margin percentage decreased in the current period due to the inclusion of Furoscix, which has a lower gross margin percentage than Afrezza.
  • Research and development expenses were $18.0 million for the three months ended June 30, 2026, compared to $13.7 million for the same period in 2025, an increase of 32%.
    • The increase was primarily attributable to the development of the Furoscix ReadyFlow Formulation as well as higher personnel costs following the acquisition of scPharma and increased development costs for MNKD-201, which has begun enrolling subjects. The increase was 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 (INHALE-1).
  • Selling, general and administrative expenses were $58.3 million for the three months ended June 30, 2026, compared to $31.6 million for the same period in 2025, an increase of 84%.        
    • The increase was primarily related to costs associated with the promotion and support of Furoscix, as well as expanding our field-based teams and activities to support the launches associated with the recent approvals of the pediatric indication for Afrezza and the Furoscix ReadyFlow Autoinjector.

Six Months Ended June 30, 2026


Revenues

    Six Months

Ended June 30, 		 
    2026     2025     $ Change     % Change  
Revenues   (Dollars in thousands)  
Afrezza     32,294       33,216       (922 )     (3 %)
Furoscix     37,684       —       37,684     N/A  
V-Go     5,911       8,211       (2,300 )     (28 %)
Collaborations and services     58,536       52,221       6,315       12 %
Royalties     65,119       61,233       3,886       6 %
Total revenues   $ 199,544     $ 154,881     $ 44,663       29 %
                                 

Total revenues for the six months ended June 30, 2026 increased compared to the same period in the prior year due to the addition of Furoscix to our product portfolio through the October 7, 2025 acquisition of scPharma, as well as increases in collaborations and services revenue, and royalties. The increase in collaborations and services revenue was primarily attributable to an increase in revenue earned related to the development of ralinepag DPI. 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 $21.9 million for the six months ended June 30, 2026, compared to $8.4 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. Gross margin percentage decreased in the current period due to the inclusion of Furoscix, which has a lower gross margin percentage than Afrezza.
  • Research and development expenses were $35.2 million for the six months ended June 30, 2026, compared to $24.7 million for the same period in 2025, an increase of 43%.
    • The increase was primarily attributable to the development of the Furoscix ReadyFlow Formulation as well as higher personnel costs following the acquisition of scPharma and increased development costs for MNKD-201, which has begun enrolling subjects. The increase was 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 (INHALE-1).
  • Selling, general and administrative expenses were $112.4 million for the six months ended June 30, 2026, compared to $56.6 million for the same period in 2025, an increase of 98%. 
    • The increase was primarily related to costs associated with the promotion and support of Furoscix, as well as expanding our field-based teams and activities to support the launches associated with the recent approvals of the pediatric indication for Afrezza and the Furoscix ReadyFlow Autoinjector.

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 the timing for expected commercial availability of Furoscix ReadyFlow and the broadened growth potential for Furoscix; the timing of a planned IND filing of ralinepag DPI; expectations regarding MannKind’s ongoing and planned clinical trials and nonclinical studies; and our being positioned for sustainable growth. 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 June 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, FUROSCIX READYFLOW, MANNKIND, and V-GO are trademarks of MannKind Corporation.

 
MANNKIND
CORPORATION
AND
SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS
             
    Three Months

Ended June 30, 		    Six Months

Ended June 30, 		 
    2026     2025     2026     2025  
    (In thousands except per share data)  
Revenues:                        
Commercial product sales   $ 41,982     $ 22,454     $ 75,889     $ 41,427  
Collaborations and services     35,022       22,845       58,536       52,221  
Royalties     32,370       31,228       65,119       61,233  
Total revenues     109,374       76,527       199,544       154,881  
Expenses:                        
Cost of goods sold – commercial, excluding amortization of acquired intangible assets     14,409       4,607       21,917       8,375  
Cost of revenue – collaborations and services     15,131       15,961       25,094       29,709  
Research and development     18,001       13,675       35,232       24,697  
Selling, general and administrative     58,302       31,622       112,389       56,636  
Amortization of acquired intangible assets     4,367       —       8,734       —  
(Gain) loss on foreign currency transaction     (486 )     5,363       (1,804 )     7,872  
Total expenses     109,724       71,228       201,562       127,289  
(Loss) income from operations     (350 )     5,299       (2,018 )     27,592  
Other income (expense):                        
Interest income, net     1,022       1,832       2,452       3,788  
Interest expense     (11,894 )     (285 )     (19,372 )     (4,930 )
Interest expense on liability for sale of future royalties     (510 )     (3,473 )     (3,073 )     (7,050 )
Interest expense on financing liability     (2,414 )     (2,433 )     (4,807 )     (4,843 )
Loss on settlement of debt     —       —       (917 )     —  
Other expense     (4,992 )     —       (7,769 )     —  
Total other expense     (18,788 )     (4,359 )     (33,486 )     (13,035 )
(Loss) income before income tax (benefit) expense     (19,138 )     940       (35,504 )     14,557  
Income tax (benefit) expense     (106 )     272       147       731  
Net (loss) income   $ (19,032 )   $ 668     $ (35,651 )   $ 13,826  
Net (loss) income per share – basic   $ (0.06 )   $ 0.00     $ (0.12 )   $ 0.05  
Weighted average shares used to compute net (loss) income
per share – basic		     309,191       304,954       308,732       304,222  
Net (loss) income per share – diluted   $ (0.06 )   $ 0.00     $ (0.12 )   $ 0.04  
Weighted average shares used to compute net (loss) income
per share – diluted		     309,191       311,484       308,732       312,381  
                                 

MANNKIND CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
             
    June 30, 2026     December 31, 2025  
    (In thousands except share

and per share data) 		 
ASSETS            
Current assets:            
Cash and cash equivalents   $ 52,929     $ 74,882  
Short-term investments     58,201       96,464  
Accounts receivable, net     43,207       38,367  
Inventory     44,419       35,313  
Prepaid expenses and other current assets     46,956       46,553  
Total current assets     245,712       291,579  
Restricted cash     749       745  
Long-term investments     —       5,012  
Property and equipment, net     85,160       82,423  
Goodwill     67,595       67,595  
Developed technology – on-body infusor     181,389       190,027  
IPR&D – ReadyFlow Formulation     129,600       129,600  
Other intangible assets     4,976       5,072  
Other assets     17,123       20,129  
Total assets   $ 732,304     $ 792,182  
             
LIABILITIES AND STOCKHOLDERS’ DEFICIT            
Current liabilities:            
Accounts payable   $ 11,042     $ 9,034  
Accrued expenses and other current liabilities     60,768       64,628  
Senior convertible notes – current     —       36,280  
Liability for sale of future royalties – current     14,292       14,298  
Contingent consideration – current     34,015       21,132  
Financing liability – current     10,486       10,328  
Deferred revenue – current     11,085       15,331  
Recognized loss on purchase commitments – current     1,210       —  
Total current liabilities     142,898       171,031  
Liability for sale of future royalties – long term     133,552       136,985  
Financing liability – long term     92,497       93,092  
Deferred revenue – long term     36,857       39,977  
Recognized loss on purchase commitments – long term     62,922       65,952  
Operating lease liability     9,687       10,689  
Contingent consideration – long term     —       5,114  
Milestone liabilities     2,003       2,003  
Term loan     319,085       318,361  
Total liabilities     799,501       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 June 30, 2026 or December 31, 2025		     —       —  
Common stock, $0.01 par value – 800,000,000 shares authorized;
309,911,682 and 307,832,587 shares issued and outstanding as of
June 30, 2026 and December 31, 2025, respectively		     3,099       3,078  
Additional paid-in capital     3,161,330       3,141,741  
Accumulated other comprehensive (loss) income     (19 )     115  
Accumulated deficit     (3,231,607 )     (3,195,956 )
Total stockholders’ deficit     (67,197 )     (51,022 )
Total liabilities and stockholders’ deficit   $ 732,304     $ 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 June 30, 		    Six Months

Ended June 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   $ (19,032 )   $ (0.06 )   $ 668     $ 0.00     $ (35,651 )   $ (0.12 )   $ 13,826     $ 0.05  
Non-GAAP adjustments:                                                
Stock compensation     10,226       0.03       7,520       0.03       16,681       0.05       12,905       0.04  
Interest expense on liability for sale of future royalties     510       0.00       3,473       0.01       3,073       0.01       7,050       0.02  
Sold portion of royalty revenue(1)     (3,237 )     (0.01 )     (3,123 )     (0.01 )     (6,512 )     (0.02 )     (6,123 )     (0.02 )
(Gain) loss on foreign currency transaction     (486 )     0.00       5,363       0.02       (1,804 )     (0.01 )     7,872       0.03  
Amortization of intangible assets acquired     4,367       0.01       —       —       8,734       0.03       —       —  
Change in fair value of contingent consideration     4,992       0.02       —       —       7,769       0.03       —       —  
Loss on settlement of debt     —       —       —       —       917       0.00       —       —  
Non-GAAP adjusted net (loss) income   $ (2,660 )   $ (0.01 )   $ 13,901     $ 0.05     $ (6,793 )   $ (0.03 )   $ 35,530     $ 0.12  
Weighted average shares used to compute net (loss) income per share – basic     309,191             304,954             308,732             304,222        
                                                         
(1) Represents the non-cash portion of the 1% royalty on net sales of Tyvaso DPI earned during the three and six months ended June 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: [email protected]

Media Relations
Christie Iacangelo
Email: [email protected]