DANBURY, Conn. and WESTLAKE VILLAGE, Calif., May 06, 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 first quarter of 2026, and provided a business update.

"We are making meaningful progress executing our corporate transformation strategy, focused on the expansion and diversification of both our commercial portfolio and development pipeline," said Michael Castagna, Chief Executive Officer of MannKind Corporation. "2026 is the most catalyst-rich year in the Company's history. The Furoscix ReadyFlow Autoinjector, if approved, represents an opportunity to scale the brand's growth trajectory. At the same time, we are excited and prepared for the potential Afrezza approval and launch in pediatrics, which would address unmet needs of a new patient population. Combined with the continued momentum of Tyvaso DPI, including its expansion into IPF, a strengthening pipeline, and our expanded collaboration with United Therapeutics to advance ralinepag DPI, MannKind is well positioned to deliver sustained, long-term value for shareholders."

Business Update and Upcoming Milestones 

Commercial Products  

Furoscix

Afrezza 

Development

Nintedanib DPI (MNKD-201) 

Ralinepag DPI (MNKD-1501)

Bumetanide DPI (MNKD-701)  

Corporate Update

First Quarter 2026 Financial Results

Revenues

  Three Months

Ended March 31,		 
  2026  2025  $ Change  % Change  
Revenues (Dollars in thousands)  
Afrezza  15,273   14,887   386   3% 
Furoscix  15,493   —   15,493  N/A  
V-Go  3,141   4,086   (945)  (23%) 
Collaborations and services  23,515   29,376   (5,861)  (20%) 
Royalties  32,749   30,005   2,744   9% 
Total revenues $90,171  $78,354  $11,817   15% 



Total revenues for the first quarter of 2026 increased compared to the same period in the prior year due to higher revenue from royalties and commercial product sales. Commercial product sales increased primarily due to net sales of Furoscix. The acquisition of scPharma closed on October 7, 2025. Collaborations and services revenue decreased due to fewer units sold to United Therapeutics (UT). 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 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 MannKind's expectations about 2026 being a catalyst-rich year; the potential benefits of and potential pediatric launch of Afrezza, and the expected timing thereof; expectations regarding MannKind's ongoing and planned clinical trials and nonclinical studies, including the timing for enrollment for the Phase 2 clinical trial of MNKD-201 in IPF and the expected timing for data readouts from the Phase 1b clinical trial of MNKD-201, and preclinical development of MNKD-701 and MNKD-1501; development plans for MNKD-1501 and the potential achievement of milestone payments and royalties; the opportunity and potential benefits of Furoscix; the potential approval of Furoscix ReadyFlow Autoinjector, the timing of such approval and its potential impact on the growth trajectory for Furoscix; and the potential of MannKind to deliver long-term value. 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 March 31, 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 March 31,		 
  2026  2025 
  (In thousands except per share data) 
Revenues:      
Commercial product sales $33,907  $18,973 
Collaborations and services  23,515   29,376 
Royalties  32,749   30,005 
Total revenues  90,171   78,354 
Expenses:      
Cost of goods sold – commercial, excluding amortization of acquired intangible assets  7,509   3,768 
Cost of revenue – collaborations and services  9,964   13,748 
Research and development  17,231   11,022 
Selling, general and administrative  54,085   25,014 
Amortization of acquired intangible assets  4,367   — 
(Gain) loss on foreign currency transaction  (1,318)  2,509 
Total expenses  91,838   56,061 
(Loss) income from operations  (1,667)  22,293 
Other income (expense):      
Interest income, net  1,429   1,956 
Interest expense  (7,478)  (4,645)
Interest expense on liability for sale of future royalties  (2,563)  (3,577)
Interest expense on financing liability  (2,393)  (2,410)
Loss on settlement of debt  (917)  — 
Other expense  (2,777)  — 
Total other expense  (14,699)  (8,676)
(Loss) income before income tax expense  (16,366)  13,617 
Income tax expense  253   459 
Net (loss) income $(16,619) $13,158 
Net (loss) income per share – basic $(0.05) $0.04 
Weighted average shares used to compute net (loss) income

per share – basic		  308,267   303,481 
Net (loss) income per share – diluted $(0.05) $0.04 
Weighted average shares used to compute net (loss) income

per share – diluted		  308,267   320,897 



       
MANNKIND CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS		 
       
  March 31, 2026  December 31, 2025 
  (In thousands except share

and per share data)		 
ASSETS      
Current assets:      
Cash and cash equivalents $52,834  $74,882 
Short-term investments  81,027   96,464 
Accounts receivable, net  28,137   38,367 
Inventory  49,166   35,313 
Prepaid expenses and other current assets  39,996   46,553 
Total current assets  251,160   291,579 
Restricted cash  747   745 
Long-term investments  —   5,012 
Property and equipment, net  82,554   82,423 
Goodwill  67,595   67,595 
Developed technology - on-body infusor  185,708   190,027 
IPR&D - ReadyFlow Formulation  129,600   129,600 
Other intangible assets  5,024   5,072 
Other assets  22,015   20,129 
Total assets $744,403  $792,182 
       
LIABILITIES AND STOCKHOLDERS' DEFICIT      
Current liabilities:      
Accounts payable $16,144  $9,034 
Accrued expenses and other current liabilities  58,598   64,628 
Senior convertible notes – current  —   36,280 
Liability for sale of future royalties – current  14,010   14,298 
Contingent consideration - current  23,877   21,132 
Financing liability – current  10,407   10,328 
Deferred revenue – current  11,525   15,331 
Total current liabilities  134,561   171,031 
Liability for sale of future royalties – long term  136,561   136,985 
Financing liability – long term  92,784   93,092 
Deferred revenue – long term  38,905   39,977 
Recognized loss on purchase commitments – long term  64,635   65,952 
Operating lease liability  10,281   10,689 
Contingent consideration – long term  5,146   5,114 
Milestone liabilities  2,003   2,003 
Term loan  318,722   318,361 
Total liabilities  803,598   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 March 31, 2026 or December 31, 2025		  —   — 
Common stock, $0.01 par value – 800,000,000 shares authorized;

308,907,331 and 307,832,587 shares issued and outstanding as of

March 31, 2026 and December 31, 2025, respectively		  3,089   3,078 
Additional paid-in capital  3,150,295   3,141,741 
Accumulated other comprehensive (loss) income  (4)  115 
Accumulated deficit  (3,212,575)  (3,195,956)
Total stockholders' deficit  (59,195)  (51,022)
Total liabilities and stockholders' deficit $744,403  $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 March 31,		 
  2026  2025 
  Net Income  Basic EPS  Net Income  Basic EPS 
             
GAAP reported net (loss) income $(16,619) $(0.05) $13,158   0.04 
Non-GAAP adjustments:            
Stock compensation  6,455   0.02   5,385   0.02 
Interest expense on liability for sale of future royalties  2,563   0.01   3,577   0.01 
Sold portion of royalty revenue(1)  (3,275)  (0.01)  (3,000)  (0.01)
(Gain) loss on foreign currency transaction  (1,318)  0.00   2,509   0.01 
Amortization of intangible assets acquired  4,367   0.01   —   — 
Loss on settlement of debt  917   0.00   —   — 
Non-GAAP adjusted net (loss) income $(6,910) $(0.02) $21,629  $0.07 
Weighted average shares used to compute net (loss) income per share – basic  308,267      303,481    



(1)Represents the non-cash portion of the 1% royalty on net sales of Tyvaso DPI earned during the three months ended March 31, 2026 and 2025 which is remitted to the royalty purchaser and recognized as royalties from collaborations in our condensed consolidated statements of operations. Our revenues from royalties from collaborations during the three months ended March 31, 2026 and 2025 totaled $32.7 million and $30.0 million, respectively, of which $3.3 million and $3.0 million, respectively, was remitted to the royalty purchaser.





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

Media Relations
Christie Iacangelo
Email: media@mnkd.com

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