Mannkind Corp.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 6 May 2026: press release. Guidance figures: 1 new, 3 kept. The quarter’s numbers.

Read the filing

Key takeaways

• Total revenues rose 15%: Total revenues were $90.2 million, up from $78.4 million a year earlier, on higher royalties and commercial product sales. Source
• GAAP net loss against prior-year income: The company reported a GAAP net loss of $16,619 thousand, or $0.05 per share, against net income of $13,158 thousand a year earlier. Source
• Furoscix sales and doses grew: Furoscix net sales were $15.5 million in the quarter, and doses dispensed rose 64% over Q1 2025. Source
• Afrezza revenue held near prior year: Afrezza revenue was $15.3 million, up 3% from $14.9 million in Q1 2025. Source
• Royalties rose on Tyvaso DPI sales: Royalties were $32.7 million, up 9% from $30.0 million, reflecting United Therapeutics’ higher net revenue from Tyvaso DPI sales. Source
• SG&A more than doubled on launches: SG&A was $54.1 million, up 116% from $25.0 million, mainly for Furoscix promotion and expanded Afrezza field teams. Source
• Cash and investments fell to $134 million: Cash, cash equivalents and investments were $134 million at March 31, 2026, down from $176 million at December 31, 2025. Source

“We are making meaningful progress executing our corporate transformation strategy, focused on the expansion and diversification of both our commercial portfolio and development pipeline,”

Michael Castagna, Chief Executive Officer of MannKind Corporation

Guidance

What changed from last quarter

• New: Ralinepag DPI (MNKD-1501) was announced as a collaboration program with United Therapeutics, which made a $5 million payment to support accelerated development. Source
• Ended: The remaining 2.50% senior convertible notes were settled for $35.5 million in cash and 569,023 shares of common stock; the current senior convertible notes balance is nil at March 31, 2026. Source

Results and growth drivers

• Total revenues rose 15%: Total revenues were $90.2 million, up from $78.4 million a year earlier, on higher royalties and commercial product sales. Source
• GAAP net loss against prior-year income: The company reported a GAAP net loss of $16,619 thousand, or $0.05 per share, against net income of $13,158 thousand a year earlier. Source
• Adjusted net loss versus adjusted income: Non-GAAP adjusted net loss was $6,910 thousand, or $0.02 per share, against non-GAAP adjusted net income of $21,629 thousand in Q1 2025. Source

Commercial products: Furoscix and Afrezza

• Furoscix sales and doses grew: Furoscix net sales were $15.5 million in the quarter, and doses dispensed rose 64% over Q1 2025. Source
• Afrezza revenue held near prior year: Afrezza revenue was $15.3 million, up 3% from $14.9 million in Q1 2025. Source
• Afrezza label updated for starting dose: The FDA approved an updated Afrezza label that gives starting dose guidance, as stated in this release. Source
• Pediatric INHALE-1st pilot completed: The pilot phase of the INHALE-1st pediatric study of Afrezza in newly diagnosed type 1 diabetes is complete; new pediatric and adult data were presented and published. Source
• V-Go revenue declined 23%: V-Go revenue was $3.1 million, down 23% from $4.1 million in Q1 2025; the release gives no reason for the decline. Source

“2026 is the most catalyst-rich year in the Company’s history.”

Michael Castagna, Chief Executive Officer of MannKind Corporation

Royalties and collaboration revenue

• Royalties rose on Tyvaso DPI sales: Royalties were $32.7 million, up 9% from $30.0 million, reflecting United Therapeutics’ higher net revenue from Tyvaso DPI sales. Source
• Royalty payments remitted to purchaser: Of the collaboration royalties, $3.3 million was remitted to the royalty purchaser, compared with $3.0 million a year earlier. Source
• Collaboration revenue fell on fewer units: Collaborations and services revenue was $23.5 million, down 20% from $29.4 million, on fewer units sold to United Therapeutics. Source

Costs and gross margin

• Commercial cost of goods nearly doubled: Commercial cost of goods sold, excluding acquired intangible amortization, was $7.5 million, up 99% from $3.8 million, mainly from including Furoscix. Source
• Gross margin fell on Furoscix device: Gross margin decreased because the Furoscix on-body infusor has a lower gross margin than Afrezza. Source
• R&D expense rose 56%: R&D expense was $17.2 million, up 56% from $11.0 million, reflecting personnel costs and nintedanib DPI study costs. Source
• SG&A more than doubled on launches: SG&A was $54.1 million, up 116% from $25.0 million, mainly for Furoscix promotion and expanded Afrezza field teams. Source

“MannKind is well positioned to deliver sustained, long-term value for shareholders.”

Michael Castagna, Chief Executive Officer of MannKind Corporation

Cash, shares and equity

• Cash and investments fell to $134 million: Cash, cash equivalents and investments were $134 million at March 31, 2026, down from $176 million at December 31, 2025. Source
• Shares outstanding increased slightly: Shares issued and outstanding were 308,907,331 at March 31, 2026, up from 307,832,587 at December 31, 2025. Source
• Stockholders’ deficit increased: Total stockholders’ deficit was $59,195 thousand at March 31, 2026, against $51,022 thousand at December 31, 2025. Source

Pipeline programs

• INFLO-1 cohort 1 fully enrolled: Cohort 1 of the Phase 1b INFLO-1 study in IPF completed enrollment, with no discontinuations or serious adverse events reported. Source
• Ralinepag indication sequence set: Ralinepag DPI is to be pursued first for pulmonary arterial hypertension, then for pulmonary hypertension linked to interstitial lung disease, IPF and progressive pulmonary fibrosis. Source
• Bumetanide DPI in formulation work: Bumetanide DPI is in formulation development for edema associated with congestive heart failure and chronic kidney disease. Source

Interest and other expense

• Total other expense rose: Total other expense was $14,699 thousand, against $8,676 thousand a year earlier. Source
• Interest expense rose 61%: Interest expense was $7,478 thousand, up from $4,645 thousand; interest on the royalty sale liability fell to $2,563 thousand from $3,577 thousand. Source
• Income tax expense small: Income tax expense was $253 thousand, against $459 thousand a year earlier. Source

Launch readiness and approvals

• Launch infrastructure built out: The company said it built out launch infrastructure and aligned field-based teams for upcoming launches. Source
• Afrezza pediatric would be first: If approved, Afrezza would be the first and only inhaled insulin option for children and adolescents living with diabetes. Source
• Furoscix autoinjector speed claim: If approved, the Furoscix ReadyFlow Autoinjector would be the first product to deliver an IV-equivalent diuretic dose in under 10 seconds. Source

Coming up, as management said on 6 May 2026

• Afrezza pediatric launch if approved: Management said it is prepared for a potential Afrezza approval and pediatric launch, which would address unmet needs of a new patient population. Source

Figures management reported

Earlier plans management reported on

• Not stated: The prior release said the company planned to enroll the first INFLO-2 patient in Q2 2026; the current release anticipates the same timing.

Other quarters

• Q3 FY2026 earnings call
• Q2 FY2026 earnings call
• Q4 FY2025 earnings call
• Q3 FY2025 results

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.