Third Quarter 2026
Filed Nov 5, 2026Q3 2026 total revenues of $101.9 million, +24% vs. Q3 2025; commercial product revenue of $45.0 million, +102% vs. Q3 2025.
Revenue growth was led by Furoscix and higher royalties, but materially higher commercial-launch spending, intangible amortization and interest expense resulted in a GAAP net loss of $ (23,224 ) (In thousands), compared with net income of $ 7,985 (In thousands) in the prior-year quarter.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenues, three months ended September 30GAAP | $101.9M | – | 24 % |
| Commercial product sales, three months ended September 30GAAP | $45.00M | – | – |
| Collaborations and services revenue, three months ended September 30GAAP | $19.41M | – | (27 %) |
| Royalties revenue, three months ended September 30GAAP | $37.46M | – | 12 % |
| Cost of goods sold – commercial, excluding amortization of acquired intangible assets, three months ended September 30GAAP | $11.21M | – | – |
| Cost of revenue – collaborations and services, three months ended September 30GAAP | $12.30M | – | – |
| Research and development expenses, three months ended September 30GAAP | $14.36M | – | 2% |
| Selling, general and administrative expenses, three months ended September 30GAAP | $61.41M | – | 111% |
| Amortization of acquired intangible assets, three months ended September 30GAAP | $5.16M | – | – |
| Total expenses, three months ended September 30GAAP | $104.1M | – | – |
| (Loss) income from operations, three months ended September 30GAAP | −$2.18M | – | – |
| Interest expense, three months ended September 30GAAP | −$7.64M | – | – |
| Interest expense on liability for sale of future royalties, three months ended September 30GAAP | −$501K | – | – |
| Interest expense on financing liability, three months ended September 30GAAP | −$2.43M | – | – |
| Total other expense, net, three months ended September 30GAAP | −$20.99M | – | – |
| Net (loss) income, three months ended September 30GAAP | −$23.22M | – | – |
| Net (loss) income per share – basic, three months ended September 30GAAP | $ (0.07 ) | – | – |
| Net (loss) income per share – diluted, three months ended September 30GAAP | $ (0.07 ) | – | – |
| Non-GAAP adjusted net (loss) income, three months ended September 30non-GAAP | −$3.62M | – | – |
| Non-GAAP adjusted net (loss) income per share – basic, three months ended September 30non-GAAP | $ (0.01 ) | – | – |
| Total revenues, nine months ended September 30GAAP | $301.4M | – | 27 % |
| Commercial product sales, nine months ended September 30GAAP | $120.9M | – | – |
| Collaborations and services revenue, nine months ended September 30GAAP | $77.94M | – | (1 %) |
| Royalties revenue, nine months ended September 30GAAP | $102.6M | – | 8 % |
| Research and development expenses, nine months ended September 30GAAP | $49.59M | – | 28% |
| Selling, general and administrative expenses, nine months ended September 30GAAP | $173.8M | – | 103% |
| (Loss) income from operations, nine months ended September 30GAAP | −$4.2M | – | – |
| Net (loss) income, nine months ended September 30GAAP | −$58.87M | – | – |
| Net (loss) income per share – basic, nine months ended September 30GAAP | $ (0.19 ) | – | – |
| Net (loss) income per share – diluted, nine months ended September 30GAAP | $ (0.19 ) | – | – |
| Non-GAAP adjusted net (loss) income, nine months ended September 30non-GAAP | −$10.41M | – | – |
| Non-GAAP adjusted net (loss) income per share – basic, nine months ended September 30non-GAAP | $ (0.03 ) | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Afrezza, three months ended September 30Total prescriptions increased approximately 17% compared with Q2 2026, driven by strong early uptake following the pediatric launch. | $19.35M | – | 5 % |
| Furoscix, three months ended September 30Furoscix ReadyFlow shipments commenced in mid-September, and approximately 75% of Furoscix shipments transitioned to ReadyFlow by late October. | $22.38M | – | N/A |
| V-Go, three months ended September 30No driver was provided. | $3.28M | – | (14 %) |
| Collaborations and services, three months ended September 30Decrease was primarily attributable to decreased product sold to UT; the company stated quarterly revenue fluctuations reflect delivery timing rather than changes in annual order volume. | $19.41M | – | (27 %) |
| Royalties, three months ended September 30Increase was due to UT’s increase in net revenue from sales of Tyvaso DPI. | $37.46M | – | 12 % |
| Afrezza, nine months ended September 30No additional nine-month driver was provided. | $51.64M | – | (0 %) |
| Furoscix, nine months ended September 30Addition of Furoscix to the product portfolio following the October 2025 acquisition of scPharma. | $60.06M | – | N/A |
| V-Go, nine months ended September 30No driver was provided. | $9.19M | – | (24 %) |
| Collaborations and services, nine months ended September 30No additional nine-month driver was provided. | $77.94M | – | (1 %) |
| Royalties, nine months ended September 30Increase was due to UT’s increase in net revenue from sales of Tyvaso DPI. | $102.6M | – | 8 % |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
What drove it
- Furoscix generated $22.4 million in net revenue for the third quarter of 2026, following the October 2025 acquisition of scPharma.
- Furoscix ReadyFlow shipments commenced in mid-September, and ReadyFlow represented approximately 75% of current weekly Furoscix shipments.
- Afrezza pediatric launch accounted for an approximately 80% increase in average monthly new-to-brand prescriptions in Q3 versus Q2 2026.
- All 60 priority pediatric institutions have prescribed Afrezza, with approximately 2,000 pediatric patients treated since launch.
- Royalty revenue increased because of UT’s increase in net revenue from sales of Tyvaso DPI.
- Positive Phase 1b INFLO-1 results demonstrated tolerability of nintedanib DPI and clinical validation of Technosphere DPI technology in IPF; a global Phase 2 trial is underway.
Concerns
- The Furoscix on-body infusor has a lower gross margin percentage than Afrezza, resulting in a decrease in gross margin in the current period.
- Selling, general and administrative expenses increased 111% to $61.4 million for the three months ended September 30, 2026, driven by Furoscix promotion and support, field-team expansion, and launch activities.
- Interest expense was $ (7,642 ) (In thousands) for the three months ended September 30, 2026, compared with $ (1,364 ) (In thousands) in the prior-year period.
- Collaborations and services revenue declined 27% to $ 19,405 (In thousands) in the quarter.
- GAAP net loss was $ (23,224 ) (In thousands), and non-GAAP adjusted net loss was $ (3,615 ) (In thousands), for the three months ended September 30, 2026.
What to watch
- Furoscix revenue in the fourth quarter, which the company believes will exceed Furoscix revenue in the first half of 2026.
- The pace of Furoscix ReadyFlow adoption after approximately 75% of shipments transitioned to ReadyFlow by late October.
- Afrezza prescription growth following the pediatric launch.
- Progress of the global Phase 2 trial of MNKD-201.
- United Therapeutics' clinical-development plans for ralinepag DPI and the anticipated $15 million milestone payments in 2027.
- Commercial spending, gross-margin effects from Furoscix mix, and interest expense.
Balance sheet and cash flow
- Cash, cash equivalents and investments as of September 30, 2026, totaled $96.6 million.
- Cash and cash equivalents: $ 41,276 (In thousands) as of September 30, 2026; $ 74,882 (In thousands) as of December 31, 2025.
- Short-term investments: $ 55,333 (In thousands) as of September 30, 2026; $ 96,464 (In thousands) as of December 31, 2025.
- Closed $50 million private placement on July 24, 2026; proceeds funded the $45 million CVR payment triggered by the FDA approval of Furoscix ReadyFlow.
- Term loan: $ 319,447 (In thousands) as of September 30, 2026; $ 318,361 (In thousands) as of December 31, 2025.
- Liability for sale of future royalties: $ 14,573 (In thousands) current and $ 130,026 (In thousands) long term as of September 30, 2026.
- Financing liability: $ 10,565 (In thousands) current and $ 92,231 (In thousands) long term as of September 30, 2026.
- Total liabilities: $ 759,882 (In thousands) as of September 30, 2026; $ 843,204 (In thousands) as of December 31, 2025.
- Total stockholders' deficit: $ (37,266 ) (In thousands) as of September 30, 2026; $ (51,022 ) (In thousands) as of December 31, 2025.
Analysis
MannKind reported Q3 total revenues of $ 101,870 (In thousands), up 24 % from $ 82,130 (In thousands). The reported growth was driven by the addition of Furoscix following the October 2025 scPharma acquisition and by higher Tyvaso DPI royalties. Furoscix contributed $ 22,376 (In thousands) in the quarter, while royalties increased 12 % to $ 37,463 (In thousands). Collaborations and services revenue declined 27 % to $ 19,405 (In thousands), which the company attributed primarily to decreased product sold to UT and delivery timing rather than annual order-volume changes.
The commercial-product mix changed materially. Afrezza revenue was $ 19,349 (In thousands), up 5 %, while Furoscix revenue was $ 22,376 (In thousands). ReadyFlow shipments began in mid-September, and approximately 75% of Furoscix shipments transitioned to ReadyFlow by late October. Afrezza prescriptions increased approximately 17% compared with Q2 2026, and the company said the pediatric launch drove an approximately 80% increase in average monthly new-to-brand prescriptions in Q3 versus Q2 2026.
Profitability weakened as the company funded commercial expansion. Selling, general and administrative expense rose 111% to $ 61,412 (In thousands), reflecting Furoscix promotion and support, field-team expansion, and ReadyFlow and Afrezza pediatric-launch activity. Cost of goods sold for commercial products increased to $ 11,213 (In thousands) from $ 4,498 (In thousands), and management said the lower gross-margin profile of the Furoscix on-body infusor reduced gross margin. The result was an operating loss of $ (2,183 ) (In thousands), compared with operating income of $ 18,896 (In thousands) a year earlier.
Other expenses also weighed on earnings. Interest expense was $ (7,642 ) (In thousands), versus $ (1,364 ) (In thousands) in the prior-year quarter, while total other expense, net was $ (20,990 ) (In thousands). MannKind recorded GAAP net loss of $ (23,224 ) (In thousands), or $ (0.07 ) per diluted share, against GAAP net income of $ 7,985 (In thousands), or $ 0.03 per diluted share, a year earlier. Non-GAAP adjusted net loss was $ (3,615 ) (In thousands), or $ (0.01 ) per basic share, compared with non-GAAP adjusted net income of $ 22,447 (In thousands), or $ 0.07 per basic share.
Liquidity included $96.6 million of cash, cash equivalents and investments as of September 30, 2026. The company closed a $50 million private placement on July 24, 2026, with proceeds funding the $45 million CVR payment associated with Furoscix ReadyFlow approval. No quantitative financial guidance was provided. Operationally, investors will be focused on ReadyFlow adoption, the stated expectation that Furoscix fourth-quarter revenue will exceed first-half 2026 Furoscix revenue, continuing Afrezza pediatric uptake, and advancement of MNKD-201 in the global Phase 2 trial.
Management, verbatim
The third quarter marked an important transition for MannKind as we shifted from delivering on three major catalysts to executing against them.
Michael Castagna, Chief Executive Officer of MannKind
Furoscix ReadyFlow is off to an exceptionally strong start, and we believe Furoscix will generate more revenue in the fourth quarter than it did in the first half of 2026.
Michael Castagna, Chief Executive Officer of MannKind
Not in the filing
stated, not guessed- Forward financial guidance for revenue, gross margin, operating expenses, tax rate, EPS, or cash flow
- Prior guidance for comparison
- Gross profit and gross-margin percentage
- Operating cash flow
- Free cash flow
- Share repurchases, dividends, or other capital-return activity
- Diluted non-GAAP EPS
- Quarterly sequential revenue comparisons by product
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.