Form 8-K
8-K — MANNKIND CORP
Accession: 0001193125-26-208910
Filed: 2026-05-06
Period: 2026-05-06
CIK: 0000899460
SIC: 2834 (PHARMACEUTICAL PREPARATIONS)
Item: Results of Operations and Financial Condition
Item: Financial Statements and Exhibits
Documents
8-K — mnkd-20260506.htm (Primary)
EX-99.1 (mnkd-ex99_1.htm)
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8-K
8-K (Primary)
Filename: mnkd-20260506.htm · Sequence: 1
8-K
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 06, 2026
MannKind Corporation
(Exact name of Registrant as Specified in Its Charter)
Delaware
000-50865
13-3607736
(State or Other Jurisdiction
of Incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
1 Casper Street
Danbury, Connecticut
06810
(Address of Principal Executive Offices)
(Zip Code)
Registrant’s Telephone Number, Including Area Code: (818) 661-5000
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.01 per share
MNKD
The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On May 6, 2026, MannKind Corporation issued a press release, a copy of which is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
Exhibit 99.1
Press release dated May 6, 2026
Exhibit 104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
MannKind Corporation
Date: May 6, 2026
By:
/s/ David Thomson, Ph.D., J.D.
David Thomson, Ph.D., J.D.
Corporate Vice President, General Counsel and Secretary
EX-99.1
EX-99.1
Filename: mnkd-ex99_1.htm · Sequence: 2
EX-99.1
MannKind Reports First Quarter 2026 Financial Results and Provides Business Update
Q1 updates:
Q1 2026 total revenues of $90.2M, +15% vs. Q1 2025
Built out launch infrastructure and aligned field-based teams for upcoming launches
Settlement of senior convertible notes of $36.3M
Program updates:
Afrezza® pediatric indication PDUFA date May 29, 2026
Furoscix ReadyFlow™ Autoinjector PDUFA date July 26, 2026
Nintedanib DPI (MNKD-201) for IPF advancing into Phase 2; INFLO-2 trial anticipates enrolling first patient in Q2 2026
Ralinepag DPI (MNKD-1501) announced as collaboration program with United Therapeutics, received additional $5M to support accelerated development
Conference call and webcast today at 4:30 p.m. ET
DANBURY, Conn. and WESTLAKE VILLAGE, Calif., May 6, 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
•
Furoscix® (furosemide injection) generated $15.5 million in net sales for the first quarter of 2026; doses dispensed increased by 64% over Q1 2025
•
Furoscix ReadyFlow Autoinjector PDUFA target action date of July 26, 2026; if approved, it would be the first product to deliver an IV-equivalent diuretic dose in under 10 seconds
Afrezza
•
Afrezza (insulin human) Inhalation Powder generated $15.3 million in net sales
•
FDA approved an updated Afrezza label providing starting dose guidance
•
Completed pilot phase of INHALE-1st pediatric study evaluating Afrezza for newly diagnosed type 1 diabetes
•
New data presented and published from pediatric and adult studies of Afrezza
•
Afrezza pediatric indication PDUFA target action date of May 29, 2026; if approved, it would be the first and only inhaled insulin option for children and adolescent patients living with diabetes
Development
Nintedanib DPI (MNKD-201)
•
Completed enrollment of Cohort 1 in Phase 1b (INFLO-1) study with no discontinuations or serious adverse events in patients with idiopathic pulmonary fibrosis (IPF); topline data expected in Q3 2026
•
Anticipate Phase 2 clinical trial (INFLO-2) in IPF with first patient enrolled in Q2 2026
Ralinepag DPI (MNKD-1501)
•
Ralinepag dry powder inhalation (DPI) program to be pursued for pulmonary arterial hypertension by United Therapeutics, followed by pulmonary hypertension associated with interstitial lung disease, IPF and progressive pulmonary fibrosis
•
United Therapeutics has made a payment of $5 million to support the accelerated development of MNKD-1501; MannKind is eligible to receive up to $35 million in development milestone payments and 10% royalties on net sales of any resulting commercial product
Bumetanide DPI (MNKD-701)
•
Advancing formulation development of bumetanide DPI for edema associated with congestive heart failure and chronic kidney disease
Corporate Update
•
Cash, cash equivalents and investments as of March 31, 2026, totaled $134 million
•
Settlement of the remaining $36.3 million aggregate principal amount of 2.50% senior convertible notes for $35.5 million in cash and 569,023 shares of MannKind common stock
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
Cost of goods sold – commercial, excluding amortization of acquired intangible assets, was $7.5 million for the first quarter of 2026, compared to $3.8 million for the same period in 2025, an increase of 99%.
The increase is primarily attributable to the inclusion of Furoscix into our product portfolio following the acquisition of scPharma on October 7, 2025. Gross margin decreased in the current period due to the inclusion of Furoscix (on-body infusor), which has a lower gross margin than Afrezza.
Research and development expenses were $17.2 million for the first quarter of 2026 compared to $11.0 million for the same period in 2025, an increase of 56%.
The increase was primarily attributable to higher personnel costs following the acquisition of scPharma and higher costs from advancing the development of nintedanib DPI (MNKD-201) studies.
Selling, general and administrative expenses were $54.1 million for the first quarter of 2026 compared to $25.0 million for the same period in 2025, an increase of 116%.
The increase was primarily related to costs associated with the promotion and support of Furoscix, as well as higher Afrezza-related expenses including expanding the field-based teams and preparing for a potential pediatric launch.
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 Contacts:
Investor Relations
Kate Miranda
Email: ir@mnkd.com
Media Relations
Christie Iacangelo
Email: media@mnkd.com
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.
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- Definition
Local phone number for entity.
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No definition available.
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- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Exchange Act
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-Section 13e
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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
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Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
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-Section 14d
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- Definition
Title of a 12(b) registered security.
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Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
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-Section 12
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- Definition
Name of the Exchange on which a security is registered.
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Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
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- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
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-Section 14a
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- Definition
Trading symbol of an instrument as listed on an exchange.
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No definition available.
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- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
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-Publisher SEC
-Name Securities Act
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