MNKD earnings analysis
What we found in MNKD's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
MannKind Corporation reported Q1 2026 results with total revenues of $90.2 million, representing a 15% increase year-over-year but missing estimates by 14.2%. The company faced challenges as it reported a diluted EPS loss of $0.05, and significant increases in R&D and SGA expenses, driven by the acquisition and promotion of Furoscix.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth Y-O-Y
- Total revenues increased to $90.2 million, up 15% from $78.4 million a year earlier.
- Furoscix Incremental Revenue
- Furoscix generated gross revenue of $20.9 million, with net revenue at $15.5 million, significantly contributing to total revenues.
- Decreased Gross-to-Net Adjustment
- Gross-to-net revenue adjustment for Afrezza improved from 36% to 31%, contributing to a slight increase in net revenue despite declining gross sales.
- Substantial Increase in Operating Expenses
- SGA expenses surged by 116% to $54.1 million, driven by promotion costs related to Furoscix.
- Improved Gross Margin
- Commercial product gross profit increased 74% year-over-year to $26.4 million, indicating better profitability from product sales.
- Cash Flow from Operating Activities
- Net cash used for operating activities was $5.4 million, a slight improvement from $6.4 million in Q1 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Significant Net Loss
- MannKind reported a net loss of $16.6 million for Q1 2026, increasing risks regarding profitability.
- Liquidity Risks
- The company must manage $325 million of debt under the Blackstone Credit Facility, impacting future operational flexibility.
- Reduced Demand for Products
- Sales of Afrezza decreased by $1.1 million due to lower demand, raising concerns over market acceptance.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.05
- Segment
- Afrezza: Net revenue - $18.973M
- Segment
- Furoscix: Net revenue - $15.5M
- Segment
- V-Go: Net revenue - Decreased by $0.9M
What they said about what is next.
No forward guidance provided in the 10-Q.
The filing reads worse than the one before it.
What came before.
- 10-K · February 26, 2026
- MannKind Corporation's 10-K report for the year ended December 31, 2025, highlights significant revenue growth driven by Afrezza and new product contributions, although net income reflects narrower margins impacted by…
- 10-Q · November 5, 2025
- MannKind Corporation reported Q3 2025 results showing a revenue increase of 17.8% year-over-year, achieving $82.1 million, primarily driven by collaboration revenues and royalties. Gross margin for the quarter was…
- 10-Q · August 6, 2025
- MannKind Corporation reported revenues of $76.5 million for Q2 2025, reflecting a 4.4% increase year-over-year. However, the company experienced a decline in operating margin to 13.9% and reported an EPS of $0.05,…
- 10-Q · May 8, 2025
- MannKind Corporation reported strong Q1 2025 results, with revenue increasing to $78 million, a 17.9% rise from Q1 2024, driven by robust demand for its products. Gross margin improved to 77.7% and EPS increased to…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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