MannKind Corporation's stock experienced a significant intraday decline of 9.27%, as investors reacted negatively to the company's first quarter 2026 financial results.

The biopharmaceutical company reported revenue of $90.17 million for the quarter, representing a 15% year-over-year increase but falling short of analyst consensus estimates which ranged from $97.60 million to $106.56 million. More critically, MannKind swung to a net loss of $16.62 million, or $0.05 per share, compared to net income in the same period last year. This result missed Wall Street expectations for breakeven or small profit performance.

The disappointing earnings were driven by a substantial increase in operating expenses, with selling, general and administrative costs more than doubling to $54.1 million and research and development expenses rising 56% to $17.2 million. These increased costs were attributed to the promotion and support of recently acquired Furoscix, expanded field-based teams, and advancing development programs including nintedanib DPI.