Try soaking in Selcon, too. I've been one that has always had luck with mandarins. I had a 40H for five years (first tank) and the mandarin was the fourth fish purchased. Didn't die until a rock crab cut him in half him... It took frozen, though. I had a six line that competed for food and almost killed him within the first two years. The wrasse went to another home and the mandarin got fat again. Fast forward a few years and I got a spotted (had it for about three years now). This one eats flatworms, too. I nuked the pods with a redbug treatment and was naturally fearful for the mandarin, but had no issues. It found something else to eat. Now my pods are back, but never saw any change in the fat rolls on the mandarin. Once you get a fuge set up, try some phyto, too. After the RB treatment, I dose phyto pretty heavily and the population came back quickly. I'm running a 14 gallon fuge with a 10 gallon sump on a 125... These results are not the norm, but if you find a healthy fish, they can be replicated. Do you have anything that could be competing for food (wrasses, esp.)?
In th emeantime, find some cheato to drop in a lower flow area of the tank and buy some pods (Florida Pets sells them and are good people to deal with). Try to dump them in the cheato for some protection from predation. That should help short term.