MannKind Corp. reported a smaller first-quarter loss on Friday due to lower spending on its inhaled insulin drug candidate Afrezza, which has still not been approved by regulators.
MannKind said it lost $44.7 million, or 40 cents pre share, down from $59.4 million, or 58 cents per share, a year earlier. The company has no products on the market and had no revenue. Analysts expected MannKind to lose 44 cents per share, according to Thomson Reuters.
The company's research and development costs fell to $30.5 million from $42.9 million, and its general spending also declined.
Afrezza is a fast-acting inhaled insulin. MannKind filed for FDA approval in March 2009. Last month, the Food and Drug Administration asked MannKind for more information about the drug, and the company is planning for a meeting to answer those questions.
MannKind is also testing a second potential diabetes treatment and a cancer drug.
In morning trading, MannKind stock rose 2 cents to $7.02.