MannKind Corp. reported a higher loss for the first quarter, attributing it to higher operating and R&D costs as the company conducts another round of clinical trials for its primary pipeline drug.
After the markets closed on Thursday, Valencia biotech reported a net loss of $41 million (-15 cents a share) for the quarter ended March 31, compared with a loss of $38 million (-27 cents) in the same period a year earlier. The loss met the projections of eight analysts polled by Thomson/First Call.
The company, which has no products on the market, reported no revenue.
Total operating expenses rose more than 7 percent to $36.4 million. The company attributed the increase to clinical-trial related costs for its Afrezza insulin inhaler.
MannKind had $28 million in cash and cash equivalents as of March 31. It raised $86 million in a dilutive public offering of common stock and warrants in October, and said it has $125 million available for borrowing under an existing loan agreement with Mann Group.
MannKind, which has been struggling to get its Afrezza insulin inhaler approved by the Food and Drug Administration, plans to resubmit the device for approval in the third quarter, following the completion of two additional clinical trials.
Shares earlier closed down 1 cent, or less than 1 percent, to $3.98 on the Nasdaq, but rose 2 percent in after-hours trading.