MannKind Corp. reported a smaller-than-expected first-quarter loss on Friday due to lower spending on its inhaled insulin drug candidate Afrezza, which is awaiting U.S. regulatory approval.

The Valencia biotech reported a net loss of $44.7 million (40 cents per share), compared with a loss of $59.4 million (-58 cents) a year earlier. The company does not report revenue because it has no products on the market.

Analysts surveyed by Thomson Reuters on average expected the company to lose 44 cents per share.

MannKind’s research and development costs fell 29 percent to $30.5 million, plus a 32 percent drop in general spending.

MannKind filed for U.S. Food and Drug Administration approval in March 2009, but the FDA earlier this year asked MannKind for more safety-related data about the fast-acting inhaled insulin product.

The company last week released study data that it said should answer the regulator’s concerns. Chief Executive Alfred Mann said his company is preparing for a meeting with regulators to discuss the studies.

Shares closed down 5 cents, or less than 1 percent, to $9.95 on the Nasdaq.