MannKind Corp. late Monday reported a smaller second quarter loss as the company awaits U.S. Food and Drug Administration approval of its first product, an inhaled insulin product called Afresa.

After the markets closed, the Valencia biotech reported a second quarter net loss of $55.6 million (54 cents per share) compared with a net loss of $79.8 million (-79 cents) a year ago. Analysts surveyed by Thomson Reuters on average expected the company to report a loss of 56 cents per share.

Total operating expenses fell 34 percent to $53.4 million. A year ago, MannKind had significantly higher expenses because it was involved in large clinical trials for Afresa and its Technosphere inhaler. The FDA is expected to make its decision on the device later this year.

Research and development expenses were down 41 percent to $39.8 million, even though company began clinical studies on a next-generation inhaler during the quarter.

“We are proud of the work done by our pharmaceutical technology development group and want to get their innovations into the hands of patients as soon as possible,” said Chief Executive Alfred Mann in a statement.

Before the announcement, MannKind shares closed up 20 cents, or 2.5 percent, to $8.23 on the Nasdaq.