MannKind Corp. on Monday reported a smaller-than-expected loss for the first quarter, due to lower clinical development costs for its inhaled insulin drug Afresa, which it recently submitted for U.S. Food and Drug Administration approval.

The Valencia biotech said it lost $59.4 million (-58 cents per share), compared with a loss of $71.4 million (-70 cents) a year ago. The company, which does not yet have a product on the market, reported no revenue in the quarter.

Analysts surveyed by Thomson Reuters on average were expecting a loss of 66 cents per share.

The company said it scaled back research and development by more than 26 percent to $42.9 million as it shifts from developing the new fast-acting insulin to getting it ready for commercial sale.

“This past quarter was extremely busy for MannKind, culminating in our submission to the FDA of new drug application for Afresa,” Chief Executive Alfred Mann said in a statement. “With this milestone accomplished, we are now turning our attention to commercial readiness activities.”

MannKind shares closed up 14 cents, or 3.5 percent, to $4.15 on the Nasdaq.