MannKind Corp. posted narrow third-quarter losses on Monday as the company winds down its research operations and prepares to start selling its Afrezza brand inhalable insulin.
The Valencia biotech reported a net loss of $36.5 million (-9 cents a share) in the third quarter ended Sept. 30, compared to $50.8 million (-17 cents) for the same quarter last year. The company does not yet have any products on the market that generate revenue.
Analysts on average expected a loss of 1 cent a share on revenue of $51 million, according to Thomson Financial Network.
MannKind received Food and Drug Administration approval in June to sell its Afrezza in the U.S. market. And in late September the company signed a worldwide marketing agreement with French drug maker Sanofi for Afrezza.
Under the agreement, MannKind will manufacture the drug at its plant in Danbury, Conn., while Sanofi will take responsibility for marketing and regulatory compliance. The agreement required Sanofi to make an upfront payment of $150 million with 10 days of the signing, but that was not reflected in the third-quarter report.
Shares closed down 17 cents, or 1.5 percent, to $5.84 on the Nasdaq.