MannKind Inc. reported a smaller loss for the first quarter on Monday as it awaits government approval to sell its brand of inhalable insulin.

The Valencia biotech reported a net loss of $52 million (-14 cents a share) compared to a loss of $41 million (-15 cents) for the same quarter a year ago. Revenue remained at zero.

Analysts on average expected a loss of 13 cents a share on zero revenue, according to Thomson Financial Network.

The company explained the smaller loss – yet higher per share loss – as a result of more shares in circulation. In the year ended March 31, the number of outstanding shares rose from 280 million to nearly 387 million.

“The increase in shares outstanding from the first quarter of 2013 to the first quarter of 2014 resulted largely from warrant exercises, at-the-market stock issuances and conversion of debt into equity,” the company said.

MannKind is waiting for the Food and Drug Administration to approve Afrezza, the company’s inhalable insulin. A panel of experts met in April and recommended the drug for approval, but final authorization or limitations could come as late as July 15.

MannKind shares closed up 11 cents or 1.8 percent to $6.33 in trading on the Nasdaq.