MannKind Corp. on Monday announced its first quarter financial results, narrowing its net loss but missing analysts’ expectations.
The Valencia biotech reported a net loss of $24.9 million (-6 cents a share) for the quarter ended March 31, compared to a net loss of $30.7 million (-8 cents) for the same period a year earlier. It reported no substantial revenue.
Earnings estimates were -4 cents a share on revenue of $130,000, according to Thomson Financial Network.
Product manufacturing costs for the first three months of the year were $7.5 million, a 300 percent increase compared to the first quarter of 2015. The company attributes the rise in costs to the underutilization of a manufacturing plant and a loss from a $2.4 million foreign currency exchange.
In addition, MannKind’s portion of a loss sharing agreement from the nixed Sanofi licensing agreement was $5.5 million for the quarter. Sanofi decided to stop marketing MannKind’s only product, an inhalable insulin named Afrezza.
Shares closed down 1 cent, or less than a percent, to $1.32 on the Nasdaq.