VALENCIA, Calif. (AP) -- Diabetes drug developer MannKind Corp. said Tuesday that its second-quarter loss narrowed 18 percent because last year's quarter was hurt by a payment related to an ended supply agreement.
The Valencia, Calif., company does not have any approved drugs for sale and generates no revenue. Its leading drug candidate, the inhaled diabetes treatment Afrezza, is in late-stage clinical trials. Approval of the drug has been delayed for years as regulators ask MannKind to do more testing.
Cash, cash equivalents and marketable securities were $32.0 million at June 30, down from $56.7 million on March 31.
The loss amounted to $36.6 million, or 23 cents per share, compared with a loss of $44.5 million, or 37 cents per share, in the same quarter last year.
Analysts, on average, expected a loss of 25 cents per share for the quarter, according to a FactSet poll.
The smaller loss stemmed from a 12 percent drop in research and development costs because of an $11.9 million payment MannKind made to another company last year to settle a dispute over an insulin supply agreement.
Operating expenses overall rose 13 percent to $44.1 million as the company paid more in legal expenses and other items.
MannKind shares rose 5 cents, or 2.3 percent, to $2.20 in morning trading Tuesday.
