MannKind Corp. shares had a double-digit loss after the company released its quarterly earnings.
The Valencia biotech reported a net loss of $31.9 million (-8 cents a share), compared with a loss of $36.5 million (-9 cents) in the same period a year earlier. The company had no revenue in the quarter.
The biotech created the inhaled insulin Afrezza, but since the product launched earlier this year sales have disappointed. The company’s marketing partner, Sanofi, has a revenue and loss sharing agreement with MannKind, and any sales during the quarter were deferred.
Sanofi sold $4.1 million worth of Afrezza during the quarter.
The company announced its results after market close on Monday. Shares closed Tuesday down 33 cents or 12.6 percent to $2.30 on the Nasdaq.