Valencia-based MannKind Corp. lost “only” 8 cents per share in the first quarter of 2015, the company reported after the close of trading Thursday. It was 1 cent better than the prior quarter and 2 cents better than analysts expected, but Wall Street didn’t care as share prices of the formerly $10 stock fell to $4.02 after the closing bell rang.

The biomed company, founded by billiaire Alfred Mann, was in the research and development phase until June 2014 when the FDA finally approved its inhalable insulin treatment, Afrezza. Shares flirted briefly with $11 but have been in a virtual freefall during the slow rollout of the retail product.

Company earnings statement follows:

MannKind Corporation reported financial results Thursday for the first quarter ended March 31, 2015.

For the first quarter of 2015, total operating expenses were $21.7 million, a decline of 47.5 percent compared to the similar quarter in 2014. Research and development expenses were $9.4 million, a decline of 64.2 percent compared to the first quarter of 2014, reflecting the commercialization of Afrezza in the first quarter of 2015 and a reduction in non-cash stock compensation expense. General and administrative expenses were $10.5 million, a decline of 31.2 percent compared to the first quarter of 2014, mainly reflecting lower non-cash stock compensation expenses.

For the quarter ended March 31, 2015, our portion of the loss sharing arrangement with Sanofi related to Afrezza was $12.4 million, which we financed by way of an advance under the loan facility with our partner. The amount outstanding under the Sanofi loan facility is now $15.4 million. During the three months ending on March 31, 2015, we recorded $7.1 million in Afrezza product shipments as deferred product sales from our collaboration with Sanofi.

The net loss for the first quarter of 2015 was $30.7 million, or $0.08 per share based on 398.9 million weighted average shares outstanding, compared with a net loss of $52.1 million, or $0.14 per share based on 368.8 million weighted average shares outstanding for the first quarter of 2014. The number of common shares outstanding at March 31, 2015 was 409.1 million.

Cash and cash equivalents remained at $120.8 million at March 31, 2015 and at December 31, 2014, respectively. During the first quarter of 2015, we also received a $50.0 million milestone payment related to our collaboration agreement with Sanofi as well as $6.2 million in proceeds from warrant and option exercises. This cash inflow offset our first quarter operating activities, which included building up Afrezza product inventory, purchasing additional machinery and equipment related to the commercialization of Afrezza and the pursuit of new product opportunities. Currently, $30.1 million remains in available borrowings under the amended loan arrangement with The Mann Group.

About MannKind Corporation

MannKind Corporation (MNKD) focuses on the discovery and development and commercialization of therapeutic products for patients with diseases such as diabetes. MannKind maintains a website at http://www.mannkindcorp.com to which MannKind regularly posts copies of its press releases as well as additional information about MannKind. Interested persons can subscribe on the MannKind website to e-mail alerts that are sent automatically when MannKind issues press releases, files its reports with the Securities and Exchange Commission or posts certain other information to the website.