MannKind Corp. (NASDAQ: MNKD) reported its first-quarter financial results after the markets closed Thursday. The biotech company had a net loss of $0.08 in earnings per share (EPS) and no formal revenue number was reported. Thomson Reuters consensus estimates were looking for a net loss of $0.09 in EPS on $6.29 million in revenue.

As a reminder: MannKind is still in the infancy of its sales. At the end of April, the Wall Street Journal indicated that early Afrezza sales were less than expected, and MannKind shares were hitting 52-week lows then. Sanofi (NYSE: SNY)  was cited as saying that first-quarter U.S. sales came in at about $1.1 million.

The company did not give guidance for the second quarter. However the consensus estimates are a net loss of $0.34 in EPS on $24.75 million in revenue.

During this quarter, MannKind’s portion of the loss sharing arrangement with Sanofi related to Afrezza was $12.4 million, which was financed through an advance under the loan facility with Sanofi. The amount outstanding under the Sanofi loan facility is currently $15.4 million. At the same time, MannKind recorded $7.1 million in Afrezza product shipments as deferred product sales from its collaboration with Sanofi.

At the end of March 2015, cash and cash equivalents totaled $120.8 million, which remained the same from the previous quarter as well. During the first quarter of 2015, MannKind received a $50.0 million milestone payment related to its collaboration agreement with Sanofi, as well as $6.2 million from warrant and option exercises. According to MannKind:

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.

The short interest for MannKind increased for the last settlement date to its highest level in the past 52 weeks at 96.9 million, with 29.7 days to cover. The previous reading was 95.7 million, with 28.4 days to cover. Note that the past four short interest readings have been the highest of the year.

Friday morning, shares of MannKind hit a 52-week low of $3.52. The 52-week high is $11.48, and the consensus analyst price target is $7.78.

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