Total revenues soared by 404% to $17.45 million. The top line reflected Afrezza net revenues of $5.1 million and collaboration and services revenue of $12.4 million.
Afrezza net revenue increased by 49% primarily driven by higher product demand and a more favorable mix of cartridges and price. Collaborations and services revenue increased to $12.37 million from $63,000 a year ago, primarily due to the United Therapeutics licensing and research agreements.
For the first quarter, research and development expenses dropped by 37% year-over-year to $1.7 million. The decrease was primarily attributable to $0.4 million decreases in both lower clinical trial spending and lower personnel costs.
Also read: Regeneron Q1 2019 earnings results
Selling, general and administrative expenses increased by 25% to $25.7 million. This was primarily due to spending on direct-to-consumer television advertising offset by a decrease in personnel costs, a decrease in stock-based compensation expense, and a decrease in professional fees.
Cash, cash equivalents, restricted cash, and short-term investments at March 31, 2019, fell to $59.8 million from $71.7 million at December 31, 2018. The decrease was primarily due to net cash used in operating activities of $11.6 million in the first quarter of 2019, which included the receipt of a $12.5 million milestone payment from United Therapeutics.
Shares of MannKind ended Monday’s regular session up 1.31% at $1.55 on the Nasdaq. Following the earnings release, the stock inched up over 3% in the premarket session.