MannKind Corporation (NASDAQ:MNKD) released its latest quarterly results on Monday, and the earnings report was pretty uneventful. The drug maker didn’t provide any updates on anything and is basically now in a holding pattern until July, believe JPMorgan analysts.

MannKind

MannKind losses worse than JPMorgan’s estimate

In a report dated May 12, 2014, analysts Cory Kasimov, Whitney G. Ijem and Matthew J. Lowe said they’re maintaining their Neutral rating and $6 per share price target. They note that all eyes are now looking ahead to the PDUFA date for MannKind Corporation (NASDAQ:MNKD)’s one drug—the diabetes drug Afrezza. They also note that the company didn’t provide information on a partnership, but they expect any potential new partner will wait until after the PDUFA date for Afrezza, which is July 15.

MannKind Corporation (NASDAQ:MNKD) posted losses of 14 cents per share, compared to JPMorgan’s estimate of 10 cents per share in losses and consensus estimates of 12 cents per share in losses. The company’s operating expenditures were $41 million, which was higher than their estimate of $34 million because of higher research and development costs. MannKind spent $26 million, compared to their estimate of $20 million.

They note, however, that MannKind Corporation (NASDAQ:MNKD) isn’t “an earnings story” yet.

MannKind estimates adjusted

The JPMorgan team has adjusted their model for MannKind Corporation (NASDAQ:MNKD) based on the company’s first quarter results. They also cited updated timelines for a potential partnership agreement. They’re now assuming an agreement is signed in the third quarter of the year, which would be after the U.S. Food and Drug Administration is expected to approve Afrezza for use.

They believe MannKind Corporation (NASDAQ:MNKD)’s current cash balance should be enough to bring it through July 15. The drug maker ended the first quarter with cash of about $36 million and about $174 million in debt, plus an additional $30 million available under a loan. However, the analysts believe MannKind will need a partner in order to support future launch and promotional efforts.

In addition to the PDUFA date, MannKind Corporation (NASDAQ:MNKD) also is expected to release all of the data from Phase 3 of the AFFINITY drug trials the week of June 13 through 17.