Nektar Therapeutics ( NKTR - Get Report), which helped develop the first inhalable insulin, on Wednesday issued mixed results for the first quarter.

The San Carlos, Calif.-based company lost $33.5 million, or 38 cents per share, on revenue of $29 million for the three months ended March 31. Analysts polled by Thomson First Call had been expecting a loss of 39 cents and revenue of $34.2 million. For the same period last year, Nektar lost $26.2 million, or 31 cents, on revenue of $28.5 million.

For the just-completed quarter, Nektar's loss included $5 million for stock-based compensation as well as $3.9 million in severance.

The true measurement of Nektar's financial foundation is still many months away, as its partner Pfizer ( PFE - Get Report), prepares to start selling Exubera. The drug was approved by the Food and Drug Administration in late January, and Pfizer expects a U.S. launch by midyear.

Exubera will make its debut in Germany this month. The inhalable insulin was approved by the European Commission one day before the FDA acted.

Pfizer will pay Nektar for making the Exubera inhalers, the units that hold the dry-powder form of insulin and for some of the powder processing. Nektar also will receive royalties as a percentage of Exubera sales. Right now, Nektar's revenue comes from contract research, other products and royalties and some Exubera-related activities.

The company expects full-year revenue to be in the range of $160 million to $190 million. The Thomson First Call consensus is $176 million.

Nektar said it will incur a loss of $135 million to $150 million this year, including $20 million for stock-based compensation and $15 million for severance and restructuring. Previously, it had forecast a loss of $115 million to $130 million, including $15 million for stock-based compensation.

The full-year loss prediction "may change as the company continues to evaluate potential restructuring activities," Nektar said in a prepared statement.

Nektar's financial results were released after markets had closed. In regular trading, the stock lost 12 cents to close at $22.30. After hours, the stock rose 12 cents.