<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
QUARTERLY FINANCIAL STATEMENTS OF INHALE THERAPEUTICS SYSTEMS, INC., AS FILED
ON FORM 10-Q FOR THE PERIOD ENDED SEPTEMBER 30, 2000.
</LEGEND>

                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-2000
<PERIOD-START>                             JAN-01-2000
<PERIOD-END>                               SEP-30-2000
<CASH>                                          93,095
<SECURITIES>                                   187,819
<RECEIVABLES>                                    1,942
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                               288,644
<PP&E>                                         121,373
<DEPRECIATION>                                (19,901)
<TOTAL-ASSETS>                                 420,325
<CURRENT-LIABILITIES>                           21,519
<BONDS>                                        237,760
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                       296,738
<OTHER-SE>                                   (142,569)
<TOTAL-LIABILITY-AND-EQUITY>                   420,325
<SALES>                                              0
<TOTAL-REVENUES>                                38,483
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                86,785
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                              24,183
<INCOME-PRETAX>                               (57,794)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                           (57,794)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                  (57,794)
<EPS-BASIC>                                     (1.42)
<EPS-DILUTED>                                   (1.42)