<TABLE> <S> <C>
<PAGE>
<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>
<S> <C>
<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
0
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)
</TABLE>