<SUBMISSION>
<ACCESSION-NUMBER>0000912057-02-028642
<TYPE>424B3
<PUBLIC-DOCUMENT-COUNT>1
<FILING-DATE>20020726
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>INHALE THERAPEUTIC SYSTEMS INC
<CIK>0000906709
<ASSIGNED-SIC>2834
<IRS-NUMBER>943134940
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>424B3
<ACT>33
<FILE-NUMBER>333-54080
<FILM-NUMBER>02711773
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>150 INDUSTRIAL RD
<CITY>SAN CARLOS
<STATE>CA
<ZIP>94070
<PHONE>6506313100
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>150 INDUSTRIAL ROAD
<CITY>SAN CARLOS
<STATE>CA
<ZIP>94070
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>INHALE THERAPEUTIC SYSTEMS
<DATE-CHANGED>19940303
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>a2085280z424b3.htm
<DESCRIPTION>424B3
<TEXT>
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<P ALIGN="RIGHT"><FONT SIZE=2><B>Filed Pursuant to Rule&nbsp;424(b)(3) and (c)<BR>
File No.&nbsp;333-54080  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>PROSPECTUS SUPPLEMENT NO.&nbsp;1<BR>
DATED JULY&nbsp;26, 2002<BR>
TO<BR>
PROSPECTUS DATED FEBRUARY&nbsp;5, 2001  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>INHALE THERAPEUTIC SYSTEMS,&nbsp;INC.  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>811,246 Shares of Common Stock  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Prospectus Supplement supplements the Prospectus dated February&nbsp;5, 2001 of Inhale Therapeutic Systems,&nbsp;Inc. (the "Prospectus") relating to the
offer and sale of our Common Stock in connection with our acquisition of Bradford Particle Design plc. This Prospectus Supplement should be read in conjunction with the Prospectus, and is qualified by
reference to the Prospectus, except to the extent that the information provided by this Prospectus Supplement supersedes the information contained in the Prospectus. Capitalized terms used in this
Prospectus Supplement and not otherwise defined herein have the meanings specified in the Prospectus. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INVESTING
IN OUR COMMON STOCK INVOLVES A HIGH DEGREE OF RISK. PLEASE CAREFULLY CONSIDER THE "RISK FACTORS" BEGINNING ON PAGE 3 OF THE PROSPECTUS. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEITHER
THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR PASSED
UPON THE ADEQUACY OR ACCURACY OF THE PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsequent
to the date of this Prospectus Supplement, the shares of Common Stock indicated in the Prospectus to be beneficially owned by Mazen Hanna may be transferred in whole or in
part by Mazen Hanna to Golden Moons&nbsp;Ltd. in one or more transactions not constituting a sale of such shares. Golden Moons&nbsp;Ltd. will be deemed to be a Selling Security Holder with respect
to any such shares that may be so transferred to it. </FONT></P>

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