<SUBMISSION>
<ACCESSION-NUMBER>0000912057-02-010354
<TYPE>SC TO-I/A
<PUBLIC-DOCUMENT-COUNT>1
<FILING-DATE>20020318
<SUBJECT-COMPANY>
<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>SC TO-I/A
<ACT>34
<FILE-NUMBER>005-47414
<FILM-NUMBER>02577933
</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>
</SUBJECT-COMPANY>
<FILED-BY>
<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>SC TO-I/A
</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>
</FILED-BY>
<DOCUMENT>
<TYPE>SC TO-I/A
<SEQUENCE>1
<FILENAME>a2069965zscto-ia.htm
<DESCRIPTION>SC TO-I/A
<TEXT>
<HTML>
<HEAD>
<TITLE>
</TITLE>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#02PAL1091_1">QuickLinks</A></FONT>
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<P ALIGN="RIGHT"><FONT SIZE=2>
As filed with the Securities and Exchange Commission on March&nbsp;18, 2002 </FONT></P>

<HR NOSHADE>
<HR NOSHADE>
<P ALIGN="CENTER"><FONT SIZE=5><B>SECURITIES AND EXCHANGE COMMISSION<BR>  </B></FONT><FONT SIZE=2>Washington, D.C. 20549 </FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=5><B>SCHEDULE TO<BR>
(Amendment No.&nbsp;2)<BR>  </B></FONT><FONT SIZE=2>Tender Offer Statement under Section&nbsp;14(d)(1) or 13(e)(1)<BR>
of the Securities Exchange Act of 1934 </FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=5><B>Inhale Therapeutic Systems,&nbsp;Inc.<BR>  </B></FONT><FONT SIZE=2>(Name of Subject Company&#151;Issuer and Filing Person&#151;Offeror) </FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=2><B>OPTIONS TO PURCHASE COMMON STOCK,<BR>
par value $0.0001 per share<BR>  </B></FONT><FONT SIZE=2>(Title of Class of Securities) </FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=2><B>457191-10-4<BR>  </B></FONT><FONT SIZE=2>(CUSIP Number of Class of Securities) </FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=2><B>Ajit S. Gill<BR>
Chief Executive Officer and President<BR>
INHALE THERAPEUTIC SYSTEMS,&nbsp;INC.<BR>
150 Industrial Road<BR>
San Carlos, California 94070<BR>
Telephone: (650)&nbsp;631-3100<BR>  </B></FONT><FONT SIZE=2>(Name, address and telephone number of person authorized to receive<BR>
notices and communications on behalf of Filing Person) </FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=2>Copies
to:<BR></FONT> <FONT SIZE=2><B>Mark P. Tanoury<BR>
Thomas Z. Reicher<BR>
John M. Geschke<BR>
COOLEY GODWARD LLP<BR>
3175 Hanover Street<BR>
Palo Alto, California 94304-1130<BR>
Telephone: (650) 843-5000  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B> <A NAME="ba1091_calculation_of_filing_fee"> </A>
<A NAME="toc_ba1091_1"> </A>
<BR>    CALCULATION OF FILING FEE    <BR>  </B></FONT></P>

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<TR VALIGN="TOP">
<TD COLSPAN=3 ALIGN="CENTER"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%" ALIGN="CENTER"><FONT SIZE=1><B>Transaction Valuation*</B></FONT></TD>
<TD WIDTH="6%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="55%" ALIGN="CENTER"><FONT SIZE=1><B>Amount of Filing Fee**</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 ALIGN="CENTER"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%" ALIGN="CENTER"><FONT SIZE=2>$33,906,010.70</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="55%" ALIGN="CENTER"><FONT SIZE=2>$3,119.35</FONT></TD>
</TR>
</TABLE>
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<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD><FONT SIZE=2>Calculated
solely for purposes of determining the filing fee. This amount assumes that options to purchase 3,653,680 shares of Common Stock of Inhale Therapeutic Systems,&nbsp;Inc.
having an aggregate value of $33,906,010.70 will be exchanged pursuant to this offer. The aggregate value of such options was calculated based on the Black-Scholes option pricing model as of
January&nbsp;23, 2002.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>**</FONT></DT><DD><FONT SIZE=2>$92
per $1,000,000 of the aggregate offering amount (or .000092 of the aggregate transaction valuation), pursuant to Rule&nbsp;0-11 of the Securities Exchange Act of
1934, as amended by Fee Advisory #8, effective January&nbsp;16, 2002. The filing fee was previously paid with the Schedule TO filing made with the Securities and Exchange Commission on
January&nbsp;25, 2002. </FONT></DD></DL>
<UL>

<P><FONT SIZE=2>/&nbsp;/&nbsp;</FONT><FONT
SIZE=2><B>Check box if any part of the fee is offset as provided by Rule&nbsp;0-11(a)(2) and identify the filing with which the offsetting fee was
previously paid. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.  </B></FONT></P>
</UL>
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<TR VALIGN="TOP">
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="30%"><FONT SIZE=2><B>Amount Previously Paid:</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="22%"><FONT SIZE=2>Not applicable.</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2><B>Filing Party:</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="22%"><FONT SIZE=2>Not applicable.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="30%"><FONT SIZE=2><B>Form or Registration No.:</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="22%"><FONT SIZE=2>Not applicable.</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2><B>Date Filed:</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="22%"><FONT SIZE=2>Not applicable.</FONT></TD>
</TR>
</TABLE>
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<UL>

<P><FONT SIZE=2>/&nbsp;/&nbsp;</FONT><FONT
SIZE=2><B>Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.  </B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>Check the appropriate boxes below to designate any transactions to which the statement relates</B></FONT><FONT SIZE=2>: </FONT></P>

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<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>/&nbsp;/</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="87%"><FONT SIZE=2>Third-party tender offer subject to Rule&nbsp;14d-1.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>/x/</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="87%"><FONT SIZE=2>Issuer tender offer subject to Rule&nbsp;13e-4.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>/&nbsp;/</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="87%"><FONT SIZE=2>Going-private transaction subject to Rule&nbsp;13e-3.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>/&nbsp;/</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="87%"><FONT SIZE=2>Amendment to Schedule&nbsp;13D under Rule&nbsp;13d-2.</FONT></TD>
</TR>
</TABLE>
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<UL>

<P><FONT SIZE=2><B>Check the following box if the filing is a final amendment reporting the results of the tender offer:&nbsp;/x/  </B></FONT></P>

</UL>
<HR NOSHADE>
<HR NOSHADE>
<HR NOSHADE>
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<P><FONT SIZE=2><B>CUSIP NO. 457191-10-4  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="de1091_schedule_to"> </A>
<A NAME="toc_de1091_1"> </A>
<BR></FONT><FONT SIZE=2><B>SCHEDULE TO    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="de1091_introductory_statement"> </A>
<A NAME="toc_de1091_2"> </A></FONT> <FONT SIZE=2><B>INTRODUCTORY STATEMENT    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Amendment No.&nbsp;2 to Schedule&nbsp;TO amends and supplements the Tender Offer Statement on Schedule&nbsp;TO, as amended, initially filed with the
Securities and Exchange Commission (the "Commission") on January&nbsp;25, 2002, in connection with our offer to exchange certain options granted prior to July&nbsp;24, 2001 with exercise prices
per share greater than or equal to $25.00 per share currently outstanding under the Company's 2000 Non-Officer Equity Incentive Plan, as amended (the "Option Plan"), to purchase shares of
the Company's Common Stock, par value $0.0001 per share (the "Common Stock"), held by optionholders as of January&nbsp;25, 2002 for replacement options to purchase shares of Common Stock to be
granted under the Option Plan, upon the terms and subject to the conditions set forth in the Offer to Exchange. This Amendment's sole purpose is to report the results of the tender offer. </FONT></P>

<P><FONT SIZE=2><B>ITEM 4. TERMS OF THE TRANSACTION.  </B></FONT></P>

<P><FONT SIZE=2>Item
4 of the Schedule TO, as amended, is hereby further amended and supplemented to add the following: </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Offer to Exchange expired at midnight, Pacific Standard Time, on February&nbsp;25, 2002. Pursuant to the Offer to Exchange, we accepted for cancellation Eligible Options to
purchase 1,217,500 shares of Common Stock and Mandatory Exchange Options to purchase 78,170 shares of Common Stock for an aggregate total of 1,295,670 options to purchase shares of our Common Stock. A
total of 90 employees elected to exchange such Eligible Options on a one-for-two (1:2) basis and will receive options to purchase an aggregate of 608,750 Replacement Options to
purchase shares of Common Stock in exchange for the cancellation of such Eligible Options. Participating employees electing to exchange
Eligible Options also exchanged Mandatory Exchange Options on a one-for-one (1:1) basis and will receive options to purchase an aggregate of 78,170 Replacement Options to
purchase shares of Common Stock in exchange for the cancellation of such Mandatory Exchange Options. Accordingly, subject to the terms and conditions of the Offer to Exchange, we will grant
Replacement Options to purchase an aggregate total of 686,920 shares of our Common Stock in exchange for such cancelled Eligible Options and Mandatory Exchange Options. We will promptly send each
participating employee whose options have been accepted for cancellation a Notice of Confirmation of Participation in the Offer to Exchange, substantially in the form of Exhibit&nbsp;99.(a)(1)(H) as
filed with the Commission on January&nbsp;25, 2002. </FONT></P>

<HR NOSHADE>
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<BR>

<P><FONT SIZE=2><B>ITEM 12. EXHIBITS.  </B></FONT></P>

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<TR VALIGN="BOTTOM">
<TH WIDTH="16%" ALIGN="LEFT"><FONT SIZE=1><B>Exhibit Number<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="81%" ALIGN="CENTER"><FONT SIZE=1><B>Description</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>99.(a)(1)(A)*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Offer to Exchange, dated January&nbsp;25, 2002.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>99.(a)(1)(B)*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Form of Electronic Letter of Transmittal.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>99.(a)(1)(C)*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Form of Summary of Terms.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>99.(a)(1)(D)*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Form of Election Form.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>99.(a)(1)(E)*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Form of Notice of Change in Election from Accept to Reject.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>99.(a)(1)(F)*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Form of Notice of Change in Election from Reject to Accept.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>99.(a)(1)(G)*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Powerpoint slide presentation to holders of Eligible Options.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>99.(a)(1)(H)*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Form of Confirmation of Participation in the Offer to Exchange.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>99.(a)(1)(I)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Inhale Therapeutic Systems, Inc. Annual Report on Form&nbsp;10-K, as amended, for its fiscal year ended December&nbsp;31, 2000, filed with the Securities and Exchange Commission on March&nbsp;1, 2001 and incorporated
herein by reference.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>99.(a)(1)(J)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Inhale Therapeutic Systems, Inc. Current Report on Form&nbsp;8-K/A, filed with the Securities and Exchange Commission on August&nbsp;10, 2001, as amended, and incorporated herein by reference.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>99.(a)(1)(K)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Inhale Therapeutic Systems, Inc. Current Report on Form&nbsp;8-K/A, filed with the Securities and Exchange Commission on October&nbsp;4, 2001 and incorporated herein by reference.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>99.(a)(1)(L)**</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Form of Electronic Communication&#151;Notice to Employees of Amendments to the Offer to Exchange (including Exhibit&nbsp;1).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>99.(a)(1)(M)**</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Form of Electronic Communication&#151;Reminder to Employees of Cancellation Date.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>99.(b)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Not applicable.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>99.(d)(1)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Inhale Therapeutic Systems, Inc.'s 2000 Non-Officer Equity Incentive Plan, as amended, (incorporated herein by reference to the indicated exhibit in Inhale's Registration Statement on Form&nbsp;S-8/A (No.&nbsp;333-71936),
filed on January&nbsp;15, 2002.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>99.(g)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Not applicable.</FONT></TD>
</TR>
</TABLE>
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<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD><FONT SIZE=2>Previously
filed as an exhibit to the Schedule TO filed with the Securities and Exchange Commission on January&nbsp;25, 2002.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>**</FONT></DT><DD><FONT SIZE=2>Previously
filed as an exhibit to the Amendment No.&nbsp;1 to Schedule TO filed with the Securities and Exchange Commission on February&nbsp;8, 2002. </FONT></DD></DL>
<HR NOSHADE>
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<P><FONT SIZE=2><B>CUSIP NO. 457191-10-4  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>SCHEDULE TO  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="jc1091_signature"> </A>
<A NAME="toc_jc1091_1"> </A>
<BR></FONT><FONT SIZE=2><B>SIGNATURE    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. </FONT></P>

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<TD WIDTH="48%"><FONT SIZE=2>Dated: March&nbsp;18, 2002</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="48%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><B>INHALE THERAPEUTIC SYSTEMS,&nbsp;INC.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="48%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2><BR>
/s/ Ajit S. Gill</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="48%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Name: Ajit S. Gill<BR>
Title: Chief Executive Officer and President</FONT></TD>
</TR>
</TABLE>
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<HR NOSHADE>
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<P><FONT SIZE=2><B>CUSIP NO. 457191-10-4  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ka1091_schedule_to"> </A>
<A NAME="toc_ka1091_1"> </A>
<BR></FONT><FONT SIZE=2><B>SCHEDULE TO    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ka1091_index_of_exhibits"> </A>
<A NAME="toc_ka1091_2"> </A></FONT> <FONT SIZE=2><B>INDEX OF EXHIBITS    <BR>  </B></FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="16%" ALIGN="LEFT"><FONT SIZE=1><B>Exhibit Number<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="81%" ALIGN="CENTER"><FONT SIZE=1><B>Description</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>99.(a)(1)(A)*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Offer to Exchange, dated January&nbsp;25, 2002.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>99.(a)(1)(B)*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Form of Electronic Letter of Transmittal.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>99.(a)(1)(C)*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Form of Summary of Terms.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>99.(a)(1)(D)*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Form of Election Form.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>99.(a)(1)(E)*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Form of Notice of Change in Election from Accept to Reject.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>99.(a)(1)(F)*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Form of Notice of Change in Election from Reject to Accept.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>99.(a)(1)(G)*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Powerpoint slide presentation to holders of Eligible Options.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>99.(a)(1)(H)*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Form of Confirmation of Participation in the Offer to Exchange.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>99.(a)(1)(I)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Inhale Therapeutic Systems, Inc. Annual Report on Form&nbsp;10-K, as amended, for its fiscal year ended December&nbsp;31, 2000, filed with the Securities and Exchange Commission on March&nbsp;1, 2001 and incorporated
herein by reference.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>99.(a)(1)(J)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Inhale Therapeutic Systems, Inc. Current Report on Form&nbsp;8-K/A, filed with the Securities and Exchange Commission on August&nbsp;10, 2001, as amended, and incorporated herein by reference.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>99.(a)(1)(K)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Inhale Therapeutic Systems, Inc. Current Report on Form&nbsp;8-K/A, filed with the Securities and Exchange Commission on October&nbsp;4, 2001 and incorporated herein by reference.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>99.(a)(1)(L)**</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Form of Electronic Communication&#151;Notice to Employees of Amendments to the Offer to Exchange (including Exhibit&nbsp;1).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>99.(a)(1)(M)**</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Form of Electronic Communication&#151;Reminder to Employees of Cancellation Date.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>99.(b)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Not applicable.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>99.(d)(1)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Inhale Therapeutic Systems, Inc.'s 2000 Non-Officer Equity Incentive Plan, as amended, (incorporated herein by reference to the indicated exhibit in Inhale's Registration Statement on Form&nbsp;S-8/A (No.&nbsp;333-71936),
filed on January&nbsp;15, 2002.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>99.(g)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Not applicable.</FONT></TD>
</TR>
</TABLE>
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<DT style='margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD><FONT SIZE=2>Previously
filed as an exhibit to the Schedule&nbsp;TO filed with the Securities and Exchange Commission on January&nbsp;25, 2002.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>**</FONT></DT><DD><FONT SIZE=2>Previously
filed as an exhibit to the Amendment No.&nbsp;1 to Schedule&nbsp;TO filed with the Securities and Exchange Commission on February&nbsp;8, 2002. </FONT></DD></DL>
<HR NOSHADE>
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