Filed Pursuant to Rule 424(b)(3) and (c)
                             File Number 333-36152

                          PROSPECTUS SUPPLEMENT NO. 4
                             DATED January 29, 2001
                                       to
                         Prospectus Dated May 30, 2000

                        INHALE THERAPEUTIC SYSTEMS, INC.
                                  $230,000,000
                                       of
                       5% Convertible Subordinated Notes
                              due February 8, 2007
                                      and
                        5,996,610 Shares of Common Stock
                     Issuable Upon Conversion of the Notes

    This prospectus supplement supplements the prospectus dated May 30, 2000 of
Inhale Therapeutic Systems, Inc. relating to the public offering and sale by
selling security holders described below. This prospectus supplement contains
information on ownership of principal amount of notes beneficially owned and
offered and shares of our common stock issuable upon conversion of the notes.
This prospectus supplement should be read in conjunction with the prospectus,
and this prospectus supplement 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.

                            SELLING SECURITY HOLDERS

    The table on pages 41, 42, 43 and 44 of the prospectus setting forth
information concerning the selling security holders is amended by the addition
of the following information to that table:



                                                                                                   COMMON
                                                              COMMON STOCK                          STOCK
                                     PRINCIPAL AMOUNT OF      ISSUABLE UPON        COMMON        OWNED AFTER
                                      NOTES BENEFICIALLY    CONVERSION OF THE       STOCK       COMPLETION OF
      SELLING SECURITY HOLDER        OWNED AND OFFERED(1)     NOTES (1)(2)      OFFERED(1)(2)   THE OFFERING
- -----------------------------------  --------------------   -----------------   -------------   -------------
                                                                                    
McMahan Securities Company L.P.....      $   171,000(3)            4,458            4,458                --
Merrill Lynch Pierce Fenner & Smith
  Inc..............................      $   303,000(3)            7,899            7,899                --
Lincoln Mutual Convertible
  Securities Fund..................      $ 1,500,000              39,108           39,108                --


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(1) Amounts indicated may be in excess of the total amount registered due to
    sales or transfers exempt from the registration requirements of the
    Securities Act since the date upon which the selling holders provided to us
    in the information regarding their notes.

(2) Inhale's Board of Directors declared a two-for-one split of the outstanding
    shares of our common stock for all holders of record as of the close of
    business on August 1, 2000 which was effected in the form of a stock
    dividend resulting in a reduction by one-half of the conversion price per
    share and an increase in the number of shares of our common stock issuable
    upon conversion of the notes. As of August 2, 2000 the notes became
    convertible at a conversion price of $38.355 per share. All stock numbers in
    this supplement have been adjusted to give effect to this two-for-one stock
    split.

(3) Amounts listed are in addition to the principal amount of notes beneficially
    owned and offered by the selling holder already included in the prospectus.

    Information concerning the selling holders may change from time to time and
any changed information will be set forth in supplements to this prospectus if
and when necessary. In addition, the conversion rate and therefore, the number
of shares of common stock issuable upon conversion of the notes, is subject to
adjustment under certain circumstances. Accordingly, the aggregate principal
amount of notes and the number of shares of common stock into which the notes
are convertible may increase or decrease.