MannKind Corp. (MNKD)

[TREND1]

At this stage, it is my estimation that MannKind has under $40 million in cash. The company has guided to a spend level of $10 million per month. Though MannKind professes to have cash that will get it into Q1 of 2017, I show that the company will run out of cash in Q4. Unless sales ramp up, or they get an infusion of some size as a milestone, investors should be looking at a dilutive event in the not too distant future. This is a company desperate for cash and without leverage. From an investor's standpoint, the equity remains highly speculative.