Bitch slapped to $1.05 by 300,000 shares -- ouch!

Please, that's too easy! It makes for good sucker fodder!

Promise them anything to get their money, even if management already knows the promise will never be fulfilled, but knows it will help guarantee their own fat salaries, benefits, bonuses, and perks.

"Matt" on proboards helps explain one of Mannkind's many problems:

"It is a common practice in many parts of the country to prohibit sales calls during hours when physicians are seeing patients. That is a direct result of the "share of voice" selling model employed by some pharma companies in the past where they had multiple reps from the same company detailing the same product to the same physicians. Multiply that problem by ten or fifteen drug companies calling on your clinic. At the end of the day, it is the physician's job to treat their patient and not to talk to pharma reps so I think it is a perfectly acceptable practice.

It is not fair to characterize it as the physicians having blinders on. They have plenty of opportunity to learn about new products at medical meetings (which also have an exhibitors floor), print advertising in medical journals, peer-reviewed articles in major journals, continuing education dinners held after office ours, monthly hospital based "drug fairs" where all reps are welcome to sell during a period of three to four hours, and many companies sponsor lunch at the clinic in exchange for having the physicians attention while they have a sandwich. Each of these approaches have merits and flaws, but to say that a clinic "no see" policy does not allow physicians to learn about new products is not accurate.

The problem for MNKD is that an increasing number of offices have a "no see" policy during clinic hours. If the receptionist will not allow the salesman to see the physician, there is very little selling that can take place."

Funny -- the 5 year race looks like a tie at present:

Oh, I am. I'm dreaming about the size of the next massive dilution. Figure they need a minimum of 25 million in new cash by the end of September, then a minimum of another 30 mil to get to the end of the year.

Looking at a minimum of 50 million new shares. Ought to have quite the dramatic impact on share price.

Spencer Osborne updates:

"By my estimate, the company finished the week of August 3rd with just $17.5 million in cash. The company has $3 million due to Deerfield at the end of this month, and must finish September with over $20 million in order to remain in compliance with a Deerfield covenant.

Yes, the company has been financing itself with shares, but even that has its limits. With 153 million shares outstanding and another 78 million shares tied up in converts, warrants, options, and stock plans, the company has just 49 million shares of wiggle room.

At this stage, it seems highly likely that the company will seek to authorize more shares in 2018. Considering that shareholders approved 140 million new shares just 9 months ago, the prospects of another offering will be a bit of a slap to some long-term shareholders. I suspect the company will want to use the creation of a poison pill to sell the idea."

No wiggle room, need to authorize more shares, poison pills -- my, my, my! Such fun!

Hmmmmmm...weren't you looking for a "bounce" back when you said you were buying at $1.83?

I dunno, down 5% Friday doesn't look like "holding strong" to me -- especially considering only a week or so ago it was 30% higher.

The longer MNKD waits to own up to what it plans on doing about its balance sheet and cash flow problems, the worse it'll get.

You may as well hope that Tinker Bell comes and sprinkles fairy dust on the company so it can fly.

Per Spencer Osborne, who is keeping good track of the cash situation:

"MannKind finished July with about $19 million in cash. That is already lower than the $20 million that the company needs to show Deerfield at the end of the quarter. Consider that the company owes $3 million to Deerfield by August 31st, and about $2.7 million to Amphastar before the end of the quarter, and you can see quite clearly that the need for cash is pretty immediate."

Did you catch that word, "immediate"? More as in like last month. And there isn't anything but major dilution available to them.

LOL! I agree.

First 15 minutes down 6 cents on 250,000 shares -- guess the script numbers failed to impress, huh?

LOL! Blackrock ETFs don't love anything, they simply have to buy to maintain the correct proportions. Nice try though!

Here's what you probably should be expecting:

"A quick LOOK into MNKD's FUTURE:

https://f!inance.yahoo.com/news/aralez-pharmaceuticals-enter-purchase-agreements-100000930.html

Commences Voluntary Proceedings under CCAA in Canada and Chapter 11 in the United States

MISSISSAUGA, Ontario, Aug. 10, 2018 /PRNewswire/ -- Aralez Pharmaceuticals Inc. (ARLZ) (ARZ.TO) ("Aralez" or the "Company") announced today that it intends to enter into purchase agreements with two separate stalking-horse purchasers to sell its main operating businesses: an agreement to sell its VIMOVO® royalties and Canadian operations to Nuvo Pharmaceuticals Inc. ("Nuvo") in a transaction valued at U.S.$110 million and an agreement to sell its TOPROL-XL® Franchise to its secured lender, certain funds managed by Deerfield Management Company, L.P., in a transaction valued at U.S.$140 million.

Way to go, Deerfield"

"Speaking of afizzling afailure -- NEW SCRIPT NUMBERS:

Nrx = 273

Refills = 275

Trx = 548

Revenues = 727,000

LAST WEEK:

Nrx = 276

Refills = 298

Trx = 574

Revenues = 862,000"

That was a curious dip to $1.17 on 350,000 shares just before 10 am -- someone seemed pretty desperate to get out.

"Authorized shares is 280 million

Oustanding shares is 153 million

Warrants, converts, options, etc have 78 million shares tied to them, bring possible share use up to 231 million. This leaves just 49 million shares of wiggle room."

Indeed, wiggle room is at a minimum -- at least until the next revese split and the next vote to increase the number of authorizes shares.

Does anyone know exactly WHAT they're doing? No 10-Qs in -- what? -- over a year? No 10-K. No nothing.

153,000,000 -- and only God knows what it'll be by the end of September.

More like this pig is going to break it's leg around $1.17:

https://www.stockcharts.com/h-sc/ui?s=MNKD&p=D&yr=1&mn=0&dy=0&id=p61655746687&a=610635593

It's called learning from the past; learning what took MNKD from $16 a share 14 years ago to $1 now and prepping you for the next dilution and reverse split as well.

If you had invested in Kovacocy's last half dozen recommendations in the last 6 months, you'd be down around 70%. Some people are even accusing him of pumping so that he can short into any rally he might cause.

No double compared to the previous quarter. In fact an absolute disaster when you consider the EXTRAORDINARY amount of money that MNKD had to spend just to budge revenues even a LITTLE:

1st quarter vs 2nd quarter:

Wholesaler distribution fees and prompt pay discounts 823,000 vs 1,879,000

Patient discount and co-pay assistance programs 181,000 vs 430,000

Rebates and chargebacks 666,000 vs 1,996,000

Now the quarterly increase in GROSS revenues was just 6,702,000 - 5,196,000 = $1,506,000. Mannkind INCREASED the amount they spent to move the product by 4,305,000 - 1,670,000 = $2,635,000.

In OTHER words, MNKD spent an ADDITIONAL $2,635,000 to gain an increase in GROSS revenues of just $1,506,000 -- the equivalent of spending $1.75 to buy $1.00 worth of GROSS revenue.

On top of THAT, note the additional $1,113,000 dollars spent on "Selling, general and administrative costs" in the second quarter. THAT raises the cost of that additional GROSS revenue to $3,748,000 -- or a cost of about $2.50 to buy $1.00 worth of gross revenue.

Ended up that the NET revenue from increased a measly 350,000 from the 1st to the 2nd quarter. Truly pathetic.

"Time for the bounce back" -- yeah, as I recall that's one of the refrains of the MNKD shareholder anthem; just amazing how often they get to sing it.

"Matt_pk" providing further insight into the collapse of the stock price:

"When assessing break-up value, the number to focus on is enterprise value, not market cap. The EV is about $260 million, and the company would fetch nowhere near that in a break-up scenario.

Break-up implies that the company ceases to exist and that the individual assets are auctioned off to the highest bidder. Yesterday Spencer estimated $20 million in fire sale value for the building and equipment; I would estimate it a bit higher but still less than about $30 million. Even my higher estimate would not cover the Deerfield note.

That leaves the intangible assets. I think you would be hard pressed to find a buyer willing to pay significant money for a patent estate that protects a product that has had very limited success to date."

Yeah, probably not good mentioning "fire sale" when the stock is crashing and burning, huh?

I dunno, but MNKD's dead cat looks like it's lost an awfully lot of its "bounce" over the years. No doubt due, of course, to having been tested so many times.

In Mannkind's case, probably a lot safer to run away.

Spencer Osborne's latest:

https://seekingalpha.com/article/4195596-assessing-mannkind-stock-price-approaches-1-per-share

"A few weeks ago the main issue at MannKind was a cash crunch. With the stock flirting with $1 per share, the cash crunch is compounded and investors need to think about the NASDAQ listing requirements. By NASDAQ rule, a company stock must trade above $1 per share. If the company falls out of compliance for 30 consecutive days, it will get a de-listing notice. The company then has 180 days to set in motion a plan to regain compliance. If it wants to get an extension it must submit its plans to NASDAQ for consideration. A reverse split is an oft used remedy."

Thanks for the heads up, Spencer.

The latest from Nate Pile preparing shareholders for the future:

"And, just to make sure you’re really being honest with yourself, I want to encourage you to think about how you will feel if the stock is at a buck… or 80 cents… or 50 cents… a few weeks from now – how many shares will you wish you owned (or didn’t own, as the case may be)? And then turn it around and ask how much you’ll wish you owned if it was at $2… or $5… or $20 (depending how far out you’re willing to look as an investor)… and THEN find the happy balance between those two share counts and make sure you adjust your portfolio first thing Monday morning IF it turns out such an adjustment is necessary."

50 cents? Thanks for the heads up, Nate.

The author is "joeypotsandpans" from the proboards "MNKDcirclejerk" forum. He tried to post his lunatic fringe rants on Seeking Alpha but they repudiated him. I would suggest you do so as well.

Insiders buying on the 6th to help stem the tsunami of selling currently being witnessed. Unfortunately, the paltry amounts spent relative the insiders' salaries won't impress anyone.

Funny, isn't it, how Dr. Kendall doesn't appear to have ever bought any MNKD stock at all -- probably because he's so smart.

Indeed, Sanofi didn't even want their own reps handling the stuff. They went so far as to hire Quintiles to take over selling the stuff after only nine months of trying themselves.

It was right after that when MNKD fired Hakan -- I can't imagine why.

Anyone got a copy of the NASDAQ delisting rules handy?

Well, rub it in already:

https://www.nasdaq.com/article/why-mannkind-corporation-stock-is-tanking-again-today-cm1003086

"The drop followed a 23% plunge on Friday after the biotech announced its second-quarter results on Thursday evening.

Those results were pretty dismal."

Seems like a sensible reason to me.

Busier than usual after hours and now down to 95 CENTS. I can't imagine what it could all mean.

"MannKind Stock Is One Step Away From Obliteration":

https://finance.yahoo.com/news/mannkind-stock-one-step-away-142419669.html

"Objectively, Afrezza and MannKind are fried. Even if the liquidity covenant didn’t exist, the company would face an uphill battle. The issue of course is that it does exist, and it severely limits management’s options. A bankruptcy notice in the near future isn’t at all out of the question."

Blunt ain't he? LOL!

Down another 12% on 5.6 million shares -- you'd almost think someone was trying to unload ahead of a massive dilution -- wouldn't you?

Looks like the same pattern as in early April, only a lot worse.

Oh, yeah, like you can really trust a CEO who sees his $800,000 salary about to go up in smoke as Mannkind burns.

Which only goes to show just much you can trust an analyst's opinion.