Yes, Deerfield could have pulled the trigger w/o the recent extension.
But the deal brought more in that they gave up. The "cost" to Deerfield is that MNKD can burn some more chash. But in return, MNKD brought in $19M from Mann and paid off $5M of future debt. So it was incrementally positive even if MNKD goes BK after burning an extra $15M.
What is there to exploit?
In Q1 the Afrezza sales were $1.2M, yielding a gross margin of $400k. To break even, they have a nut of $20M/q to pay.
Sales need to increase 50x just to hit break even on these numbers (and this ignores the fact that overhead would have to increase to handle this).
Furthermore, if Deerfield did want to make it work, they could let MNKD default and collect the collateral (which is basically the Afrezza commercial enterprise). Why support the other bondholders and common?
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