MNKD is a joke. Has anyone even bothered to look at what they spent on their drug and what the drug is actually doing in revenue. They spent billions developing their drug and its pulled in 30 million in revenue in the last 3 years. At this rate it will take them years to get back their development cost. Their bottom line growth is laughable. This is the exact reason that Sanofi pulled out of their licensing deal a year into it. Afrezza has come nowhere close to the numbers they were stating. They have very little cash on hand right now so dilution is probably around the corner. Their subscription rate has been pathetic as well. Their cash burn is pretty high as well. They also have a covenant that requires the company to possess at least $25 million in cash at the end of any quarter so with about 35 million in cash and their current burn rate they will need cash sooner then later. Here in 2018 MannKind has substantial insulin commitments each quarter. Earlier this quarter, the street was projecting that each quarter will cost MannKind $2.7 million. The dollar/euro dynamic has not improved, and in fact has gotten worse. If we assume $552 in net revenue per script, it will take about 5,000 scripts to pay for the required insulin. With Q1's 46% gone, the estimated net revenue to cover the insulin purchase is at 48%. As things stand now, the sales in Q1 will only cover the required insulin purchase and not really touch paying for manufacturing, sales, marketing, etc. Then lets not forget that One of the challenges that Afrezza faces is getting insurers to cover the drug without prior authorizations, step therapy, or quantity restrictions. All of these hurdles make it a less friendly drug to prescribe. At the end of the day traction with their Drug is just not there.
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