It seems to me that this is really just official confirmation of what we already know and have been discussing.

MNKD will need to raise significant additional funds before they begin selling Afrezza and have positive cash flow. $500 million is a good estimate of the upper limit of what will be needed. The shelf registration covers virtually every type of financing so we can still debate whether the cash will be raised through the most dilutive sale of stock or through a bond offering.

Perhaps what this does tell us is that there is no partnership agreement immenent in which the partner would supply the needed cash.

As for Al Mann's funds, I believe that he is still 100% committed with every dollar he has, but he understands the importance of preserving liquidity and keeping some dry powder. The day he commits his last dollar is the day that MNKD really is in deep trouble.