I did sell my shares.

I wish I had sold my shares before the 2nd CRL.

For those who had the shares when it was 10, do you think the share price will ever reach that level again? I think not.

Al invested a billion into the company and he still only invested a billion. His share of the company is still 50% while the total share count has increased several fold.

Because Al has wisely loaned a bunch of money to the company as debt, he can always get the cheap shares upon conversion. Can you say the same about retail investors?

MNKD still has about a year and half before the launch of the drug. How many more shares will the company sell to get to that point? That is the real question.

You buy it for 1.9 now and hope it will rise to 5 or even 10 but if the company sells a bunch of more shares, maybe a target price of 4 or 3 or even 2 will become appealing.