Have been pointing that out for years. And there's nothing wrong with that (heck, it's not like when they fail they fall 10% and when they succeed they rise 100% - no, when they fail, they fail big!).
And that's why the level of derogatory/negative comments on development biotech stock message boards is so very high brow! Eg, and this is a good one, "The FDA will never approve an inhalable insulin product."
I we had a buck for each time something like that was written, we wouldn't need to be speculating in MNKD stock!