Maybe, just maybe, he's waiting for some indication of the progress the studies are making before going "all in". It is an option, and the move would send a shock wave through the system (IMO) that might just set the ship right again. It would have be done as some sort of debt financing, which is not to his greatest advantage from an appreciation perspective, but gets the real cash needed to drive this forward. A debt for equity move would be a waste of time since it will add nothing tangible from which MNKD can continue operations.