I agree that completion of enrollment will be nice PR event. And, dilution is the most likely scenario (80%); however, partnership w/ milestone linked funding may also be a possibility (20%).

When Al talked about mid-summer partnership, was that based on absolutely nothing, or was his statement based on substantial progress in partner negotiations? The fact that they have not announced any financing structure could be explained by how close they are to a partnership. This would explain why they would be willing to let funds run so low. It would be easy to envision a scenario where MNKD and partner have agreed to terms that the partner is only willing to execute upon certain conditions being met - for example: trial enrollment and favorable preliminary results from first ## patients that complete trial.

In exchange for US marketing rights and a fair royalty share, a favorable partnership structure would include an up front cash infusion sufficient to cover financing through NDA; then another payment upon filing NDA sufficient to sustain operations, build out capacity and retire maturing notes; then another payment tied to approval sufficient to fund phase 4 trials. This structure would likely have some form of equity participation for the partner.