Thank you for your comments nada. The reason I made the comparison was to try to put a floor on MNKD’s value. Bydureon and Afrezza both treat diabetes, but Afrezza probably has a wider market, so I believe that you are correct that Afrezza is worth more than Bydureon.

The minimum valuation of MKND at $10 per share is accounting for the risk of heavy dilution, since I used 500 million shares in the calculation.

I am not trying to estimate the upside, but rather a conservative price that can give me a margin of safety.

My understanding was that since Bydureon signals the pancreas to release insulin only in the presence of high blood glucose, the chance of hypoglycemia is low, and since it is your own pancreas releasing the insulin I assumed it would work as fast as would be observed in a non-diabetic person. Are these incorrect assumptions?