While I do agree that the shelf offering may depress price in most cases, odd things do happen as well. Just look at XNPT, its stock price was around 6, when they offered new shares at 6.5 and now it is over 9. There is no news whatsoever. One thing notable is that Wells Fargo was the underwriter of that offering.

Admittedly, XNPT has low volumes and easily manipulatable. Still, if MNKD can find a good underwriter and given the huge potential of the product and the expected trial completion in near horizon, I think an offering may trigger a stock run up. Similar cases include ONTY and ARIA.