"Something I ponder often and highly dependent on the amount of dilution IMO."

OPC, maybe this is implied in what you say above, but it is also dependent on the amount of funds raised. I know of several investors, about half which currently hold some amount of MNKD, that are waiting until funding risk is off the table before they will buy MNKD shares. The vast majority of them also state that they don't really care if they have to pay more for shares as long as there is enough funding to get MNKD through launch.

So, if they raise a small amount of $ at a high level of dilution, the stock will tank. If they raise a large amount of $ at a minimal level of dilution, the stock will soar. If they raise enough $ to get through launch, the stock may not decline as much as some of us fear.

I believe this so strongly that I have raised cash by selling shares and buying warrants. For example, I bot 5000 warrants for $3500 and sold 3000 shares for $7950 and raised $4450 that I will use to buy more warrants or shares if there is significant drop in share price caused by dilution.