Don't think they'll have a huge dilution at once, it's a shelf offering, they can keep going back to it from time to time as needed and as appropriate, and, also, as feasible. Sometimes, there's a little too much need, and then the appropriate and feasible sort of give way. It happens.
I'm confident MNKD could go out right now and raise $50 million for at least $2/share, probably even $2.30; hope they don't, but I think they have a sufficiently good story.