Since Al Mann stated that a partner would dilute the company by half, he means that he will not settle for less than 50% of the royalties (excluding whatever MNKD can sell to physicians on it's own).

I believe big pharma is continuing to negotiate with MNKD's (Al's lawyers). The class action lawsuit is preventing Al from sticking his neck out anymore. If Al gets what he wants, look for a surprise partnership announcement; otherwise, alternative share and loan dilution is his only option.