Brentie, here's how I look at and make sense of the warrants. For example, last I looked they were at .55, up from about .46 yesterday. Fairly thinly traded and not traded via an exchange.

I believe if you want to buy, you buy at .55 and if you want to sell, you'll get .46. Not too much unlike regular option spreads. On many smaller and/or lightly traded options (for all companies, not just MNKD), you won't be able to split the difference between bid and ask and get execution. Same on these warrants. These will trade in a more orderly fashion, IMO, at such time as the share price is above $4 or $5. As most of us know, that's not going to be for quite a while, absent a real shocker!