Even though with Method III the company was bought, it still gives a ball park valuation. Whether the company is sold or enters into a joint venture, the value is similar. They are just different ways of realizing it, and the correlation between the two is very high. Although one method may allow Mankind to extract more value than the other.

Method IV assumes that if there is a partner or not, that Afrezza is worth 2 times revenue. It doesn't matter which firm pays for manufacturing, it is still worth 2 times revenue. If Mannkind does the manufacturing, then they will get a larger cut of the revenue. Eli Lilly is valued at 2 times revenue and I believe that includes Eli Lilly doing the manufacturing.

The warrant expirations should be about 10/30/2013, I put the issue date in by mistake.