For better or worse, I own both. However, I agree at current prices warrants seem to make more sense. For .64 you have option to purchase a whole share for $5 as of Jan 2015. Or, for $1.20 (.72 divided by .60) you have option to purchase whole share for $2.40 as of Feb 2016.

Both securities are essentially worthless if MNKD gets another CRL in 2014. The warrants give you time to realize gains that may result from marketing success. Of course, for the Exhubera crowd, it also gives time to determine failure.