Just thought I'd put in my two sense to this interesting discussion:

I purchased 20,000 warrants on Dec. 26, 2012

The following were the prices of the alternative investment vehicles.

Warrants - $.55

Stock - $2.31

$5.00 Jan 15 option $.50 (my recollection)

I spent $11,000 on the warrants - and based on the $1.18 value today, my profit is $12,600.

If I spent $11,000 on the stock, I would have purchased 4762 shares and based on todays price of $3.47, my profit would have been $5524

If I spent $11,000 on the $5.00 Jan.15, I would have purchase 2000 options that would have been worth $20,800 today based on a price of $1.04, my profit would have been $10,800.

So based on my analysis at the time and some good articles, it seemed that the best way to play MNKD was to buy the warrants and it worked out that way.

This discussion is certainly has me thinking of my next move. BTW, I also own 25,000 shares purchased in Oct., 2012 at $1.91