Nice analyses on all parts. However I would like to bring just a little reality to the discussion. There have been threads in the past that have discussed the potential Mannkind market cap upon approval. Based on my review of the past threads, $8.90 (crossover point) is a fairly rich price for the company (assuming 550 mil shares). That is nearly a $5 bil market cap. Just before the last CRL, the market cap was about $1.1 bil. I guess my question is, assuming approval, what is a realistic valuation for the company? Personally I think that $10 per share is highly speculative. That is one of the reasons I am comfortable holding the warrants. In fact, at the right price, I think I'd buy more warrants.