http://www.fool.com/investing/general/2013/06/14/mannkind-still-treading-water-so-why-are-investors.aspx

"Perhaps the most likely wipeout scenario, though, is that a psychological letdown of sorts occurs at some point with an accompanying plunge in the stock -- even if all else goes relatively well."

Sounds like they're running out of ammo - this is really lame!