It seems likely that MNKD has had a preliminary look at the Type 1 study top line data and shared it with Deerfield, and the data supports approval. If the data were not available yet, it would only be a matter of days, so it seems doubtful that they would ink this deal before a first look at the trial results.

IMO traders are taking the position that good data and potential approval are already baked into the price, and the hurdles of partnership and commercialization are the big questions. But I think the price will move significantly if MNKD announces strong results from both trials in August.