Yeah, I don't think it's worth talking about. First, you'd have to make sure the NOL is good...which it likely is given the high and consistent ownership percentage of Al...but it is not a given that at least a portion of it isn't subject to a very low limit (under section 382 of the internal revenue code). Second, even if it is good, the value of the NOL to any acquirer is the adjusted equity value of MNKD multiplied by the applicable federal rate in effect during the acquisition date. It's like 2.8% now. So assuming MNKD is acquired for a massive number and the equity value is $4B, then 2.8% of $4B, or about $140M of the NOLs would be usable post change. For a $2B NOL, that would be about 15 years to burn up...and NOLs expire after 20 years...so you'd be running into a situation that the NOLs would expire before they can be used under the applicable 382 limit. I'm not even discussing net unrealized built-in gains/losses that can affect that limit; how the equity value is calculated; or other nuances...this is high level (and probably already confusing).

Long story short, the NOL is a footnote. No one is buying MNKD for a tax loss...they're buying MNKD or any other company for their business line and how it can add...massively in the case of MNKD assuming approval...to the revenue number of the acquirer.