Per nasdaq.com, MNKD's short interest rose by 34% between 3-15-21 and 3-31-21, from 28.803 M shares to 38.606 M shares. During the same period, its price fell only 2%, from $4.00 to $3.92. So, with all of that additional short interest piled on, its price only fell slightly.
Since 2-26-21 (about the time the $230. M in convertible notes were issued), MNKD's short interest has gone from 17.119 M shares on 2-26-21 to 38.606 M shares on 3-31-21, or up 125.5%, and its price has gone from $5.71 to $3.92, for a drop of 31.35%, between 2-26-21 and 3-31-21. JMHO.