Wrong and why did Deerfield insist Mike stay on as CEO and couldn't be fired without Deerfield's approval?

Lastly, why do you think we got a 2.9% interest rate from the note holders? They then control the company and share price. Its done with many many small companies that are lacking financing. Its called debt spiral financing for a reason.

No risk for the noteholders as they win either way, while dictating direction of the stock price. Lets say they have 20M of the 40M shares that are short at $5. Stock goes down to a $1 that's $80M and in a BK (as note holders they get first rights on assets) with these remaining assets they can sell off. In the meantime they can play with the price and when it goes down $1.5 they make $20-$30M. Do that 3X and 2.9% interest isn't how they are making their money short term. In the interim they make $50M over a couple years and then when it takes off they convert to shares get all their money back plus huge profits, if it soars. Like I said its a risk free bet.

By the way Mike and the BOD keep getting big annual compensation along with accumulating options, so when it takes off they win again. Now if your Mike and the BOD do you really care about retail shareholders? Institutions will trade in and out as well. Blackrock, State St and Vanguard have to own shares for their ETF's that MNKD is in like small caps.