Exactly four weeks have passed since MannKind ( MNKD) secured FDA approval for its inhaled insulin device Afrezza. But with no announcement from MannKind executives about a partnership necessary to sell Afrezza, the company's stock is sliding down hill.
MNKD data by YCharts
If MannKind is close to signing an Afrezza partnership, the company is almost certainly pushing very hard to get that deal closed before it must report second-quarter financials. The alternative is ugly. Holding a conference call in early or middle August with nothing concrete to say about an Afrezza deal would be damaging to MannKind. Investors are growing tired of optimistic partnership talk that goes nowhere.
At one point earlier this summer, MannKind (sort of) promised an Afrezza partnership 6-8 weeks after FDA approval. Soon after, MannKind tried to walk back that expectation. Afrezza was approved on June 27, so 6-8 weeks out is Aug. 8 through Aug. 22, which overlaps with the requirement to report second-quarter results.
The waiting is hard, but one way or another, we should hear something more definitive from MannKind about an Afrezza deal (or the lack of one) within weeks, at the latest.