Competitive PressureThe recent approval of Yutrepia adds competition to the PAH and PH-ILD markets, posing a modest headwind to the Tyvaso DPI royalty.
Market ConcernsThe biggest overhang on MNKD shares is likely overdone, driven largely by the uncertainty around outlook for its Tyvaso DPI royalty, given competitor full approvals, and data readouts.
UncertaintyThere is risk and uncertainty on the Tyvaso DPI royalty stream due to potential competition and skepticism about the TETON readout in IPF.