Maxim analyst Jason Kolbert downgraded MannKind to Hold from Buy saying he believes the company has less than two operating quarters of cash on hand.

Mannkind will spend just under $100M per year for the next few years to support Afrezza, Kolbert tells investors in an intraday research note. He estimates the company will end the year with around $60M in cash. The analyst thought the recent capital raise would have been larger to "get the Afrezza launch off the ground." The inhaled insulin is both a promotionally sensitive and an educationally-driven product, Kolbert argues. He believes MannKind's recent equity offering does not provide adequate funds to "translate into meaningful signs that the launch of Afrezza will be successful."

MannKind in afternoon trading is down 19c to $3.10. Kolbert does not have a target for the shares.