In addition to poor earnings, MannKind (NASDAQ: MNKD) investors are reacting to the ominous sign from Leerink Partners' Sanofi (NYSE: SNY) analyst Seamus Fernandez.

Fernandez removed Afrezza estimates from their Sanofi 2016 model and beyond.

Today, MannKind said for the quarter ended September 30, 2015, their portion of the loss sharing arrangement with Sanofi related to Afrezza was $14.7 million, which they subsequently financed by way of an advance under the loan facility with an affiliate of Sanofi after September 30, 2015. The amount currently outstanding under the Sanofi loan facility is now $43.7 million, which includes $0.8 million in paid-in-kind interest.