Executive Summary

MNKA operated as a public shell with no revenue-producing operations in Q2 2016; net loss narrowed to $0.018M vs. $0.072M in Q2 2015 as cost controls reduced G&A expense to $0.023M .
Cash and equivalents stood at ~$0.595M at quarter-end with positive working capital of ~$0.594M; management reiterated “substantial doubt” about going concern absent financing or a business combination .
Post-quarter, MNKA signed an Agreement and Plan of Merger to acquire Artemis Therapeutics (stock-for-stock, 25.0M MNKA common + 2,562 Series B preferred to Artemis holders) and set a name change to Artemis Therapeutics Inc., contingent on closing and approvals .
The company also executed a concurrent financing framework (minimum $0.59M net proceeds condition) and a separate $0.5M securities purchase agreement to bolster liquidity, indicating near‑term catalysts around transaction closing and capital infusion .

What Went Well and What Went Wrong

Lean cost structure: G&A fell to $0.023M in Q2 2016 (from $0.078M in Q2 2015) as payroll and professional fees were reduced; net loss narrowed to $0.018M YoY .
Strategic pivot progressing: Board continued to “explor[e] strategic alternatives to deploy the proceeds of the Asset Sale,” culminating in the Aug. 3 merger agreement with Artemis Therapeutics .
Post‑quarter transaction path: Planned name change to Artemis Therapeutics and board refresh signal a clear path to cease shell status upon closing; concurrent financing structure set minimum liquidity at closing .

No operations/revenue: “Since the closing of the Asset Sale… the Company no longer has revenue-producing operations,” leaving EPS at $0.00 and margin metrics not meaningful .
Going‑concern risk: Management disclosed “substantial doubt” about ability to continue as a going concern without financing or a completed business transaction .
Capital markets access: Management cited difficulty accessing equity/debt markets, implying execute risk for financing needs ahead of merger completion .

Quarterly snapshot (oldest → newest)

Metric	Q2 2015	Q1 2016	Q2 2016
Revenue ($M)	$0.000	$0.000	$0.000
G&A Expense ($M)	$0.078	$0.040	$0.023
Net Income (Loss) ($M)	$(0.072)	$(0.040)	$(0.018)
Basic & Diluted EPS ($)	$0.00	$0.00	$0.00
Cash & Equivalents, period end ($M)	$0.706	$0.577	$0.595

Notes:

No revenue or operating segments in the period; margin metrics N/M due to zero revenue .
Working capital was ~$0.594M at 6/30/16 (current assets $0.644M less current liabilities $0.050M) .

Estimates vs. Actuals

Wall Street consensus estimates (S&P Global) were unavailable for MNKA for Q2 2016 and adjacent periods.

No financial guidance was provided.

Metric	Period	Previous Guidance	Current Guidance	Change
N/A	N/A	N/A	N/A	N/A

No earnings call transcript was available. The narrative is drawn from filings.

Topic	Prior Mentions (Q4 2015, Q1 2016)	Current Period (Q2 2016)	Trend
Operating status	No revenue-producing operations post-2014 asset sale	Continues: no revenue-producing operations	Unchanged
Liquidity/going concern	Substantial doubt; need financing or transaction	Substantial doubt reiterated	Unchanged
Strategic alternatives/M&A	Exploring strategic alternatives	Continued exploration; post‑quarter merger agreement with Artemis announced	Positive inflection (deal signed post‑Q2)
Cost management	Cost‑cutting initiatives in place	G&A down YoY and sequentially	Improving
Capital raising	Difficulty accessing markets	Post‑quarter: concurrent financing framework, separate $0.5M SPA	Improving if closed

“Since the closing of the Asset Sale on February 28, 2014, the Company no longer has revenue-producing operations.”
“There is substantial doubt about the Company’s ability to continue as a going concern.”
“The Company’s Board of Directors is exploring strategic alternatives to deploy the proceeds of the Asset Sale, which may include future acquisitions, a merger with another company…”
On cost discipline: Q2 2016 G&A decreased “primarily related to decreases in payroll and professional expenses.”

No Q&A (no earnings call held in the period).

S&P Global/Capital IQ consensus estimates for MNKA were unavailable for Q2 2016 (and for FY2016), reflecting lack of coverage for a public shell with no operations. Where estimates are not provided, we benchmark to prior periods and disclosed plan milestones in SEC filings.

No formal guidance was issued.

Core financials continue to reflect a shell: no revenue, minimal quarterly cash burn (~$18k net loss in Q2), and cash of ~$0.595M at quarter-end; going‑concern risk persists until financing or transaction closes .
Execution path emerging: The signed Aug. 3 merger agreement with Artemis and related governance/name change plans provide a pathway to cease shell status upon closing, a potential re‑rating catalyst .
Liquidity inflection is near‑term and binary: closing conditions include a minimum $0.59M net cash at Artemis closing; a separate $0.5M securities purchase agreement was executed on Aug. 29, supporting near‑term liquidity if funded .
Cost controls remain effective, limiting downside while awaiting transaction closing; however, limited cash runway underscores urgency of capital events .
No estimate framework/guidance: absence of Street coverage and corporate guidance shifts focus to transaction milestones (regulatory approvals, financing close, shareholder actions) as primary catalysts .
Risk skew: failure to close financing/merger would likely pressure liquidity (going‑concern) and prolong shell status; successful close would reset the investment case around Artemis’s pipeline and capital plan .

Source coverage

Q2 2016 10‑Q (financials and MD&A) .
Q1 2016 10‑Q (sequential context) .
FY2015 10‑K (background, going‑concern, strategy) .
Aug. 3, 2016 8‑K: Agreement and Plan of Merger with Artemis; name change; financing conditions .
Aug. 29, 2016 8‑K: Securities Purchase Agreement (~$0.5M offering mechanics) .