MannKind (NASDAQ:56400P706) faces an advisory committee meeting on Tuesday that will make a recommendation about whether the FDA should approve its inhaled insulin drug Afrezza.

But investors will get a sneak peek of what the FDA is thinking when the agency releases documents for the committee on Friday. Since the FDA has the final say -- it occasionally goes against the panel's recommendation -- the documents could be a big clue as to whether Afrezza is approved.

If Afrezza is approved, MannKind will face more catalysts, including signing a marketing partner to sell the drug and how well the launch proceeds.

Afrezza will compete with rapid-acting, injected insulins from Eli Lilly (NYSE:LLY) and Novo Nordisk (NYSE:NVO). The inhaled version is arguably a better drug because it's both more convenient and causes fewer incidences of low blood sugar levels, but MannKind and its market partner (if it managed to find one) face an uphill battle to lure patients away from Eli Lilly's Humalog and Novo Nordisk's Novolog, which doctors have prescribed for years.

Watch the video below for more thought on the upcoming catalyst from Fool contributor Brian Orelli and health-care bureau chief Max Macaluso.