NorthWest Biotherapeutics Inc (NWBO)

[Pyrrhonian]

So! It seems one of four possibilities appear to us:

1) They were still enrolling (as of 2/'14) in the Ph I leg of this DCVax-Direct Ph I/II trial, and so what will be in the abstract (definitely), and thus poster sessions (probably) will be a mere overview of the trial, with preclinical data, to increase interest, etc. No results of any kind in the abstract, possibly they squeeze some into the poster.

2) They have just completed enrollment (as of late 1/'14) in the Ph I leg of this trial, and so what will be in the abstract (definitely), and thus poster sessions (definitely) will be complete results of that leg, which is dose finding, safety/tolerability, and an "eye for efficacy," or some efficacy results. Complete Ph I results in the abstract and poster, but nothing more.

3) They have completed enrollment (as late as 1/'14) in the Ph I leg of this trial, and so what will be in the abstract (definitely) will be results of the same, but have also completed much of the Ph II enrollment (or all of it by early 4/'14, with top-line results by 5/19/14), and so will have additional data on results being seen therein in the poster (probably). Complete Ph I results in abstract, that and partial (or complete) Ph II results in poster.

4) They have completed enrollment (as late as 1/'14) in the Ph I/IIa portion of the trial (are still enrolling in Ph IIb), and so what will be in the abstract (definitely), and thus poster sessions (definitely) will be complete results of the Ph I/IIa portion of this "large" trial.

Based on the CEO and VP's comments, I think we can rule out #1. #2 and #3 are perhaps most likely. #4 is a shot out of the park.