NorthWest Biotherapeutics Inc (NWBO)

[dpinvest]

From a dynamic perspective I suppose it is not dilutive, particularly if they are developing new technologies with the new money or reaching new markets with the current ones. But if you are contemplating an end-game investment strategy with what they currently have, it is dilutive. So if you make your own pie-in-the-sky valuation of NWBO based on DCVAX-L and Direct and say it is worth $5 billion, then from the latest conservative completely dilutive share calculation of 124mm shares the potential price is $40, not $80 if you took the straight 62mm share count from the beginning of a recent 10Q.