NorthWest Biotherapeutics Inc (NWBO)

[Pyrrhonian]

I don't think your interpretation is correct. They cannot willy nilly change trial design but could only increase N as a result of the BSSR; an increase means the entire group is experiencing progression later than it was assumed they would under initial trial design. This could mean DCVax group is outperforming, and when considering all anecdotal evidence I would suggest is also the probable scenario.

Also if Direct shows strong data, and especially the Ph IIs, then warrants may exercise through $20 to even $30s, bringing upwards of $100mm into the Company. A $3B mark cap may even be justified if Direct Ph II data are exceptional. And so a rising share price leading to exercising warrants combined with revenue secured loans (HE program) and possible additional inst funds coming on board in 2015 will likely mean less dilution, and possibly none in 2016. Or maybe they'll do what CLDX did and do a huge raise at $12-$15 if/when it gets there.

But as usual, positioning oneself according to long term strategies is best, imo. The Direct Ph IIs will likely enroll fast and complete 8 months after enrollment (plus data scrub).