NorthWest Biotherapeutics Inc (NWBO)

[Poor Man -]

Eventually, the body starves. We by the way are the part of the NWBO body that is getting cannibalize since Cognate does not get diluted.

Since Cognate is not public, we don't know much about the company's financial condition to know how much they depend on NWBO. But Cognate does have to be paid, like any CRO would need to be paid, so I don't know how meaningful it is to bring Cognate into the equation.

But, Cognate is a Toucan Capital portfolio company, so many (if not all) the investors on the fund side for NWBO are the same as for Cognate. So you can make a case that the Cognate investors are also being hurt by the NWBO dilution, similar to all other investors.