Your point about tax savings - don't really see it that way. To me, nwbo is a binary event profit situation rather than a tax-managed portfolio position. Insiders may be an exception.

Regarding volume... There are no SEC filings to indicate that nwbo insiders have traded recently. That means that they have not been a significant part of past volume, so their inability to transact now would not explain falling volume.

Consider the recent 10-K and Subsequent Events; Debt Offering, Warrant and Option Suspensions, Warrant Exercise, Option Exercise, Debt Conversion. Although there were no straight stock sales, that is sufficient activity that I doubt nwbo is restricted in any way, which makes it unlikely that insiders are restricted.

Not to worry. Linda Powers pushed 215m shares into the market over the last year. There are plenty available even if no one on ihub ever sells.

Per 10-K: 829m outstanding 12/31/20, 614m on 12/31/19.

BWIS,

VRE, XHR look fairly liquid, so presumably no issues there. Hope you bought them when crushed last year.

IARE is a weird one. 900m market cap, but trades OTC with only 2 days with volume this month. Hard to see why management would prefer that to either a real listing or going private. The periodic buybacks are above market, 2+ vs 1.30, but limited. This is one where I think a non-profit should value a donation at liquidation price.

At the non-profit where I'm on the Board, the donation value of an illiquid asset would likely be whatever it could be sold for. In theory the value should be established upon receipt, but if it is being sold quickly actual sale proceeds is IRS safe.

If you want to send me the ticker, happy to take a deeper look.

Not all. Small bank deals are starting to happen after a couple of slow years. I had a nice hit today with MFNC +50%

No idea about the hire, but I definitely see it as different from Malik as a Board member for nwbo.

Malik no doubt knows some early history about Switzerland, AIM promotion, intro to Woodford, etc. He is a quiet compliant Board member who qualifies as independent. FSA Register shows over a 2 year gap after he was pushed out of Cenkos, so he no doubt appreciates the Director fees.

I hold the CFA charter and think you have that backwards.

In the investment firms where I worked, I never encountered a CFA in a sales position.

Analyzing merger/partnership terms definitely is an area where a CFA background could help.

There most certainly is a Subsequent Events section. Note 15.

In the PDF, use CTRL-F to search on "Subsequent Events". You will find 2 earlier notes that refer the reader to it, then the actual section. It starts as follows.

15. Subsequent Events

Debt Offering

On March 1, 2021, the Company entered into a Commercial Loan Agreement (the “Note”) with an individual investor for an aggregate principal amount of $10 million. The Note bears interest at 8% per annum with a 22-month term. There are no repayments during the first 8 months of the term. The note is amortized in 14 installments starting on November 1, 2021. The Note carries an original issue discount of $1 million and $5,000 legal costs that were reimbursable to the investor.

Warrants and Options Suspension

On January 15, 2021, the Company further extended the suspension of approximately 256 million warrants and options held by certain officers and directors of the Company until February 28, 2021.

On February 28, 2021, the Company further extended the suspension of approximately 262 million warrants and options held by certain officers and directors of the Company until April 30, 2021.

A total 262 million warrants and options will be suspended until April 30, 2021.

There are 381m potentially dilutive securites currently exercisable.

The nwbo 10-K states that there are 643m potentially dilutive securities.

Under "Subsequent Events", it states that there are 262m insider options and warrants suspended until April 30, 2021.

That means 643m - 262m = 381m are not suspended, and thus currently exercisable.

You are twisting the thread.

Marzan was the one talking about "shorty" and that their warrants were suspended. That is wrong. The only 4/30/2021 suspensions are for insider options and warrants.

All warrants except for insiders are available for exercise, so you are also incorrect about potential for float increasing.

You twisted nwbo insider suspensions into an incorrect claim that it was short seller warrant suspensions. Shame on you.

All I did was quote the 10-K showing you were wrong.

Think you misread the 10-K about April 30, 2021 suspensions.

Those are not "shorty" suspensions, unless you think nwbo insiders are shorting.


"Warrants and Options Suspension

On January 15, 2021, the Company further extended the suspension of approximately 256 million warrants and options held by certain officers and directors of the Company until February 28, 2021.

On February 28, 2021, the Company further extended the suspension of approximately 262 million warrants and options held by certain officers and directors of the Company until April 30, 2021.

A total 262 million warrants and options will be suspended until April 30, 2021."

Karl, from FINRA we know nwbo short interest as of 3/15/21 was 16.4m shares. That's real.

All the talk about naked shorting is at best speculation, and in my opinion complete BS. Certainly there is zero supporting evidence.

Correct.

It is refreshing to see someone actually understand the difference between real short interest reported twice monthly and daily short numbers.

It is hard to tell if some nwbo posters genuinely do not understand this, or just ignore the facts that do not suit their narrative.

Once again, nwbo longs obsess about Feuerstein. If not for longs mentioning him on ihub, I would have never known he wrote about nwbo on twitter.

What comes first, TLD or patent expirations?

"The expiration dates of the issued U.S. patents involved in our current business range from 2022 to 2026. The expiration dates of the issued European patents involved in our current business range from 2022 to 2024. For some of the earlier dates, we plan to seek extensions of the patent life, and believe we have reasonable grounds for doing so."

Insider warrants/options suspended twice, now through 4/30/21

Warrants and Options Suspension

On January 15, 2021, the Company further extended the suspension of approximately 256 million warrants and options held by certain officers and directors of the Company until February 28, 2021.

On February 28, 2021, the Company further extended the suspension of approximately 262 million warrants and options held by certain officers and directors of the Company until April 30, 2021.

A total 262 million warrants and options will be suspended until April 30, 2021.

My take:

The note does not specify what consideration was given for the suspensions.

This keeps the total of (Shares Outstanding + non-suspended Potentially Dilutive) just below share authorization.

I suspect this takes April 2021 off the table for TLD, which presumably puts it after the annual meeting that nwbo still owes shareholders.

Next announcement should be the annual meeting and proxy.

The stockholder's deficit number is not all that meaningful. You are correct that it rose due to warrant liability rather than cash drain.

The more meaningful number is "Accumulated Deficit" which was $1.09B as of the last 10-Q. That and "Additional Paid In Capital" of $877M give a rough estimate of what it has cost to get nwbo this far.

I have no position in nwbo, now or ever. Same as always. Just waiting for the story to play out one way or another.

Seems like nwbo longs cannot comprehend the idea that someone is simply interested rather than financially involved. Odd but true.

I'm regularly accused of being part of some nefarious forces, which I know is false, which is part of the reason I don't believe the conspiracy theories.

You are totally wrong. I don't work for anyone, or need to.

If anything, CRL buying Advent would be positive for nwbo longs.

nwbo deals with CRL would be arms-length transactions rather than insider deals with Advent controlled by Powers.

Not necessarily illegal, but certainly unethical.

A situation where the CEO of a public company also controls a supplier is an ethical quagmire. It happened earlier with nwbo/Cognate, and now with nwbo/Advent.

Advent is owned by Toucan, which is Powers' private equity vehicle. You can find the international subsidiaries in the 10-K:

Name -- Jurisdiction
----------------------------------------------
Aracaris, Ltd. -- United Kingdom

Aracaris Capital, Ltd. -- United Kingdom

NW Bio Gmbh -- Germany

Northwest Biotherapeutics B.V. -- Netherlands

Advent is owned by Toucan, not nwbo shareholders.

There would be a conflict of interest for Linda Powers to negotiate both sales. She owns a chunk of nwbo (shares/warrants she granted herself), but controls all of Advent. I'd be willing to be that she would assign more value to the entity she fully controls.

I don't think that is Linda's endgame. She is building up Advent on the back of nwbo, just as happened with Cognate. Advent has real value independent of nwbo, just as with Cognate. If nwbo happens to succeed, that is just the cherry on her already enormous sundae.

CRL paid nearly a billion for Cognate, not nwbo, and despite the fact that Cognate is at present doing close to zero business with nwbo.

If CRL wanted a significant position in nwbo, they could buy it in the open market without acquiring Cognate. The idea that Cognate's holding of nwbo shares/warrants motivated the transaction is silly.

Did you somehow miss the 10% OID?

"Agreement includes an original issue discount of ten percent."

It is not an 8% loan.

Anyone else look into nwbo's loan source, Streeterville Capital?

Streeterville President John M. Fife has some SEC litigation history.

https://www.sec.gov/litigation/litreleases/2020/lr24886.htm
https://www.sec.gov/litigation/complaints/2020/comp24886.pdf

Guess that depends on your definition of toxic. 10% OID + 8% is getting toward loan shark territory.

However, it is better than "death spiral financing" deals from the likes of Lincoln Park.

There should be more details in the 10-K Subsequent Events.

Derisks 100% - silly unsupportable statement.

nwbo needed cash. $11m is a meaningful amount. Clearly a good thing.

Terms suck, but that has been true of all their debt financings. Nothing new.

Needing this much cash likely indicates that TLD is not imminent.

In turn that makes it highly likely that I won Evaluate's TLD date contest. :)

Did you consider that it might be an option seller closing out an extremely profitable position, and willing to pay less than $1000 to lock in that profit two weeks early? The other side is willing because they get more than the deeply out-of-the-money options are really worth.

Until TLD, you don't know that.

That is exactly ex's point - when nwbo has mis-estimated (or deliberately mislead) so many times, why is there any reason to believe this time is different?

I don't think nwbo buying Cognate was ever a consideration, but that's because I don't believe that "go it alone" has ever been a viable strategy.

If dcvax works, nwbo sells itself. They have no expertise in manufacturing, marketing, or sales. An approved dcvax is worth more to a company that could ramp it up quickly.

No, just sick of seeing any piece of news spun wildly positive.

According to the PRs for the CRL acquisition of Cognate, Cognate was already operating at a run rate over $100M.

They had the financial resources to scale up production as an independent company. That is not something new with the acquisition by CRL. Since that did not change, it seems neutral to nwbo.

Migration?

Exactly what significant business do you think occurred in a rented office in Camden that is being migrated?

There are plenty of examples of ihub exaggerating the importance of nothing events, but this is one of the silliest.

Do you really think that Advent (or Cognate UK before) was making products in a rented office in Camden? Probably when that lease expired they finally got around to changing the registration address.

Changing the registration address does not mean that Advent could not get work-related mail in Sawston all along.

The context is that is just a change of address. It signifies nothing except to their postal carrier and whoever collects the snail mail.

I think you are fantasizing any importance.

Advent changed its mailing address. That is the total extent of this "news", yet it will no doubt be spun into something wondrous.

Facts? I produced a legal case citation. You produced hot air.

What is the extent of your formal legal training that anyone should pay you any heed?

AstraZeneca is a client of a Cognate subsidiary for manufacturing of Covid-19 vaccine.

That might be a tad more important to CRL than whatever Cognate does for nwbo.

https://www.cognatebioservices.com/insights/cobra-biologics-signs-supply-agreement-with-astrazeneca-for-manufacture-of-covid-19-vaccine-candidate