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Why we struggled this week.
“On November 10, 2023, Northwest Biotherapeutics, Inc. (the “Company”) entered into a Commercial Loan Agreement and Note (collectively, the “Loan Agreement”) with Streeterville Capital, LLC (the “Holder”) in the amount of $11,005,000. The Loan Agreement has a maturity of 24 months. Repayments do not start until November 10, 2024.
Following November 10, 2024, the Loan Agreement will be amortized in 12 equal monthly installments of principal at 110% of the pro rata amount, plus accrued interest. Interest on the Loan Agreement accrues at a rate of 8% per annum, and the Loan Agreement includes an original issue discount of ten percent. The Loan Agreement allows pre-payment at any time at the Company’s election. If the Company elects to pre-pay, the pre-payment would include a 10% charge. The Loan Agreement contains customary default provisions, including for potential acceleration.
The funds will be used for the Company’s ongoing business operations.”
Unfortunately, if you didn’t get most of your shares below 20 cents it really doesn’t feel like it. Similar to someone stating how great the economic statistics are while a family struggles paying for food.
You can pick stats and make an argument. The whole saga is bit messier.
Didn’t they say about 2 weeks after the consultants begin. They were supposed to start at the end of October. We are 2 weeks into November and they said we would be notified when it is no longer in the hands of the consultants and in the hands of the printer. We should have notification any day if they didn’t screw up this estimate completely.
The saga continues. The past decade has been watching ten years worth of a made for TV production of waiting. A bit comical. Someday we may get a real explanation of this last post 45 day delay.
I think it could be a good deal having this Advent incestuous connection.
Unfortunately, not knowing the deal for commercial DCVax product is wrong. Management has failed shareholders by hiding what determines our bottom line years from now.
It should be someone’s first question on a quarterly CC.
I found the maintenance phase years after the initial treatment interesting. We do not really discuss that on the message board. I have always used ~$200K and done when calculating revenue in years to come.
So think of where we would have been if they actually filed prior to Oct 13. Probably 2 to 4 moths to go for approval and real sales. Instead they strategically think with 45 more days they can file with more RAs. Couldn’t they have thought about this over a year ago?
I doubt we will ever get the real reason for this extra delay. The printer. Really?
If your logic is the product is worth the aggravation then you stay invested. Many of us have.
What am I? Been long for over a decade. I am critical of management. If you followed my posts over the period I finally expressed my thoughts about management after the May 10 fiasco. HL was way ahead of me. I think there are many others that feel the same.
I good start would be to remake the BOD with more Biotech and BP people. A ex spy isn’t worth the money he is paid. Time to move the company to the next level. Operational.
No reason to flip out. He expressed his opinion. You went after him. Why shouldn’t he respond. He was civil about it.
“ It’s far beyond incomprehensible how they keep missing timelines, but your judgment that it is solely on them, and not unruly external factors, to the point where they will never again have credibility and never change is pointless until all facts are present.”
Correct we do not know. But unable to make a 45 day timeline seems incompetent after saying your documentation was complete. Thinking we will get a full explanation is folly because we never do. I believe things will change with quarterly calls, analysts and operating income. But based on past experience, I would like to experience a more seasoned biotech CEO. This woman is a horror with nothing but excuses. Last ASM didn’t give me much confidence in her ability and it is almost one year later.
Still bucking the XBI over the last 3 months even with the hiccup. Even clocking MRNA since its MRK deal.
Why? You have a better one. They didn’t tell you anything about the content changes. I can speculate just as all do here.
And the changes are probably due to Liau joining the SAB. She joined soon after the initial 45 day estimation was given.
I do not think we got the real explanation. Some changes they wanted to do with filing at the last minute. Anyone know what the changes are? They do not tell you what that change is but give the excuse of the consultants. Are they joined at the hip? They both are not available until Nov1st. A fishy way of telling us they thought of something new to do to the filing and diverting us to look elsewhere.
Since when?
“ LP stated their intent is to get the going once the DCVax-l maa submission has been cemented. “
Did she state following MAA submission or just state joint agreements with no time line given?
That I agree with. A $100 billion technology cheapened by inept management. If bonuses came up for a vote again I would vote “NO” again.
When they finally addressed 4 or 5 cancers or stopped killing the share price I would soften my stance.
You do not know what the commercial agreement is. When you do, get back to us.
You didn’t seem to address what I stated. You left out that very big fact. So you are pissed off. Who isn’t? They suck for shareholders.
It is a 20 year lease at $300K if I remember correctly per year. What start up company do you know that owns the building? ADI has plenty of their own real estate for fab now. At the start they leased. But like NWBO they owned the gear in the building.
That really puts it in a negative spin zone. NWBO could let go of Advent and still hold the plant. NWBO owns the plant and the certifications. I am not suggesting Toucan won’t make money selling the personnel and know how if a large buyer took NWBO, the facility and Advent.
The jury is still out on what Advent is to NWBO. Reason being the Grand Pooba still hasn’t told us the commercial production deal between Advent and NWBO. An overhanging question for a quarterly call that never happens. One of the most infuriating aspects of this arrangement. I can see why some trust her as far as they could throw her.
They put out a PR and you got some lame excuses such as a printer (for over a year prior to that it was scanning) but not the real reason. It is what they do. At least they told people they would be almost terminally late.
No they have not always been there. Linda wasn’t always the CEO but she has been through the poor corporate governance episode, the crushing of Woodford to save her positions in the company, the poor financing episodes and building herself the appendage of Advent instead of just paying Cognate to keep manufacturing the product. The last item I will hold judgement on because in true LP fashion the shareholders do not know what the final commercial deal will be.
Last but not least are multiple promises and timelines not kept and clearly not communicated until yesterday. A real surprise that they finally communicated an item like yesterday that they refused to communicate over the past decade. The only thing that surprised me about yesterday.
Good question. Could change the dynamic of the stock.
I agree with Jeff. I want a management change that should have been made years ago. Too many promises not kept. When people fail on promised actions, there should be accountability. Time for this company to grow up.
The only sports animosity I have now is towards the SOX owners. They own STATnews and allowed lies about the NWBO trial data to be pushed. I say we sue them and take Fenway.
I went to 3 games of the SOX 67 World Series. Sat in the center field triangle. I thought the curse would’ve been broken then. St. Louis and Bob Gibson were just too much.
An interesting post considering the toad for years on end said the product didn’t work. You cannot get more creepy and dishonest than that guy. If anyone should get sued it is STATnews.
Not mine as well but it was time to make leadership changes many moons ago. The BOD have been just as sad to allow this to continue.
I clearly stated the science was solid and a path to a cure. Doesn’t mean I need to fawn over sub par managers that has not predicted problems over the last decade.
“Also they confirmed again they plan to submit to multiple RAs for approval:”
Confirmed yes. But did not say when it will happen. Only that their package for the other RAs will be ready. More word play by a bunch of lawyers.
I do not like the falsehoods and believe the science is solid in reaching a cure but the management of the company brings on much of this ugly social media talk. I also blame the BOD for a rubber stamp of approval to poor execution.
Funniest post today was they were watching Barney Miller reruns. I bet Les cracks up at Wojciehowicz.
I think they are just incompetent. If a proper CEO was hired, one you had to pay $1 M or more/year a great deal of money would have been saved. More important, time would have been saved. This grab by seat of the pants management style has been detrimental. Usually people are rewarded for instinct but they clearly have none and shouldn’t be using the method.
Same old story. Just like at TLD they found they could not halt trading. They do not know how to plan properly or avoid pitfalls. You do not know when your consultant resources are available?
Oops! Screwed up again. Oh well …. Time to vote bonuses!
To what end. Better to send a certified letter to the BOD with your questions and concerns. I would ask why they except poor planning and why no one has been let go.
December is a bust in America for government response. I worked for numerous contractors supplying research to the government. Also Thanksgiving is dead time. Even during a pandemic the FDA had the lights out and I thought that was shameful. Maybe things work better in the UK.
I own my shares and do not trade. Doesn’t mean I have to be happy about sub par managers.
Sorry Thermo. It is endless for this team. They never deserved a bonus after May 10.
Winning product. Dopes getting it to market.