NorthWest Biotherapeutics Inc (NWBO)

[longusa]

Hi Flip, Evaluate I come to the same conclusion. There is no category on the income statement for 'Treatment sales', i.e., the sales of DCVax. The closest to that in the 10Q's and 10K's is the 'research grants and other' categoty - compassionate use revenue would then be 'other'.

The ycharts numbers don't match in a cursory check of 10Q's. For example, in Q1 2013, 137k is the only reevnue listed in the 10Q - in the 'res grant & other' category, not 809k.

The very modest numbers suggest that the vast majority of the cases are not charged for. That's my take.

As to Germany, I would expect them to add the following items in the income statement when that revenue starts:

Revenue
--------
treatment sales
COGS (cost of goods sold)
--------
Gross Margin (sales - COGS)

Other Revenue
(the current 3 categories would go here)
-------
Total Revenue

Note: there will be an accounting decision on when to recognize the cost of manufacture for a DCVax treatment regiment: i) all at once up front when a patient starts treatment, then just delivery expense for each dose in the Q administered; or ii) the portion of the manufacturing expense for each dose + the delivery expense recognized when the dose is administered. i) is more conservative, as it accounts for the case where a patient starts treatment, manuf cost occurs for all the doses, but the patient dies before the full number of doses can be given.