NorthWest Biotherapeutics Inc (NWBO)

[austinmediainc]

The current cash position, while much, much improved will need to be strengthened with a further capital infusion in mid to late 2014. The quarterly burn rate is about $7 million per quarter, so that NWBO could burn through $28 to $35 million of cash from the end of 2013 through the time that topline data on the all-important DCVax-L phase III trial is reached in 4Q, 2014 or 1Q 2015. This cash burn could be ramped up further if phase I/II results for DCVax-Direct are encouraging and the Company elects to accelerate development.However, its financial position now appears highly manageable and should give NWBO much easier access to capital.

His estimated burn is 7 million per quarter. NWBO operating loss for the first 6 months was $49,111,000, net loss was $71,906,000 and that was without treating one patient in Germany or starting the UK early access. Cash and Cash equivalent as of June 30th, $8,853,000

The market capitalization based on a recent price of $4.14and 64million fully diluted shares is about $265million, which is not expensive for a company with a promising product in phase III and two pipeline products in addition. I estimate that the Company may need to raise as much as $35 million by the end of 2014. This would allow NWBO to complete the phase III trial of DCVax-L and release topline data in 4Q, 2014 or 1Q 2015, continue to enroll patients in the DCVax-Direct trial and still end 2014 with as much as $20 to $25million of cash. This might be partially or even wholly achieved through the use of non-dilutive financing instruments which the Company is exploring and warrant exercises.

Topline data is now pushed a year out, we've already raised the 35 million and we won't have anywhere close to 20-25 million in cash by the end of 2014. Those are the factual numbers and not estimations.