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Saturday, November 07, 2015 12:28:15 AM
Provenge was approved on 4/29/2010. So I chose their 10K as of 12/31/2010, because it took them more than 6 months to complete manufacturing facilities and reach commercialization.
Dendreon accumulated losses: ($1,222,934,000). Add to this the change in their plant and equipment (since they built their own manuf. facilities) in 2010, which is about $150,000,000. This gives us a total spend of $1,372,934,000.
NWBO's accumulated losses as of 6/30/2015: ($633,799,000). Plant and equipment not relevant since we are paying Cognate to do this.
Bottom-line, NWBO is under-spending Dendreon by $739,135,000. Even if you impute that NWBO is about a year from commercialization, that's still a huge under-spend.
Also, remember Dendreon was (1) a one-trick-pony; it was Provenge or bust, and (2) they had no ex-US activities. NWBO is also doing Direct and heavily invested in Europe.
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