NorthWest Biotherapeutics Inc (NWBO)

[Poor Man -]

Even during the height (but soon to collapse) of the real estate boom when that lease was signed back in 2007, it's certainly not a great deal...but again, not much to grind an axe with nearly nine (9) years later. And at quick glance, it was Toucan that was keeping NWBO in business, not the other way around. So, you can make the case that the lease expense paid to Toucan was largely from their own capital.

(Note: In later filings in looks like the space was approximately 7,000/sq.ft. And although there were only four employees, their were others at Toucan that were doing work on behalf of NWBO - and NWBO also needed to lease space for expansion.)

Given that NWBO is funded and managed by a private equity group, these kind of inter-company transactions are not unusual. Albeit, investors are in the right to keep a close eye on those.