NorthWest Biotherapeutics Inc (NWBO)

[Doktornolittle]

"34k a month rent to Toucan for 4 nwbo employees."

This bothered me a great deal when I first learned about it. But in retrospect:


1) In addition to Toucan employees likely occupying the offices in that era, NWBO employs a large number of contract employees. Some of those employees would likely have taken up workday residence at NWBO headquarters. Hard to say how many employees were accommodated by the lease. Could be a very large number.

2) Bethesda may be pretty special in it's ease of access to DC. Some say that office space there can be very pricey.

3) Linda Powers has a great deal of experience financing. It is possible that she has learned that it is worth the money to have a large, nice space when it comes to making investors feel comfortable with their investment choice. The size of the booths at last year's ASCO, this year's upcoming ASCO, and one of the recent European conferences all lend some credibility to this possibility.

4) In that era they may have had such a small market cap that they were not required to have a dedicated accountant... indicating a relaxation, to some extent, of SEC formalities. Further, Linda Powers was essentially running several large businesses, which is a challenging situation, particularly if she had to deal with the accounting for each of the companies. At the end of the day, the books have to be balanced.