NightHawk Biosciences Inc (NHWK)

[dia76ca]

I am long on HTBX because I like the science and the business model. I think that the gp96 technology is brilliant because it is using a natural part of the immune system to work with other parts of the immune system to attack a large number of cancers and viruses.

I have never thought of the gp96 platform as a monotherapy. It works in nature as a part of a very complex immune system. The secret to success will be to find what other immune system technologies synergize with it in a manner that is both safe and effective.

I think that the preclinical work has revealed that gp96 works both safely and effectively with anti-OX40 in the ComPACT technology. I understand that both preclinical and clinical work also shows that gp96 works synergistically with checkpoint inhibitors such as Opdivo. There are other preclinical and clinical studies that show that anti-OX40 and low dose cyclophosphamide(CPA) work well with checkpoint inhibitors.

I look forward to the results of testing a cocktail of gp96 with anti-OX40 (ComPACT) with one or two checkpoint inhibitors perhaps accompanied by low dose CPA.

Safety is a huge issue. Some checkpoint inhibitors have serious safety issues at high doses. Perhaps an immune system cocktail can allow for more effective treatments at safer lower doses. Current high dose chemo and checkpoint treatments are so destructive of quality of life that patients withdraw from treatment.

I have also said that I like the business model. Many of the latest cancer treatments cost patients many tens of thousands of dollars. HTBX off-the -shelf vaccines can be produced at a small fraction of that cost. Both patients and national health care systems need affordable drugs. HTBX may be able to produce more effective drugs that are affordable to patients and their governments.

But in summary...I like the science. If the science tanks...the company tanks. If the science succeeds...the company will succeed! On the last CC the company spoke about partnering...it would not surprise me to see this happen sooner or later this year.