NorthWest Biotherapeutics Inc (NWBO)

[CogDiss 1188X]

I appreciate your sharing your thoughts — thanks!

My selection of quotes from your post is intended as a marker into your numbered sections, not as a summary of your argument.

1. Demonstrate they recognize the importance of SAP approval BEFORE data lock.

Regarding regulators — it shouldn’t be an issue if NWBO follows the appropriate procedures and documents them accurately and completely.

In any case, they can/will communicate directly to regulators. The audience before them was filled with oncologists who will also help decide their fate, as well as current and future investors via live stream. It felt like Bosch, under orders of NWBO/LP, missed the boat.

2. Not pump the price, therefore continuing to make NWBO a better value for BP to acquire, whilst at the same time allowing LP to increase her ownership share through debt financing.

My concern isn’t immediate or even medium term share price. Ultimately my main concern is that DCVax could be an effective treatment that gets buried by the medical industry complex and that millions of cancer patients continue to suffer as a result.

If DCVax can be shown to be effective and make it through the regulatory hurdles, patients may get a treatment they deserve and the share price will take care of itself, in a very big way. Both would be grand, of course. I invested for the latter reason. Outsized, long-term gains. I’m not under the illusion that my investment, small in the scheme of things, will impact the former (patients) in any meaningful way. I try to help cancer patients directly (roughly 10 so far) by helping them research their options and navigate the issues they face.

I’m not interested in “pumping the price.” But certainly NWBO should be concerned about effectively communicating what DCVax-L can do, so that it supports a higher share price in a reasonably foreseeable future. That way, they will get more value in future capital raises to support the completion of trials and the expansion of indications as soon as possible. Time is money, and patient lives.

Keeping the share price purposely suppressed so LP can acquire more shares with future loans sounds like a good reason to stay away from NWBO. I’ll leave it at that.

BP will pay what they think the technology is worth, once it’s proven. No need to give them a bargain. Besides, I hope NWBO stays away from a buyout for a long, long time. A mutually beneficial partnership at a fair price is another story. However one should always be aware that one is handling a snake when dealing with BP.

3. The two Direct trials are specifically geared toward rounding out the platform to include inoperable brain cancer.

I think DCVax-Direct has a lot of promise and certainly appreciated seeing more detail about it. However the emphasis on it over -Lysate (spending nearly twice the time on -D) seemed way off to me. A nearly completed phase lll versus a phase l — where should the emphasis be?

I think the brain mets and DIPG trials are certainly worthwhile but I’m not sure I’d go there first. Choosing brain tumors is like picking chainsaws to learn how to juggle. They saw good results with sarcoma and colorectal cancers in the phase I. They need some early big wins if they want to thrive as a company (and ultimately save more lives). Sarcoma is probably their best bet of the two since Coley showed great results there leveraging the immune system, though colorectal is a bigger market, so a good argument could be made there as well.

4. Dr. Bosch essentially stated BP overemphasis on “neoantigens” is hype.

I agree that the neoantigen focus will ultimately be a less effective approach than presenting the largest range of a patient’s tumor antigens available to maximally primed DCs.

That’s not to say that a multi-neoantigen approach can’t be made into a viable treatment that beats SOC across a wide range of cancers. It will help fewer patients in a less meaningful way than DCVax but could still result in multiple cash cows.

But yep, it could just flat out fail.

5. If BP is not already calling the shots behind the scenes, NWBO might be intentionally waiting for BMY to cough up their checkmate 548 interim results/recommendations ...

Timing regarding checkmate-548 is an interesting idea, though I think it would be more appropriate for NWBO to play 3D chess after they have an approved product and money to fund future development. Then maybe 10 years from now they can sell to BP for 50 billion after days of nonstop bargaining over stale bagels and coffee. (Those are just round numbers pulled out of thin air, intended for illustrative purposes only.)



In summary, I would rather they had skipped the presentation if this was their original plan of what and how to present. Maybe something intervened that caused them to recalibrate in this subpar way. I’ve been in the situation where I’ve had to fill time or direct attention away from what one would have thought was a key point in a presentation. Unfortunately it seems Bosch was given the task to walk the plank. Been there more than I care to remember. I empathize with him.

In any case, the approach was an unforced error in my judgement. Minor in the big scheme. I’m not freaking out about it.

I agree with GGB that NWBO seems to be stalling. It is causing me to recalibrate my view.

Ultimately top line results are what matter. It’s not impatience that causes one to see that.