NorthWest Biotherapeutics Inc (NWBO)

[JRIII]

In addition, there has been little or no communication from NWBO's management as to when the DCVax trial will end. Meanwhile, the company has filed for a mixed shelf offering last October totaling more than its entire market cap of $130 M. This is highly concerning as the company is only operating at a $6.5 M loss per quarter, or $26 M per annum to fund clinical trial expenses. Hence, it is unclear what the company plans to do by diluting shareholders by 50% to raise $150 M in capital, unless it implies the DCVax trial will continue for another 4 years or so.

Now that's what I call a good question. So many questions, so few answers . . .

As one can see, by the time the second interim report (November 2018) was released, the p value recommended to stop the study for efficacy was 0.0151. Since the trial is still ongoing, it can be concluded DCVax did not achieve this p value when compared with the standard of care arm when reviewed by the DMC. Moreover, the company designed its clinical trial to stop at p = 0.02, and the fact this endpoint was not met 14 years after the inception of the trial while standard of care drugs saw p values of 0.0001 after just 2-4 years into their study raise significant questions regarding the ability of DCVax to achieve statistical significance.

Ouch.

Seeking Alpha article