NorthWest Biotherapeutics Inc (NWBO)

[JerryCampbell]

Let's talk warrants now that the 10-Q is out.

Back in springtime, there was a discussion of warrants exercised, expiring, extended; particularly the impact on potentially dilutive securities. Now we have conclusive answers.

Warrants from March 10-Q: 365.7m
Warrants from June 10-Q: 323.9m

So a drop of 41.8m which reflects all warrant activity in Q2.

1) As to the question of whether suspended warrants are reflected in "potentially dilutive securities", yes they are.

2) Someone's accountant was claiming 220m expirations in Q2. That claim was refuted with vigor, and correctly so.

On the Balance Sheet some of you might have noticed a large increase in "Warrant Liability". That reflects the price increase in nwbo shares during Q2, repricing some warrant strikes downward, and the time extension of some warrants. It's a noncash line, so not really a concern.