NorthWest Biotherapeutics Inc (NWBO)

[JerryCampbell]

The NT filing says "due to subsequent events (after September 30) affecting the accounting for option awards during the quarter."

Since the award happened in Q3, we don't know much for certain:

- Recipients and amounts
- Terms; strike, duration
- Vesting
- Valuation
- Treatment as compensation expense

nwbo uses Black-Scholes for valuation, which is pretty simple. One component that might be an issue is volatility with an impending binary event, but changing an assumption should be minutes rather than weeks.

We're left to guess at what happened after 9/30 that would impact some aspect of that. Since 9/30 the only 8-K info is about Flaskworks and some securities sales. Neither of those seems related to management options.

The Q1 delay for the German tax issue was less than $1m, so the reason for Q3 delay may not even be material.