NorthWest Biotherapeutics Inc (NWBO)

[Gus McCrae]

NWBO would not get an $11.0 million loan now if the release of TLD was imminent. $11.0 million is only enough to keep the lights on for a quarter or so at the current burn rate. This is just a bridge to hopefully being able to issue equity at a higher price after TLD.

This means for sure no TLD in March, otherwise they would use their S-3 and raise more capital. I would say the best we can hope for now from a timing perspective is TLD sometime in the 2nd quarter.