NorthWest Biotherapeutics Inc (NWBO)

[JerryCampbell]

Even if you assume all the increase in share count was due to warrants converted for cash rather than cashless exercise, the amount of cash raised would be a multiple of the warrant exercise price (average is .25) rather than the current stock price (1.50).

Warrant exercise might have raised as much as $2m.

If they sold stock in the market, your numbers could be correct, but nwbo would usually make an 8-K filing for such a case.