NorthWest Biotherapeutics Inc (NWBO)

[exwannabe]

BTW - Do you (or anyone else) have an explanation for the language change from this:

Fairly clear what it says. They no longer have plans for using Cognate.

The section of the 10-K used to say the rely on Cognate in the US/Canada and intend to use Advent for Europe. It now says they have used Cognate in the past and intend to use Advent for UK and other regions.

That is just one clear statement in the 10K on the subject. Many others show the same. For example, the shutdown liability:


2019 page 27:

(6) We have possible contingent obligations to pay certain fees to manufacturers if we shut down or suspend programs.

For Cognate BioServices (in addition to any other remedies) if we shut down or suspend its DCVax-L program or DCVax-Direct program, the following obligations exist are not reflected in the accompanying balance sheets. See Note 12, Variable Interest Entities, for further details.
...
While our DCVax programs are ongoing, under our agreements with Cognate we are required to pay certain fees for dedicated production suites or capacity reserved exclusively for DCVax production, and pay for a certain minimum number of patients, whether or not we fully utilize the dedicated capacity and number of patients. The same is the case under our agreement with Advent.

2020 page 28:

(5) We have possible contingent obligations to pay certain fees to contract manufacturers if we shut down or suspend programs.

For a shut down or suspension of the DCVax-L program at Advent, the Company must give 12 months’ advance notice. During the notice period services would still be provided. Minimum required payments for this notice period total approximately £3.8 million ($5 million).

And under manufacturing service agreements:

2019 page F-27:

Manufacturing Services Agreements

The Company has manufacturing services agreements with Cognate BioServices in the US, and with Advent BioServices in the U.K.

2020 page F-35:

Manufacturing Services Agreements

The Company has a manufacturing services agreement with Advent BioServices in the U.K.

Reason is obvious.