NorthWest Biotherapeutics Inc (NWBO)

[anders2211]

I'm thinking that the fact that the company continued to raise money after June 30, 2021 under the same terms means that they actually did raise money in yet another offering. Do agree, or am I missing something?

You are not missing anything. It was a new loan probably from the same lenders. They are planning their cash strategy carefully. If we follow their cash strategy. This is approx their cash situation at present as to how I see it from the last 10Q:

1. The Company used approximately $20.0 million of cash in its operating activities during the six months ended June 30, 2021.
Thats 3.33 million on average per month

2. We received approximately $4.1 million cash from the exercise of warrants and options during the six months ended June 30. On average: 0.7 million p/m

3. Cash and cash equivalents as off June 30 2021 $ 3,8 million and
Prepaid expenses and other current assets $4,6 million = 8,4 million cash (including the loan from June)
4. The 1 million loan you mentioned July/aug
5. 50k revenue per month
That would bring their cash position on Sept 1 to approx 8.4 (balance June 30) + 1 (loan) + 1.5 (warrants and revnue) = approx 11 million minus 2x 3.33 cash out for operations = 4.34 million

So On Sept 1 2021, they have approx 4.34 million cash left and 3.33 million on operation cost = 1 million left on Oct 1 2021.
Then on Nov 1, they not only are short of 2.33 for the Month of Oct operation cost but also 2 million due in loans...

How to solve this? Simple release TLD let the SP get to >$5 and sell 25 million shares and that is exactly what they are planning:

The Notes contain a conditional piggy-back right to independently purchase shares from the Company, which provides a right for the Holders, contingent on the release of clinical trial data and the next private placement offering (“Next Offering”) after this release, to (a) purchase shares from the Company within seven days following such Next Offering at a 12% discount from the share price of the Next Offering for a variable number of shares equal to an amount up to 50% of the principal amount of the loan and (b) exchange some or all of the outstanding loan amount for a variable number of shares, within seven days after the Next Offering at a 12% discount, resulting in a reduced cash amount repayable under the loan agreement

Of course, there could always be some next smug that loans the company $250 million for the next 825 months ...