I do not need to know certain details that you imply with suggestive certainty any more than I would need to know them with any other CDMO they would hire in the same role. I have read the description of the contracts and they are indicated to based upon the Cognate Contracts to a large degree which are published and honestly, and honestly, that makes sense since they were spun out and it is a kind of successor to those contracts. In the financials descriptions, I did not see anything that suggests there is some sort of mass looting gong on. Neither did the auditors suggest anything funny was going on. There is no huge burn rate for this and to be frank, if NWBO were doing this on their own I would expect a much higher need for capital right now, a higher burn rate and a substantial need for funds to have been raised over the last year, 2020 and 2021, to make all that they are doing possible. The costs are being incurred and will no doubt come due for the relevant costs. But not all costs of Advent can be necessarily attributed to one customer. And again, when you hire a CDMO, you are paying for PRODUCTION, delivered product. The expectation is that production will not start until the facility is certified and that the volume will not be like a commercial approval since it is only for compassionate care manufacturing.
Now it happens that Advent is also contracted to develop Sawston and be the facility manager for the GMP production. But all of that belongs to NWBO, so I fail to see what is “lost” there. That would need to be paid for anyway, and either way it all belongs to NWBO.
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