NorthWest Biotherapeutics Inc (NWBO)

[sentiment_stocks]

The Advent financials shown on Companies House reflect end of year balance sheets, so it's not entirely clear if the amounts shown represent all the monies in and out for that year, or just what Advent ended the year with.

Still, I wouldn't think those debtor amounts reflected the Advent balance sheets wouldn't just reflect the 15% markup.

For SOWs approved by the Company, the Company will pay or reimburse Advent on the basis of costs incurred plus fifteen percent. To date, Advent has not yet submitted SOWs and the Company has not yet made any payments.

You'll note in the quote above that even as of Northwest's 2019 annual report, no there were no SOWs to mark up by 15% had even been submitted by Advent in 2019, and yet in that same year, the Northwest 2019 K reflected that Northwest had incurred $5,218,000 in expenses due to Advent. That statement in the K would seem to suggest that the 2019 $5.2 million was for "costs incurred" ... "work" done by Advent for Northwest. That work would include much more than fitting out the Sawston building.

Note added: the quote above is from Northwest's 2020 Annual Report (K), not their 2019 report. So as of the end of 2020, no SOWs had been submitted. And the $5.2 million is also from 2020.
Link:
https://www.sec.gov/Archives/edgar/data/1072379/000110465920034145/tm205288-1_10k.htm

The $5.218 expenses due Advent is from 2019. The expenses incurred in 2020 due to Advent was $7.543 million; and the 2019 expenses were revised to $5.735 million on this K.