NorthWest Biotherapeutics Inc (NWBO)

[Gus McCrae]

At the end of the last fiscal year, CRL had not yet acquired Cognate, which is why there's no mention of CRL in the 10K.

You are missing the point. There is no mention in the 2021 10-K of CRL OR Cognate providing manufacturing services going forward. If you were to look at prior 10-Ks, you would see what a big change this was and if you were a curious person, you might wonder why.

The wording in the 'risk factors' section is never anything to worry about.

Suffice it to say that I disagree. Quite frankly, it is shocking to me that a professional money manager feels this way. When you have some free time, you should look at some of the academic papers on this subject.

I won't speak about my professional experience with risk factors and how incredibly important changes can be, but in my private investing life, I have been able to avoid losses, some of them significant, by paying attention to risk factors and their changes. Of course, the usefulness of risk factors (and in particular, changes to risk factors) depends entirely on the people drafting them, the disclosure committee and the board that is responsible for approving them, and whether all of these various people understand (and comply with) securities rules and regulations.