NorthWest Biotherapeutics Inc (NWBO)

[Gus McCrae]

Sigh...you are absolutely correct that the contract expired by its terms. Here is the full sentence (emphasis added):

This Agreement will remain in force until the later of seven (7) years from the Effective Date (the “Term”) or five (5) years after the first commercial sales of DCVax®-L Products pursuant to a Biologics License Application or marketing authorization (not a compassionate use, hospital exemption or similar authorization), unless terminated earlier pursuant to Section 6.2.

The "later of" means the last to happen. So I was reading the provision as if termination would occur on either January 17, 2021, or some date in the future, 5 years after DCVAX-L is first sold (after any regulatory authority approves it). Since January 17, 2021 came and went, the contract would now terminate 5 years after the 1st sale. I admit that my original interpretation now seems really strange and nonsensical. The problem is, there is no trigger deadline for when a BLA should be filed, so if a BLA hadn't even been filed by January 17, 2021, should the contract now just continue indefinitely until 5 years after approval? No. You are right that once January 17, 2021 came and went, it has to make the 2nd clause null. And obviously, you are correct that a contract that expires by its terms doesn't need to be included in the Form 10-K exhibit index.