NorthWest Biotherapeutics Inc (NWBO)

[Gus McCrae]

It is a dormant contract, not a terminated or expired contract, correct.

There is no such thing as a "dormant" contract. A contract is either effective (even a contingent contract is considered to be effective, just subject to the contingency), or terminated (by its terms or otherwise).

Besides, it is entirely moot from their financial disclosure docs.

Here we go again...their SEC disclosure obligations are NOT just "financial" in nature. The whole point of a public company's disclosure obligations is to provide insight into whether a particular registrant is a good investment or not. The disclosure rules and requirement go well beyond the purely financial information. You should know that.

What it does confirm is the truth in their financial disclosure documents.

What "truth" are you talking about?

They intend to rely on Sawston initially, they have Cognate and Fraunhofer on standby.

Maybe so...but if DCVAX-L is everything we all hope it is, why won't they be manufacturing in North America on Day 1? I sure hope demand is initially more than 500 patients per year, which is all that Sawston will be able to do initially (according to their PR). I do acknowledge that CRL maybe ready to go on manufacturing...but there is no point on hiding the existence of a manufacturing agreement. They can redact all pricing and volume stuff, so why would they keep something like that secret? I don't know, it just seems weird to me. I sure hope CRL is onboard to manufacture in the U.S. and for additional EU demand beyond 500 vaccines per year.

And, what people keep ignoring is a) they have a live contract with Cognate for DCVax Direct that they publicized in 2019; b) it is not and never was an exhibit; b) they have a live contract with Advent, and it is also not a live exhibit in their current financials.

Here is the link from the 2020 Form 10-K for the DCVAX-D contract that you say has never been an exhibit: DCVAX-D Agreement that according to Biosectorinvestor has never been filed as an exhibit

Honestly, the Advent situation doesn't both me much and I haven't looked into whether that agreement should be filed as a material contract. Maybe it should...I'll let someone else do the analysis on that one. I mean, I think the optics of the situation are terrible (at a minimum), but it doesn't currently factor into my investment thesis.