NorthWest Biotherapeutics Inc (NWBO)

[FeMike]

Mostly well stated Umibe, and I agree with many of your points. Especially around the science. That is why I stay invested, in spite of management.

However, I must ask some questions with regards to things you state as facts.

For instance, you (and many others) say:

(naysayers say)…. it is not necessary to tie TLD to a journal publication. And if the data were so remarkable, a top tier journal would have accepted an article by now or at least it would have been written and submitted for peer review and this announced by now in conjunction with TLD.

The fact of the matter is that it is not quite that simple.

The bolder part claims that it is a fact that it is not that simple. But it is never explained why it isn’t that simple. I suppose your argument is that because they had to change endpoints and likely missed the initial primary, the data demands explanation in a journal. How, I ask, does releasing TLD prevent them from doing a data deep dive in a journal later? So I disagree, it is that simple.

If your counter is that they are protecting the market value…well, seeing as we are down 75%+ from the post data lock highs, that argument really doesn’t hold weight. If they had released TLD when they initially had it and the price was $2+, do you really think we’d be trudging down here in the $0.50’s right now? The only way that would happen is if the data were irrefutably failing, which doesn’t support the notion that we are still vying for approval. Those two realities are mutually exclusive.

Finally, science aside, let’s talk business. You mention that NWBO needs financing. Undoubtedly. You can’t honestly tell me they are more handcuffed for financing with TLD made public than they are if they have to negotiate NDA’s, quiet periods, and other massive communication restrictions while keeping the data from the public. They have so many more options if they disclose information. I guarantee our market price would be double what it is at now if data had already been released and a path to approval remained open. So even toxic financing would be twice as valuable if they needed to pursue that fundraising option.

So again, I concur with 90% of what you said, and you said it eloquently. But good science doesn’t mean good management. This management team has absolutely botched every step of the way for the past 2 years. All you need to see for that are their myriad missed timeline estimates.