NorthWest Biotherapeutics Inc (NWBO)

[Poor Man -]

Although I’ve given a JV the thought of some possibility, the company would still need to prepare in advance to remain independent. And there’s no evidence of them taking any steps in that direction.

There’s always risk associated with a JV or just waiting until manufacturing begins to entertain offers, even if there’s a potential for a higher payout later. Given all the reasons you cite, I agree the philosophy they’re taking is a bird in the hand is worth two in the bush.

Mostly agree with both your points. However, the age of the management and their experience suggests it will very likely be a buyout rather than partnership. I am not sure how long they want to continue at this age. It will be a long and challenging journey even with a partnership. Also, I am not sure if a big pharma investor (in case of a partnership) would trust the current NWBO management to execute in a timely fashion in the future (given the history) unless there is an agreement to bring new management. And in this case, why would the current management want to continue holding on to this much longer? The only reasonable explanation would be if they expect a much bigger pay day than what’s currently offered for a buyout.