NorthWest Biotherapeutics Inc (NWBO)

[Chiugray]

Smith's $5B to $10B valuation is for GBM only. He gives his thoughts on the valuation of Direct, separately. So he never gives us a forecast for a total NWBO valuation, but he hints it is much, much greater IMO. Here's my try at interpreting his numbers.

"Market capitalization could possibly reach $5 to $10 billion or more in coming years."
"Annual addressable market for ndGBM is $265 million in the UK, $1.3 billion in the US, $145 million in Canada and $1.5 billion in the EU (ex UK)."

- $3.2B ndGBM + (assume similar size) $3.2B rGBM = $6.4B
- assume 25% to 50% is realizable
- Using a 3X valuation multiple = $5 to $10B market cap
- For GBM only

"In the event that DCVax-L gains approval for ndGBM, it validates the dendritic cell therapeutic vaccine technology. The mechanism of action... might also work for any solid tumors [DCVax Direct]... potential for expansion of usage over a broad range of solid tumors resulting in commercial potential several magnitudes that of GBM... over years or decades."

- 1 magnitude = 10X
- For example purposes, let's assume "several magnitudes" means 30X
- that would calculate to a potential DCVax-Direct valuation of $150 to $300B or more.