You can try to summarily dismiss that they are the contract manufacturer and turn it into “ownership”, but it’s a lease and ultimately subject to the master contracts that we do not have but we know is cancelable, with a transition period. Also, NWBO owns the process and facility effectively, it’s sub-lease facility and lastly, the small pre-commercial development areas may ultimately be subleased to Advent, as I said, no one here really knows, but that is a small fraction of the factory, it is there for the specials manufacturing, and it has been developed to be efficient on a capital allocation basis including, yes, the cost of contract employees who will be running that space and for a GMP licensed facility at effectively a no or low burn rate for NWBO.
This agreement was signed in December, so it’s new. Prior to this, this agreement appears not to have existed.
It addresses a very discrete portion of what will ultimately be the commercial factory and really helps the company develop its manufacturing at little or no cost. Even the funds spent so far are a drop in the bucket to what a fully developed factory might have cost had they instead developed the whole thing at once with clean rooms and staffed it all with their own employees.
The reality is rather, again, this part of the factory they will use is a small section of the overall factory and is both a developmental area for Flaskworks and an area for specials manufacturing, and allows Advent to do their business.
As I have said previously, there were elements that were undefined but that they had a symbiotic arrangement with a contract manufacturer that does not have a factory, and this arrangement is and will be mutually beneficial but in a manner that will allow NWBO to efficiently allocate capital expenses. That is basically what they have been saying.
I do not see anything here that dislodges my description. You can try to say that this small subleased area constitutes “the whole factory”, but that’s an absurdity.
It is exactly what it says, a subleased area, and the entire factory remains for NWBO to do with as it might like, but once it has Flaskworks ready, it can do whatever is most efficient from a capital allocation basis in terms of finishing the rest of the space. And this might just be iteration 1.0 of such manufacturing, or they might simply sell themselves to some BP. What would be the point of allocating all of those shares and all of that capital to build out a space now if they are selling the company in 6 months?
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