NorthWest Biotherapeutics Inc (NWBO)

[exwannabe]

Exactly, deals are done with a series of contracts, but also, the lease is for a discrete and relatively small part of the factory.

That is total BS. The leased space is this:

 
 Finished and equipped interior space: 
  
 Hotel Suite 1 (including C lab extension) 2,238 ft2 
 Hotel suite 2                             2,012 ft2 
 Labs (PD and QC)                            830 ft2 
 Corridors                                 1,420 ft2 
 Computer room                                75 ft2 
  
 Sub-Total                                 6,575 ft2 
  
 Unfinished and/or un-equipped interior space: 
  
 Hotel Suite 3                             2,012 ft2 
 Hotel Suite 4                             2,012 ft2 
 Nitrogen cryostorage area                 2,560 ft2 
 Plant room + electrical cupboard          1,300 ft2 
  
 Sub-Total:                                7,884 ft2 
  
 Total Interior Space:                    14,459 ft2

Those first 2 hotel suites are not "office" as you assert. They are (along with the labs) the GMP (phase 1A) facility.

The unfinished space accounts for the rest of the non-shell space and will be 1B of the GMP facility.

What is left is the shell space in the back.

OK, NWBO can do whatever they want with the back space. But they spent $14M for the space they just leased out. At the same rate they could spend maybe another $100M to build it and lease it out for $1M/y.

As far as "series of contracts", all they have is one contract that expires in 4 months.

While Advent is advertising their facility on their website to others.