NorthWest Biotherapeutics Inc (NWBO)

[kabunushi]

Net income includes depreciation, change in the fair value of derivative liabilities, stock-based compensation etc. These are specifically called non-cash charges for a reason- they are not cash burn.

The 3rd page of the financials, the CONSOLIDATED STATEMENTS OF CASH FLOWS page does indeed reconcile all of the actual cash burn, i.e. cash used in operating activities and investment activities (purchases of plant and equipment) also financing activities - such as loans taken and shares sold. E,g, the $ you cite as borrowed (or raised thru stock sales) either remains on the books as cash and equivalents or that part which was spent appears under the operating expenses or investments detailed in the consolidated cash flow sheet.

Sorry Mike but Hoffman has been 100% correct on this. You, not so much.