NorthWest Biotherapeutics Inc (NWBO)

[Poor Man -]

I may be delirious from my wild travels, but let me interject a smidgen of reality. Merck, the owner of Keytruda, has a market cap of $220 billion as of today. And obviously they sell much more than just Keytruda with a full portfolio and pipeline of drugs.

If NWBO’s share price were $187 today, the market cap would be $280 billion based on 1.5 billion in shares, assuming the share count will increase to cover all warrant and option obligations.

So, something seems a bit off when NWBO with one orphan treatment is valued at over 25% greater than the full market value of Merck.

That’s some serious Koolaid.

I did an analysis on Keytruda as a separate business not as a drug, and used their real numbers to project NWBO's potential growth. So, real numbers, real timeframe for revenues (NWBO has neither). In keeping with the concept of DCF - valuing an investment today using future cash flow projections based on the real experience of Keytruda - NWBOs share price today would be 187.11.