NorthWest Biotherapeutics Inc (NWBO)

[Poor Man -]

Really excellent observations, and obviously appreciated by many on the MB.

But none of this has to be true, and this reflects badly on management’s judgement and decisions. The “tiny company” description — used by many — is probably a bit over played when describing a company that has spent over $1 billion in capital and burns through significant amount of expenses, a large percentage of which is unrelated to the trials. (See: 20% management bonuses and annual SG&A Expense.)

It does sound like they desperately need a BP partner. And they probably need some tough love from the influential warrant holders as well.

reality check
Northwest Bio’s technology, their associated scientific advisors, and medical doctors, have always been on par or better than anything from Big Pharma, but this shareholder meeting was another reminder that Northwest Bio is still a tiny company that is under resourced and almost, but not quite, ready for prime time. They are continually behind schedule of where I, and many others, think they should be. There are many examples of this but a couple highlighted during the meeting; the contractor that is now working on all the patient data files that Linda described, could have been tasked and finished with this work over a year ago, rather than still working on them over the past few months. Northwest Bio has a single supplier for a critical manufacturing component, and when that supplier is lost, they must vet another supplier which takes many months, while Big Pharma companies have many suppliers who have been properly vetted, and they can simply switch without causing delays.

Northwest Bio would benefit greatly from the resources that a strategic partner would provide, but are unwilling to make a deal that doesn’t properly value their technology, and they seem willing to wait until they’re better positioned to negotiate more favorable terms.