NorthWest Biotherapeutics Inc (NWBO)

[Poor Man -]

To respond to a point that Mav referred to yesterday about delays and dilution, Shareholders are the proverbial frog being slowly boiled that never jumps out of the pot because it’s become normalized to the water temperature. In effect, the delays and incremental dilution have an accreted up over time, almost without notice, much like our frog; thereby severally eroding the value of each share of stock.

This erosion of shareholder value was less noticeable over the past couple of years as funding requirements were supported by the exercise of warrants that contributed approximately $32 million in cash. But even then pennystock debt financing was necessary— and much of that debt equal to $25 million was converted into shares at low conversion prices. This also had the effect of masking or at least making less apparent some of the dilution.

Well, the exercise of warrants and options is exhausted as a major source of cash. Now we’re back to large dilutive capital raises as the delays continue seem to pile up without end.

It’s not a pretty picture, to say the least!

(Crash: My wife desperately wants me to sell. But I’m a knucklehead who hates taking a loss. I can’t leave the table until I’m even.)