NorthWest Biotherapeutics Inc (NWBO)

[kabunushi]

Gary, AFAIK the time limit on not trading after signing an NDA is just as long as it takes for any inside information revealed under the NDA to become public knowledge.

WRT the options the 10-k says that there were 300M options with average exercise price of .34 outstanding as of Y/E. It's super easy to find this info in the 10-k and you get very important additional info if you look it up.

Namely a big BUT on your thoughts: The options have an average exercise time remaining of 7 years. There is a very large cash value in the time value, just on a 5% interest basis for 7 years it would be a lot of money to put up the $100M cash to exercise them now rather than keeping that cash in bonds until you really need to convert to shares. And I doubt very much that the holders have that much cash sitting around even if they were willing to sacrifice the 7-year value of that cash. Generally, the holders have nothing personal to gain by exercising early unless they intend to sell the shares. IMO it's very unlikely that the options would be a source of much cash this far out from their expiration dates, again unless the holders wanted to sell the shares to cash out and take their money off the table right away.