NorthWest Biotherapeutics Inc (NWBO)

[JerryCampbell]

The initial terms might not involve dilution, but loans are certainly dilutive when nwbo pays them off in shares rather than cash. See the "Notes Payable" section of the latest 10-Q.

"During the three months ended March 31, 2023, the Company issued approximately 8.3 million shares of common stock with a fair value of $5.6 million to certain lenders in lieu of cash payments of $4.1 million of debt, including $0.2 million of accrued interest. In addition, pursuant to exchange agreements executed with various holders, the Company is required to potentially issue additional common stock (the “Share liability”) if the stock price is less than the price defined in the exchange agreement as of the true-up date. During the three months ended March 31, 2023, the Company extinguished Share liabilities of $0.7 million and recognized an additional $0.5 million in Share liabilities. The Company recognized an approximately $1.3 million debt extinguishment loss during the three months ended March 31, 2023 from the debt redemption."

https://www.sec.gov/ix?doc=/Archives/edgar/data/1072379/000141057823000976/nwbo-20230331x10q.htm