NorthWest Biotherapeutics Inc (NWBO)

[Poor Man -]

This raises questions about the terms of the CDMO contract service agreement. Advent retains a certain percentage of revenue given it’s a cost plus contract — that’s just obvious. (FeMike addresses some of this already.) But what’s defined as a cost and what the waterfall looks like for how revenue is allocated are really the important questions, including whether there’s a break even for number of patients treated under the specials program before revenue flows to NWBO’s financial statements.

Presumably as shareholders, we’re concerned about revenue to NWBO less so than how much profit Advent makes.