NorthWest Biotherapeutics Inc (NWBO)

[Poor Man -]

Not sure the question of “who owns what” in terms of control is all that meaningful when the same person and entity (Toucan) actually control both sides of whatever contracts are in place.

However, the contract(s) between NWBO and Advent is certainly important in terms of creating the legal framework for defining the various obligations and payment flows to and from the companies. But we don’t know what those terms are. This is especially relevant at present for how revenue from specials are allocated between NWBO and Advent. Does anybody know?

Note 1:Advent is an independent CDMO, so it may be increasingly difficult to discern activities at Advent related to NWBO from those of other clients, which they are actively soliciting.

Note 2: NWBO’s valuation has nothing to do with Advent’s valuation. However, Advent’s valuation has almost everything to do with the value for NWBO based on the success of the RA approvals.