NorthWest Biotherapeutics Inc (NWBO)

[DocLee]

Mani, I don't know whether you are right or wrong! What you are saying suggests to me that a large amount of money has been invested in NWBO by the likes of shareholders and by big commercial lenders. Over the same time only a very small amount of cash has been received into NWBO's coffers from sales of its products etc. and the share price of the Company has stayed low, albeit rising slowly.

This has left a large deficit (the $1.3billion) between the money invested into NWBO and the current value of the Company. The value of the company is comprised of such things as tangible assets (eg buildings, equipment, manufactured product, cash in the bank) and intangibles (eg intellectual property, the notional value of the Company as reflected in its share price). That deficit should start to drop as the value of the company rises after DCVax-L has been licenced, the rise in value being due to a swelling revenue stream filling the coffers with money and this will be reflected by an increase in the share price. (Some of the increase in the share price will be speculative - that NWBO will continue to increase in value thereby raising its current value on the premise that its future value will be even greater.)

To me that suggests that the $1.3billion is a relatively small underestimate of how much has been spent on developing the DCVax products because some revenue has been received over the last year or two and this would reduce the deficit very slightly. However, I think that one could say quite truthfully that the cost of developing DCVax over the last 15 years or so will be slightly more than $1.3 billion