NorthWest Biotherapeutics Inc (NWBO)

[Chiugray]

Skitahoe, I am using the Bosch 2022 presentation for the Sawston facility’s manufacturing capacity, and that is not too far off from your estimate of 150K batches per year.

1. ASCO June 2022, Slide 19, 27:51 minutes mark, Manufacture Capacity,

Bosch says then that the facility can process up to 1,000 patients per month or 12K/yr (manual system).

2. With NWBO’s PR on 2/6/24, we can increase the manual system efficiency by up to 12X using Eden system (Flaskworks). That calculates to 144K patients per year. (similar to your estimate)

3. As a double check, I roughly compared it to the Autolomous video of their systems. (24:12 minute mark) https://iuk.ktn-uk.org/events/sme-showcase-digital-technologies-in-medicines-manufacturing/
The NWBO estimates are conservatively at about half of Autolomous’ conservative throughput rate, meaning there is probably room for upside.

That means
- Manual system, 12K/yr, at $200K price, translates to a NWBO annual revenue of $2.4B.
- Eden (Flaskworks) system, 144K, at $200K price, translates to a NWBO annual revenue of $29B.

I like your statement, “Sawston's capacity would exceed perhaps 150,000 batches a year. While this is an impressive number, I don't believe it would meet worldwide demand in GBM alone, and certainly couldn't touch the demand if tumor agnostic use was developing rapidly.”

Data point: Gilead reported sales of $27B, a decrease of 0.6% in 2023 sales from 2022. They are a $91B market cap company, valued at a 3.4X multiple of sales (low).

NWBO is poised to take the entire brain tumor market. Just a portion of this one cancer type can drive NWBO revenues past Gilead’s.