NorthWest Biotherapeutics Inc (NWBO)

[QL300]

Then move past hypotheticals and use real numbers. 

The majority of the payments to Advent were for one-time expenses for ten key one-time milestones for pre-requisites and preparations for the MAA application for product approval. These included three milestones for obtaining the three licenses required for the Sawston facility, six milestones for the six product workstreams, and 1 milestone related to preparing key portions of an application for regulatory approval of the DCVax-L product. 

During the year ended December 31, 2023, we completed the last three one-time milestones (obtaining a commercial manufacturing license from the MHRA, completion of drafting and submission of the application to MHRA for product approval), and recognized additional $1.5 million in research and development expense. 

During the year ended December 31, 2022, we paid $3.0 million for the cash component of seven milestones, and accrued $4.7 million for the cash component of future milestones. We issued 7.5 million shares at fair value of $5.9 million for the stock component of eight milestones, and we accrued $3.6 million for the stock component of future milestones.

Can you show me where the large number of shares are going to Advent? Based on the numbers and the large numbers of dilution, Advent is receiving a small amount of shares.  Your theory makes absolutely no sense.