NorthWest Biotherapeutics Inc (NWBO)

[exwannabe]

Well for starters we don't know the details of contract between NWBO and Advent besides that it is cost plus 15%

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False, that is a lie spread by biotechinvestor and others.

The 15% contract is for the various SOWs they have performed. The manufacturing/Specials contracts are 2 separate contracts (one for London and one for Sawston). From the last 10K page F-27

Advent BioServices Services Agreement

The Company had three operational programs with Advent: (a) an ongoing development and manufacturing program at the GMP facility in London, (b) an ongoing development and manufacturing program at the Sawston GMP facility, and (c) a one-time program for specialized work, organized into ten sets of one-time milestones, for the following: ....

Those MSA (Manufacturing Service Agreements, i.e. Specials) contracts paid Advent a total of $14.886M last year. That was not cost plus, it is a negotiated number. For that, Advent runs Specials and manufacturers some minimum amount of DCVax-L.

What is inexplicable is why would the revenue not flow to NWBO if Advent is already being paid to run the program? And if it is, why is that not disclosed as a related party transaction?

BTW, this year the mfg/Specials paid to Advent will be closer to $18M.