NorthWest Biotherapeutics Inc (NWBO)

[FeMike]

The total dilution for this month so far is 5,117,673 shares, which is the lowest we've seen in recent months. It's unclear whether this is because they're running out of shares to dilute — but if that's not the main reason, then it's actually a positive sign for investors.

To me, this supports my theory that they have been referred to CHM.

I think the company believes it is protected from needing to PR the referral by its prior statements confirming that they will not discuss the status of the application until the MHRA has made its decision. The MHRA, even if the MAA has been referred to CHM, still has not made a decision.

However, when it comes to selling shares, they are likely held to a more stringent compliance. It's my belief that in order to issue new shares at this point, they would be required to sign an NDA and inform the buyer they have been referred to CHM review because that is material non-public and NWBO could not sell shares while in possession of MNP without risking a securities violation. That's why they are having trouble selling shares right now. People either won't buy because of this information, or NWBO doesn't want to disseminate this information to too many parties even with NDA's in place and therefore they are handcuffed.

There are, unfortunately, many many many indications saying the MAA is in trouble, and very few indications to the contrary.

I'm saying nothing with certainty. Either outcome is still possible. But my 90:10 for approval when NWBO submitted is now 50:50 at best, and probably leaning on the wrong side of that.

It suggests the company has a clear sense of where things are heading.

They still have to pay their bills. They can't just stop paying their bills because they have a clear sense of where things are heading. It's not like they're sitting on a mountain of free cash.