NorthWest Biotherapeutics Inc (NWBO)

[Chiugray]

Hyder, Absolutely. Even with a projected 2B shares outstanding over time, $10/sh, that is only a $20B market cap, which is highly conservative for the transformative potential DCVax has.

- For context, BPs such as Merck and Roche, have mkt caps $200B+.
- Kite Pharma (Car-T) was sold to Gilead for $12B in 2017. That deal was for therapy only in Phase 2, limited to LBCL for recurrent and 2nd line of treatment, a subset of a subset of a subset.
- Given these comparables, NWBO’s potential valuation could far exceed that over time.

DCVax-L, post-approval, should quickly become a SOC therapy for GBM. Given the MOA, it is likely to expand to cover all Grade 3 and 4 brain tumors. The nature of DCVax therapy, leveraging a patient’s own natural immune system, makes it both tumor-agnostic and stage-agnostic. Add that it is personalized, non-toxic, delivers a holistic immune response, and a subsequent robust immune memory, then DCVax tech platform stands alone.

How much is that worth? Even with Merck, Roche and other BP’s big market caps, they are based on treating limited segments in each cancer type. And they are fighting amongst each other, trying to market that their drugs (median increase in OS was just 2-3 months*), their limited therapies, which don’t cure the underlying cancer, are better than the other guys.

Compare that to NWBO’s dominant IP patent moat around DC medical therapies, and that DC are likely the key, and DCVax may come to be a SOC base-layer therapy for cancer, with others serving as adjuvants to optimize for a total therapy, to finally and potentially cure the cancer.

* “2 previous meta-analyses demonstrated that novel cancer drugs only marginally extend life by 2 to 3 months on average.”
https://ascopubs.org/doi/full/10.1200/JCO.22.00535