NorthWest Biotherapeutics Inc (NWBO)

[Chiugray]

Doc logic, I see referring to DCVax as a “king maker for combos” as an exclusive licensing strategy. I believe a maximum revenue strategy is better. Here are my thoughts on the classic trade-off: cash now vs maximum long-term revenue.

1. Exclusive License Strategy (up-front cash for BP to get “monopoly”)
- De-risking path, gets cash but limits NWBO to a single partner
- The combo patent for DCVax + a specific class of drug is auctioned to the highest bidder.
- The licensed BP gets a monopoly moat, allowing them to maintain a high price for their existing cancer drug.
- It pushes away other BPs.

2. Maximum Revenue Strategy ("base layer cancer vaccine")
- Work with everyone.
- Each BP can be a distribution channel expanding DCVax’s reach across different cancers and geographies
- To ensure DCVax vaccine is part (base layer treatment) of each combination therapy
- More BPs competing with each other, means more innovation. It likely drives down the BP drug’s price, lowering the total combination therapy cost, which benefits payers and patient access.
- Cash comes from equity financing. A max revenue strategy makes NWBO a premium equity investment play.