NorthWest Biotherapeutics Inc (NWBO)

[Investor082]

Reimbursement approval is necessary for meaningful commercial traction in high priced (>$100k) immunotherapy drug sales. IFR and other scenarios will not result in any meaningful uptick, unless you consider revenues at $10-15M annual run rate a good outcome!

The fact that they haven’t submitted reimbursement evidence, 5 years post data lock tells me that they are not confident. The data is just not convincing enough for full approval and reimbursement and therefore even the regulatory approval is taking this long. If we do get lucky and MHRA provides some sort of conditional approval in 2026, NICE will not reimburse for another year or likely 2. Therefore expect them to stall the NICE reimbursement evidence submission until 2027.