NorthWest Biotherapeutics Inc (NWBO)

[bkeezy]

Good points on both fronts Gary. The German enrollment situation is genuinely under appreciated. Ethics committees there don't intervene lightly, and if they blocked placebo enrollment while allowing the treatment arm to continue, that's a meaningful signal about how the data was reading at the time.

The rGBM result is also the hardest number in the dataset for critics to explain away through selection bias alone. I'd just stop short of 'no other logical conclusion' since we're building inference on top of inference without direct documentation of the regulators' reasoning, but as supporting evidence it carries real weight.

On the partnership structure, the Roche/Genentech playbook is exactly the right framework. The math on minority stake value creation vs. full acquisition checks out, and your point about keeping NWBO independent rather than integrating is probably the sharpest observation in there given how different autologous cell therapy operations are from traditional pharma.

The main thing I'd flag is that this conversation is probably post-approval and post-revenue. A BP takes a 20% equity stake after the commercial proof point, not before. But as a model for how the value eventually gets captured if things play out, it's the right one.