Investors may not learn every detail of the MHRA review. I agree with that. The company does not have to disclose every question, response, clock stop, or internal regulator discussion.
But that does not mean all regulatory developments can remain hidden. If MHRA gave NWBO a materially adverse position, for example refusing to accept the endpoint change or otherwise undermining the basis for approval, that would likely be material.
Routine questions may not need disclosure. A development that materially affects approvability is a different matter.
So yes, the review process may not be fully transparent. But calling it a black box until approval or rejection goes too far. NWBO is still a public company, and still have disclosure obligations when something material occurs.
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