I validated nothing.
Let me invalidate some of your post.
Would investors be better off if nwbo had sold out five years ago? Yes, and dramatically so. 5/1/2017 nwbo price was $8.40, with a much smaller base of shares outstanding. nwbo was flush with cash from the sales to Woodford. Raising cash was relatively easy.
The subsequent value destruction over the past 5 years is stunning.
A new trial would have treated ~400 patients, mostly at top teaching hospitals. Even if dcvax does nothing, SOC at such hospitals is probably better than whatever happened. Instead, ZERO new patients treated.