To me it reads that the Company hold both those cards. "Contingent on releasing clinical trial data" and contingent on there being "A next private placement after this release"
Lienholders get nothing extra if company never releases trial data or has another private placement.
Disclosing anything about the trial to such investors would constitute "selective disclosure" of material non-public information. That's illegal under US securities law, and not a mistake likely to be made by the 2 lawyers running nwbo.