Replies to post #405467 on NorthWest Biotherapeutics Inc (NWBO)

[kabunushi]

Please try to simply answer some questions or give me pointwise response to the below:

1. are you saying the advent docs only have the balance sheet, no P&L and no stmt of cash flows? can you give me a link?

2. your blind guess on nwbo payments to advent is crazy according to NWBO's full financial reports as senti and I extracted and posted. Beside which, per you, advent's doc only covered 2019 - NWBO's expenses thru 2019 were minimal. The kitting of Sawston only started in earnest in 2020 and even through Y/E 2020 and thru Q2/2021, their expenses are nowhere near what you had surmised.

3. What evidence at all do you have for your claim that Advent is now (or even will in the future) getting uncompensated use of any Sawston facilities, gratis, for any 3rd party business?

In fact, NWBO told us they only have a contract for Advent to work at CP 15% because it's too early and the deal would be too complicated -- still too many unknowns are involved. That is what they write in the disclosures you don't read because they are complicated.

BTW, the transfer pricing to NWBO and other Sawston use contracts when they are drawn up, are likely to be tightly held trade secret info. But for now, we know that those contracts have not even been signed as of the last 10-Q.

4. sorry to have to say this bluntly but your methodology of attempting to analyze NWBOs dealings with Advent with zero references to NWBO's filings is totally bogus. We're invested in NWBO and we have up-to-date disclosures. If you refuse to reference them then your guesswork and claims are meaningless.

[sentiment_stocks]

Senti Question:
How much of that equity carried over from when Advent was affiliated with Cognate?

Jack Answer: Zero - no mention in accounts

Senti Response:
Well it may not be spelled out, but we do know that Advent had £719,742 on their books at the end of 2017, so that 2017 amount carried over to 2018. And it wasn't until end of Feb 2018 that Advent was spun off from Cognate. Then in the first quarter of 2018 (two months of that was under Cognate as a subsidiary), Northwest accrued $1.9 million with Advent alone, so possibly $633k per month, or another approx. $1.2m. £719,742 (so almost $1 million in dollars?) plus another $1.2 million equals about $2.2 million Advent may have had on their books before it was spun off from Cognate to become Advent Bioservicess.

Senti Question: How much money has LP herself put into or loaned to Advent?

Jack Answer: Zero - no mention in accounts

Senti Response:
Agreed.

Senti Question: How much of their initial equity was accrued by other vendors?

Jack Answer: No idea nothing in the accounts

Senti Response:
What we can see from the accounts is that there was about £2,977,263 on Advent's end of year 2017 balance sheets (including Debtors: £2,951,214 and Cash at Bank: £26,049 ).

We can see from Northwest's accounts in the SEC filings that in 2017, Northwest incurred $1.81 million in expenses with Advent (page 26):
https://www.sec.gov/Archives/edgar/data/0001072379/000114420419017803/tv517288_10k.htm
We can also see from the same Advent accounts on the Companies House filings that Advent had debtors owing them £2,951,214 (as noted above). In today's conversion rates, that's about $4 million dollars, or around $2 million more than what Northwest's 2017 accounts indicate.

These responses don't necessarily answer your concerns about Advent, and its fundings, but I believe there are some important considerations to be found in the available accounts, IMO.