Flipper, there is one more criteria that one utilizes for evaluation;
A speculative company invests a bulk of its resources into higher-risk growth projects. Investing in a speculative company, on the other hand, need not be viewed as a high-risk investment, especially if that company has established a credible and successful, business model.
NWBO has no track record. This said, I believe Merck (or someone else) has figured out NWBO’s speculative value and now NWBO is within a second quiet period. We will see soon.