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Galzus Research

06/12/25 9:52 AM

#771270 RE: XMaster2023 #771260

The valuation of NWBO remains quite favorable, relative to peers in the pre-commercial cell therapy space. It's in the ballpark (or substantially higher) than cell therapy companies that already have an approval.

You can make your argument that the share price has been manipulated. This is alleged, of course. But the more logical explanation, that NWBO is NOT undervalued, just overdiluted, is also consistent with the observed decline in price per share.

My articles achieved the exact goal I was hoping that they would achieve, by the way. And the only thing that would make me never write about NWBO again is if they drop too low in valuation to be worth writing about in the first place. That benchmark is $100 million market cap, by the way, where Seeking Alpha tells you it's no longer worth the editorial scrutiny. It's why I haven't written a new article on Adaptimmune.