GoodGuyBill, On your question on why unify the full stack now (acquisition of Advent CDMO, manufacturing, IP, trial data) right before a regulatory decision:
Here are my thoughts, as I believe NWBO wants to build a dominant franchise:
Operational
- Prior to major ramp-up in commercialization, ownership is best.
- Direct control is crucial for quality assurance and process consistency.
Regulatory
- An important "check the box" item for MHRA during labeling and approval negotiations
- Assures regulators of NWBO’s commitment and capability to scaling-up production by bringing critical functions in-house.
Financial
- Acquisition of Advent means NWBO does not pay a CDMO a 15% mark up. That directly increases NWBO’s gross margin %.
- Post-approval, analysts will focus on financial forecasts, specifically Gross margin and Net Profit.
- Strong GM % relative to biotech peers is critical for Institutional investor comparisons and assigning valuation premiums before a financing.
Bullish