You were the one claiming that all the value was in Advent not too long ago. The short bird changes his tune...
I’d actually argue the Advent acquisition reduced, not accelerated, dilution — and it was likely timed as part of a longer-term strategy to make the company less dilutive after approval, not more.
Here’s why:
1. Before the acquisition, Advent was a separate entity performing manufacturing for NWBO. NWBO owed Advent substantial sums for its services — obligations that could have required future share issuances or cash payments to settle.
2. By acquiring Advent, NWBO:
• Eliminated a major payable/debt that might otherwise have been settled through additional stock.
• Brought manufacturing and R&D in-house, preventing future third-party share issuances or equity-based compensation.
• Locked in ownership of Advent’s IP and facilities, avoiding future dilution from revenue-sharing or milestone deals.
3. The shares issued for the acquisition were a one-time event, not an open-ended dilution mechanism. Afterward, Advent became a wholly owned subsidiary — capping what would otherwise have been a recurring dilution risk.
So yes, there was a modest short-term issuance to complete the deal — but long-term, the transaction likely reduced total potential dilution. And considering the strategic timing, NWBO consolidated a key asset for less than it might have cost later, once approval and manufacturing value were fully realized.
We’ll just have to see.
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