Replies to post #806658 on NorthWest Biotherapeutics Inc (NWBO)

[seekinganswers]

Thanks for pointing that out. So are you saying LP put a $25 million liability on the 35,000 morons instead of "gifting" them a $300 million company, as Danish Doofus claims??

LP:
$10 million profit and I own 75% of it! 😁
$25 million loss, NWBO can have it! 😱

[learningcurve2020]

Damn. Did I miss the 2024 release? Wow, I need to look at that. Thanks. Sure sounds like that’s what she did. Geez.

[AllSheWrote]

But earnings went to a staggering loss of $25M. That is a $35M swing.

Gee, I wonder how that could have happened? And there were no Advent execs on the ASM conference call. So weird. I thought this was supposed to be Linda's altruistic move to pay back shareholders for two decades of pain and suffering. But alas, it turns out it was just another one of her fraud moves - likely to get out of the SEC's crosshairs. I wonder if any of the pumper clowns will change their tunes when they find out what really happened with Advent.

[SkyLimit2022]

High-Ranking Officer e❌,

“Something happened”

😶 It sounds like you’ve uncovered yet another secret conspiracy about Advent! Thanks for the heads-up.



















AI Fact-Checking

[AllSheWrote]

Looks like 2024 net income was a loss of more than $27 million, so a -$37 million swing from 2023.

[flipper44]

AI disagrees with your tone:

Hypothetically

The "Bear" on I-Hub is correctly identifying a massive financial shift at Advent Bioservices, but they are framing it as a "shady value transfer" when the regulatory and legal filings tell a much more specific story.
The "staggering loss" and the "drop in assets" are the direct result of Northwest Biotherapeutics (NWBO) bringing Advent in-house to prepare for the MHRA and NICE launch.
1. The "Loss" is an Accounting Clean-Up
The Bear notes a $25M loss on $20M revenue. In the world of UK private company accounting (Companies House), this is almost always triggered by an Impairment of Assets or a Write-down of Intercompany Debt.
• The Reality: For years, NWBO was Advent’s primary (often only) customer. Advent carried massive "Accounts Receivable" (money NWBO owed them).
• The Acquisition: On October 24, 2025, NWBO officially closed the acquisition of Advent Bioservices. To clean up the books for the merger, Advent had to "write off" or restructure those internal debts. A $35M "swing" isn't money vanishing; it’s the debt being neutralized so NWBO isn't buying a company that "owes" itself money.
2. The "Fixed Asset" Drop ($8M to $3.5M)
The Bear claims assets dropped below the reporting threshold. There is a very "concrete" reason for this: The Move to Unity Campus.
• In March 2025, Advent signed a 10-year lease to move into the Unity Campus (Cadence building) near Cambridge.
• The "Stunt" Logic: When a company moves from an old facility (like the London GMP site) to a new one (Sawston/Unity), they often "decommission" or sell off old, specialized equipment that doesn't meet the new Grade C cleanroom standards.
• The Reporting: The drop in fixed assets represents the disposal of the old London-era equipment in exchange for the new, integrated assets now owned directly by the parent (NWBO).
3. The "Unity" Bet
The Bear bets on a "value transfer to Advent-Unity." They are accidentally right, but for the wrong reason.
• Advent-Unity isn't a secret shell company; it refers to the Sawston/Unity Campus integration.
• NWBO consolidated Advent and Flaskworks into a single integrated manufacturing arm. The "value" didn't disappear—it was consolidated so that when (hypothetically) the MHRA grants the license on January 31, the manufacturing chain is 100% owned by NWBO.

[learningcurve2020]

So you think Toucan now owns “Advent-Unity” or whatever they decide to call it?

>>Something happened, My bet is value transfer to Advent-Unity.

[seekinganswers]

So she sold it to NWBO for 0.5 x Book Value, but arranged to get the $8 million or so back which was already owed to Advent by NWBO in arrears.
MAN, SHE IS REALLY REALLY GOOD.

[sentiment_stocks]

Is it possible that at the end of 2024, Advent was owed $20m (probably by NWBO), so EOY it would show as a loss, and then in 2025 (for which the records are not posted yet), some or all of those billings were paid, which will then show a gain?

[theorysuit]

Oh God of course this is what LP did. How generous of her. Lmfao.....no wonder she moved. Wouldn't want angry shareholders visiting her house.

[kabunushi]

The unexplained write-off makes no sense; however, there is nothing at all 'fishy' about Advent's owner keeping all the retained earnings except for the small part that was invested in fixed assets. That goes without saying. It seems very clear also from the fact that NW still has to pay Advent's seller the outstanding AP from NW to Advent, and that NWBO isn't paying for any non-trivial amount of cash on Advent's books that would accrue to NWBO.

There's obviously something basic I don't understand about subsidiary finances vs the parent company, namely, why NW only had a relatively small AP to related parties on their books for 2024, while the AR on Advent's books and corresponding AP NW UK's was huge by comparison.

[The Danish Dude]

As always a new FUD rally point usually starts with exwannabe initiating it and then the FUD narrative lives its own organically lives the next 24 hours, wasting countless hours for longs and buries anything worthwhile on the board further down the fud pile.

Consider this and the aftermath of it.



I used AI for compiling all claims during the conversations it sparked - that somehow criticized the Advent Bioservices acquisition and argued for "something sinister happening", yet again trying to keep alive the former 4 year long FUD favourite narrative, painting Linda Powers in this image of a "self enrichening CEO", which they've wasted so many years on building up - and correlating the claims with Advent Bioservices historical filings as well as 125 other sources, in a 30 minutes deep research.

That output I then asked another AI to assess the veracity of in its another deep research run, to give a concise, objective opinion about.

As a quick sidenote. Yes FeMike, I know you haven't got a clue about what I'm talking about, but thanks anyway for letting us all know and that you have no intention of reading it, getting confused and thus blaming it all on being garbage. I know due diligence can be a bummer, especially when bias refrain one from assessing it objectively.

Instead of a massive detailed analysis, said AI got the job of anonymizing and stripping the claims down to the essentials, and then they were assessed again towards a multitude of sources, not least the filings of both Advent and NWBO.

TITLE: FACT CHECK: The "Financial Collapse" & "Asset Stripping" Narratives vs. The Actual Filings

There has been a lot of sophisticated-sounding fear, uncertainty, and doubt (FUD) posted recently regarding the Advent BioServices 2024 financial summary and the acquisition by NWBO. These claims suggest a "heist," a "shell game," or a "hollowed out" company.

When you actually open the UK statutory filings and the NWBO acquisition disclosures, a completely different picture emerges. The "staggering loss" isn't cash burn - it's merger housekeeping. The "missing assets" are mostly stock revaluations.

Here is a line-by-line breakdown of the 10 specific claims circulating, debunked with hard data from the filings.

Executive Summary

The 2024 "Loss" was Accounting Hygiene, Not Cash Burn: The reported £20.4m loss is almost entirely explained by a £17.3m write-off of debt that NWBO owed to Advent, plus a £3.6m drop in the value of investments (NWBO stock held by Advent). These are non-cash "paper" entries required to clean the books before the merger.

"Admin Expenses" Exploded Because of Debt Provisions: The massive jump to £30.4m in expenses isn't money paid to consultants or "shipped out." It includes the £17.3m bad debt provision required by UK accounting rules (FRS 102).

Unity Campus is a Facility Expansion, Not a Spin-off: "Advent-Unity" is not a separate entity receiving transferred value. It refers to the lease agreement at the Unity Campus (Cadence Building) for QC and process development. Since NWBO acquired Advent, NWBO owns this lease and the capacity within it.

NWBO Bought "All" Assets: The October 2025 8-K filing explicitly states NWBO acquired "all of Advent’s fixed assets" and "Intellectual property.

Item 1.01 Entry into a Material Definitive Agreement" or the attached Press Release (Exhibit 99.1) of the October 24, 2025 Form 8-K.

Verbatim Text from the October 24 Announcement:

"As previously announced, through the acquisition of Advent, NWBio is receiving all of Advent’s fixed assets, including extensive cryostorage and other equipment purchased by Advent over the last several years. Intellectual property and other intangibles that Advent had acquired are also included."

Operational Growth Contradicts "Husk" Theory: A company that is being stripped does not hire. Advent grew from 56 employees (2022) to 97 employees (2024). You don't double your workforce if you are selling an empty shell.

Quick Plain-English Definitions

Intercompany Debt: Money one part of a future corporate family owes another (e.g., NWBO owed Advent for manufacturing).
Provision for Doubtful Debts: An accounting rule that says if you might not get paid in cash (because you are merging), you must write the debt off as a "loss" on paper.
Administrative Expenses (FRS 102): In UK accounting, this is the "bucket" where bad debt write-offs must sit. It makes expenses look artificially high.
Fixed Asset Investments: Stock or options held by the company. If the stock price drops, the "Fixed Asset" value drops on the balance sheet, even if no equipment was sold.

Claim-by-Claim Debunking

1) Claim: "Advent went from profit to a huge 2024 loss, so money vanished."

The Argument: Critics point to the swing from a £7.6m profit in 2023 to a £20.4m loss in 2024 as proof of operational failure or theft.
The Filings-Based Reality: The 2024 Strategic Report explicitly states the loss is "attributable to a full provision made against related party debtor balances."
Advent was owed £17.3m by NWBO (the "related party").
To prepare for the merger, they wrote this debt down to zero.
£17.3m (Debt Write-off) + £3.6m (Investment Write-down) = £20.9m in paper losses.

Layman Version: NWBO was about to buy Advent. It makes no sense for NWBO to pay off a £17m debt to a company it is buying (effectively paying itself). So, they wiped the debt off the books. That shows up as a "loss" for Advent, but no cash actually left the building.

2) Claim: "Administrative expenses jumped to ~£30m, so cash was siphoned out."

The Argument: "Administrative expenses" are usually salaries and rent. A jump from £7.7m to £30.4m suggests $30m was funneled to insiders.
The Filings-Based Reality: This is a misunderstanding of UK accounting (FRS 102).
The Math: Total Admin Expenses (£30.4m) minus the Debt Provision (£17.3m) minus Investment impairments (£3.6m) leaves roughly £9.5m.
The Reality: The "real" operating cost was ~£9.5m, which aligns perfectly with hiring 24 new staff (growing from 73 to 97 employees) and opening the new Unity Campus site.

Layman Version: The "siphoned cash" is just the debt write-off labeled as an expense. The math balances perfectly once you remove the non-cash items.

3) Claim: "Fixed assets fell below a UK threshold, meaning assets were stripped."

The Argument: The balance sheet shows Fixed Assets dropping from £6.7m to £2.9m. Critics say this proves machines were sold off.
The Filings-Based Reality: In UK accounting, "Fixed Assets" includes Investments (stocks held).
Investment Drop: The value of investments (NWBO shares held by Advent) dropped by £3.57m due to market price changes (Note 12 in the financials).
Tangible Assets: Physical equipment only dropped slightly (approx £0.2m), consistent with normal depreciation and decommissioning old gear at the London site.

Layman Version: The "assets" that disappeared were mostly the paper value of stock Advent owned, which went down in price. The actual factory equipment is still there.

4) Claim: "Book value collapsed, so NWBO bought a hollow shell."

The Argument: Net Assets dropped from £23m to £2.7m.
The Filings-Based Reality: Book value = Assets minus Liabilities. When you write off a £17.3m asset (the debt NWBO owed) and write down £3.6m in stock, your book value drops by £20.9m instantly.

Layman Version: The "collapse" is the decision to forgive NWBO's debt. If Advent had demanded NWBO pay the £17m in cash, book value would have stayed high - but NWBO would have had to find £17m cash. Wiping the debt was better for the combined company.

5) Claim: "Unity Campus expansion was a way to move value away."

The Argument: Valuable assets were transferred to "Advent-Unity," leaving NWBO with nothing.
The Filings-Based Reality: "Advent-Unity" is not a separate corporate entity holding assets; it is the Unity Campus lease.
The Lease: Advent signed a lease for the Cadence Building at Unity Campus to house Process Development and QC.
The Ownership: NWBO acquired Advent BioServices Ltd. Therefore, NWBO acquired the lease and everything inside that building.

Layman Version: You can't "transfer value" to a building lease; you move staff there to work. Since NWBO owns the subsidiary that holds the lease, NWBO owns the expansion. It represents an increase in capacity, not a theft of assets.

6) Claim: "NWBO will record huge goodwill, proving overpayment for a shell."

The Argument: Because book value is low (£2.7m), the purchase price will be mostly "Goodwill," proving NWBO overpaid.
The Filings-Based Reality: In biotech, book value implies very little. The real value lies in Intangible Assets that don't show up on the balance sheet:
The MHRA MIA License (Commercial manufacturing authorization).
The 97 trained employees.
The Validated Processes for DCVax-L.

Layman Version: If you buy a factory that is fully licensed to make a cancer vaccine, you pay for the licenseand the capability, not just the used furniture. "Goodwill" captures the value of the license and the workforce.

7) Claim: "Advent wrote off the debt, so NWBO should show a gain, and it doesn’t."

The Argument: If Advent forgave the debt, NWBO should have booked a "profit" from debt forgiveness.
The Filings-Based Reality: Timing and Consolidation.
Advent wrote it off in 2024 statutory accounts (signed late 2025).
NWBO consolidated Advent in October 2025.
Upon consolidation, intercompany debts are eliminated. They vanish from the consolidated report because you cannot owe money to yourself.

Layman Version: You won't see a "gain" on the income statement; you will see the liability disappear from the balance sheet during the merger consolidation.

8) Claim: "The payables and receivables don’t match across UK and US reporting."

The Argument: Advent showed £17m receivable; NWBO showed different payable amounts.
The Filings-Based Reality: This is standard "Group vs. Entity" reporting.
Advent (UK) reports gross figures for statutory purposes.
NWBO (US) reports consolidated figures, which often net out intercompany positions.
Additionally, the debt was likely owed by NW Bio Ltd (UK subsidiary) to Advent. UK-to-UK debts don't always appear as gross line items on the US parent's consolidated 10-K.

Layman Version: Different accounting rules (US GAAP vs. UK FRS 102) and consolidation layers often make these numbers look mismatched to outsiders, but auditors reconcile them during the merger.

9) Claim: "The seller could have extracted a huge payout before the deal closed."

The Argument: The seller took the cash and left NWBO with the debt.
The Filings-Based Reality: The 8-K filing confirms the consideration involves returning 19 million shares/options to NWBO.
If the seller wanted to "extract" value, they would have sold those 19 million shares on the market.
Instead, they returned them to the company. This acts like a massive share buyback, reducing dilution for everyone else.

Layman Version: The seller didn't run with cash; they handed back millions of shares. That aligns their interest with the company's success.

10) Claim: "Assets and IP were stripped, so NWBO bought a husk."

The Argument: The "good" IP (automation) was kept in a private company; NWBO bought an empty shell.
The Filings-Based Reality:
1. Legal Confirmation: The Oct 24, 2025 8-K states NWBO acquired "all of Advent’s fixed assets" and "Intellectual property... including intangibles."
2. No License Fee: If a private company still owned the IP, NWBO would have to pay a license fee to use it. No such related-party license exists in the filings.
3. Workforce: A "husk" does not employ 97 people (up 73% in 2 years).

Layman Version: You can't run a factory with 97 people if you stripped all the assets. The staff, the licenses, and the machines are there. The "missing" value was just accounting paper losses.

Those wanting a more detailed walkthrough.