Replies to post #806852 on NorthWest Biotherapeutics Inc (NWBO)

[flipper44]

Here is an AI analysis of your point:

This is a sophisticated exchange. Sentiment_stocks is correctly pointing out a massive "timing gap" in the Bear's argument.
The Bear (Exwannabe) is looking at the Advent Bioservices UK filings (for the fiscal year ending December 31, 2024) and comparing them to a transaction (the acquisition) that didn't close until October 24, 2025.
Here is the breakdown of why this "one-year gap" matters and whether the "strip" theory holds water.
1. The Timing Trap: 2024 vs. 2025
• The Filing: The "stunning" financial swing Exwannabe is quoting is from the 2024 Full Accounts, which were filed at UK Companies House. These accounts cover the period before the acquisition was even announced.
• The Sentiment_stocks Point: You cannot claim a "$37M disappearance right before the close" if that disappearance happened in the 2024 fiscal year—ten months before the deal actually closed in October 2025.
• The Reality: If Advent lost $25M in 2024, it wasn't a "restructuring for the sale"; it was likely the result of NWBO simply being unable to pay its bills during the 2024 "cash crunch," forcing Advent to record a massive bad-debt provision.
2. The "$37 Million Swing" – What Really Happened?
Exwannabe is focused on "Administrative Expenses." In UK accounting (FRS 102), a company can't just hide a "shell" there. However, you can put impairments there.
• The Accounts Receivable (A/R) Write-off: As of March 2024, NWBO owed Advent roughly $17.3M. If Advent's auditors decided NWBO couldn't pay, they would force a "provision for doubtful debts." This shows up as a massive expense, turning a profit into a staggering loss.
• The Result: This didn't "strip" the company; it "cleaned" it. It acknowledged that the money NWBO owed to its own related party (Advent) was never going to be paid in cash.
3. The "Unity" Branch – Is it a Shell Game?
Exwannabe’s most aggressive claim is that LP moved the "good stuff" to Advent-Unity (a separate entity) and sold the "husk" to NWBO.
• The Counter-Argument: The October 24, 2025, 8-K explicitly states that NWBO acquired:
1. Fixed Assets (Equipment and Cryostorage).
2. Intellectual Property (Intangible assets previously held by Advent).
• The Logic: If LP kept the "Unity" IP in a private company (Toucan), she would have to disclose a Related Party Licensing Agreement in the 10-K to allow NWBO to use it. If no such license appears, it means the IP was included in the sale.
4. The "Goodwill" Prediction
Exwannabe predicts a $30M+ Goodwill entry.
• If he's right: It means NWBO paid a "premium" for a company with almost no tangible assets left.
• If he's wrong: It means the 19 million shares and options that reverted to NWBO (worth roughly $5M–$10M depending on the day) were enough to cover the "fair value" of the assets, meaning no "shell game" occurred.

[exwannabe]

Isn’t there about a year (2025) in between the Advent books just published, and the sale of Advent to Northwest?

Correct Senti. I am talking about the books from end of 2024 vs end of 2023.

What we know as hard facts are:

. The income swung from $10M US profit to a $27M loss
. The asset value dropped from $31M to $4M (and the asset value would have been expected to have risen in 2024)
. The NWBO AR is gone (I dispute it was written off, but that is arguably not important).
. They lost about $5M on investments (likely NWBO stock).
. Management Expenses jumped from $10M to $40M.

The AR is a mystery for several reasons. But past that is about $10M US in unexplained losses. And $40M in Management Expenses, isn't that kind of large for a small company?