Yet Another NWBO Attack Dismantled
The Fudsters Have Become Monty Python's Black Knight
Monty Python and the Holy Grail is a hilarious spoof on the legend of King Arthur. There are many sidesplittingly funny scenes, but let’s focus on the one featuring the combat between King Arthur and the Black Knight. For those of you who don’t know the movie you will need to watch the clip below to understand the rest of this article. Even if you are familiar with the scene, I suggest that you watch it again to refresh your memory and for a good laugh.
Fear, uncertainty and doubt (FUD) is the currency of those who seek to manipulate the price of stocks down. These bashers, a number of whom are paid, spend their time on social media sites like iHub, X, Seeking Alpha and others spreading false rumors and narratives seeking to undermine bullish sentiment on a stock. They also produce “research” reports that attack companies and are often cover for bear raids. These practices are well known to the shareholders of Northwest Biotherapeutics (NWBO) which is by far the most active stock message board on iHub. Many of these posts are by bashers who for years have fabricated stories and lies about the company. Like the Black Knight losing limbs, these lies have been cut off by the cold hard sword called facts. Let’s take a look at what we think are the five biggest lies these Fudsters’ have told.
The Left Arm - The Fudsters’ equivalent was their claim that DCVax-L doesn’t work, and the trial failed. This lie was put to bed with both the presentation of the Phase III trial data at the New York Academy of Sciences in May 2022 and the publication of the results in the November 2202 issue of JAMA Oncology. The trial showed the first real extension of median overall survival for patients with both newly diagnosed and recurrent glioblastoma in over 15 years. The Fudsters’ response - “‘Tis but a scratch”, and some critics still contend that because the trial did not meet it original progression free survival (PFS) endpoint, it failed. However, PFS is not as robust an endpoint as median overall survival (mOS) which was always the confirmatory endpoint for the P3 trial. OS is considered a more clinically meaningful endpoint since it's an objective, unambiguous measure of whether patients live longer or not.
The Right Arm - Another line of attack was that the trial design, due to ethical considerations, forced the use of an external control arm (ECA), was flawed and the trial results would therefore not be accepted by regulators. Not only were the results accepted by the MHRA, but both it and the FDA have made pronouncements backing the use of this type of comparison methodology. In fact, NWBO actually acted as an advisor to the MHRA in drafting of the guidelines for the use of ECA’s. In the eyes of the Fudsters, this defeat was “just a flesh wound”.
The Right Leg - A popular line of attack has been that the CEO of NWBO, Linda Powers, has been looting the company. Again, the facts prove otherwise, and this was made evident with the sale of Advent Bioservices by a company owned and controlled by Powers to NWBO. Advent is the manufacturing arm of NWBO and controls the intellectual property needed to do so. This sale, announced in August 2025, closed at the end of October 2025, was done at an extremely favorable price for NWBO. Estimates place the value of Advent at the time of the sale between $35 - $60 million versus a net sales price of approximately $7 million. If Ms. Powers was truly intent on looting NWBO she not only would not have sold Advent but would not have done so at such a low price. Like the Black Knight, the Fudsters’ response was basically the same - “I’m Invincible!”.
The Left Leg - with three of their claims having now been refuted, the Fudsters turned to yet another line of attack. In their view, the use of ECAs assembled with matching adjusted independent comparison (MAIC) and not individual patient data (IPD) caused the results of the trial to not be statistically robust enough. Though part of their statistical analysis plan (SAP), NWBO did not use IPD in the original analysis because it was not available. When IPD data became available at the end of 2025, the company hired an outside consultant and conducted a propensity score matching study. The original trial results showed a mOS of 2.8 months but using the PSM data actually demonstrated a larger survival benefit with an mOS of 4.9–6.3 months. So not this Fudsters’ objection has been proven wildly wrong. Though this last leg has been cut off, they continue to invent new protestations.
I Can Still Bite - after the release of the PSM data, the Fudsters, were left grasping at straws, initiated a new narrative that the company had received (depending on the individual writing) either a provisional or outright rejection from the MHRA and that the company was either hiding this refusal or appealing the decision. One potbellied bio-tech “journalist” even went so far as to write on X that the Phase 3 DCVax-L study had failed and asked if “NWBO is using a legal loophole to justify not telling anyone?”. NWBO has refuted this latest Fudster claim today in an 8-K which contained a statement from the MHRA stating:
“The Marketing Authorisation Application submitted by Northwest Biotherapeutics, Inc. for DCVax-L (for glioblastoma) remains under its initial regulatory review, has not been refused, withdrawn or appealed, and continues to progress towards a first regulatory decision.”
Once again, facts have a nasty habit of continuing to prove the Fudsters wrong.
Though their legs and arms have metaphorically been cut off, the Fudsters will continue to invent stories about NWBO, its management, and DCVax itself seeking to undermine the company. They do so for money, which when one considers how many lives DCVax-L can potentially save, shows what horrific and despicable people they are.
Approval of DCVax-L is not guaranteed and more than 950 days since the submission of the marketing application, it is likely that a final decision could be issued soon. Using another Monty Python analogy, it appears that NWBO is at the Bridge of Death. Like King Arthur at the Bridge of Death it has to answer the MHRA’s (bridge keeper) tough questions perfectly, or its future could be thrown into the Gorge of Eternal Peril. Given the numerous questions the MHRA has asked, I wonder if the questions have included asking the airspeed of an unladen swallow? Let’s hope that this end of this movie results in the bridge keeper (MHRA) allowing the King Arthur (Northwest Bio) to cross to the other side safely and that neither is cast into the Gorge of Eternal Peril. The ones who should be tossed in there are the shorts and their Fudster minions.