I wrote an article about $NWBO: reddit.com/r/NWBO/comments/1… I encourage everyone to read it. What is happening with NWBO is astounding and our persistent retail investor has hung on through it all. I believe we will all be much better off when this story comes to its' ending.

✅️Algorithms Discoverable? The federal magistrate judge in $NWBO's spoofing lawsuit against six of the largest market makers in the world, including Citadel and Vitru, believes that the Defendant market makers' trading algorithms are discoverable The Magistrate Judge stated, in relevant part: "I'm not sure how that gets limited, frankly." [1] See attached Image. [1] Docket #286, courtlistener.com/docket/665…

➡️NWBO Spoofing Lawsuit - May 29th Status Update The Case: Northwest Biotherapeutics, Inc v. Canaccord Genuity LLC, 1:22-cv-10185, (S.D.N.Y.) The Docket: courtlistener.com/docket/665… On May 29, 2026 the parties in the above case jointly filed a discovery status update with the Court. We have the usual back-and-forth finger pointing. Instead of wasting time analyzing the finger pointing I'll address some of the more interesting tidbits found in this letter. ✅ $NWBO is going after Defendant Market Makers' Algorithms "For example, Defendants have yet to produce algorithms underlying the relevant trading. No party has produced these algorithms despite the Court’s prior acknowledgment that they are discoverable,6 with Citadel asserting it did not use trading algorithms at all.7" ✅ Document Production NWBO: 4,508 Citadel: 257 G1X: 156 GTS: 229 Instinet: 69 Lime: 20 Virtu: 92 See Image 1. ✅ $NWBO is going for information related to short selling “Defendants suggest that by searching for terms related to shorting, NWBO is fishing. Not so. While the Court stated that short selling was not required among the mechanisms of the spoofing scheme, short selling is directly tied to profit motive incentives underlying the alleged activity.” ✅ $NWBO is seeking all trading data This includes ALL trading done from every Defendant from December '17 to the present. "Without access to Defendants’ complete trading data, Plaintiff is unduly restricted in evaluating Defendants’ bona fide market-making trading patterns versus their manipulative spoofing tactics and unduly limited in proving scienter or furthering its claim for injunctive relief for alleged, ongoing harm." We should expect to see a motion to compel filed by $NWBO if this matter is not resolved: "Discovery in connection with that claim should necessarily extend from December 5, 2017 to the present day. Defendants’ attempt to limit their searches is unsupported and contrary to their prior representations. As the parties are at an impasse, NWBO anticipates it will need to bring a motion to compel in the coming weeks." ✅ $NWBO seeks materials related to Defendants' regulatory investigations "NWBO has also raised the absence of materials regarding regulatory and internal investigations, including SEC investigations, into potential related misconduct, as well as data regarding short sales."

➡️Is Citadel attempting to use discovery in NWBO’s spoofing case to get a sneak peak at other market manipulation investigations into Citadel? The Case: Northwest Biotherapeutics, Inc v. Canaccord Genuity LLC, 1:22-cv-10185, (S.D.N.Y.) The Docket: courtlistener.com/docket/665… $NWBO has sued seven of the largest market makers in the world alleging that they have illegally manipulated $NWBO’s share price via spoofing. One of the seven defendants (Canaccord) has entered a confidential settlement agreement. The other six market makers are going through discovery. As part of their discovery, Citadel sent a subpoena to Joshua Mitts, $NWBO’s non-testifying expert and attorney. The Court entered a Protective Order limiting the documents Citadel and the other Defendants are able to obtain from Mr. Mitts via subpoena. In a letter dated June 2nd, 2026, Mr. Mitts’ attorney is asking the Court to further limit the subpoena to documents in his possession that are related to the $NWBO lawsuit instead of all documents in his possession. Why are the attorneys of Mr. Mitts asking the Court to further narrow the scope of Mr. Mitts' subpoena? In short, because Mr. Mitts is in possession of other documents concerning market manipulation by Citadel in unrelated matters. Recall, Mr. Mitts’ CV states that he “has extensive experience supporting the U.S. Department of Justice.” [1] The June 2nd letter from Mr. Mitts' attorneys to the Court states, in relevant part: “…Mr. Mitts possesses documents which concern market manipulation or spoofing activity by Citadel in a number of unrelated matters. While those documents are technically responsive to Request No. 4, which seeks all such documents related to Citadel, such documents are irrelevant and confidential, and many are subject to privileges owned by third parties and/or require Mr. Mitts to notify third parties prior to any disclosure regarding them. In some cases, the matters in which Mr. Mitts has been involved are sufficiently sensitive that even the limited information a categorical log would require could not be disclosed to Citadel without violating privilege or confidentiality obligations.” (emphasis added) Could Citadel be fishing for information on possible U.S. Department of Justice Investigations into themselves? It's certainly possible, but this this letter doesn't provide any definitive answers. [1]law.columbia.edu/sites/defau…

NWBO '26 Q1 10Q sec.gov/ix?doc=/Archives/edg… At this point I’m skimming the filings for information regarding $NWBO's commercialization of their lead product and steps $NWBO might take to address their cash crunch. The information on additional trials and US manufacturing is great, but those trials and US manufacturing are many many years away from positively impacting the finances. Here is what stood out to me in $NWBO's recent '26 Q1 10Q. ➡️Significant Reduction in Net Loss The net loss for the 3 months ended March 31st from 2025 was $19.343m and for 2026 it was reduced to $3.069m. I’d imagine we are starting to feel the Advent merger synergies. ➡️Another Approval Timeline Hint First, lets look my at the prior speculation on timelines. Speculation #1: Per data posted by Tunnelvisionplenty, there is a big batch of approvals coming 6 months post the 2nd CHM meeting. $NWBO had their 2nd CHM meeting on November 27/28 of 2025. Six months past this date is late May 2026. Speculation #2: For the first time in the ’25 10k we saw that Advent started DCVax-L specific training which typically takes about six months. I assume they wanted this training to be complete prior to approval. This statement wasn’t in the ’25 Q3 10Q. So, this training likely started October-December ’25 timeframe. That means the training would be complete in the April-June ’26 timeframe. Speculation #3 (contained in recent 10Q): In this ’26 Q1 10Q we see that $NWBO started a leukapheresis buildout in the UK. I assume this is being timed to be done for the approval decision. The 10Q states that $NWBO expects the buildout “…to be completed by June…” So, we have three separate signals pointing to approval in May, April-June and finally June. There is an ongoing CHM meeting for May 21/22. Hopefully $NWBO is on the agenda at this CHM and we have an approval decision in mid ’26 as a few speculative timelines are starting to align. ➡️Potential UK Property Sale "The Company owns a 17-acre parcel of land on the edge of Sawston, UK...If zoned for residential development, the Company has been advised that its property would be extremely valuable." This is a positive step to possibly address $NWBO’s cash crunch and something to keep an eye on. I would also like to know what the company means by "extremely valuable". ➡️Spoofing Lawsuit Settlement Language “The funds are being held in escrow while the Company pursues discussions with other lesser defendants about resolution of the case against them. The Company anticipates that the funds will be released from escrow when the discussions with the lesser defendants have been completed.” That’s a positive sign that some of the smaller players are possibly talking settlement. I’m surprised $NWBO put this language in a public filing. Regarding the statement that the funds will remain in escrow until discussions with lesser defendants have been completed is puzzling. I’m not sure why those funds would be required to stay in escrow until discussions with other parties are complete. The only thing I can think of with my limited knowledge of the situation is that $NWBO sold interest in the lawsuit to certain investors and maybe their agreement stated that the first [insert dollar value] of the settlement goes to paying off the investors. Maybe $NWBO is required to hold the funds in escrow until the settlement has reached a certain amount to pay off the initial investment of the investors. Who knows. It's an unusual statement so I figure it has something to do with the possible unusual arrangement of selling lawsuit interests to investors. That's all that stood out to me on the commercialization/cash front. Fingers crossed for mid '26 approval decision!

🧑‍⚖️Two Rulings, Two (mostly) wins for $NWBO The Case: Northwest Biotherapeutics, Inc v. Canaccord Genuity LLC, 1:22-cv-10185, (S.D.N.Y.) The Docket: courtlistener.com/docket/665… Keep in mind these are discovery rulings. That being said, these were two important wins for $NWBO in their spoofing lawsuit against seven of the largest market makers in the world. ✅May 19, 2026 Ruling The 'I don't care to read the below quotes summary': This ruling stops the Defendants from getting a sneak peak at $NWBO's underlying analysis and protects Joshua Mitts from having to produce a burdensome document by document privilege log. "...the Court hereby GRANTS the motion for a protective order to the extent indicated below." "The Court is unpersuaded by Citadel’s argument that NWBO waived Rule 26(b)(4)(D) protections because statistical analyses prepared by Professor Mitts were incorporated into the Second Amended Complaint (“SAC”)." "The Court also finds that a detailed privilege log is unwarranted to the extent the documents sought are protected by Rule 26(b)(4)(D)." "Although the Court thus finds that Rule 26(b)(4)(D) shields Mitts from providing documents concerning his work as a non-testifying consulting expert, it is not clear that this relieves him of any obligation to comply with the subpoena." "Citadel, however, states that it would be willing to accept a categorical privilege log, and the Court agrees that a categorical log, with information as to date range, general subject matter, and the privilege(s) asserted, would be appropriate." ✅May 20, 2026 Ruling The tldr summary: The Court is granting $NWBO's request for a discovery continuance but they're annoyed at the slow pace of discovery so the Court is taking steps to speed things up. "Having reviewed this letter, Defendants’ response (Dkt. No. 274), and the parties’ May 4, 2026 status report (Dkt. No. 270), the Court is not satisfied with the progress of discovery in this case. The original Scheduling Order, entered following the Initial Case Management Conference held on June 5, 2025, set a deadline for substantial completion of document production of August 29, 2025. (Dkt. No. 218 at 3). This date was mutually agreed to, and indeed proposed by, the parties. (Dkt. No. 205 at 7). Yet eleven months after the ICMC, and with the extended deadline for substantial completion of document discovery just two weeks away (Dkt. No. 254), Plaintiff writes that “the parties have yet to agree on search terms for either NWBO or Defendants.” (Dkt. No. 269 at 1 n.2; emphasis added). The Court does not understand how that could possibly be the case if the parties were working diligently, cooperatively, and in good faith to complete discovery in the allotted time. Nor does the Court understand how, after eleven months of discovery, so few documents have been produced in a case of this nature. To the extent there is any bona fide issue relating to search terms (the Court recognizes that Defendants say they understood that the search terms, at least for their own production, were already agreed to and that they produced documents based on that understanding, see Dkt. No. 274 at 2)), it must be resolved immediately. Similarly, any dispute as to Defendants’ production of trading data, described in the parties’ exchange of letters in November 2025 (see Dkt. No. 274 Exs. B and C), must be resolved immediately. The parties shall meet and confer and, by no later than next Friday, May 29, 2026, file a joint status letter that either (a) reports that these issues have been resolved (for both NWBO’s and Defendants’ productions) and provides a revised deadline for substantial completion of document production no later than July 31, 2026; or (b) states that the Court’s intervention is needed and provides each party’s position in no more than 3 pages for each side. To facilitate discussions regarding search terms, Plaintiff shall provide Defendants with string-by-string hit counts (and not just an aggregate hit count), or forfeit any ability to argue that Defendants’ proposed search terms are unduly burdensome. Pending receipt of the parties’ May 29 letter, the Court holds in abeyance NWBO’s request for an extension of discovery deadlines. SO ORDERED."

NWBO Spoofing Lawsuit - A Curious Defense Attorney Addition $NWBO The Case: Northwest Biotherapeutics, Inc v. Canaccord Genuity LLC, 1:22-cv-10185, (S.D.N.Y.) In today's filing attorney Rushmi Bhaskaran entered her appearance for Defendant G1 Execution Services LLC in $NWBO's civil spoofing lawsuit. It's interesting that G1 would bring in someone with experience on the criminal side while $NWBO's case is in civil courts. It makes you wonder what has been uncovered in discovery where Defendants felt the need to bring in this attorney at this particular stage of litigation. "Former Assistant U.S. Attorney for the Southern District of New York Rushmi Bhaskaran—who has more than 15 years of experience handling sophisticated white collar fraud and cybercrime matters—has joined Ballard Spahr’s Litigation Department and White Collar Defense and Investigations Group as partner, firm Chair Peter Michaud announced today. Rushmi is resident in the firm’s New York office." ballardspahr.com/insights/ne… "Former Southern District of New York Assistant U.S. Attorney Rushmi Bhaskaran has joined Ballard Spahr’s Litigation Department, White Collar Defense and Investigations Group, and New York office. Rushmi has investigated and prosecuted white collar criminal cases involving bank fraud, mail and wire fraud, health care fraud, securities fraud, criminal tax violations, computer crimes, money laundering, false statements, sanctions violations, and violations of the Bank Secrecy Act." bizjournals.com/newyork/potm…

NWBO Spoofing Lawsuit - Joint Status Report $NWBO The Case: Northwest Biotherapeutics, Inc v. Canaccord Genuity LLC, 1:22-cv-10185, (S.D.N.Y.) The Docket: courtlistener.com/docket/665… On May 4th the parties in the above action submitted a joint status report advising the Court as to the status of discovery. Both the Defendants and NWBO submitted their own updates within the same letter. The status report contains the typical back and forth bickering. ➡️Defendants state that they are nearly complete with discovery “Defendants’ productions are complete or substantially complete.” ➡️Defendants point the finger at $NWBO for failing to agree on search terms “As of the date of this filing, NWBO has still refused to provide string-by-string hit counts for the terms Defendants proposed in February (even though NWBO confirmed it has run them).” ➡️Defendants object to $NWBO’s 150-day extension request “NWBO had agreed to produce documents responsive to several categories of Defendants’ RFPs in September 2025. Ex. A at 23. Eight months later, it has not done so—and nothing in NWBO’s request for an additional 150 days explains how more time would cure what NWBO has made no effort to accomplish.” ➡️Third-Party Discovery "On May 1, 2026, NWBO filed a letter motion seeking a protective order regarding a subpoena that Citadel Securities served on Joshua Mitts in September 2025." ➡️$NWBO points the finger at Defendants for the discovery delays “The current discovery schedule has been strained by Defendants’ repeated, prolonged, and dilatory discovery disputes.” “The Parties have continued to negotiate and work through numerous discovery issues. But discovery has been mired in disputes largely occasioned or prolonged by Defendants’ conduct.” ➡️$NWBO points at the Defendants’ meager productions to date "Meanwhile, even though NWBO has produced 3,466 documents, no Defendant has produced more than 350 documents. Despite this, Defendants have harassed NWBO with frivolous discovery requests requiring unnecessary burden and expense to contest. NWBO addresses these requests in further detail its motion to extend the case management schedule, which will be filed today." “Moreover, Defendants have limited their data productions to specific days in the relevant period, with some producing only the minutes surrounding the events alleged in the complaint. Additionally, there are inconsistencies between Defendants’ trading data, suggesting curated and incomplete productions.” ➡️My takeaway Citadel, et. al, is attempting to produce minimal documents while running out the discovery clock. $NWBO needs to pick up the pace so they get the documents that are needed. The Court's ruling on $NWBO's 150-day discovery extension along with $NWBO's protective order for Joshua Mitts will be important decisions by the Court.

➡️Citadel is very interested in Joshua Mitts The Case: Northwest Biotherapeutics, Inc v. Canaccord Genuity LLC, 1:22-cv-10185, (S.D.N.Y.) The Docket: courtlistener.com/docket/665… In a May 1st filing in the above referenced spoofing case $NWBO asks the court for a protective order relieving Mr. Mitts from compliance with a subpoena. Mr. Mitts is $NWBO's non-testifying consulting expert and its attorney. $NWBO claims Citadel is harassing Mr. Mitts and attempting to drive up litigation costs over an improper subpoena. The subpoena asks for Mr. Mitts to turn over "troves of privileged information" which $NWBO claims is protected from disclosure. Who Is Joshua Mitts? CV: law.columbia.edu/sites/defau… Mr. Mitts and $NWBO executed a formal engagement letter on August 29, 2022. Mr. Mitts resume states, in relevant part: "...advises on the analysis of trading data in connection with high-frequency market manipulation and securities violations. He has extensive experience supporting the U.S. Department of Justice." It's no wonder why Citadel is trying to obtain Mr. Mitts communications.

$NWBO's Strategic Advisor: Dr. Annalisa Jenkins Today's PR: nwbio.com/northwest-biothera… Some points of interest to me: ✅Dr. Jenkins took a company public on the NASDAQ. $NWBO is possibly in a position to look at uplisting. ✅Dr. Jenkins was CEO of Dimension Therapeutics for about 3 years until the sale to Ultragenyx in 2017 for approximately $151 m. Its' drugs were phase 1/2 or even earlier in the clinical development stage. My hope is that $NWBO ultimately sells.

NWBO's 2025 10K sec.gov/ix?doc=/Archives/edg… Apologies, this is a bit late! I did a quick glance through. Mainly I looked at the MD&A and financials. A few quick thoughts. TLDR: $NWBO has lots of good plans but no resources to execute said plans. Hints of an approval decision to come middle of '26. Hopefully an approval helps to alleviate the resource constraints. 1. Advent Revenue doesn't appear to be showing up. 2. Net loss of roughly $60m which is an improvement of ~$24m from the year prior. 3. Lots of trials that were supposed to start that don't appear to be close to starting. 4. A supposed acquisition that has disappeared from the MD&A section. 5. Very slow/delayed Advent buildout. 6. $NWBO has a money problem. A (hopefully) positive approval decision can't come soon enough. 7. This happened sometime in 2025: "Advent recruited substantial additional manufacturing personnel and began their DCVax-specific training, which typically takes about six months." 8. Recall, the CHM data per tunnelvisionplenty showed two big approval windows. One at 3 months post 2nd CHM meeting (we're past that date) and one at 6 months post 2nd CHM meeting. That is coming up in late May. 9. Both the Advent training schedule (assuming it started in late '25) and the second CHM approval window are pointing to an approval decision in the May/June '26 timeframe.

$NWBO First lawsuit filing in a while. The ESI protocol. Discovery continues.

$NWBO Spoofing Case Update – Motion Battle The Case: Northwest Biotherapeutics, Inc v. Canaccord Genuity LLC, 1:22-cv-10185, (S.D.N.Y.) The Docket: courtlistener.com/docket/665… In this post we will discuss the Court’s ruling on a recent discovery related motion filed by Defendants. You can see the history of this motion from my posts in this thread: x.com/hoffmann6383/status/19… Essentially, the Defendants are asking $NWBO to specifically identify the spoofing orders and then limit the case to said spoofing orders. It is a very important ruling that could impact the scope of $NWBO’s claims, and thus their damages. Here is what the Defendants are asking for: "The Court should order NWBO to provide—within seven days and for all Spoofing Episodes that survived the motion to dismiss—the same color-coded, calculation-explained identification it provided in its Appendix. Consistent with Judge Schofield’s order in Harrington, NWBO should further be limited to using only the identified orders at summary judgment and trial." Last week, the Defendants’ Motion was DENIED. This is a big win for $NWBO. $NWBO already provided the Defendants the trading data. The Court is telling Defendants they have to analyze the raw data themselves and not depend on $NWBO to do that for them. There is one small caveat: “If, as, and when Defendants are unable to reconcile their own calculations with the allegations of the SAC with respect to a particular Spoofing Episode based on the methodology NWBO has explained, Defendants may bring the issue to NWBO’s attention and ask NWBO to identify how the particular calculation(s) were derived. The Court hereby orders NWBO to provide such identifications to Defendants upon request.” This ruling was a big win for $NWBO. We lost the first round of this motion battle, but won the second round. Discovery goes on!