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BALCAO · PHARMACEUTICAL PREPARATIONS · SMALL CAP

Northwest Biotherapeutics Inc. NWBO

19 fiscal years on record · USD · FY2025 reported · SEC filings only
$1.4M
▼ 0.3% YoY
$-60.2M
$-46.3M

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

We have developed a platform technology, DCVax®, which uses activated dendritic cells to mobilize a patient’s own immune system to attack their cancer. We have completed a 331-patient international Phase III trial of DCVax-L for Glioblastoma multiforme brain cancer (GBM), published the results in the JAMA Oncology peer reviewed journal, and on December 20, 2023 we submitted a Marketing Authorization Application (MAA) for commercial approval in the U.K. In Japan, we have three issued patents and three pending patent applications relating to our DCVax products, as well as manufacturing related patents. We have an integrated strategy for protection of our technology through both patents and other mechanisms, such as Orphan Drug status.

Written from the business description in Northwest Biotherapeutics, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 15 April 2026. Every sentence was checked against that document before publication.

Growth

USD 1.4M
Revenue, FY2025 · full 19-year series below
Revenue $M Net income $M
FY2025 · Revenue 1.4 · Net income -60.2
100M200M-200M-400M
2007201020132016201920222025
Compound annual growth
−6.4%
+1.3%
−2.3%
+38.9%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +1.3% a year over the five years to FY2025.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

·
Operating margin Net margin
FY2025 · Operating -4347.9%
-100000%-200000%
200720162025
ROE

Not applicable: equity was zero or negative in this period, so return on equity has no meaning.

Three returns, three denominators.
Return on equityNot applicable: equity was zero or negative in this period, so return on equity has no meaning.
Return on capital employedNot applicable: capital employed was zero or negative in this period, so return on capital employed has no meaning.

Cash & shareholders

·
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF -46.3
-25.0M-50.0M
200720162025
Net buybacks $M Dividends $M
FY2015 · Dividends · · Net buybacks 0.0
-20M-40M
201320142015

Total assetsUSD 81.3M
EquityUSD -60.3M
CashUSD 3.0M
Gross debtUSD 60.0M
Net debtUSD 57.0M
Current ratio0.06×

Equity was zero or negative — liabilities equaled or exceeded assets. No ratio is shown.

The 19-year record

19 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative—not applicable◌not available in our data
NWBO, 19-year financial record
Metric 2025202420232022202120202019201820172016201520142013201220112010200920082007
Revenue $B0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0◌◌◌
Operating income $B−0.1−0.1−0.1−0.1−0.1−0.1−0.0−0.0−0.1−0.1−0.1−0.1−0.1−0.0−0.0−0.0◌◌◌
EBITDA $B−0.1−0.1−0.1−0.1−0.1−0.1−0.0−0.0−0.1−0.1−0.1−0.1◌◌◌◌◌◌◌
Income tax $B−0.00.00.00.00.00.00.00.00.00.00.00.00.00.0◌◌◌◌◌
Net income $B−0.1−0.1−0.1−0.10.2−0.5−0.0−0.0−0.1−0.1−0.1−0.1−0.1−0.1−0.0−0.0−0.0−0.0−0.0
Free cash flow $B−0.0−0.1◌◌◌◌−0.0◌◌◌◌◌−0.0−0.0−0.0−0.0◌◌◌
EPS, diluted $−0.04−0.07−0.06−0.10−0.06−0.73−0.04−0.12−0.31−0.77−1.48−2.29−2.00−5.72−5.58◌◌◌◌
Dividend / sh $◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌
Payout % — not applicable: no dividend———————————————————
ROE %——————————————————−365.9
Shares out B1.561.331.181.070.950.830.610.520.330.160.100.070.050.020.150.07◌◌◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

More in this sector

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Provenance

Company facts, as filed

How we verify · 0 failures in 67 reconciliationsAUDITED

Reconciled in 19 of the 19 fiscal years we could check. Six checks were skipped: the balance sheet is not tagged before 2010. Three checks were skipped: EPS is not tagged before 2010. Three checks were skipped: revenue is not tagged before 2010.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityPharmaceutical Preparations
Listed onOTC market
Incorporated inDelaware
Fiscal year endsDecember 31
SEC categorysmaller reporting company
Data on record since2007

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