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MARKETS / BALCAO / NWBO
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
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
80M160M-200M-400M2007201020132016201920222025
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 five years.

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
−4369 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -4347.9% · Net -4368.7%
-100000%-200000%-300000%2007201020132016201920222025
ROE

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

Cash & shareholders
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF -46.3
-20M-40M2007201020132016201920222025
Net buybacks $M Dividends $M
FY2015 · Dividends — · Net buybacks 0.0
-20M-40M201320142015

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

Equity was negative — liabilities 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
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 %···················
ROE %··················−365.9
Shares out B1.561.331.181.070.950.830.610.520.330.160.100.070.050.020.010.07···

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

Provenance
Company facts, as filed
How we verify · 0 failures in 67 reconciliationsAUDITED

Reconciled in 19 of 19 fiscal years. 24 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityPharmaceutical Preparations
Listed onOTC market
Incorporated inDelaware
Fiscal year endsDecember 31
SEC categorysmaller reporting company
Data on record since2007

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