NORTHWEST BIOTHERAPEUTICS, INC. FORM 10-Q
NORTHWEST BIOTHERAPEUTICS, INC. FORM 10-Q
Northwest Biotherapeutics, Inc. (NWBO) reported its quarterly financial results for the three and six months ended June 30, 2026. The company reported a net loss of $3.4 million and $6.5 million for the three and six months ended June 30, 2026, respectively. As of June 30, 2026, NWBO had cash and cash equivalents of $1.4 million and total assets of $2.3 million. The company’s research and development expenses were $2.3 million and $4.5 million for the three and six months ended June 30, 2026, respectively. NWBO’s management believes that the company has sufficient cash to fund its operations for the next 12 months. The company’s financial statements are included in this report, along with the notes to the financial statements and the management’s discussion and analysis of financial condition and results of operations.
Overview
We are a biotechnology company focused on developing personalized immune therapies for cancer. We have developed a platform technology, DCVax®, which uses activated dendritic cells to mobilize a patient’s own immune system to attack their cancer. Our lead product, DCVax®-L, is designed to treat solid tumor cancers in which the tumor can be surgically removed. 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.
Key Highlights
- Submitted Marketing Authorization Application (MAA) for DCVax-L in the U.K. for the treatment of Glioblastoma multiforme brain cancer (GBM)
- Continued active engagement in the MAA review process with regulatory authorities
- Pursued collaboration discussions in certain countries to potentially accelerate development and commercialization
- Presented statistical analyses of the Phase 3 trial data at the British Neuro Oncology Society (BNOS) annual meeting
- Continued efforts to expand leukapheresis and manufacturing capacity in the U.K. and U.S.
- Progressed development activities with in-licensed technologies
- Continued to vigorously pursue litigation against certain market makers
Financial Performance
The company reported the following financial results:
| Metric | Q2 2026 | Q2 2025 | H1 2026 | H1 2025 |
|---|---|---|---|---|
| Net Loss | $9.2M | $15.4M | $12.3M | $34.7M |
| R&D Expenses | $5.7M | $7.4M | $10.6M | $15.8M |
| G&A Expenses | $6.7M | $7.5M | $13.2M | $16.8M |
| Change in Fair Value of Derivatives | $0 | $0.7M gain | $9.4M gain | $2.0M gain |
| Change in Fair Value of Convertible Notes | $6.4M gain | $2.4M gain | $11.7M gain | $6.1M gain |
| Debt Extinguishment Loss | $2.2M | $4.5M | $6.9M | $11.8M |
The decrease in net loss was primarily driven by reductions in R&D and G&A expenses, as well as gains from changes in fair value of derivatives and convertible notes. However, the company continued to incur significant debt extinguishment losses.
Liquidity and Capital Resources
The company has experienced recurring losses and does not yet have an ongoing source of revenue. It continues to rely on debt and equity financing to fund its operations. Management has expressed substantial doubt about the company’s ability to continue as a going concern within the next year without securing additional funding.
The company’s cash flows show:
- Net cash outflows from operations of $19.7M in H1 2026 vs. $16.1M in H1 2025
- Cash used in investing activities of $0.3M in H1 2026 vs. $0.4M in H1 2025
- Cash inflows from financing activities including equity, debt, and warrant exercises totaling $17.6M in H1 2026 vs. $24.1M in H1 2025
Outlook
The company’s future prospects depend heavily on the outcome of the MAA review process for DCVax-L in the U.K. as well as its ability to secure additional funding to continue operations and advance its pipeline. Successful commercialization of DCVax-L could provide a significant boost, but the company faces substantial financial and operational challenges in the near-term.