Northwest Biotherapeutics (NASDAQ: NWBO) is a clinical-stage biotechnology company developing dendritic cell-based immunotherapies for cancer. The company generates no product revenue as of the 10-K filed April 15, 2026 for the fiscal year ended December 31, 2025, and funds operations through equity issuances, warrant exercises, and debt financing. Its lead product candidate, DCVax-L, targets glioblastoma multiforme (GBM), and a second candidate, DCVax-Direct, is designed for solid tumors. The company holds 58 issued patents and 50 pending patent applications worldwide as of December 31, 2025, grouped into 8 patent families, with 47 issued patents and 29 pending applications directly covering DCVax products. NWBO has no sales or marketing force and no commercial revenue. It competes in a crowded field that includes checkpoint inhibitor drugs from large pharmaceutical companies, antibody-based therapies, CAR-T cell therapies, and other immune and cell-based cancer treatment approaches. The company has never declared or paid a cash dividend and does not anticipate doing so.

Revenue model

No product revenue as of FY2025. Operations are funded through equity issuances (including common stock and Series C convertible preferred stock conversions), warrant exercises, and loan agreements with third-party lenders including Streeterville Capital. The company issued 150,000 shares at fair value of $39,000 to a consultant for services during FY2025.

Products and services

DCVax-L: a personalized dendritic cell immunotherapy candidate for glioblastoma multiforme (GBM). DCVax-Direct: a dendritic cell immunotherapy candidate for solid tumors. Both are living cell, immune therapy products with no commercial approval disclosed in the filing.

Customers and end markets

No commercial customers as of the 10-K filed April 15, 2026. Target end market is oncology, specifically patients with GBM and other solid tumor cancers. Approximately 46,500 holders of record of common stock as of March 31, 2026.

Value-chain role

Drug developer and manufacturer of dendritic cell immunotherapy products. The company conducts its own manufacturing and holds patents on manufacturing methods and automated production systems. It has no commercial sales or distribution infrastructure and would require partners or third-party service firms for commercialization.

Geographic exposure

Operations in the United States and the United Kingdom (Cambridge facility leased through Aracaris Capital Limited and Aracaris Limited). Patent coverage includes the United States and Europe, with national validations in certain European countries.

Competitors

Large pharmaceutical companies with approved checkpoint inhibitor drugs, CAR-T cell therapy developers, Monoclonal antibody and bi-specific/tri-specific antibody cancer therapy companies, Oncolytic virus therapy companies, Gene therapy companies, Optune (electro-therapy device)

Source: SEC 10-K, filed 2026-04-15

Industry: Pharmaceutical Preparations Peers: Kalaris Therapeutics Inc Anavex Life Sciences Corp Arcellx Inc Coherus Oncology Inc MannKind Corp Mirum Pharmaceuticals Inc Viridian Therapeutics Inc Sangamo Therapeutics Inc Seres Therapeutics Inc