Northwest Biotherapeutics Inc

nwbio.com

What Do They Do?

Develops personalized immune therapies for cancer patients, including DCVax-L for surgically removable solid tumors and DCVax-Direct for inoperable solid tumors.

How Do They Make Money?

It earns money from services covered by contracts; payment is tied to when the contracted work is completed.

FY2025 revenue

Do Revenues Turn Into Profits?

No. It lost $60.2M in FY2025.

Operating income, FY2025

−4348% of revenue

▼ −10% (Loss) vs FY2024 (−$66.5M, −4812%)

Net income, FY2025

−4366% of revenue

▼ −28% (Loss) vs FY2024 (−$83.8M, −6062%)

Free cash flow, FY2025

−3358% of revenue

▼ −20% (Loss) vs FY2024 (−$58M, −4199%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +516%; vs $131K in Q2 FY2025
Net income: ▼ −40% (Loss); vs −$15.4M in Q2 FY2025

Growing. Revenue grew 37% in 4 years, from $1M in FY2021 to $1.4M in FY2025, about 8% a year.

Who Do They Compete With?

Competes with Roche Holding, Eisai, Merck, and Novocure

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