NWBO on OTC
Northwest Biotherapeutics
Development-stage American pharmaceutical company
Northwest Biotherapeutics, Inc. is a development-stage American pharmaceutical company headquartered in Maryland that focuses on developing immunotherapies against different types of cancer.3 From Wikipedia, CC BY-SA 4.0
Price unavailable
Last updated Oct 19, 2026.
Overview
Compare with CANNAPHARMARX, INC., AVENUE THERAPEUTICS, INC. or BeyondSpring Inc., or pick any stock.
- TickerNWBO on OTC1
- Industrypharmaceutical industry1
- HeadquartersBothell1
- Websitewww.nwbio.com
- Legal formDelaware corporation1
- Listed onNasdaq (NWBO), OTC Markets Group (NWBO)1
- Incorporated inDE5
- Business address4800 Montgomery Lane, Suite 800, Bethesda, Md 208145
- Filer categoryNon-accelerated filer, Smaller reporting company5
- LEI5493002DRWWEOWTT80054
- StatusActive4
- LEI statusLapsed (not renewed)4
- Registered addressC/O CORPORATION SERVICE COMPANY, 19808 Wilmington, United States4
- Registered withDivision of Corporations, Department of State, 29266974
See how the biggest companies compare on our leaderboards
Northwest Biotherapeutics, Inc. is a development-stage American pharmaceutical company headquartered in Maryland that focuses on developing immunotherapies against different types of cancer. It was founded in 1996 by Alton L. Boynton.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Research and development98¢$28.8M
- Income tax2¢$537.0K
Out of $1.4M in revenue.7 The company lost money this year.
Financial statements
Every line of the income statement as filed: the last 2 fiscal years, latest first.7
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Research and other | $1.4M | $1.4M |
| Research and development | $28.8M | $34.9M |
| General and administrative | $32.5M | $33.0M |
| Total operating costs and expenses | $61.3M | $67.9M |
| Loss from operations | -$59.9M | -$66.5M |
| Change in fair value of derivative liabilities | -$151.0K | $364.0K |
| Change in fair value of share payable | -$414.0K | $16.0K |
| Change in fair value of convertible notes | $25.6M | $7.7M |
| Loss from extinguishment of debt | -$17.4M | -$14.4M |
| Loss from issuance of debt | -$4.7M | -$835.0K |
| Loss from warrant modifications | -$822.0K | |
| Interest expense | -$8.7M | -$7.8M |
| Foreign currency transaction gain (loss) | $4.9M | -$1.5M |
| Total other expense | -$785.0K | -$17.3M |
| Loss before income taxes | -$60.7M | -$83.8M |
| Income tax benefit | $537.0K | $0 |
| Net loss | -$60.2M | -$83.8M |
| Deemed dividend related to warrant modifications | -$1.3M | -$1.4M |
| Net loss attributable to common stockholders | -$61.5M | -$85.2M |
| Foreign currency translation adjustment | -$4.0M | $1.5M |
| Total comprehensive loss | -$65.4M | -$83.7M |
| Net loss per share applicable to common stockholders, Basic (in dollars per share) | -$0.04 | -$0.07 |
| Net loss per share applicable to common stockholders, Diluted (in dollars per share) | -$0.04 | -$0.07 |
| Weighted average shares used in computing basic loss per share (in shares) | 1.5B shares | 1.2B shares |
| Weighted average shares used in computing diluted loss per share (in shares) | 1.5B shares | 1.2B shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.7
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $3.0M | $2.2M | |
| Prepaid expenses and other current assets | $2.2M | $1.9M | |
| Loan receivable | $311.0K | ||
| Total current assets | $5.5M | $4.1M | |
| Property, plant and equipment, net | $17.4M | $16.2M | |
| Right-of-use asset, net | $4.2M | $4.2M | |
| Intangible assets, net | $53.2M | $1.3M | |
| Goodwill | $626.0K | $626.0K | |
| Other assets | $356.0K | $365.0K | |
| Total non-current assets | $75.8M | $22.7M | |
| TOTAL ASSETS | $81.3M | $26.7M | |
| Accounts payable and accrued expenses | $30.8M | $17.0M | |
| Accounts payable and accrued expenses to related parties and affiliates | $4.5M | ||
| Convertible notes, net | $640.0K | $1.9M | |
| Convertible notes at fair value | $32.1M | $18.3M | |
| Notes payable, net | $9.5M | $14.2M | |
| Contingent payable derivative liability | $9.4M | $9.6M | |
| Warrant liability | $2.2M | ||
| Investor advances | $207.0K | $207.0K | |
| Share payable | $373.0K | $143.0K | |
| Lease liabilities | $374.0K | $326.0K | |
| Due to seller-related party | $8.3M | ||
| Total current liabilities | $91.7M | $68.3M | |
| Convertible notes, net of current portion | $325.0K | ||
| Convertible notes at fair value, net of current portion | $5.2M | $15.9M | |
| Notes payable, net of current portion, net | $12.3M | $12.4M | |
| Lease liabilities, net of current portion | $4.4M | $4.4M | |
| Contingent payment obligation | $1.7M | $4.7M | |
| Deferred tax liability | $13.2M | ||
| Total non-current liabilities | $37.2M | $37.4M | |
| Total liabilities | $128.9M | $105.7M | |
| Common stock ($0.001 par value); 2,600,000,000 shares authorized; 1,567.4 million and 1,328.6 million shares issued as of December 31, 2025 and 2024; 1,555.4 million and 1,328.6 million shares outstanding as of December 31, 2025 and 2024, respectively | $1.6M | $1.3M | |
| Treasury stock, 12,000,000 shares at December 31, 2025 | -$12.0K | ||
| Additional paid-in capital | $1.4B | $1.3B | |
| Stock subscription receivable | -$79.0K | -$79.0K | |
| Accumulated deficit | -$1.5B | -$1.4B | |
| Accumulated other comprehensive (loss) income | -$925.0K | $3.0M | |
| Total stockholders' deficit | -$60.3M | -$94.5M | -$65.8M |
| TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' DEFICIT | $81.3M | $26.7M | |
| Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | |
| Preferred stock, shares authorized | 100.0M shares | 100.0M shares | |
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | |
| Common stock, shares authorized | 2.6B shares | 2.6B shares | |
| Common stock, shares issued | 1.6B shares | 1.3B shares | |
| Common stock, shares outstanding | 1.6B shares | 1.3B shares | |
| Treasury Stock (in shares) | 12.0M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $3.0M | $2.2M | |
| Prepaid expenses and other current assets | $2.2M | $1.9M | |
| Loan receivable | $311.0K | ||
| Total current assets | $5.5M | $4.1M | |
| Property, plant and equipment, net | $17.4M | $16.2M | |
| Right-of-use asset, net | $4.2M | $4.2M | |
| Intangible assets, net | $53.2M | $1.3M | |
| Goodwill | $626.0K | $626.0K | |
| Other assets | $356.0K | $365.0K | |
| Total non-current assets | $75.8M | $22.7M | |
| TOTAL ASSETS | $81.3M | $26.7M | |
| Accounts payable and accrued expenses | $30.8M | $17.0M | |
| Accounts payable and accrued expenses to related parties and affiliates | $4.5M | ||
| Convertible notes, net | $640.0K | $1.9M | |
| Convertible notes at fair value | $32.1M | $18.3M | |
| Notes payable, net | $9.5M | $14.2M | |
| Contingent payable derivative liability | $9.4M | $9.6M | |
| Warrant liability | $2.2M | ||
| Investor advances | $207.0K | $207.0K | |
| Share payable | $373.0K | $143.0K | |
| Lease liabilities | $374.0K | $326.0K | |
| Due to seller-related party | $8.3M | ||
| Total current liabilities | $91.7M | $68.3M | |
| Convertible notes, net of current portion | $325.0K | ||
| Convertible notes at fair value, net of current portion | $5.2M | $15.9M | |
| Notes payable, net of current portion, net | $12.3M | $12.4M | |
| Lease liabilities, net of current portion | $4.4M | $4.4M | |
| Contingent payment obligation | $1.7M | $4.7M | |
| Deferred tax liability | $13.2M | ||
| Total non-current liabilities | $37.2M | $37.4M | |
| Total liabilities | $128.9M | $105.7M | |
| Common stock ($0.001 par value); 2,600,000,000 shares authorized; 1,567.4 million and 1,328.6 million shares issued as of December 31, 2025 and 2024; 1,555.4 million and 1,328.6 million shares outstanding as of December 31, 2025 and 2024, respectively | $1.6M | $1.3M | |
| Treasury stock, 12,000,000 shares at December 31, 2025 | -$12.0K | ||
| Additional paid-in capital | $1.4B | $1.3B | |
| Stock subscription receivable | -$79.0K | -$79.0K | |
| Accumulated deficit | -$1.5B | -$1.4B | |
| Accumulated other comprehensive (loss) income | -$925.0K | $3.0M | |
| Total stockholders' deficit | -$60.3M | -$94.5M | -$65.8M |
| TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' DEFICIT | $81.3M | $26.7M | |
| Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | |
| Preferred stock, shares authorized | 100.0M shares | 100.0M shares | |
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | |
| Common stock, shares authorized | 2.6B shares | 2.6B shares | |
| Common stock, shares issued | 1.6B shares | 1.3B shares | |
| Common stock, shares outstanding | 1.6B shares | 1.3B shares | |
| Treasury Stock (in shares) | 12.0M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.7
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net loss | -$60.2M | -$83.8M |
| Depreciation and amortization | $2.1M | $1.7M |
| Amortization of debt discount | $1.9M | $2.5M |
| Change in fair value of derivatives | $151.0K | -$364.0K |
| Change in fair value of share payable | $414.0K | -$16.0K |
| Change in fair value of convertible notes | -$25.6M | -$7.7M |
| Loss from extinguishment of debt | $17.4M | $14.4M |
| Loss from issuance of debt | $4.7M | $835.0K |
| Amortization of operating lease right-of-use asset | $273.0K | $300.0K |
| Stock-based compensation for services | $1.2M | $3.5M |
| Warrant modifications associated with convertible notes under fair value option | $327.0K | |
| Loss from warrant modifications | $822.0K | |
| Non-cash financing cost | $500.0K | |
| Subtotal of non-cash charges | $2.4M | $16.8M |
| Prepaid expenses and other current assets | -$837.0K | $101.0K |
| Other non-current assets | $15.0K | -$7.0K |
| Accounts payable and accrued expenses | $7.8M | $8.9M |
| Related party accounts payable and accrued expenses | $5.9M | $908.0K |
| Lease liabilities | $93.0K | $64.0K |
| Net cash used in operating activities | -$44.8M | -$57.0M |
| Purchase of equipment and construction in progress | -$1.5M | -$1.0M |
| Loan receivable | -$311.0K | |
| Net cash used in investing activities | -$1.8M | -$1.0M |
| Proceeds from issuance of Series C convertible preferred stock | $8.2M | |
| Proceeds from issuance of common shares | $19.3M | $14.2M |
| Proceeds from exercise of warrants | $23.0K | $1.5M |
| Proceeds from investor advance | $200.0K | |
| Proceeds from issuance of notes payable, net | $12.0M | $14.0M |
| Proceeds from issuance of convertible notes payable, net | $19.3M | $20.0M |
| Proceeds from contingent payment obligation | $50.0K | |
| Repayment of notes payable | -$259.0K | -$323.0K |
| Repayment of convertible notes payable | -$1.0M | -$1.1M |
| Net cash provided by financing activities | $49.3M | $56.8M |
| Effect of exchange rate changes on cash and cash equivalents | -$1.9M | $1.3M |
| Net increase in cash and cash equivalents | $865.0K | $49.0K |
| Cashless warrants and stock options exercise | $3.0K | |
| Issuance of common stock for conversion of debt and accrued interest | $37.0M | $19.4M |
| Issuance of Series C preferred stock for conversion of debt and accrued interest | $2.7M | |
| Series C convertible preferred stock conversions | $2.8M | $14.1M |
| Capital expenditures included in accounts payable | $23.0K | $36.0K |
| Deemed dividend related to warrant modifications | $1.3M | $1.4M |
| Debt discount related to warrant modifications | $8.0K | |
| Offering cost related to warrant modification associated with a security purchase agreement | $200.0K | |
| Reclassification between contingent payment obligation and convertible notes payable at fair value | $3.0M | $300.0K |
| Reclassification of liability classified warrants to equity | $5.2M | |
| Reclassification of equity classified warrants to warrant liabilities | $2.6M | $1.0M |
| Right-of-use asset recognized in exchange for lease liability | $364.0K | |
| Equity contribution from acquisition of Advent | $35.4M | |
| Contract balances due to Seller - related party | $7.9M | |
| Common shares returned from acquisition | $12.0K |
No quarter-by-quarter statement was filed.
Leadership
Who has led Northwest Biotherapeutics, and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
Chief operating officer
- Chief executive officerLinda F. Powers Jul 30, 2012 to Oct 16, 202016
- Chief executive officerAlton L. Boynton Jan 3, 2008 to Mar 10, 201117
- ChairLinda F. Powers Jul 30, 2012 to Dec 22, 201416
- PresidentLinda F. Powers Mar 14, 2018 to Oct 16, 202018
- PresidentAlton L. Boynton May 19, 2006 to Aug 26, 200919
- Chief financial officerAnthony P. Deasey Oct 2, 2007 to Oct 2, 200720
- Chief operating officerAlton L. Boynton May 19, 2006 to Apr 2, 200719
Board members and other officers (13)
- OfficerLinda F. Powers Jul 2, 2020 to Jul 2, 202021
- OfficerJean M. Davis Dec 20, 2019 to Dec 20, 201922
- Senior Vice PresidentLeslie J. Goldman Jun 18, 2018 to Jul 2, 202023
- Chief Technical OfficerMarnix L. Bosch Jun 29, 2017 to Aug 13, 202424
- Chief Scientific OfficerAlton L. Boynton Jun 23, 2011 to Sep 3, 202425
- Board memberSusan B. Bayh Mar 8, 2016 to Mar 8, 201626
- Board memberCofer Black Mar 16, 2016 to May 30, 201827
- Board memberJerry J. Jasinowski Apr 30, 2015 to Dec 5, 202228
- Board memberNavid Malik Apr 30, 2015 to Jul 30, 202429
- Board memberRobert A. Farmer Apr 30, 2015 to Apr 30, 201530
- Board memberLinda F. Powers Jun 5, 2007 to Oct 16, 202031
- Board memberAnthony P. Deasey Oct 2, 2007 to Oct 2, 200720
- Board memberAlton L. Boynton May 19, 2006 to Sep 3, 202419
Products and brands
Business model
Northwest has relied upon the contract manufacturing organization Cognate Bioservices for services supporting manufacture of its products for clinical trials. Their relationship with Cognate began before 2007, and was slated to extend through the first quarter of 2016. Due to cash flow issues common to development-stage companies, Northwest compensates Cognate through a combination of cash payments and stock. Cognate has also provided Northwest with at least one short-term loan, provided and paid in mid-2013. As of 2014, Northwest's expanding clinical trials have led to an increased reliance on Cognate's services, and subsequent renegotiation of their agreement.
Technology
The DCVax technology upon which NWBO's therapies rely involves injecting cancer patients with dendritic cells which have been harvested from them by leukapheresis (i.e., they are "autologous") and activated by incubating them in vitro with tissue from the patient's tumour. The dendritic cells thereby identify the antigenic make-up of the tumour after which the activated dendritic cells are injected subcutaneously into the patients in aliquots at intervals. Alternatively, in a process still under development, the harvested dendritic cells are injected directly into the tumour where they are activated in situ with the same result. The activated dendritic cells pass information to generations of "killer" T-cells and B-cells so that those immune cells can recognise and attack the tumourous tissue wherever it may be found.
Dendritic cells
Discovered in 1973 at Rockefeller University by Dr. Ralph Steinman, dendritic cells act as the "general" for the adaptive immune system. They educate and direct T-cells and other immune system cells to mount an immune response to cancer cells. The basic principle behind the therapy is that if one injects or creates a large enough number of dendritic cells carrying mutant proteins matching a cancer, they excite enough T-cells and B-cells to overwhelm the cancer's defenses.
DCVax-L
DCVax-L is a solid-tumour cancer therapy for newly diagnosed glioblastoma multiforma, or GBM, a common and aggressive form of brain cancer. The five-year survival rate for GBM using current standard of care is 5%. The phase III trial sites include over 80 medical institutions in the U.S., Canada, Germany and the U.K. The results of the trial were peer reviewed and published in the Journal of American Medical Association: Oncology in November 2022. The trial showed a meaningful increase in survival for both newly diagnosed and recurrent GBM patients. For newly diagnosed the median overall survival was 19.3 months vs. 16.5 months in the external control group. The 60-month survival rate was 13% vs. 5.7%. For recurrent GBM the mean overall survival rate was markedly higher at 13.2% vs 7.8%. Over 2,100 doses of DCVax-L were administered with only five serious adverse events.
Read the full text
In this variation of the DCVax line, the tumour is removed through surgery, and some of the tumour presented to the aforementioned dendritic cells for the scavenging of tumor proteins. These dendritic cells, laden with tumour protein antigens, are then injected under the skin near lymph nodes. The dendritic cells then travel to the local lymph node where the dendritic cells present the proteins to the T- and B-cells, as previously described.
These dendritic cells are grown in the lab from stem cells extracted from the patient's blood. Only a sugar-cube-sized sample of the tumour is needed for subsequent presentation to the dendritic cells. The tumour sample is first broken down into constituent proteins using a caustic process known as lysing (thus the L in the name DCVax-L). After the resulting "tumor lysate" is presented to the dendritic cells, they are ready for subcutaneous injection near the selected lymph node(s). (There are approximately 500 lymph nodes in the body; most are peripheral, some are internal.)
DCVax-Direct
DCVax-Direct, is the latest addition to Northwest Bio's DCVax line. It does not require removal of the tumour, making it ideal for inoperable tumours, if proven effective. It is currently in phase I testing on patients with inoperable tumours of a very large range of cancer types.
In the procedure, dendritic cells are developed as in DCVax-L, prior to antigen exposure/"pulsing". However, the subsequent exposure to tumour antigens does not occur in vitro but in vivo: The prepared dendritic cells, along with adjuncts, are injected directly into one or more tumours.
At least two adjuncts are added to the dendritic cells. One adjunct excites a general aspect of the body's immune response; another excites a more tumor-specific response. This mixture is then injected into the patient's tumour. There, the dendritic cells are expected to scavenge tumour proteins, then find their way to the local lymph node for presentation of the tumour protein antigens to T-cells and B-cells. The activated T- and B-cells then travel to the tumour and kill tumour cells. Ruptured tumour cells release more mutant proteins that are picked up by dendritic cells and other immune cells and are carried to the lymph nodes to excite still more B- and T-cells. Theoretically, this cycle repeats, accelerates, then levels off at a high but safe level. The phase 1 trial that finished enrollment in July 2014 seeks to confirm this. As of July 2026, Northwest Bio reports phase I and II trials still under way.
DCVax-L and DCVax-Direct, if effective, could address virtually all forms of solid tumor cancers, operable and inoperable, with the possible exception of prostate cancer.
Products
DCVax-L: As of March 2025, phase III trials for treatment of glioblastoma completed, and Northwest Bio had submitted a marketing authorization application in the United Kingdom, as yet unapproved.
DCVax-Direct: As of 2026, this therapy to treat inoperable solid tumours is in phase I and II trials in the US.
DCVax-Prostate: Reportedly finished phase II trials and approved for phase III trials in the US; listed as "withdrawn" on ClinicalTrials.gov.
From Wikipedia’s article on Northwest Biotherapeutics, shared under CC BY-SA 4.0.6
Timeline
Filings
83 filings to the SEC since October 2021: 8 annual reports, 15 quarterly reports, 24 major events, 9 insider forms, 27 other. The latest 20:
- Aug 14, 202610-Q EDGAR
- Jul 31, 20268-K EDGAR
- Jul 31, 2026424B5 EDGAR
- Jul 20, 20268-K EDGAR
- May 15, 202610-Q EDGAR
- Apr 20, 2026EFFECT EDGAR
- Apr 16, 2026POS AM EDGAR
- Apr 15, 202610-K EDGAR
- Apr 7, 20268-K EDGAR
- Mar 31, 2026NT 10-K EDGAR
- Jan 15, 20268-K EDGAR
- Jan 2, 20268-K EDGAR
- Nov 28, 2025DEF 14A EDGAR
- Nov 25, 2025EFFECT EDGAR
- Nov 25, 2025424B5 EDGAR
- Nov 24, 2025CORRESP EDGAR
- Nov 20, 20258-K EDGAR
- Nov 19, 2025PRE 14A EDGAR
- Nov 14, 202510-Q EDGAR
- Oct 31, 20258-K EDGAR
The 83 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
2 open-market trades by officers, directors and large owners since October 2021: 0 buys and 2 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Nov 17, 2023 | MALIK NAVIDDirector | Sale | 445,000 | $0.82 | $364.9K | Form 4 |
| Nov 16, 2023 | MALIK NAVIDDirector | Sale | 125,000 | $0.84 | $105.0K | Form 4 |
From Forms 4 filed with the SEC.
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| Compass Financial Management LLC | 1,215,500 | $227.1K | 0.0% | New |
| Kelleher Financial Advisors | 800,000 | $149.4K | 0.0% | +600,000 |
| VSM Wealth Advisory, LLC | 80,574 | $15.1K | 0.0% | No change |
| Ethos Financial Group, LLC | 39,070 | $6.3K | 0.0% | No change |
| Williams Jones Wealth Management, LLC. | 25,000 | $4.7K | 0.0% | No change |
| Opus Capital Group, LLC | 60,150 | $11 | 0.0% | No change |
| Hantz Financial Services, Inc. | 250 | $0 | 0.0% | No change |
13F reports cover disclosed long positions in U.S. stocks only.
Links
- Websitewww.nwbio.com1
- X (Twitter)x.com/northwestbio1
- Facebookwww.facebook.com/Northwest.Biotherapeutics.NWBO1
- WikipediaNorthwest Biotherapeutics
- WikidataQ7059972
- SEC EDGARCIK 1072379
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
- 11
- 12
- 13
- 14
- 15
- 16
- 17
- 18SEC EDGARLinda F. Powers, President
- 19SEC EDGARAlton L. Boynton, President
- 20
- 21SEC EDGARLinda F. Powers, Officer
- 22SEC EDGARJean M. Davis, Officer
- 23
- 24
- 25
- 26SEC EDGARSusan B. Bayh, Board member
- 27SEC EDGARCofer Black, Board member
- 28SEC EDGARJerry J. Jasinowski, Board member
- 29SEC EDGARNavid Malik, Board member
- 30SEC EDGARRobert A. Farmer, Board member
- 31SEC EDGARLinda F. Powers, Board member