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

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Last updated Oct 19, 2026.

Overview

Jan 1, 1998Founded1

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  • 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

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

-4347.9%Operating margin7
-4365.9%Net margin7
-0.3%Revenue growth, 20257
-$46.3MFree cash flow7

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

Revenue8910117$1.4M in 2025−43% since 2019
0$1.0M$2.0M$3.0M2019: $2.4M$2.4M20192020: $1.3M$1.3M2020−46%2021: $1.0M$1.0M2021−22%2022: $1.7M$1.7M2022+67%2023: $1.9M$1.9M2023+15%2024: $1.4M$1.4M2024−28%2025: $1.4M$1.4M2025−0%
Operating income8910117-$59.9M in 2025+114% since 2019
-$100.0M-$75.0M-$50.0M-$25.0M02019: -$28.0M-$28.0M20192020: -$86.6M-$86.6M2020+210%2021: -$52.7M-$52.7M2021−39%2022: -$67.2M-$67.2M2022+27%2023: -$55.5M-$55.5M2023−17%2024: -$66.5M-$66.5M2024+20%2025: -$59.9M-$59.9M2025−10%
Net income8910117-$60.2M in 2025+189% since 2019
-$600.0M-$400.0M-$200.0M0$200.0M2019: -$20.8M-$20.8M20192020: -$529.8M-$529.8M2020+2446%2021: $179.1M$179.1M20212022: -$105.0M-$105.0M20222023: -$62.6M-$62.6M2023−40%2024: -$83.8M-$83.8M2024+34%2025: -$60.2M-$60.2M2025−28%

Every line of the income statement as filed: the last 2 fiscal years, latest first.7

Period ending2025-12-312024-12-31
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 shares1.2B shares
Weighted average shares used in computing diluted loss per share (in shares)1.5B shares1.2B shares

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Leadership

Who has led Northwest Biotherapeutics, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (13)

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

  1. Jul 30, 2012New chief executive Linda F. Powers becomes CEO16
  2. Jan 3, 2008New chief executive Alton L. Boynton becomes CEO17
  3. Jan 1, 1998Founded Founded1

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:

  1. Aug 14, 202610-Q EDGAR
  2. Jul 31, 20268-K EDGAR
  3. Jul 31, 2026424B5 EDGAR
  4. Jul 20, 20268-K EDGAR
  5. May 15, 202610-Q EDGAR
  6. Apr 20, 2026EFFECT EDGAR
  7. Apr 16, 2026POS AM EDGAR
  8. Apr 15, 202610-K EDGAR
  9. Apr 7, 20268-K EDGAR
  10. Mar 31, 2026NT 10-K EDGAR
  11. Jan 15, 20268-K EDGAR
  12. Jan 2, 20268-K EDGAR
  13. Nov 28, 2025DEF 14A EDGAR
  14. Nov 25, 2025EFFECT EDGAR
  15. Nov 25, 2025424B5 EDGAR
  16. Nov 24, 2025CORRESP EDGAR
  17. Nov 20, 20258-K EDGAR
  18. Nov 19, 2025PRE 14A EDGAR
  19. Nov 14, 202510-Q EDGAR
  20. 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.

DateWhoTradeSharesPriceValueFiling
Nov 17, 2023MALIK NAVIDDirectorSale445,000$0.82$364.9KForm 4
Nov 16, 2023MALIK NAVIDDirectorSale125,000$0.84$105.0KForm 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.

FundSharesValueShare of the fundChange
Compass Financial Management LLC1,215,500$227.1K0.0%New
Kelleher Financial Advisors800,000$149.4K0.0%+600,000
VSM Wealth Advisory, LLC80,574$15.1K0.0%No change
Ethos Financial Group, LLC39,070$6.3K0.0%No change
Williams Jones Wealth Management, LLC.25,000$4.7K0.0%No change
Opus Capital Group, LLC60,150$110.0%No change
Hantz Financial Services, Inc.250$00.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

Sources

The numbers on this page point here. Each one links to the record it came from.

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