Northwest Biotherapeutics, Inc. | 10-Q: FY2025 Q3 Revenue: USD 200 K

Revenue: As of FY2025 Q3, the actual value is USD 200 K.

EPS: As of FY2025 Q3, the actual value is USD -0.02.

EBIT: As of FY2025 Q3, the actual value is USD -11.7 M.

Segment Revenue

• Research and Other Revenue: For the three months ended September 30, 2025, revenue was $200,000, compared to $357,000 for the same period in 2024. For the nine months ended September 30, 2025, revenue was $706,000, compared to $1,151,000 for the same period in 2024.

Operational Metrics

• Net Loss: The net loss for the three months ended September 30, 2025 was $26.8 million, compared to $19.4 million for the same period in 2024. For the nine months ended September 30, 2025, the net loss was $61.6 million, compared to $55.6 million for the same period in 2024.
• Research and Development Expenses: For the three months ended September 30, 2025, R&D expenses were $7.5 million, compared to $8.1 million for the same period in 2024. For the nine months ended September 30, 2025, R&D expenses were $23.2 million, compared to $24.4 million for the same period in 2024.
• General and Administrative Expenses: For the three months ended September 30, 2025, G&A expenses were $7.1 million, compared to $7.0 million for the same period in 2024. For the nine months ended September 30, 2025, G&A expenses were $23.9 million, compared to $24.8 million for the same period in 2024.

Cash Flow

• Net Cash Used in Operating Activities: For the nine months ended September 30, 2025, net cash outflows from operations were approximately $30 million, compared to $36.8 million for the same period in 2024.
• Net Cash Used in Investing Activities: For the nine months ended September 30, 2025, net cash used in investing activities was $910,000, compared to $936,000 for the same period in 2024.
• Net Cash Provided by Financing Activities: For the nine months ended September 30, 2025, net cash provided by financing activities was $35.7 million, compared to $40.8 million for the same period in 2024.

Unique Metrics

• Convertible Notes at Fair Value: As of September 30, 2025, the fair value of convertible notes was $50.6 million, compared to $34.2 million as of December 31, 2024.

Future Outlook and Strategy

• Core Business Focus: The company plans to conduct clinical trials of DCVax-L for other solid tumor cancers in the future, when resources permit. The company is also preparing for Phase II trials of DCVax-Direct as resources permit.
• Non-Core Business: The company is exploring potential expanded access/compassionate use programs in the US, particularly under state laws, and is pursuing multiple potential hospital arrangements.