Northwest Bio Financials

NWBO

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Piotroski F-Score Weak

1/9

Northwest Bio passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Low Quality

0.68x

For every $1 of reported earnings, Northwest Bio generates $0.68 in operating cash flow (-$57.0M OCF vs -$83.8M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-8.6x

Northwest Bio earns $-8.6 in operating income for every $1 of interest expense (-$66.5M vs $7.8M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

This page shows Northwest Bio (NWBO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 28 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$1.4M

YoY-28.5%

5Y CAGR-10.5%

10Y CAGR-0.5%

Northwest Bio generated $1.4M in revenue in fiscal year 2024. This represents a decrease of 28.5% from the prior year.

EBITDA

-$64.8M

YoY-20.0%

Northwest Bio's EBITDA was -$64.8M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 20.0% from the prior year.

Free Cash Flow

N/A

Net Income

-$83.8M

YoY-33.8%

Northwest Bio reported -$83.8M in net income in fiscal year 2024. This represents a decrease of 33.8% from the prior year.

EPS (Diluted)

$-0.07

YoY-16.7%

Northwest Bio earned $-0.07 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 16.7% from the prior year.

Cash & Debt

$2.2M

YoY+2.3%

5Y CAGR+42.4%

10Y CAGR-16.6%

Northwest Bio held $2.2M in cash against $62.7M in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

1.33B

YoY+13.0%

5Y CAGR+16.7%

10Y CAGR+35.8%

Northwest Bio had 1.33B shares outstanding in fiscal year 2024. This represents an increase of 13.0% from the prior year.

Gross Margin

N/A

Operating Margin

-4812.4%

YoY-1939.4pp

5Y CAGR-3651.5pp

10Y CAGR+2143.7pp

Northwest Bio's operating margin was -4812.4% in fiscal year 2024, reflecting core business profitability. This is down 1939.4 percentage points from the prior year.

Net Margin

-6062.1%

YoY-2822.0pp

5Y CAGR-5198.5pp

10Y CAGR+3266.3pp

Northwest Bio's net profit margin was -6062.1% in fiscal year 2024, showing the share of revenue converted to profit. This is down 2822.0 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$34.9M

YoY+25.8%

5Y CAGR+19.9%

10Y CAGR-8.6%

Northwest Bio invested $34.9M in research and development in fiscal year 2024. This represents an increase of 25.8% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

NWBO Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$1.4M-28.5%	$1.9M+14.8%	$1.7M+67.5%	$1.0M-22.2%	$1.3M-46.4%	$2.4M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$34.9M+25.8%	$27.7M-21.9%	$35.5M+74.9%	$20.3M-39.6%	$33.6M+138.5%	$14.1M
SG&A Expenses	$33.0M+11.1%	$29.7M-10.9%	$33.4M-0.1%	$33.4M-38.4%	$54.3M+233.2%	$16.3M
Operating Income	-$66.5M-19.8%	-$55.5M+17.4%	-$67.2M-27.5%	-$52.7M+39.1%	-$86.6M-209.5%	-$28.0M
Interest Expense	$7.8M+48.2%	$5.2M-13.6%	$6.1M+21.1%	$5.0M-41.4%	$8.5M+187.2%	$3.0M
Income Tax	$0	$0	$0	$0	$0	$0
Net Income	-$83.8M-33.8%	-$62.6M+40.4%	-$105.0M-158.6%	$179.1M+133.8%	-$529.8M-2445.7%	-$20.8M
EPS (Diluted)	$-0.07-16.7%	$-0.06+40.0%	$-0.10-66.7%	$-0.06+91.8%	$-0.73-1725.0%	$-0.04

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$200K+52.7%	$131K-65.1%	$375K+62.3%	$231K-54.7%	$510K+79.6%	$284K-36.2%	$445K+9.6%	$406K
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$7.5M+0.3%	$7.4M-11.0%	$8.4M-20.6%	$10.5M+26.9%	$8.3M+4.4%	$7.9M+6.5%	$7.5M+3.5%	$7.2M
SG&A Expenses	$7.1M-5.5%	$7.5M-19.9%	$9.3M+13.7%	$8.2M-15.2%	$9.7M+19.7%	$8.1M-0.6%	$8.1M+15.7%	$7.0M
Operating Income	-$14.3M+3.1%	-$14.8M+14.6%	-$17.3M+6.4%	-$18.5M-5.9%	-$17.5M-10.9%	-$15.7M-4.0%	-$15.1M-9.5%	-$13.8M
Interest Expense	$2.6M+43.5%	$1.8M+14.0%	$1.6M-35.6%	$2.5M+48.0%	$1.7M+10.7%	$1.5M+22.2%	$1.2M-25.6%	$1.7M
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$26.8M-74.5%	-$15.4M+20.5%	-$19.3M+31.5%	-$28.2M-57.9%	-$17.9M+2.4%	-$18.3M-31.0%	-$14.0M+40.6%	-$23.5M
EPS (Diluted)	$-0.02-100.0%	$-0.010.0%	$-0.010.0%	$-0.01+50.0%	$-0.020.0%	$-0.020.0%	$-0.020.0%	$-0.02

NWBO Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$26.7M-4.1%	$27.9M-11.0%	$31.3M-22.0%	$40.2M+22.1%	$32.9M+209.1%	$10.6M
Current Assets	$4.1M-1.5%	$4.1M-56.2%	$9.4M-45.5%	$17.3M+11.5%	$15.5M+384.7%	$3.2M
Cash & Equivalents	$2.2M+2.3%	$2.1M-69.5%	$7.0M-54.1%	$15.2M+51.9%	$10.0M+2583.6%	$372K
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$626K0.0%	$626K0.0%	$626K0.0%	$626K0.0%	$626K	$0
Total Liabilities	$121.2M+29.5%	$93.6M-41.3%	$159.4M-2.9%	$164.2M-58.5%	$395.8M+610.7%	$55.7M
Current Liabilities	$68.3M+51.0%	$45.2M-64.1%	$126.0M-5.8%	$133.8M-65.0%	$382.4M+765.3%	$44.2M
Long-Term Debt	$62.7M+53.6%	$40.8M+89.5%	$21.5M-33.5%	$32.4M+119.3%	$14.8M+16.1%	$12.7M
Total Equity	-$94.5M-43.7%	-$65.8M+48.7%	-$128.1M-3.3%	-$124.0M+65.8%	-$362.9M-705.6%	-$45.1M
Retained Earnings	-$1.4B-6.2%	-$1.4B-4.8%	-$1.3B-8.8%	-$1.2B+13.1%	-$1.4B-63.0%	-$841.4M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$30.6M+3.6%	$29.5M+7.4%	$27.5M+2.9%	$26.7M-5.3%	$28.2M-1.2%	$28.6M+2.5%	$27.9M-11.5%	$31.5M
Current Assets	$7.2M+16.9%	$6.2M+31.3%	$4.7M+15.4%	$4.1M-18.4%	$5.0M+0.6%	$4.9M+20.0%	$4.1M-51.2%	$8.5M
Cash & Equivalents	$4.6M+5.7%	$4.3M+55.3%	$2.8M+27.8%	$2.2M-24.5%	$2.9M+16.3%	$2.5M+16.6%	$2.1M-65.1%	$6.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$626K0.0%	$626K0.0%	$626K0.0%	$626K0.0%	$626K0.0%	$626K0.0%	$626K0.0%	$626K
Total Liabilities	$139.3M+7.2%	$129.9M+2.3%	$127.0M+4.8%	$121.2M+15.7%	$104.7M+2.8%	$101.8M+8.8%	$93.6M-7.8%	$101.6M
Current Liabilities	$87.9M+4.7%	$83.9M+1.0%	$83.1M+21.7%	$68.3M+21.5%	$56.2M-10.0%	$62.4M+38.1%	$45.2M-8.2%	$49.2M
Long-Term Debt	$72.2M+11.5%	$64.7M+0.9%	$64.1M+2.3%	$62.7M+22.8%	$51.0M+14.8%	$44.4M+9.0%	$40.8M+23.8%	$32.9M
Total Equity	-$108.6M-8.2%	-$100.4M-0.9%	-$99.5M-5.3%	-$94.5M-23.5%	-$76.5M-4.4%	-$73.3M-11.4%	-$65.8M+6.1%	-$70.1M
Retained Earnings	-$1.5B-1.8%	-$1.5B-1.1%	-$1.5B-1.3%	-$1.4B-3.4%	-$1.4B-1.3%	-$1.4B-1.3%	-$1.4B-1.4%	-$1.3B

NWBO Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$57.0M-6.3%	-$53.6M-1.6%	-$52.8M-37.8%	-$38.3M-19.3%	-$32.1M-0.7%	-$31.9M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	$171K
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	-$32.0M
Investing Cash Flow	-$1.0M+70.5%	-$3.4M-18.4%	-$2.9M+51.8%	-$6.0M+26.1%	-$8.1M-2161.7%	-$360K
Financing Cash Flow	$56.8M+7.6%	$52.8M+25.7%	$42.0M-12.8%	$48.1M-8.7%	$52.7M+429.5%	$10.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	-$13.9M-107.7%	-$6.7M+29.0%	-$9.4M+53.3%	-$20.2M-24.6%	-$16.2M-30.6%	-$12.4M+26.8%	-$17.0M-21.8%	-$13.9M
Capital Expenditures	$202K-33.6%	$304K+226.9%	$93K-47.2%	$176K-66.2%	$521K+118.0%	$239K	N/A	$437K
Free Cash Flow	-$14.1M-101.6%	-$7.0M+26.5%	-$9.5M-13.1%	-$8.4M+49.7%	-$16.7M-32.2%	-$12.6M	N/A	-$14.4M
Investing Cash Flow	-$513K-68.8%	-$304K-226.9%	-$93K-19.2%	-$78K+85.0%	-$521K-118.0%	-$239K+42.8%	-$418K+4.3%	-$437K
Financing Cash Flow	$11.6M-7.1%	$12.4M+6.1%	$11.7M-26.4%	$15.9M-7.0%	$17.1M+41.8%	$12.1M-16.2%	$14.4M-15.8%	$17.1M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

NWBO Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-4812.4%-1939.4pp	-2873.1%+1118.7pp	-3991.7%+1252.2pp	-5244.0%+1464.4pp	-6708.4%-5547.4pp	-1161.0%
Net Margin	-6062.1%-2822.0pp	-3240.1%+3000.7pp	-6240.8%-24064.2pp	17823.5%+58863.1pp	-41039.6%-40176.0pp	-863.6%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-313.4%-88.8pp	-224.7%+110.7pp	-335.3%-781.4pp	446.0%+2056.5pp	-1610.5%-1414.9pp	-195.6%
Current Ratio	0.06-0.0	0.09+0.0	0.07-0.1	0.13+0.1	0.04-0.0	0.07
Debt-to-Equity	-0.66-0.0	-0.62-0.5	-0.17+0.1	-0.26-0.2	-0.04+0.2	-0.28
FCF Margin	N/A	N/A	N/A	N/A	N/A	-1329.0%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-7160.0%+4121.7pp	-11281.7%-6665.4pp	-4616.3%+3392.0pp	-8008.2%-4583.9pp	-3424.3%+2119.3pp	-5543.7%-2141.0pp	-3402.7%+2.5pp	-3405.2%
Net Margin	-13414.5%-1675.6pp	-11738.9%-6580.8pp	-5158.1%+7059.6pp	-12217.8%-8714.0pp	-3503.7%+2944.2pp	-6447.9%-3307.0pp	-3140.9%+2652.7pp	-5793.6%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-87.6%-35.6pp	-52.0%+18.3pp	-70.3%+35.3pp	-105.6%-42.3pp	-63.3%+0.8pp	-64.1%-13.9pp	-50.2%+24.5pp	-74.7%
Current Ratio	0.080.0	0.07+0.0	0.060.0	0.06-0.0	0.090.0	0.08-0.0	0.09-0.1	0.17
Debt-to-Equity	-0.66-0.0	-0.640.0	-0.64+0.0	-0.660.0	-0.67-0.1	-0.61+0.0	-0.62-0.2	-0.47
FCF Margin	-7047.5%-1710.1pp	-5337.4%-2801.1pp	-2536.3%-180.8pp	-2355.5%+922.6pp	-3278.0%+1174.4pp	-4452.5%	N/A	-3536.0%

Note: Shareholder equity is negative (-$94.5M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

Note: The current ratio is below 1.0 (0.06), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is Northwest Bio's annual revenue?

Northwest Bio (NWBO) reported $1.4M in total revenue for fiscal year 2024. This represents a -28.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Northwest Bio's revenue growing?

Northwest Bio (NWBO) revenue declined by 28.5% year-over-year, from $1.9M to $1.4M in fiscal year 2024.

Is Northwest Bio profitable?

No, Northwest Bio (NWBO) reported a net income of -$83.8M in fiscal year 2024, with a net profit margin of -6062.1%.

What is Northwest Bio's earnings per share (EPS)?

Northwest Bio (NWBO) reported diluted earnings per share of $-0.07 for fiscal year 2024. This represents a -16.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Northwest Bio's EBITDA?

Northwest Bio (NWBO) had EBITDA of -$64.8M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Northwest Bio have?

As of fiscal year 2024, Northwest Bio (NWBO) had $2.2M in cash and equivalents against $62.7M in long-term debt.

What is Northwest Bio's operating margin?

Northwest Bio (NWBO) had an operating margin of -4812.4% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Northwest Bio's net profit margin?

Northwest Bio (NWBO) had a net profit margin of -6062.1% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Northwest Bio's operating cash flow?

Northwest Bio (NWBO) generated -$57.0M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Northwest Bio's total assets?

Northwest Bio (NWBO) had $26.7M in total assets as of fiscal year 2024, including both current and long-term assets.

How much does Northwest Bio spend on research and development?

Northwest Bio (NWBO) invested $34.9M in research and development during fiscal year 2024.

How many shares does Northwest Bio have outstanding?

Northwest Bio (NWBO) had 1.33B shares outstanding as of fiscal year 2024.

What is Northwest Bio's current ratio?

Northwest Bio (NWBO) had a current ratio of 0.06 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.

What is Northwest Bio's debt-to-equity ratio?

Northwest Bio (NWBO) had a debt-to-equity ratio of -0.66 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Northwest Bio's return on assets (ROA)?

Northwest Bio (NWBO) had a return on assets of -313.4% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Northwest Bio's cash runway?

Based on fiscal year 2024 data, Northwest Bio (NWBO) had $2.2M in cash against an annual operating cash burn of $57.0M. This gives an estimated cash runway of approximately 0 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Why is Northwest Bio's debt-to-equity ratio negative or unusual?

Northwest Bio (NWBO) has negative shareholder equity of -$94.5M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is Northwest Bio's Piotroski F-Score?

Northwest Bio (NWBO) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Northwest Bio's earnings high quality?

Northwest Bio (NWBO) has an earnings quality ratio of 0.68x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Northwest Bio cover its interest payments?

Northwest Bio (NWBO) has an interest coverage ratio of -8.6x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.