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Northwest Biotherapeutics, Inc. reported a net loss of $12.3 million for the six months ended June 30, 2026, compared with a net loss of $34.7 million a year earlier. Revenue was limited, at $1.3 million, primarily from research and other income, while the company remains pre-commercial.
Total assets were $75.9 million, against total liabilities of $110.7 million and a stockholders’ deficit of $45.2 million. Cash and cash equivalents were only $0.6 million, after using $19.7 million of cash in operating activities in the first half. Management states there is substantial doubt about the ability to continue as a going concern without additional financing.
The company continues to focus on its DCVax-L dendritic cell therapy, having completed a Phase 3 glioblastoma trial and submitted a Marketing Authorization Application to the UK MHRA, which remains under review. Operations are being funded through equity issuances, notes payable, and convertible notes, including subsequent financing of $4.9 million via a Yorkville convertible note and access to a $50 million standby equity subscription agreement.
Northwest Biotherapeutics, Inc. entered into a $4.9 million convertible promissory note with YA II PN, Ltd. The note has a 12‑month term, carries a 5% Original Issue Discount, bears no interest, and requires repayment of all outstanding amounts at maturity. During its term, the holder may convert the note at a small discount to the then prevailing market price. The company plans to use the proceeds for general corporate purposes, including its lead product and in‑licensed portfolios.
The company and Yorkville also set up a new standby equity subscription agreement, available after the note is repaid or converted. It allows Northwest Biotherapeutics, at its discretion, to require Yorkville to subscribe for up to $50 million of common shares over a 24‑month term at a small discount to market. The company has no obligation to use this facility and can cancel it after the note is repaid or converted. Yorkville additionally received a warrant to purchase up to $2 million of shares at $0.205 per share, and the prior standby equity subscription agreement was cancelled.
Northwest Biotherapeutics, Inc. is registering up to 40,325,000 shares of common stock in connection with a $4.9 million convertible promissory note and related warrants issued on July 29, 2026. This includes 30,625,000 reserve shares assumed at $0.16 per share to satisfy principal and any accrued amounts on the Note, and 9,700,000 shares issuable upon exercise of warrants at $0.205 per share.
The company estimates net proceeds of $4,655,000 after original issue discount and expenses, to be used for general corporate purposes, including working capital, UK production facilities, R&D, regulatory and clinical trial costs, and potential technology acquisitions. Shares of common stock outstanding would be 1,733,922,187 after this offering. As of March 31, 2026, net tangible book value was $(90.7) million, or $(0.06) per share; assuming an average offering price of $0.171, pro forma net tangible book value would be $(84.1) million, or $(0.05) per share, implying dilution of $0.221 per share to new investors. The company emphasizes that investing in its common stock involves a high degree of risk.
Northwest Biotherapeutics, Inc. reported that the UK Medicines and Healthcare Products Regulatory Agency (MHRA) confirmed the company’s Marketing Authorisation Application for DCVax-L for glioblastoma remains under its initial regulatory review. MHRA stated the application has not been refused, withdrawn or appealed and continues to progress towards a first regulatory decision.
The company categorically refutes circulating rumors that the application was rejected. It notes these rumors intensified after presenting significant statistical Phase 3 data for DCVax-L at the British Neuro-Oncology Society Annual Meeting and states its belief that the rumors appear linked to various forms of stock manipulation following positive developments.
Northwest Biotherapeutics reported a smaller net loss but remains financially constrained in Q1 2026. The company generated $494,000 of revenue, mainly from research services, while research and development expenses were $4.9 million and general and administrative costs were $6.5 million, both down sharply from the prior year.
Other income, including a $2.25 million litigation settlement gain and fair value adjustments on derivatives and convertible notes, reduced the net loss to $3.1 million from $19.3 million. Cash and cash equivalents were $1.8 million against total liabilities of $118.1 million and a stockholders’ deficit of $50.5 million, and management states there is substantial doubt about the company’s ability to continue as a going concern without additional financing.
Northwest Biotherapeutics files Post-Effective Amendment converting its October 2025 Form S-3 into a Form S-1 and continues registration of up to 339,842,519 Conversion Shares. The prospectus states 1,606,857,011 shares outstanding as of March 31, 2026 and a pro forma shares outstanding of 1,946,699,530 assuming exercise of all convertible securities. The filing discloses that if the full amount of the Warrants is exercised for cash, the company would receive approximately $25.1 million in gross proceeds. This Post-Effective Amendment notes eligibility changes after filing the 2025 Form 10-K and states that no new securities are being registered by this amendment.
Northwest Biotherapeutics files its 2025 annual report, highlighting progress on its cancer immunotherapy platform and significant ongoing risks. The company’s lead product, DCVax-L for glioblastoma, completed a 331-patient Phase III trial and has a Marketing Authorization Application under review in the U.K. A 40-patient Phase I trial of DCVax-Direct for inoperable tumors is complete, with Phase II planning tied to available resources.
The company expanded sharply, ending 2025 with 105 full-time employees after acquiring UK manufacturer Advent BioServices and focusing production at its Sawston facility. Auditors again issued a going concern opinion, reflecting continued losses and heavy funding needs. Management emphasizes substantial additional capital will be required, continued dilution is likely, and competition in oncology and cell therapy remains intense.
Northwest Biotherapeutics, Inc. completed the acquisition of Advent BioServices Ltd., its UK-based contract development and manufacturing partner for the DCVax® product platform, making Advent a wholly owned subsidiary. The buyer and seller are related parties through the Company’s Chairperson and CEO, Linda Powers.
The consideration includes a purchase price of approximately $1.9 million (£1.4 million) plus payment of about $8.3 million of accounts payable owed to Advent, with certain excluded payables of about $0.7 million retained by the seller. Payments are due in installments over two years, starting three months after closing, with unpaid balances accruing 7.5% annual interest.
At closing, Advent returned 12 million Northwest Biotherapeutics common shares and 5.5 million stock options previously issued for services; the shares were retired to treasury and the options cancelled. The Company also obtained an SEC waiver under Rule 3-13 of Regulation S-X, so it will not provide separate Advent financial statements or pro forma financial information for this acquisition.
Northwest Biotherapeutics notified the SEC it cannot timely file its Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The company cites complex accounting issues from its acquisition of Advent BioServices, including differences between UK GAAP and US GAAP, and says it will file the 2025 Annual Report as soon as reasonably practicable.