Northwest Biotherapeutics Reports $19.3 Million Net Loss in Q1 2025, Revenue Increases to $375,000

Northwest Biotherapeutics, Inc. reported a net loss of $19.3 million for the first quarter of 2025, compared to a net loss of $18.3 million for the same period in 2024. The company's total revenues increased to $375,000 from $284,000 year-over-year, primarily driven by research and other income. Operating costs rose to $17.7 million from $16 million, with research and development expenses increasing to $8.4 million from $7.9 million, reflecting higher costs associated with the Marketing Authorization Application (MAA) process for its DCVax®-L product.

The company's financial position showed a slight improvement, with total assets increasing to $27.5 million as of March 31, 2025, up from $26.7 million at the end of 2024. Current liabilities also rose significantly to $83.1 million from $68.3 million, largely due to increased accounts payable and accrued expenses. The stockholders' deficit widened to $99.5 million from $94.5 million, reflecting ongoing operational losses and the impact of warrant modifications.

Strategically, Northwest Biotherapeutics is advancing its DCVax® platform, which includes the recently submitted MAA for DCVax®-L aimed at treating glioblastoma. The company is also preparing to restart its DCVax®-Direct program for inoperable tumors. During the quarter, the company issued approximately 22.7 million shares of common stock, raising $5.1 million, and entered into a commercial loan agreement for $5.5 million to support its operations.

Operationally, the company is focused on expanding its manufacturing capabilities, particularly at its Sawston facility in the U.K. Plans are underway to build a simplified Grade C lab to enhance production capacity. Additionally, the company is exploring potential manufacturing partnerships in the U.S. and is on track to submit initial Investigational New Drug (IND) applications for the DCVax-Direct product in the second quarter of 2025.

Looking ahead, Northwest Biotherapeutics anticipates continued operational losses as it invests in research and development and prepares for clinical trials. The company acknowledges substantial doubt about its ability to continue as a going concern without securing additional financing. Management is actively seeking equity and debt financing to support ongoing operations and meet future capital requirements.