Northwest Biotherapeutics Reports Q2 2025 Financial Results with $15.4M Net Loss

Northwest Biotherapeutics, Inc. reported its financial results for the second quarter of 2025, revealing a net loss of $15.4 million, a decrease from the $17.9 million loss recorded in the same period of 2024. For the first half of 2025, the company reported a net loss of $34.7 million, compared to a loss of $36.2 million in the prior year. Total revenues for the second quarter were $131,000, a significant decline from $510,000 in the same quarter of 2024. The company attributed the decrease in revenue primarily to reduced research activities and the ongoing transition in its product development strategy.

Operating expenses for the second quarter of 2025 totaled $14.9 million, down from $18 million in the same quarter of 2024. Research and development expenses were $7.4 million, a decrease from $8.3 million year-over-year, while general and administrative expenses also fell to $7.5 million from $9.7 million. The company noted that the reduction in expenses was largely due to lower stock-based compensation and decreased legal costs. Despite these reductions, the company continues to face significant financial challenges, with total liabilities increasing to $116.2 million as of June 30, 2025, up from $105.7 million at the end of 2024.

In terms of strategic developments, Northwest Biotherapeutics is actively engaged in the regulatory process for its lead product, DCVax®-L, having submitted a Marketing Authorization Application (MAA) in December 2023 for approval in the U.K. The company is also working on restarting its DCVax®-Direct program for inoperable tumors. The company has made progress in its manufacturing capabilities, particularly at its Sawston facility in the U.K., where it is consolidating operations to enhance efficiency and capacity.

The company’s cash position improved, with cash and cash equivalents rising to $4.3 million as of June 30, 2025, compared to $2.2 million at the end of 2024. This increase was primarily due to financing activities, including the issuance of common stock, which generated approximately $12.4 million in cash during the first half of 2025. However, the company continues to express concerns about its ability to sustain operations without additional financing, as it has incurred annual losses since inception and does not expect to generate significant revenue in the near term.

Looking ahead, Northwest Biotherapeutics anticipates ongoing challenges in securing adequate capital to fund its operations and clinical trials. The company has indicated that it will need to pursue additional equity and/or debt financing to continue its operations and meet its financial obligations. The management has expressed substantial doubt about the company's ability to continue as a going concern for at least one year from the date of the filing, emphasizing the need for strategic financial planning and potential partnerships to navigate its current financial landscape.