NORTHWEST BIOTHERAPEUTICS INC
NWBO evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for NWBO—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · NWBO
Northwest Biotherapeutics Inc (NWBO) is a clinical-stage biotechnology company developing personalized dendritic cell-based immunotherapies (DCVax-L and DCVax-Direct) for solid tumors, currently focused on a Marketing Authorization Application (MAA) in Europe for DCVax-L.
Key risk: Cash runway risk
BioSniper Score
Based on 4 of 6 signals
Financial data as of Jun 30, 2026.
Tracking 2 pipeline candidates · 2 clinical trials for NORTHWEST BIOTHERAPEUTICS INC.
Northwest Biotherapeutics Inc (NWBO) is a clinical-stage biotechnology company developing personalized dendritic cell-based immunotherapies (DCVax-L and DCVax-Direct) for solid tumors, currently focused on a Marketing Authorization Application (MAA) in Europe for DCVax-L.
- Lead product DCVax-L is designed to treat solid tumor cancers that can be surgically removed; DCVax-Direct targets inoperable solid tumors [sec_mda · as of 2025-03-31].
- A 40-patient Phase I trial of DCVax-Direct has been completed, covering more than a dozen cancer types; three Phase 2 trials (melanoma refractory to checkpoint inhibitors, brain metastases of breast cancer, ovarian cancer) are open and actively enrolling [sec_mda · as of 2024-08-09].
- The company is actively engaged in the MAA review process for DCVax-L with European regulators and does not plan interim announcements until the regulatory decision is finished [sec_mda · as of 2026-04-15].
- Cash & equivalents were $0.6M as of 2026-06-30, with total revenue of $0.8M, net loss of -$9.2M, shareholders' equity of -$60.3M, and total debt of $62.2M [sec].
- The company completed design work to make the Flaskworks system GMP-compatible, focusing on sterility and operator safety [sec_mda · as of 2024-08-09].
What works
- DCVax-L has completed a Phase 3 trial and is under MAA review in Europe, a potential near-term regulatory catalyst [sec_mda · as of 2026-04-15].
- Three actively enrolling Phase 2 trials for DCVax-Direct (melanoma, breast cancer brain metastases, ovarian cancer) address areas of high unmet need [sec_mda · as of 2024-08-09].
- The company has in-licensed immune booster agents and is testing enhanced DCVax-Direct products, with initial results presented at a scientific conference [sec_mda · as of 2025-08-14].
- Flaskworks GMP-compatible manufacturing system could enable scalable, cost-effective production of personalized cell therapies [sec_mda · as of 2024-08-09].
What to weigh
- The company has a very limited cash position ($0.6M as of 2026-06-30) and negative shareholders' equity (-$60.3M), raising substantial doubt about its ability to continue as a going concern [sec].
- Total debt of $62.2M significantly exceeds cash and revenue, creating a heavy financial burden [sec].
- The MAA outcome is uncertain and the company provides no interim updates, leaving investors in the dark until a final decision [sec_mda · as of 2026-04-15].
- DCVax-Direct Phase 2 trials are still enrolling and have not yet reported efficacy data, so clinical proof-of-concept remains unconfirmed [sec_mda · as of 2024-08-09].
From the filings
Quoted directly from source documents.
DCVax-L is designed for resectable solid tumors; DCVax-Direct for inoperable solid tumors.
“Our lead product, DCVax ® -L, is designed to treat solid tumor cancers in which the tumor can be surgically removed. Our additional product, DCVax ® -Direct, is designed to treat inoperable solid tumors.”
SEC MD&A · March 31, 2025
Three Phase 2 trials of DCVax-Direct are open and actively enrolling.
“These 3 Phase 2 trials constitute a substantial pipeline in and of themselves.”
SEC MD&A · August 9, 2024
The company is actively engaged in the MAA review process and will not provide interim updates.
“The Company continued to work with large teams of consultants on this process. As is typical, and as the Company has previously stated, the Company does not plan to make any interim announcements while its MAA is going through the regulatory process.”
SEC MD&A · April 15, 2026
Risks & what to watch (4)›
Key risks
- Cash runway risk — Only $0.6M cash as of 2026-06-30; may not fund operations for more than a few months [sec].
- Regulatory uncertainty
- High debt burden — Total debt of $62.2M far exceeds cash and revenue, increasing financial risk [sec].
- Clinical stage risk — DCVax-Direct Phase 2 trials still enrolling; no efficacy data yet [sec_mda · as of 2024-08-09].
What to watch
- MAA decision from European regulators for DCVax-L (no set date; company will announce when finished) [sec_mda · as of 2026-04-15].
- Enrollment updates and any interim data from the three Phase 2 trials of DCVax-Direct [sec_mda · as of 2024-08-09].
- Financing events or partnerships to address the cash shortfall and debt [sec].
- Progress on GMP-compatible Flaskworks system and potential manufacturing partnerships [sec_mda · as of 2024-08-09].
Sources: SEC MD&A · Generated August 22, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 4 of 6 signals · derived from public data
0.5 months
OCF -$7M · Net income -$9M
Lead: BLA Filed
2 candidates
No upcoming catalysts tracked
No insider transactions in the last 180 days
Runway
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
3
Total value held
$58K
| Holder | Shares | Value |
|---|---|---|
| kelleher financial advisors | 200,000 | $41K |
| vsm wealth advisory, llc | 80,574 | $17K |
| hantz financial services, inc. | 250 | $0 |
Short Interest
as of Apr 30, 2026- % of float
- 15.1%
- Days to cover
- 13.5
- Shares short
- 14,142,788
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
NWBO short interestGovernance
Frequently asked questions
What is the AI investment thesis for NORTHWEST BIOTHERAPEUTICS INC?
Northwest Biotherapeutics Inc (NWBO) is a clinical-stage biotechnology company developing personalized dendritic cell-based immunotherapies (DCVax-L and DCVax-Direct) for solid tumors, currently focused on a Marketing Authorization Application (MAA) in Europe for DCVax-L.
What is NORTHWEST BIOTHERAPEUTICS INC's lead drug candidate?
NORTHWEST BIOTHERAPEUTICS INC's most advanced tracked candidate is dcvax-direct (Phase 1) for Inoperable solid tumors.
Who is the CEO of NORTHWEST BIOTHERAPEUTICS INC?
Ms. Linda F. Powers J.D. is the chief executive officer of NORTHWEST BIOTHERAPEUTICS INC (NWBO).
Where is NORTHWEST BIOTHERAPEUTICS INC headquartered?
NORTHWEST BIOTHERAPEUTICS INC (NWBO) is headquartered in Bethesda, MD, United States.
What therapeutic areas does NORTHWEST BIOTHERAPEUTICS INC focus on?
NORTHWEST BIOTHERAPEUTICS INC develops therapies across Oncology, Gene Therapy, Neurology, Ophthalmology.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.