NORTHWEST BIOTHERAPEUTICS INC
NWBO evidence brief
What we can confirm
- BioSniper Score:
- 5.4 / 10
- Market Cap:
- $290.0M
- Lead Asset:
- dcvax-direct (Phase 1)
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. is a clinical-stage biotechnology company developing personalized dendritic cell-based immunotherapies for solid tumor cancers, with its lead candidate DCVax-L under a Marketing Authorization Application (MAA) review in the U.K. for glioblastoma multiforme.
Key risk: Cash runway risk
BioSniper Score
Based on 3 of 6 signals
Limited data coverage
Market Cap
$290.0M
Cash Runway
—
Lead Asset
dcvax-direct (Phase 1)
Next Catalyst
—
Financial data as of Jun 30, 2026.
Tracking 2 pipeline candidates · 2 clinical trials for NORTHWEST BIOTHERAPEUTICS INC.
Northwest Biotherapeutics Inc. is a clinical-stage biotechnology company developing personalized dendritic cell-based immunotherapies for solid tumor cancers, with its lead candidate DCVax-L under a Marketing Authorization Application (MAA) review in the U.K. for glioblastoma multiforme.
- Lead product DCVax-L is designed to treat solid tumor cancers where the tumor can be surgically removed, and a Marketing Authorization Application (MAA) for commercial approval in the U.K. was submitted on December 20, 2023 [sec_mda · as of 2025-11-14].
- A 40-patient Phase I trial of DCVax-Direct for inoperable solid tumors has been completed, and preparations for Phase II trials are planned as resources permit [sec_mda · as of 2026-04-15].
- As of 2026-06-30, the company reported cash & equivalents of $0.6M, total revenue of $0.8M, net income of -$9.2M, and shareholders' equity of -$45.2M [sec].
- The company is actively engaged in the MAA review process with large teams of consultants and does not plan interim announcements until the regulatory decision is finished [sec_mda · as of 2026-04-15].
- A pipeline candidate, dcvax-direct, is in Phase 1 for inoperable solid tumors, with three competitors listed in the same space [pipeline].
What works
- DCVax-L has completed a Phase III trial for glioblastoma multiforme and the results were published in JAMA Oncology, supporting the MAA submission in the U.K. [sec_mda · as of 2025-11-14].
- The company has completed a 40-patient Phase I trial of DCVax-Direct across more than a dozen cancer types, demonstrating early clinical data generation [sec_mda · as of 2026-04-15].
- The company is actively pursuing regulatory approval via the MAA process, which, if successful, could lead to commercial approval in the U.K. [sec_mda · as of 2026-04-15].
What to weigh
- The company has a very limited cash position of $0.6M as of 2026-06-30, which may constrain operations and trial advancement [sec].
- Shareholders' equity is deeply negative at -$45.2M as of 2026-06-30, indicating accumulated deficits and potential going-concern risks [sec].
- The MAA review process is ongoing with no announced timeline for a decision, creating regulatory uncertainty [sec_mda · as of 2026-04-15].
- Phase II trials for DCVax-Direct are dependent on resource availability, which may be delayed given the current financial constraints [sec_mda · as of 2026-04-15].
From the filings
Quoted directly from source documents.
DCVax-L MAA submission date
“on December 20, 2023 we submitted a Marketing Authorization Application (MAA) for commercial approval in the U.K.”
SEC MD&A · November 14, 2025
DCVax-Direct Phase I trial completion
“A 40-patient Phase I trial has been completed, and included treatment of a diverse range of more than a dozen types of cancers.”
SEC MD&A · April 15, 2026
Catalyst timeline
- 2023-06-21 · Phase 1/2a Study of VOY-101 in Subjects With Advanced Non-Neovascular Age-Related Macular Degeneration (JOURNEY) — This is a Phase 2 start for a gene therapy candidate in age-related macular degeneration, though not a core asset for Northwest Biotherapeutics.
- 2025-08-18 · A Phase 1/2 Dose-Escalation Trial to Evaluate Safety, Tolerability, and Efficacy of a Single Dose of CAP-003 Gene Therapy Administered to Patients With Parkinson's Disease With GBA1 Gene Mutation (PD-GBA) — This is a Phase 2 start for a gene therapy candidate in Parkinson's disease, not directly related to Northwest Biotherapeutics' pipeline.
Risks & what to watch (4)›
Key risks
- Cash runway risk — With only $0.6M cash as of 2026-06-30, the company may need to raise capital soon to continue operations [sec].
- Regulatory approval uncertainty — The MAA for DCVax-L is under review with no announced decision date, creating approval risk [sec_mda · as of 2026-04-15].
- Negative shareholders' equity — Shareholders' equity of -$45.2M as of 2026-06-30 indicates accumulated losses and potential going-concern issues [sec].
- Dependence on resource availability — Phase II trials for DCVax-Direct are planned only as resources permit, which may be delayed [sec_mda · as of 2026-04-15].
What to watch
- Outcome of the MAA review for DCVax-L in the U.K., which could lead to commercial approval [sec_mda · as of 2026-04-15].
- Any updates on cash position or financing activities given the low cash balance of $0.6M as of 2026-06-30 [sec].
- Initiation of Phase II trials for DCVax-Direct, dependent on resource availability [sec_mda · as of 2026-04-15].
- Potential partnership or in-licensing developments for booster agents mentioned in the 2025 annual report [sec_mda · as of 2025-03-31].
Sources: Catalysts · Pipeline · SEC MD&A · Generated September 24, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 3 of 6 signals · derived from public data
Cash runway data unavailable
Net income -$9M
Lead: BLA Filed
2 candidates
No upcoming catalysts tracked
No insider transactions in the last 180 days
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
8
Total value held
$71K
| Holder | Shares | Value |
|---|---|---|
| kelleher financial advisors | 200,000 | $41K |
| vsm wealth advisory, llc | 80,574 | $17K |
| ethos financial group, llc | 39,070 | $8K |
| williams jones wealth management, llc. | 25,000 | $5K |
| mcilrath & eck, llc | 600 | $124 |
| opus capital group, llc | 60,150 | $12 |
| coston, mcisaac & partners | 1,000 | $0 |
| 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. is a clinical-stage biotechnology company developing personalized dendritic cell-based immunotherapies for solid tumor cancers, with its lead candidate DCVax-L under a Marketing Authorization Application (MAA) review in the U.K. for glioblastoma multiforme.
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.