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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q


	☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025


	☐	TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______to _______

Commission File Number: 001-35737

NORTHWEST BIOTHERAPEUTICS, INC.

(Exact name of registrant as specified in its charter)


Delaware	94-3306718
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

4800 Montgomery Lane, Suite 800, Bethesda, MD 20814

(Address of principal executive offices) (Zip Code)

(240) 497-9024

(Registrant’s telephone number)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, par value $0.001 per share	NWBO	OTCQB

As of August 13, 2025, the total number of shares of common stock, par value $0.001 per share, outstanding was 1,482,346,009.

Table of Contents

NORTHWEST BIOTHERAPEUTICS, INC.

FORM 10-Q

TABLE OF CONTENTS


PART I - FINANCIAL INFORMATION		3

Item 1.	Condensed Consolidated Interim Financial Statements (Unaudited)

	Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024	3

	Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and six months ended June 30, 2025 and 2024	4

	Condensed Consolidated Statements of Stockholders’ Deficit for the three and six months ended June 30, 2025 and 2024	5

	Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024	7

	Notes to Condensed Consolidated Financial Statements	9

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	26

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	31

Item 4.	Controls and Procedures	32

PART II - OTHER INFORMATION		33

Item 1.	Legal Proceedings	33

Item 1A.	Risk Factors	34

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	34

Item 3.	Defaults Upon Senior Securities	34

Item 4.	Mine Safety Disclosures	34

Item 5.	Other Information	34

Item 6.	Exhibits	35

SIGNATURES		36

Table of Contents

PART I - FINANCIAL INFORMATION

NORTHWEST BIOTHERAPEUTICS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)


	June 30,		December 31,
	2025		2024
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	4,316	$	2,175
Prepaid expenses and other current assets		1,839		1,887
Total current assets		6,155		4,062
Non-current assets:
Property, plant and equipment, net		16,685		16,196
Right-of-use asset, net		4,419		4,187
Indefinite-lived intangible asset		1,292		1,292
Goodwill		626		626
Other assets		370		365
Total non-current assets		23,392		22,666
TOTAL ASSETS	$	29,547	$	26,728

LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable and accrued expenses	$	23,659	$	16,969
Accounts payable and accrued expenses to related parties and affiliates		8,016		4,452
Convertible notes, net		793		1,870
Convertible notes at fair value		24,692		18,324
Notes payable, net		16,313		14,186
Contingent payable derivative liability		9,112		9,578
Warrant liability		681		2,219
Investor advances		207		207
Share payable		—		143
Lease liabilities		448		326
Total current liabilities		83,921		68,274

Non-current liabilities:
Convertible notes at fair value, net of current portion		13,772		15,900
Notes payable, net of current portion, net		9,166		12,396
Lease liabilities, net of current portion		4,624		4,438
Contingent payment obligation		4,700		4,700
Total non-current liabilities		32,262		37,434
Total liabilities		116,183		105,708

COMMITMENTS AND CONTINGENCIES (Note 12)

Mezzanine equity:
Series C Convertible Preferred Stock, 10,000,000 shares designated; 0.8 million and 1.0 million shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively; aggregate liquidation preference of $12.1 million		13,753		15,507
Stockholders’ deficit:
Preferred stock ($0.001 par value); 100,000,000 shares authorized as of June 30, 2025 and December 31, 2024, respectively		—		—
Common stock ($0.001 par value); 1,700,000,000 shares authorized; 1,458.8 million and 1,175.5 million shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively		1,459		1,328
Additional paid-in capital		1,378,300		1,344,720
Stock subscription receivable		(79)		(79)
Accumulated deficit		(1,478,220)		(1,443,499)
Accumulated other comprehensive (loss) income		(1,849)		3,043
Total stockholders’ deficit		(100,389)		(94,487)
TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ DEFICIT	$	29,547	$	26,728

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

Table of Contents

NORTHWEST BIOTHERAPEUTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(in thousands, except per share amounts)

(Unaudited)


	For the three months ended				For the six months ended
	June 30,				June 30,
	2025		2024		2025		2024
Revenues:
Research and other	$	131	$	510	$	506	$	794
Total revenues		131		510		506		794
Operating costs and expenses:
Research and development		7,430		8,293		15,781		16,235
General and administrative		7,480		9,681		16,815		17,767
Total operating costs and expenses		14,910		17,974		32,596		34,002
Loss from operations		(14,779)		(17,464)		(32,090)		(33,208)
Other income (expense):
Change in fair value of derivative liabilities		724		2,409		2,004		2,529
Change in fair value of share payable		(240)		67		(263)		(39)
Change in fair value of convertible notes		2,392		(241)		6,089		1,534
Loss from extinguishment of debt		(4,516)		(914)		(11,798)		(3,085)
Loss from issuance of debt		(773)		—		(773)		—
Interest expense		(1,826)		(1,681)		(3,428)		(3,199)
Foreign currency transaction gain (loss)		3,640		(45)		5,538		(713)
Total other expense		(599)		(405)		(2,631)		(2,973)
Net loss		(15,378)		(17,869)		(34,721)		(36,181)
Deemed dividend related to warrant modifications		(560)		(441)		(825)		(1,009)
Net loss attributable to common stockholders	$	(15,938)	$	(18,310)	$	(35,546)	$	(37,190)

Other comprehensive income (loss)
Foreign currency translation adjustment		(3,248)		74		(4,892)		688
Total comprehensive loss	$	(19,186)	$	(18,236)	$	(40,438)	$	(36,502)

Net loss per share applicable to common stockholders
Basic and diluted	$	(0.01)	$	(0.02)	$	(0.03)	$	(0.03)
Weighted average shares used in computing basic and diluted loss per share		1,438,198		1,214,316		1,399,064		1,201,233

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

Table of Contents

NORTHWEST BIOTHERAPEUTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT

(in thousands)

(Unaudited)


	For the Three Months Ended June 30, 2025
	Mezzanine equity												Accumulated
	Series C Convertible						Additional						Other		Total
	Preferred Stock			Common Stock			Paid-in		Subscription		Accumulated		Comprehensive		Stockholders’
	Shares	Amount		Shares	Par value		Capital		Receivable		Deficit		Income (Loss)		Deficit
Balances at April 1, 2025	904	$	14,641	1,391,253	$	1,391	$	1,360,652	$	(79)	$	(1,462,842)	$	1,399	$	(99,479)
Series C convertible preferred stock conversion	(62)		(888)	1,543		2		886		—		—		—		888
Issuance of common stock for cash, net	—		—	33,391		33		7,286		—		—		—		7,319
Warrants exercised for cash	—		—	28		—		6		—		—		—		6
Issuance of common stock for conversion of debt and accrued interest	—		—	32,471		33		9,106		—		—		—		9,139
Stock-based compensation	—		—	75		—		364		—		—		—		364
Net loss	—		—	—		—		—		—		(15,378)		—		(15,378)
Warrant modifications	—		—	—		—		560		—		—		—		560
Deemed dividend related to warrant modifications	—		—	—		—		(560)		—		—		—		(560)
Cumulative translation adjustment	—		—	—		—		—		—		—		(3,248)		(3,248)
Balances at June 30, 2025	842	$	13,753	1,458,761	$	1,459	$	1,378,300	$	(79)	$	(1,478,220)	$	(1,849)	$	(100,389)


	For the Three Months Ended June 30, 2024
	Mezzanine equity												Accumulated
	Series C Convertible						Additional						Other		Total
	Preferred Stock			Common Stock			Paid-in		Subscription		Accumulated		Comprehensive		Stockholders’
	Shares	Amount		Shares	Par value		Capital		Receivable		Deficit		Income		Deficit
Balances at April 1, 2024	1,297	$	19,810	1,195,358	$	1,195	$	1,301,485	$	(79)	$	(1,378,033)	$	2,150	$	(73,282)
Issuance of Series C convertible preferred stock for cash	417		4,310	—		—		—		—		—		—		—
Series C convertible preferred stock conversion	(616)		(6,202)	15,398		16		6,186		—		—		—		6,202
Issuance of common stock for cash, net	—		—	8,125		8		2,889		—		—		—		2,897
Warrants exercised for cash	—		—	483		—		180		—		—		—		180
Cashless warrants exercise	—		—	1,263		1		(1)		—		—		—		—
Issuance of common stock for conversion of debt and accrued interest	—		—	8,901		9		4,139		—		—		—		4,148
Issuance of Series C preferred stock for conversion of debt and accrued interest	167		835	—		—		—		—		—		—		—
Stock-based compensation	—		—	175		—		1,153		—		—		—		1,153
Net loss	—		—	—		—		—		—		(17,869)		—		(17,869)
Warrants modification	—		—	—		—		441		—		—		—		441
Deemed dividend related to warrants modification	—		—	—		—		(441)		—		—		—		(441)
Cumulative translation adjustment	—		—	—		—		—		—		—		74		74
Balances at June 30, 2024	1,265	$	18,753	1,229,703	$	1,229	$	1,316,031	$	(79)	$	(1,395,902)	$	2,224	$	(76,497)

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NORTHWEST BIOTHERAPEUTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT

(in thousands)

(Unaudited)


	For the Six Months Ended June 30, 2025
	Mezzanine equity												Accumulated
	Series C Convertible						Additional						Other		Total
	Preferred Stock			Common Stock			Paid-in		Subscription		Accumulated		Comprehensive		Stockholders’
	Shares	Amount		Shares	Par value		Capital		Receivable		Deficit		Income (Loss)		Deficit
Balances at January 1, 2025	973	$	15,507	1,328,622	$	1,328	$	1,344,720	$	(79)	$	(1,443,499)	$	3,043	$	(94,487)
Series C convertible preferred stock conversion	(131)		(1,754)	3,263		4		1,750		—		—		—		1,754
Issuance of common stock for cash, net	—		—	56,138		56		12,386		—		—		—		12,442
Warrants exercised for cash	—		—	104		—		23		—		—		—		23
Issuance of common stock for conversion of debt and accrued interest	—		—	70,484		71		18,672		—		—		—		18,743
Stock-based compensation	—		—	150		—		749		—		—		—		749
Net loss	—		—	—		—		—		—		(34,721)		—		(34,721)
Warrant modifications	—		—	—		—		825		—		—		—		825
Deemed dividend related to warrant modifications	—		—	—		—		(825)		—		—		—		(825)
Cumulative translation adjustment	—		—	—		—		—		—		—		(4,892)		(4,892)
Balances at June 30, 2025	842	$	13,753	1,458,761	$	1,459	$	1,378,300	$	(79)	$	(1,478,220)	$	(1,849)	$	(100,389)


	For the Six Months Ended June 30, 2024
	Mezzanine equity												Accumulated
	Series C Convertible						Additional						Other		Total
	Preferred Stock			Common Stock			Paid-in		Subscription		Accumulated		Comprehensive		Stockholders’
	Shares	Amount		Shares	Par value		Capital		Receivable		Deficit		Income		Deficit
Balances at January 1, 2024	1,209	$	18,718	1,175,459	$	1,175	$	1,291,316	$	(79)	$	(1,359,721)	$	1,536	$	(65,773)
Issuance of Series C convertible preferred stock for cash	725		7,934	—		—		—		—		—		—		—
Series C convertible preferred stock conversion	(836)		(8,734)	20,891		21		8,713		—		—		—		8,734
Issuance of common stock for cash, net	—		—	8,125		8		2,889		—		—		—		2,897
Warrants exercised for cash	—		—	6,314		6		1,485		—		—		—		1,491
Cashless warrants and stock options exercise	—		—	2,896		3		(3)		—		—		—		—
Issuance of common stock for conversion of debt and accrued interest	—		—	15,843		16		8,084		—		—		—		8,100
Issuance of Series C preferred stock for conversion of debt and accrued interest	167		835	—		—		—		—		—		—		—
Stock-based compensation	—		—	175		—		2,317		—		—		—		2,317
Net loss	—		—	—		—		—		—		(36,181)		—		(36,181)
Warrants modification	—		—	—		—		2,239		—		—		—		2,239
Deemed dividend related to warrants modification	—		—	—		—		(1,009)		—		—		—		(1,009)
Cumulative translation adjustment	—		—	—		—		—		—		—		688		688
Balances at June 30, 2024	1,265	$	18,753	1,229,703	$	1,229	$	1,316,031	$	(79)	$	(1,395,902)	$	2,224	$	(76,497)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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NORTHWEST BIOTHERAPEUTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(Unaudited)


	For the six months ended
	June 30,
	2025		2024
Cash Flows from Operating Activities:
Net loss	$	(34,721)	$	(36,181)
Reconciliation of net loss to net cash used in operating activities:
Depreciation and amortization		885		862
Amortization of debt discount		859		1,067
Change in fair value of derivatives		(2,004)		(2,529)
Change in fair value of share payable		263		39
Change in fair value of convertible notes		(6,089)		(1,534)
Loss from extinguishment of debt		11,798		3,085
Loss from issuance of debt		773		—
Amortization of operating lease right-of-use asset		130		159
Stock-based compensation for services		749		2,317
Subtotal of non-cash charges		7,364		3,466
Changes in operating assets and liabilities:
Prepaid expenses and other current assets		111		(100)
Other non-current assets		3		(10)
Accounts payable and accrued expenses		7,534		5,195
Related party accounts payable and accrued expenses		3,564		(1,061)
Lease liabilities		39		88
Net cash used in operating activities		(16,106)		(28,603)
Cash Flows from Investing Activities:
Purchase of equipment and construction in progress		(397)		(760)
Net cash used in investing activities		(397)		(760)
Cash Flows from Financing Activities:
Proceeds from issuance of Series C convertible preferred stock		—		7,934
Proceeds from issuance of common shares		12,442		2,897
Proceeds from exercise of warrants		23		1,491
Proceeds from issuance of notes payable, net		7,000		10,000
Proceeds from issuance of convertible notes payable, net		5,507		7,100
Proceeds from contingent payment obligation		—		50
Repayment of notes payable		(255)		(249)
Repayment of convertible notes payable		(536)		—
Net cash provided by financing activities		24,181		29,223
Effect of exchange rate changes on cash and cash equivalents		(5,537)		895
Net increase in cash and cash equivalents		2,141		755

Cash and cash equivalents, beginning of the period		2,175		2,126
Cash and cash equivalents, end of the period	$	4,316	$	2,881

Supplemental disclosure of cash flow information
Interest payments on notes payable	$	(122)	$	(18)
Interest payments on convertible notes payable	$	(103)	$	—

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements

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NORTHWEST BIOTHERAPEUTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(Unaudited)


	For the six months ended
	June 30,
	2025		2024
Supplemental schedule of non-cash activities:
Cashless warrants and stock options exercise	$	—	$	3
Issuance of common stock for conversion of debt and accrued interest	$	18,743	$	8,100
Issuance of Series C preferred stock for conversion of debt and accrued interest	$	—	$	835
Series C convertible preferred stock conversion	$	1,754	$	8,734
Capital expenditures included in accounts payable	$	88	$	47
Deemed dividend related to warrant modifications	$	825	$	1,009
Debt discount related to warrant modifications	$	—	$	8

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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NORTHWEST BIOTHERAPEUTICS, INC.

NOTES TO CONDENSED CONSOLIDATED STATEMENTS

1. Organization and Description of Business

Northwest Biotherapeutics, Inc. and its wholly owned subsidiaries Flaskworks, Northwest Biotherapeutics Limited, Northwest Biotherapeutics Capital Limited, Northwest Biotherapeutics B.V., and NW Bio GmbH (collectively, the “Company”, “we”, “us” and “our”) were organized to discover and develop innovative immunotherapies for cancer. The Company has developed DCVax® platform technologies for both operable and inoperable solid tumor cancers. The Company has wholly owned subsidiaries in Boston, the U.K., the Netherlands and Germany. On August 28, 2020, the Company acquired Flaskworks, LLC (“Flaskworks”), a company that has developed a system designed to close and automate the manufacturing of cell therapy products such as DCVax®.

The Company relies upon contract manufacturers for production of its DCVax products, research and development services, distribution and logistics, and related services, in compliance with the Company’s specifications and the applicable regulatory requirements.

The Company has completed a Phase 3 clinical trial of its DCVax®-L product for glioblastoma brain cancer, has publicly reported the results in a peer reviewed publication in a medical journal as well as at a medical conference, and submitted a Marketing Authorization Application (MAA) for regulatory approval in the U.K. in December 2023. The MAA is in process of their review. The Company is also in the process of restarting its DCVax®-Direct program for inoperable tumors.

2. Financial Condition, Going Concern and Management Plans

The Company has incurred annual net operating losses since its inception. The Company had a net loss of $34.7 million for the six months ended June 30, 2025. The Company used approximately $16.1 million of cash in its operating activities during the six months ended June 30, 2025.

The Company does not expect to generate material revenue in the near future from the sale of products and is subject to all of the risks and uncertainties that are typically faced by biotechnology companies that devote substantially all of their efforts to research and development (“R&D”) and clinical trials and do not yet have commercial products. The Company expects to continue incurring annual losses for the foreseeable future. The Company’s existing liquidity is not sufficient to fund its operations, anticipated capital expenditures, working capital and other financing requirements until the Company reaches significant revenues. Until that time, the Company will need to obtain additional equity and/or debt financing, especially if the Company experiences downturns in its business that are more severe or longer than anticipated, or if the Company experiences significant increases in expense levels resulting from being a publicly-traded company or from expansion of operations. If the Company attempts to obtain additional equity or debt financing, the Company cannot assume that such financing will be available to the Company on favorable terms, or at all.

Because of recurring operating losses and operating cash flow deficits, there is substantial doubt about the Company’s ability to continue as a going concern for at least one year from the date of this filing. The consolidated financial statements have been prepared assuming that the Company will continue as a going concern, however, they do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets, or the amounts and classification of liabilities that may result from the outcome of this uncertainty.

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NORTHWEST BIOTHERAPEUTICS, INC.

NOTES TO CONDENSED CONSOLIDATED STATEMENTS

3. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated interim financial statements include the accounts of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated. Certain immaterial reclassifications have been made to prior period amounts to conform to the current period presentation.

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the instructions to Form 10-Q and Article 8 of Regulation S-X of the Securities and Exchange Commission (“SEC”) and on the same basis as the Company uses to prepare its annual audited consolidated financial statements. The condensed consolidated balance sheet as of June 30, 2025, condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2025 and 2024, condensed consolidated statement of stockholders’ deficit for the three and six months ended June 30, 2025 and 2024, and the condensed consolidated statements of cash flows for the six months ended June 30, 2025 and 2024 are unaudited, but include all adjustments, consisting only of normal recurring adjustments, which the Company considers necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The results for the three and six months ended June 30, 2025 are not necessarily indicative of results to be expected for the year ending December 31, 2025 or for any future interim period. The condensed consolidated balance sheet at December 31, 2024 has been derived from audited financial statements; however, it does not include all of the information and notes required by U.S. GAAP for complete financial statements. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements for the year ended December 31, 2024 and notes thereto included in the Company’s annual report on Form 10-K (the “2024 Annual Report”), which was filed with the SEC on March 31, 2025.

Use of Estimates

In preparing condensed consolidated financial statements in conformity with U.S. GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of expenses during the reporting period. Due to inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in these estimates.

On an ongoing basis, the Company evaluates its estimates and judgments, including valuing equity securities in share-based payment arrangements, estimating the fair value of financial instruments recorded as derivative liabilities, useful lives of depreciable assets, and whether impairment charges may apply. The Company bases its estimates on historical experience and on various other assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the reported amounts of revenues and expenses that are not readily apparent from other sources. Actual results could differ from those estimates.

Segment Information

The Company operates in one operating segment for the purposes of assessing performance, making operating decisions, and allocating Company resources. The Company’s chief operating decision maker (CODM) is its chief executive officer, who considers net loss to evaluate overall expenses associated with conducting research and development activities, which includes evaluating the progress of ongoing clinical trials and the planning and execution of current and future research and development activities. Further, the CODM reviews and utilizes functional expenses (research and development and general and administrative) as reported in the consolidated statements of operations to manage the Company’s operations. The measure of performance, significant expenses, and other items are each reflected in the consolidated statements of operations. The accounting policies of the Company’s single reportable segment are the same as those for the consolidated financial statements. The level of disaggregation and amounts of significant segment expenses that are regularly provided to the CODM are the same as those presented in the consolidated statements of operations. The measure of segment assets is reported on the consolidated balance sheets as total assets.

Significant Accounting Policies

There have been no material changes in the Company’s significant accounting policies from those previously disclosed in the 2024 Annual Report.

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NORTHWEST BIOTHERAPEUTICS, INC.

NOTES TO CONDENSED CONSOLIDATED STATEMENTS

Recently Adopted Accounting Standards

Improvements to Income Tax Disclosures

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. This guidance will be effective for the annual periods beginning the year ended December 31, 2025. Early adoption is permitted. Upon adoption, the guidance can be applied prospectively or retrospectively. The Company adopted this standard as of January 1, 2025. The adoption of this ASU did not have any material impact on the Company’s quarterly condensed consolidated financial statements.

Recently Issued Accounting Standards Not Yet Adopted

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU No. 2024-03 (“ASU 2024-03”), Disaggregation of Income Statement Expenses (DISE) which requires disaggregated disclosure of income statement expenses for public business entities. The standard requires public business entities to disclose disaggregated information about specific natural expense categories underlying certain income statement expense line items that are considered relevant. The FASB also issued ASU No. 2025-01 (“ASU 2025-01”), Clarifying the Effective Date, which clarifies the adoption date of ASU 2024-03 as annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. The Company is currently evaluating the potential effect of this accounting standard update on its consolidated financial statements and related disclosures.

4. Fair Value Measurements

In accordance with ASC 820 (Fair Value Measurements and Disclosures), the Company uses various inputs to measure the fair value of liabilities related to certain embedded conversion features associated with convertible debt, share liability (receivable), and the contingent payable to Cognate BioServices on a recurring basis to determine the fair value of these liabilities. The Company also elects the fair value option (“FVO”) for certain eligible financial instruments, such as convertible notes, in order to simplify the accounting treatment.

ASC 820 establishes a hierarchy categorizing inputs into three levels used to measure and disclose fair value. The hierarchy gives the highest priority to quoted prices available in active markets and the lowest priority to unobservable inputs. An explanation of each level in the hierarchy is described below:

Level 1 - Unadjusted quoted prices in active markets for identical instruments that are accessible by the Company on the measurement date.

Level 2 - Quoted prices in markets that are not active or inputs which are either directly or indirectly observable.

Level 3 - Unobservable inputs for the instrument requiring the development of assumptions by the Company.

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NORTHWEST BIOTHERAPEUTICS, INC.

NOTES TO CONDENSED CONSOLIDATED STATEMENTS

The following table classifies the Company’s liabilities measured at fair value on a recurring basis into the fair value hierarchy as of June 30, 2025 and December 31, 2024 (in thousands):


	Fair value measured at June 30, 2025
			Quoted prices in active		Significant other		Significant
	Fair value at		markets		observable inputs		unobservable inputs
	June 30, 2025		(Level 1)		(Level 2)		(Level 3)
Warrant liability	$	681	$	—	$	—	$	681
Contingent payable derivative liability		9,112		—		—		9,112
Convertible notes at fair value		38,464		—		—		38,464
Total fair value	$	48,257	$	—	$	—	$	48,257


	Fair value measured at December 31, 2024
			Quoted prices in active		Significant other		Significant
	Fair value at		markets		observable inputs		unobservable inputs
	December 31, 2024		(Level 1)		(Level 2)		(Level 3)
Warrant liability	$	2,219	$	—	$	—	$	2,219
Contingent payable derivative liability		9,578		—		—		9,578
Convertible notes at fair value		34,224		—		—		34,224
Share payable		143		—		—		143
Total fair value	$	46,164	$	—	$	—	$	46,164

There were no transfers between Level 1, 2 or 3 during the three-month period ended June 30, 2025.

The following table presents changes in Level 3 liabilities measured at fair value for the six-month period ended June 30, 2025. Both observable and unobservable inputs were used to determine the fair value of positions that the Company has classified within the Level 3 category. Unrealized gains and losses associated with liabilities within the Level 3 category include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable (e.g., changes in unobservable long- dated volatilities) inputs (in thousands).


							Convertible
	Warrant		Contingent Payable		Share		Notes
	Liability		Derivative Liability		Payable		At Fair Value		Total
Balance - January 1, 2025	$	2,219	$	9,578	$	143	$	34,224	$	46,164
Additional share payable		—		—		625		—		625
Issuance of convertible notes at fair value		—		—		—		6,429		6,429
Redemption of share payable		—		—		(1,031)		—		(1,031)
Additions from debt extinguishment		—		—		—		8,525		8,525
Debt repayment		—		—		—		(525)		(525)
Debt conversion		—		—		—		(4,100)		(4,100)
Change in fair value		(1,538)		(466)		263		(6,089)		(7,830)
Balance - June 30, 2025	$	681	$	9,112	$	—	$	38,464	$	48,257

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NORTHWEST BIOTHERAPEUTICS, INC.

NOTES TO CONDENSED CONSOLIDATED STATEMENTS

A summary of the weighted average (in aggregate) significant unobservable inputs (Level 3 inputs) used in measuring the Company’s warrant liabilities and share payable that are categorized within Level 3 of the fair value hierarchy on the initial issuance date during the six months ended June 30, 2025 and 2024, and remeasured as of June 30, 2025 and December 31, 2024 are as follows. The share payable was all settled during the six months ended June 30, 2025. The contingent payable derivative liability related to the remaining redemption feature which, like the convertible notes at fair value, included discount factors that were unobservable inputs and proprietary in nature.


	Share Payable
	For the six months			For the six months
	ended			ended
	June 30, 2025			June 30, 2024
Strike price	$	0.24		$	0.41
Contractual term (years)		0.08			0.10
Volatility (annual)		62	%		71	%
Risk-free rate		4.3	%		5.5	%
Dividend yield (per share)		0	%		0	%


	As of June 30, 2025			As of December 31, 2024
	Warrant Liability			Share Payable			Warrant Liability
Strike price	$	0.25		$	0.25		$	0.25
Contractual term (years)		0.08			0.08			0.58
Volatility (annual)		51	%		60	%		66	%
Risk-free rate		4.3	%		4.3	%		4.2	%
Dividend yield (per share)		0	%		0	%		0	%

5. Stock-based Compensation

The following table summarizes total stock-based compensation expense for the three and six months ended June 30, 2025 and 2024 (in thousands).


	For the three months ended				For the six months ended
	June 30,				June 30,
	2025		2024		2025		2024
Research and development	$	345	$	1,042	$	710	$	2,051
General and administrative		19		85		39		240
Total stock-based compensation expense	$	364	$	1,127	$	749	$	2,291

The total unrecognized stock compensation (primarily for consultants) cost was approximately $1.2 million as of June 30, 2025 and will be recognized over the next 1.8 years.

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NORTHWEST BIOTHERAPEUTICS, INC.

NOTES TO CONDENSED CONSOLIDATED STATEMENTS

Stock Options

The following table summarizes stock option activity for options during the six months ended June 30, 2025 (amount in thousands, except per share number):


				Weighted Average
				Remaining
		Weighted Average		Contractual Life (in
	Number of Shares	Exercise Price		years)	Total Intrinsic Value
Outstanding as of January 1, 2025	316,826	$	0.35	5.0	$	3,932
Granted	2,275		0.29	5.0		—
Outstanding as of June 30, 2025	319,101	$	0.35	4.6	$	846
Options vested ⁽¹⁾	283,462	$	0.33	4.5	$	846

⁽¹⁾	215 million of the 283 million stock options are subject to agreements (the “Blocker Letter Agreements”) under which they are subject to a restriction that the options may only be exercised if the Company has sufficient authorized shares available for issuance.

The Black-Scholes option pricing model is used to estimate the fair value of stock options granted. The assumptions used in calculating the fair values of stock options that were granted during the six months ended June 30, 2025 was as follows:


	For the six months ended
	June 30, 2025
Exercise price	$	0.29
Expected term (years)		3.2
Expected stock price volatility		77	%
Risk-free rate		3.8	%
Dividend yield (per share)		0	%

Restricted Stock Awards

Advent SOW 6

There was no stock based compensation related to Statement of Work #6 (“SOW 6”) recognized during the three and six months ended June 30, 2025 and 2024. As previously reported, Advent previously achieved all of the 10 one-time milestones (i.e., for all six workstreams that were prerequisites for a MAA application for product approval, for obtaining all three licenses required for the Sawston facility, and for the completion of key portions of the MAA application) pursuant to SOW 6.

As of June 30, 2025, 1.5 million shares related to the milestone for completion and submission of the MAA had not been issued and the fair value of the shares of $1.1 million remained accrued in accounts payable and accrued expenses to related parties and affiliates.

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NORTHWEST BIOTHERAPEUTICS, INC.

NOTES TO CONDENSED CONSOLIDATED STATEMENTS

6. Property, Plant and Equipment

Property, plant and equipment consist of the following at June 30, 2025 and December 31, 2024 (in thousands):


	June 30,		December 31,		Estimated
	2025		2024		Useful Life
Leasehold improvements	$	19,147	$	17,973	Lesser of lease term or estimated useful life
Office furniture and equipment		607		531	3-5 years
Computer and manufacturing equipment and software		3,563		3,160	3-5 years
Land in the United Kingdom		93		85	NA
		23,410		21,749	NA
Less: accumulated depreciation		(6,725)		(5,553)
Total property, plant and equipment, net	$	16,685	$	16,196

Depreciation and amortization expense was approximately $0.9 million and $0.9 million for the six months ended June 30, 2025, and 2024, respectively.

7. Outstanding Debt

The following two tables summarize outstanding debt as of June 30, 2025 and December 31, 2024, respectively (amount in thousands, except per share amounts):


		Stated									Fair
		Interest			Conversion				Remaining		Value		Carrying
	Maturity Date	Rate			Price		Face Value		Debt Discount		Adjustment		Value
Short term convertible notes payable
6% unsecured	Due		6	%	$	3.09	$	135	$	—	$	—	$	135
8% unsecured	Various		8	%	$	0.20		683		(25)		—		658
								818		(25)		—		793
Short term convertible notes at fair value
0% unsecured	Various		0	%		Variable		3,900		—		921		4,821
11% unsecured	Various		11	%	$	0.21 - $0.32		16,225		—		3,646		19,871
								20,125		—		4,567		24,692

Short term notes payable
0% unsecured	On Demand		0	%		N/A		2,140		—		—		2,140
8% unsecured	Various		8	%		N/A		14,149		(539)		—		13,610
12% unsecured	On Demand		12	%		N/A		563		—		—		563
								16,852		(539)		—		16,313

Long term convertible notes at fair value
11% unsecured	Various		11	%	$	0.19-$0.38		11,222		—		2,550		13,772
								11,222		—		2,550		13,772
Long term notes payable
8% unsecured	Various		8	%		N/A		9,920		(754)		—		9,166

Ending balance as of June 30, 2025							$	58,937	$	(1,318)	$	7,117	$	64,736

Table of Contents

NORTHWEST BIOTHERAPEUTICS, INC.

NOTES TO CONDENSED CONSOLIDATED STATEMENTS


		Stated										Fair
		Interest			Conversion					Remaining		Value		Carrying
	Maturity Date	Rate			Price			Face Value		Debt Discount		Adjustment		Value
Short term convertible notes payable
6% unsecured	Due		6	%	$	3.09		$	135	$	—	$	—	$	135
8% unsecured	2/21/2025		8	%	$	0.50	*		1,760		(25)		—		1,735
									1,895		(25)		—		1,870
Short term convertible notes at fair value
8% unsecured	2/15/2025		8	%	$	0.27			1,000		—		95		1,095
10% unsecured	1/11/2025		10	%	$	0.35			500		—		46		546
11% unsecured	Various		11	%	$	0.26-$0.46			15,250		—		1,433		16,683
									16,750		—		1,574		18,324
Short term notes payable
0% unsecured	On Demand		0	%		N/A			2,140		—		—		2,140
6% secured	3/25/2025		6	%		N/A			247		—		—		247
8% unsecured	Various		8	%		N/A			11,660		(424)		—		11,236
12% unsecured	On Demand		12	%		N/A			563		—		—		563
									14,610		(424)		—		14,186
Long term convertible notes at fair value
0% unsecured	1/19/2026		0	%		Variable			5,000		—		918		5,918
11% unsecured	Various		11	%	$	0.29-$0.38			8,565		—		1,417		9,982
									13,565		—		2,335		15,900
Long term notes payable
8% unsecured	Various		8	%		N/A			13,210		(814)		—		12,396

Ending balance as of December 31, 2024								$	60,030	$	(1,263)	$	3,909	$	62,676

* These convertible notes are convertible into Series C preferred shares at $12.50 per share. Each Series C preferred share is convertible into common shares after a 30-day restriction period. The conversion price in common share equivalent is $0.50 per share.

Notes Payable

On March 7, 2025, the Company entered into a Commercial Loan Agreement (the “March Commercial Loan”) with a commercial lender for an aggregate principal amount of $5.5 million. The March Commercial Loan bears interest at 8% per annum with a 22-month term. There are no principal repayments during the first eight months of the term. The March Commercial Loan is amortized in 14 installments starting on November 7, 2026. The March Commercial Loan carries an original issue discount of $0.5 million.

On June 26, 2025, the Company entered into a Commercial Loan Agreement (the “June Commercial Loan”) with a commercial lender for an aggregate principal amount of $2.2 million. The June Commercial Loan bears interest at 8% per annum with a 22-month term. There are no principal repayments during the first eight months of the term. The June Commercial Loan is amortized in 14 installments starting on February 26, 2026. The June Commercial Loan carries an original issue discount of $0.2 million.

During the six months ended June 30, 2025, the Company issued approximately 47.4 million shares of common stock with a fair value of $13.5 million to certain lenders in lieu of cash payments of $9.8 million of debt, including $1.3 million of accrued interest. In addition, the Company has extinguished certain debt pursuant to exchange agreements executed with various holders pursuant to which the Company issues common stock at a price based on a

NORTHWEST BIOTHERAPEUTICS INC 10-Q