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Northwest Biotherapeutics Inc (NWBO-9.28%). has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a net loss of $83.8 million for 2024, compared to a net loss of $62.6 million in 2023. The company attributes the increased loss to higher research and development expenses, which rose to $34.9 million from $27.7 million, and general and administrative expenses, which increased to $33.0 million from $29.7 million.
Northwest Biotherapeutics continues to focus on its DCVax platform technology, which is designed to develop personalized immune therapies for cancer. The company completed a Phase III trial of its DCVax-L product for glioblastoma brain cancer and submitted a Marketing Authorization Application (MAA) to the UK Medicines and Healthcare Products Regulatory Agency in December 2023.
The company reported cash and cash equivalents of $2.2 million as of December 31, 2024, and noted that it will need to secure additional financing to continue its operations. The company has been raising funds through the issuance of convertible notes and preferred stock.
Northwest Biotherapeutics faces substantial doubt about its ability to continue as a going concern due to recurring losses and negative cash flows from operations. The company plans to address this through additional equity or debt financing.
The company continues to work with Advent BioServices, a related party, for the manufacturing of its DCVax products. The collaboration includes ongoing development and manufacturing programs at facilities in London and Sawston, UK.
The filing also details various financial agreements, including convertible notes and commercial loans, as well as a contingent payable derivative liability related to a settlement agreement with Cognate BioServices.
Northwest Biotherapeutics reported a total of 1.3 billion shares of common stock outstanding as of December 31, 2024, and noted that its common stock is traded on the OTCQB under the symbol 'NWBO'.
The company identified risks related to its operations, including the need for substantial additional funding, potential delays in obtaining regulatory approvals, and competition from other biotechnology companies developing immune therapies for cancer.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Northwest Biotherapeutics Inc annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.