Northwest Biotherapeutics, Inc. filed its Form 10-Q for the quarterly period ended September 30, 2026 with the SEC on November 13, 2026, reporting financial results for the three and nine months ended September 30, 2026.

Key Highlights

  • Nine-month net loss: The company reported a net loss of $41.052 million for the nine months ended September 30, 2026, compared to $61.550 million in the same period of 2025.
  • Third-quarter net loss: Net loss for the three months ended September 30, 2026 was $28.762 million, compared to $26.829 million for the same quarter of 2025.
  • Revenue increase: Total revenues for the nine months ended September 30, 2026 were $2.184 million, up from $706 thousand in the nine months ended September 30, 2025.
  • Cash position: Cash and cash equivalents stood at $725 thousand as of September 30, 2026, down from $3.040 million as of December 31, 2025.
  • Accumulated deficit: The accumulated deficit reached $1.5447 billion as of September 30, 2026, compared to $1.5037 billion as of December 31, 2025.
  • Shares outstanding: As of November 10, 2026, total shares of common stock outstanding were 1,811,970,770.
  • Total stockholders' deficit: Total stockholders' deficit was $(56.702) million as of September 30, 2026, compared to $(60.280) million as of December 31, 2025.

Northwest Biotherapeutics Reports Q3 2026 Results Amid Continued Operating Losses and Reduced Cash

According to the filing, Northwest Biotherapeutics (OTCQB:NWBO) reported a net loss of $28.762 million for the three months ended September 30, 2026, compared to a net loss of $26.829 million in the third quarter of 2025. For the nine-month period, the net loss was $41.052 million, a reduction from the $61.550 million loss recorded in the first nine months of 2025. The company attributed operating costs and expenses of $34.628 million for the nine-month period, which included $14.785 million in research and development and $19.843 million in general and administrative expenses.

The filing disclosed that total revenues for the nine months ended September 30, 2026 were $2.184 million, consisting entirely of research and other revenues, up from $706 thousand in the comparable prior-year period. For the third quarter alone, revenues were $883 thousand versus $200 thousand in Q3 2025. The company's loss from operations for the nine months ended September 30, 2026 was $32.444 million. Among notable non-operating items, the filing reported a $9.416 million change in fair value of derivative liabilities and a $2.250 million settlement gain for the nine-month period, as well as a $9.980 million loss from extinguishment of debt.

The balance sheet as of September 30, 2026 showed total assets of $76.137 million and total liabilities of $122.441 million, resulting in total stockholders' deficit of $(56.702) million. Cash and cash equivalents declined to $725 thousand from $3.040 million at December 31, 2025. Convertible notes at fair value classified as current liabilities were $40.880 million as of September 30, 2026, up from $32.056 million at year-end 2025. The company's Series C Convertible Preferred Stock had an aggregate liquidation preference of $8.7 million, with 637,614 shares issued and outstanding as of September 30, 2026. Common shares authorized totaled 2,600,000,000, with 1,774.1 million issued as of September 30, 2026.

What Was Disclosed

Northwest Biotherapeutics filed its quarterly report for the period ended September 30, 2026, disclosing a nine-month net loss of $41.052 million, a cash balance of $725 thousand, an accumulated deficit of $1.5447 billion, and 1,811,970,770 shares of common stock outstanding as of November 10, 2026.