Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data NORTHWEST BIOTHERAPEUTICS INC files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
0.62
0.34
0.41
2.41
1.29
1.01
1.68
1.93
1.38
1.38
Research and development
60.1
33.5
18.2
14.1
33.6
20.3
35.5
27.7
34.9
28.8
General and administrative
10.9
12.5
22.5
16.3
54.3
33.4
33.4
29.7
33
32.5
Operating income
-79.3
-54.7
-41.5
-28
-86.6
-52.7
-67.2
-55.5
-66.5
-59.9
Interest expense
3.82
5.55
9.87
2.98
8.54
5.01
6.07
5.24
7.77
8.7
Other non-operating income
-18.5
5.69
7.17
-443
232
-37.9
-7.09
-17.3
-0.79
Pre-tax income
-83.8
-60.7
Income tax
0
0
0
0
0
0
0
0
0
-0.54
Net income
-80.2
-73.1
-35.8
-20.8
-530
179
-105
-62.6
-83.8
-60.2
EBITDA
-79.1
-54.2
-40.2
-28
-86.5
-52.4
-65.9
-54
-64.8
-57.9
EPS, basic
-0.77
-0.31
-0.12
-0.04
-0.73
0.21
-0.10
-0.06
-0.07
-0.04
EPS, diluted
-0.77
-0.31
-0.12
-0.04
-0.73
-0.06
-0.10
-0.06
-0.07
-0.04
Shares, basic (weighted)
111
243
440
0.56
0.73
0.87
1.02
1.12
1,242
1,457
Shares, diluted (weighted)
111
243
440
0.56
0.73
1.01
1.02
1.12
1,242
1,457
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
6.87
0.12
22.2
0.37
9.98
15.2
6.97
2.13
2.18
3.04
Other current assets
1.01
1.29
1.57
2.83
5.53
2.12
2.46
2
1.89
2.17
Total current assets
7.88
1.4
23.8
3.2
15.5
17.3
9.43
4.13
4.06
5.52
Property, plant and equipment
0.32
47.5
0.11
0.28
1.04
15
13.4
17.3
16.2
17.4
Lease right-of-use assets
0
4.68
4.49
4.89
4.19
4.18
4.19
4.2
Goodwill
0
0.63
0.63
0.63
0.63
0.63
0.63
Intangible assets
1.29
53.2
Other non-current assets
0.15
0.02
0.76
0.8
0.87
1.04
0.35
0.36
0.37
0.36
Total assets
52.9
48.9
24.7
10.6
32.9
40.2
31.3
27.9
26.7
81.3
Accounts payable
12.4
13
15.5
6.35
7.38
6.98
10.7
10.2
17
30.8
Accrued liabilities
0.9
Total current liabilities
76.4
87.7
69.8
44.2
382
134
126
45.2
68.3
91.7
Long-term debt
3
2.51
1.99
6.59
8.51
25.2
5.99
20.3
12.4
12.3
Lease liabilities
0
4.91
4.92
5.23
4.37
4.45
4.44
4.41
Total liabilities
79.4
96.2
71.8
55.7
396
164
136
74.9
106
129
Total debt
31.7
31.4
16.8
12.7
14.8
32.4
21.5
40.8
62.7
60
Paid-in capital
687
722
776
795
1,009
1,067
1,165
1,291
1,345
1,443
Retained earnings
-789
-824
-841
-1,371
-1,192
-1,297
-1,360
-1,443
-1,504
Treasury stock
-0.01
Other comprehensive income
1.85
-0.6
1
0.84
-1.15
0.36
3.15
1.54
3.04
-0.93
Shareholders' equity
-26.5
-67.3
-48.1
-45.1
-363
-124
-128
-65.8
-94.5
-60.3
Total equity
-26.5
-67.3
-48.1
-45.1
-363
-124
-128
-65.8
-94.5
-60.3
Total liabilities and equity
52.9
48.9
24.7
10.6
32.9
40.2
31.3
27.9
26.7
81.3
Shares outstanding
157
329
523
614
830
948
1,068
1,176
1,329
1,555
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-80.2
-73.1
-35.8
-20.8
-530
179
-105
-62.8
-83.8
-60.2
Depreciation and amortization
0.19
0.44
1.29
0.02
0.09
0.32
1.25
1.53
1.74
2.06
Stock-based compensation
0.13
0.84
14.3
1.82
52
15.6
12.3
3.6
3.46
1.21
Cash from operations
-55.7
-36.5
-34.6
-31.9
-32.1
-38.3
-52.8
-53.6
-57
-44.8
Capital expenditures
-0.17
-1.01
-1.5
Acquisitions
-1.53
Cash from investing
-4.94
0.21
45.4
-0.36
-8.14
-6.02
-2.9
-3.44
-1.01
-1.82
Debt repaid
-1
Stock issued
14.2
19.3
Cash from financing
38.3
34.3
7.87
9.95
52.7
48.1
42
52.8
56.8
49.3
Exchange rate effect
6.11
-4.76
3.42
0.42
-2.85
1.37
Net change in cash
-16.2
-6.75
22.1
-21.9
9.61
5.19
-8.2
-4.84
0.05
0.87
Free cash flow
-32
-58
-46.3
Interest paid
0
0
0.02
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $0.15 on September 28, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
-2,316.0%
Operating income / revenue.
EBITDA margin
-2,206.0%
EBITDA (operating income + depreciation and amortization) / revenue.
Net margin
-1,736.0%
Net income / revenue.
FCF margin
-2,290.0%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-2,224.0%
Cash from operations / revenue.
Return on assets (ROA)
-49.7%
Net income / average total assets.
Return on invested capital (ROIC)
-640.9%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
1,085.0%
Research and development expense / revenue.
Stock-based pay / revenue
42.7%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
66.0%
Capital expenditures / revenue.
D&A / revenue
110.4%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-0.3%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-6.4%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
1.3%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
204.1%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
37.4%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
19.8%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
17.3%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
1,028.0%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
357.7%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
0.04x
Current assets / current liabilities.
Quick ratio
0.01x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.01x
(Cash + short-term investments) / current liabilities.
Debt / assets
68.4%
Total debt / total assets.
Liabilities / assets
145.8%
Total liabilities / total assets.
Net debt
$51.4M
Total debt - cash - short-term investments. Negative means more cash than debt.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$0.00
Revenue / diluted weighted shares.
FCF per share
-$0.03
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.03
Cash from operations / diluted weighted shares.
Book value per share
-$0.03
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
121x
Market cap / revenue.
EV/Sales
145x
Enterprise value / revenue.
FCF yield
-18.9%
Free cash flow / market cap.
Earnings yield
-14.4%
Net income / market cap (the inverse of P/E).
What was NORTHWEST BIOTHERAPEUTICS INC's revenue in fiscal 2025?
NORTHWEST BIOTHERAPEUTICS INC reported revenue of $1.4M for fiscal 2025, 0.3% lower than the year before.
Was NORTHWEST BIOTHERAPEUTICS INC profitable in fiscal 2025?
No. It reported a net loss of $60.2M.
How much free cash flow did NORTHWEST BIOTHERAPEUTICS INC generate in fiscal 2025?
Cash from operations of $44.8M minus capital expenditures of $1.5M left free cash flow of -$46.3M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.