Northwest Biotherapeutics (NWBO) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Northwest Biotherapeutics

OTC Markets OTCQB•Healthcare•Biotechnology

$0.170.00(0.00%)Pre-market

Market Cap

$279.21M

P/S

128.5x

Northwest Biotherapeutics, Inc., a biotechnology company, engages in the development of personalized immune therapies for cancer. The company develops DCVax, a platform technology which uses activated dendritic cells to mobilize a patient's own immune system to attack cancer. It also engages in the development of its lead product candidate DCVax-L in Phase III trials for glioblastoma multiforme brain cancer. In addition, the company develops DCVax-Direct in Phase I trials to treat inoperable solid tumors. Northwest Biotherapeutics, Inc. was founded in 1996 and is headquartered in Bethesda, Maryland.

How this company scores

WeakMetricSide Score: 35/100

Grade capped at D — Negative equity — the balance sheet is insolvent. Strongest: Growth (18/25); weakest: Cash & Earnings Quality (4/25).

Profitability9/25

Growth18/25

Balance Sheet & Red Flags4/25

Cash & Earnings Quality4/25

Strengths

Growing revenueProfit converts from growthImproving margins

Grade capped at D

Negative equity — the balance sheet is insolvent.
Interest coverage below 1× (-7.0x) — earnings cannot cover interest.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 0.0x5y range 0.0x – 0.0x

Currently above its 4-quarter median.

P/S · 128.5x5y range 0.2x – 243.1x

Currently above its 20-quarter median.

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 8 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $279.21M

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $2.17M
Q. Revenue: $807,000
TTM EBITDA: $-47.62M
TTM Op. Income: $-50.33M
Q. Op. Income: $-11.61M
TTM Net Income: $-37.73M
Q. Net Income: $-9.22M
EPS: $-0.01
Shares Out.: $1.64B

$2.17M in TTM revenue grew 98.6% YoY, reaching $807,000 last quarter. TTM EBITDA of $-47.62M and TTM operating income of $-50.33M show growth is flowing through to the bottom line. However, net income is negative at $37.73M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has risen for 3 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: -1342.1%
Op. Margin: -1438.0%
Net Margin: -1142.6%

Op. margin of -1438.0% is up 9843.6% YoY — cost efficiency is improving. Net margin at -1142.6% Over the past year, operating margin is up 87% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 128.5x
P/B Ratio: N/A

P/S of 128.5x and P/B of 0.0x. P/S is high, meaning growth expectations are priced in.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $75.94M
Cash: $595,000
Long-Term Debt: $51.97M
Book Value: $-45.17M
D/E Ratio: N/A
Debt/EBITDA: N/A

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-7.17M
TTM Free Cash Flow: $-49.77M
FCF Margin: -2290.3%
FCF / Net Income: 1.3

TTM FCF of $-49.77M on $-7.17M in operating cash flow. The FCF / Net Income ratio of 1.3x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has fallen for 2 consecutive quarters — a weakening trend.