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Northwest Biotherapeutics cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$7.4M in Q2 2026 · −$49.8M over twelve months

Operating cash flow−$7.2M
Capital spending−$198K
Free cash flow−$7.4M

Analysis

In Q2 2026, Northwest Biotherapeutics generated −$7.2M of operating cash flow and spent $198K on capital projects, leaving free cash flow of −$7.4M. That is $375K less than in Q2 2025 (−$7.0M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$48.3M; the largest uses were operating cash flow ($48.3M), capital spending ($1.4M), other investing ($311K); besides operations, cash came from other financing ($20.8M), net borrowing (+) / repaid (−) ($11.0M); the cash balance fell by $3.7M.

Operating cash flow was −$7.2M against net income of −$15.4M. The largest differences: depreciation & amortization +$774K, stock-based pay +$181K.

Free cash flow

Northwest Biotherapeutics: free cash flow by quarterNorthwest Biotherapeutics: free cash flow by quarter−$8.4MQ3 2024−$20.3MQ4 2024−$9.5MQ1 2025−$7.0MQ2 2025−$14.1MQ3 2025−$15.7MQ4 2025−$12.6MQ1 2026−$7.4MQ2 2026
Operating cash flow less capital spending.
Northwest Biotherapeutics: operating cash flow against capital spendingNorthwest Biotherapeutics: operating cash flow against capital spendingOperating cash flowCapital spending−$8.2M$176KQ3 2024−$20.2M$78KQ4 2024−$9.4M$93KQ1 2025−$6.7M$304KQ2 2025−$13.9M$202KQ3 2025−$14.8M$905KQ4 2025−$12.5M$129KQ1 2026−$7.2M$198KQ2 2026
Latest (Q2 2026): Operating cash flow −$7.2M, Capital spending $198K.

Capital allocation, year by year

Northwest Biotherapeutics: where the cash came from (up) and went (down), by fiscal yearNorthwest Biotherapeutics: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2021: Operating cash flow −$38.3MFY2021: Net borrowing $5.8M$5.8MFY2021FY2022: Operating cash flow −$52.8MFY2022: Net borrowing $111K$111KFY2022FY2023: Operating cash flow −$53.6MFY2023: Net borrowing $19.6M$19.6MFY2023FY2024: Operating cash flow −$57.0MFY2024: Net borrowing $12.9MFY2024: Shares issued $14.2MFY2024: Capital spending −$1.0M$27.1MFY2024FY2025: Operating cash flow −$44.8MFY2025: Net borrowing $11.0MFY2025: Shares issued $19.3MFY2025: Capital spending −$1.5M$30.3MFY2025
Over these 5 years operating cash flow totalled −$246M; the largest uses were operating cash flow ($246M) and capital spending ($2.5M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$595K
Debt$52.0M
Net debt$51.4M
Cash runway0 months

Northwest Biotherapeutics is burning cash: its operations consume cash, a free cash flow of −$49.8M a year at the current rate against $595K of cash and investments: a runway of about 0 months before any new financing.

Where the cash came from and went

Northwest Biotherapeutics: sources (+) and uses (−) of cash, Q2 2026Northwest Biotherapeutics: sources (+) and uses (−) of cash, Q2 2026Other financing$7.3MOperating cash flow−$7.2MExchange rates−$1.2MCash drawn (+) / kept (−)$1.2MCapital spending−$198KShares issued$104K
Northwest Biotherapeutics: sources (+) and uses (−) of cash, TTM to Q2 2026Northwest Biotherapeutics: sources (+) and uses (−) of cash, TTM to Q2 2026Operating cash flow−$48.3MOther financing$20.8MNet borrowing (+) / repaid (−)$11.0MShares issued$9.9MExchange rates$4.6MCash drawn (+) / kept (−)$3.7MCapital spending−$1.4MOther investing−$311K

From profit to cash

Northwest Biotherapeutics: net income to operating cash flow, Q2 2026Northwest Biotherapeutics: net income to operating cash flow, Q2 2026Net income−$15.4MDepreciation & amortization$774KStock-based pay$181KOperating cash flow−$7.2M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$7.2M−$198K—$104K$1.2M−$7.4M
Q1 2026−$12.5M−$129K−$500K$2.9M$1.3M−$12.6M
Q4 2025−$14.8M−$905K$5.0M$2.0M$1.5M−$15.7M
Q3 2025−$13.9M−$202K−$475K$4.9M−$244K−$14.1M
Q2 2025−$6.7M−$304K$2.0M$7.3M−$1.5M−$7.0M
Q1 2025−$9.4M−$93K$4.5M$5.1M−$604K−$9.5M
Q4 2024−$20.2M−$78K$1.7M$4.2M$764K−$20.3M
Q3 2024−$8.2M−$176K$2.0M$7.1M−$58K−$8.4M

Northwest Biotherapeutics: income statement and cash flow

Northwest Biotherapeutics, Q2 2026: revenue $807K (+516% year over year). The chart follows the revenue to costs, profit and cash.

Northwest Biotherapeutics: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.