Filing Flows › Northwest Biotherapeutics (NWBO) › Q3 2025
Northwest Biotherapeutics (NWBO) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 14, 2025
Northwest Biotherapeutics (NWBO) reported revenue of $200K for the third quarter 2025 (Q3 2025), -44% from a year earlier and +53% from the quarter before.
Northwest Biotherapeutics, Q3 2025: revenue $200K (-44% year over year), net earnings $96.3M, operating cash flow −$13.9M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $200K | +53% | -44% |
| Operating profit | −$14.3M | — | — |
| Net earnings | $96.3M | — | — |
| Operating cash flow | −$13.9M | — | — |
What changed
Revenue was $200K in Q3 2025, down 44% year over year and up 53% from the previous quarter.
Operating costs exceeded revenue by $14.3M, an operating margin of -7160.0%. Total costs fell 4% while revenue fell 44%. Net earnings were −$26.8M. The effective tax rate was 0.0%. Non-operating items added $110.6M, 115% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$13.9M. Non-cash charges added back $400K of depreciation and amortization and $273K of share-based compensation. Working capital and other items used $110.9M. Capital expenditures of $202K exceeded it, leaving free cash flow of −$14.1M.
Questions
What was Northwest Biotherapeutics' revenue in the third quarter 2025?
Northwest Biotherapeutics (NWBO) reported revenue of $200K for the third quarter 2025 (Q3 2025), -44% from a year earlier and +53% from the quarter before.