# EDGAR Filing Document

**Accession Number:** 0001072379
**File Stem:** 0001410578-25-001825
**Filing Date:** 2025-8
**Character Count:** 125992
**Document Hash:** 73d26ae6b072119b5fb723f10d508dc2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410578-25-001825.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0001410578-25-001825

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 71

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORTHWEST BIOTHERAPEUTICS INC
- **CENTRAL INDEX KEY:** 0001072379
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 943306718
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35737
- **FILM NUMBER:** 251220665

**BUSINESS ADDRESS:**
- **STREET 1:** 4800 MONTGOMERY LANE
- **STREET 2:** SUITE 800
- **CITY:** BETHESDA
- **STATE:** MD
- **ZIP:** 20814
- **BUSINESS PHONE:** (240) 497-9024

**MAIL ADDRESS:**
- **STREET 1:** 4800 MONTGOMERY LANE
- **STREET 2:** SUITE 800
- **CITY:** BETHESDA
- **STATE:** MD
- **ZIP:** 20814

?xml version='1.0' encoding='ASCII'? NORTHWEST BIOTHERAPEUTICS INC_June 30, 2025

[**Table of Contents**](#TOC)

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 10-Q**

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

**For the quarterly period ended June 30, 2025**

**OR**

☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

**For the transition period from ______to _______**

**Commission File Number: 001-35737**

**NORTHWEST BIOTHERAPEUTICS, INC.**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **94-3306718**  |
| (State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |

---

**4800 Montgomery Lane, Suite 800, Bethesda, MD 20814**

(Address of principal executive offices) (Zip Code)

**(240) 497-9024**

(Registrant's telephone number)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ &nbsp;&nbsp;&nbsp;&nbsp; No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ &nbsp;&nbsp;&nbsp;&nbsp; No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
|  |  | Emerging growth company | ☐ |

---

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol** | **Name of each exchange on which registered** |
| Common Stock, par value $0.001 per share | NWBO | OTCQB |

---

As of August 13, 2025, the total number of shares of common stock, par value $0.001 per share, outstanding was 1,482,346,009.

------

[**Table of Contents**](#TOC)

**NORTHWEST BIOTHERAPEUTICS, INC.**

**FORM 10-Q**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| [**PART I - FINANCIAL INFORMATION**](#PARTIFINANCIALINFORMATION_676170) | [**PART I - FINANCIAL INFORMATION**](#PARTIFINANCIALINFORMATION_676170) | 3 |
| Item 1. | Condensed Consolidated Interim Financial Statements (Unaudited) |  |
|  | [Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024](#CONDENSEDCONSOLIDATEDBALANCESHEETS_38104) | 3 |
|  | [Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and six months ended June 30, 2025 and 2024](#CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATI) | 4 |
|  | [Condensed Consolidated Statements of Stockholders' Deficit for the three and six months ended June 30, 2025 and 2024](#CONDENSEDCONSOLIDATEDSTATEMENTSOFSTOCKHO) | 5 |
|  | [Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024](#CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLO) | 7 |
|  | [Notes to Condensed Consolidated Financial Statements](#a1OrganizationandDescriptionofBusiness_7) | 9 |
| [Item 2.](#Item2ManagementsDiscussionandAnalysisofF) | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#Item2ManagementsDiscussionandAnalysisofF) | 26 |
| [Item 3.](#Item3QuantitativeandQualitativeDisclosur) | [Quantitative and Qualitative Disclosures About Market Risk](#Item3QuantitativeandQualitativeDisclosur) | 31 |
| [Item 4.](#Item4ControlsandProcedures_99167) | [Controls and Procedures](#Item4ControlsandProcedures_99167) | 32 |
| [**PART II - OTHER INFORMATION**](#PartIIOtherInformation_548609) | [**PART II - OTHER INFORMATION**](#PartIIOtherInformation_548609) | 33 |
| [Item 1.](#Item1LegalProceedings_666834) | [Legal Proceedings](#Item1LegalProceedings_666834) | 33 |
| [Item 1A.](#Item1ARiskFactors_812647) | [Risk Factors](#Item1ARiskFactors_812647) | 34 |
| [Item 2.](#Item2UnregisteredSalesofEquitySecurities) | [Unregistered Sales of Equity Securities and Use of Proceeds](#Item2UnregisteredSalesofEquitySecurities) | 34 |
| [Item 3.](#Item3DefaultsUponSeniorSecurities_488506) | [Defaults Upon Senior Securities](#Item3DefaultsUponSeniorSecurities_488506) | 34 |
| [Item 4.](#Item4MineSafetyDisclosures_529196) | [Mine Safety Disclosures](#Item4MineSafetyDisclosures_529196) | 34 |
| [Item 5.](#Item5OtherInformation_429861) | [Other Information](#Item5OtherInformation_429861) | 34 |
| [Item 6.](#Item6Exhibits_834221) | [Exhibits](#Item6Exhibits_834221) | 35 |
| [**SIGNATURES**](#SIGNATURES_510057) | [**SIGNATURES**](#SIGNATURES_510057) | 36 |

---

[**Table of Contents**](#TOC)

#### PART I - FINANCIAL INFORMATION

#### NORTHWEST BIOTHERAPEUTICS, INC.

#### CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025** | **December 31,** <br>**2024** |
|  | **(Unaudited)** |  |
| **ASSETS** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $4316 | $2175 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 1839 | 1887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 6155 | 4062 |
| Non-current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Property, plant and equipment, net | 16685 | 16196 |
| &nbsp;&nbsp;&nbsp;Right-of-use asset, net | 4419 | 4187 |
| &nbsp;&nbsp;&nbsp;Indefinite-lived intangible asset | 1292 | 1292 |
| &nbsp;&nbsp;&nbsp;Goodwill | 626 | 626 |
| &nbsp;&nbsp;&nbsp;Other assets | 370 | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-current assets | 23392 | 22666 |
| **TOTAL ASSETS** | $**29547** | $**26728** |
| **LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' DEFICIT** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | $23659 | $16969 |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses to related parties and affiliates | 8016 | 4452 |
| &nbsp;&nbsp;&nbsp;Convertible notes, net | 793 | 1870 |
| &nbsp;&nbsp;&nbsp;Convertible notes at fair value | 24692 | 18324 |
| &nbsp;&nbsp;&nbsp;Notes payable, net | 16313 | 14186 |
| &nbsp;&nbsp;&nbsp;Contingent payable derivative liability | 9112 | 9578 |
| &nbsp;&nbsp;&nbsp;Warrant liability | 681 | 2219 |
| &nbsp;&nbsp;&nbsp;Investor advances | 207 | 207 |
| &nbsp;&nbsp;&nbsp;Share payable |  | 143 |
| &nbsp;&nbsp;&nbsp;Lease liabilities | 448 | 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 83921 | 68274 |
| Non-current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Convertible notes at fair value, net of current portion | 13772 | 15900 |
| &nbsp;&nbsp;&nbsp;Notes payable, net of current portion, net | 9166 | 12396 |
| &nbsp;&nbsp;&nbsp;Lease liabilities, net of current portion | 4624 | 4438 |
| &nbsp;&nbsp;&nbsp;Contingent payment obligation | 4700 | 4700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-current liabilities | 32262 | 37434 |
| Total liabilities | 116183 | 105708 |
| **COMMITMENTS AND CONTINGENCIES (Note 12)** |  |  |
| Mezzanine equity: |  |  |
| &nbsp;&nbsp;&nbsp;Series C Convertible Preferred Stock, 10,000,000 shares designated; 0.8 million and 1.0 million shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively; aggregate liquidation preference of $12.1 million | 13753 | 15507 |
| Stockholders' deficit: |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock ($0.001 par value); 100,000,000 shares authorized as of June 30, 2025 and December 31, 2024, respectively |  |  |
| &nbsp;&nbsp;&nbsp;Common stock ($0.001 par value); 1,700,000,000 shares authorized; 1,458.8 million and 1,175.5 million shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively | 1459 | 1328 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 1378300 | 1344720 |
| &nbsp;&nbsp;&nbsp;Stock subscription receivable | (79) | (79) |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (1478220) | (1443499) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive (loss) income | (1849) | 3043 |
| Total stockholders' deficit | (100389) | (94487) |
| **TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' DEFICIT** | $**29547** | $**26728** |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

[**Table of Contents**](#TOC)

#### NORTHWEST BIOTHERAPEUTICS, INC.

#### CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(in thousands, except per share amounts)

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended**  | **For the three months ended**  | **For the six months ended**  | **For the six months ended**  |
|  | **June 30,**  | **June 30,**  | **June 30,**  | **June 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| **Revenues:** |  |  |  |  |
| &nbsp;&nbsp;Research and other | $131 | $510 | $506 | $794 |
| Total revenues | 131 | 510 | 506 | 794 |
| **Operating costs and expenses:** |  |  |  |  |
| &nbsp;&nbsp;Research and development | 7430 | 8293 | 15781 | 16235 |
| &nbsp;&nbsp;General and administrative | 7480 | 9681 | 16815 | 17767 |
| Total operating costs and expenses | 14910 | 17974 | 32596 | 34002 |
| Loss from operations | (14779) | (17464) | (32090) | (33208) |
| **Other income (expense):** |  |  |  |  |
| &nbsp;&nbsp;Change in fair value of derivative liabilities | 724 | 2409 | 2004 | 2529 |
| &nbsp;&nbsp;Change in fair value of share payable | (240) | 67 | (263) | (39) |
| &nbsp;&nbsp;Change in fair value of convertible notes | 2392 | (241) | 6089 | 1534 |
| &nbsp;&nbsp;Loss from extinguishment of debt | (4516) | (914) | (11798) | (3085) |
| &nbsp;&nbsp;Loss from issuance of debt | (773) |  | (773) |  |
| &nbsp;&nbsp;Interest expense | (1826) | (1681) | (3428) | (3199) |
| &nbsp;&nbsp;Foreign currency transaction gain (loss) | 3640 | (45) | 5538 | (713) |
| Total other expense | (599) | (405) | (2631) | (2973) |
| **Net loss** | (15378) | (17869) | (34721) | (36181) |
| Deemed dividend related to warrant modifications | (560) | (441) | (825) | (1009) |
| **Net loss attributable to common stockholders** | $(15938) | $(18310) | $(35546) | $(37190) |
| Other comprehensive income (loss) |  |  |  |  |
| &nbsp;&nbsp;Foreign currency translation adjustment | (3248) | 74 | (4892) | 688 |
| Total comprehensive loss | $(19186) | $(18236) | $(40438) | $(36502) |
| Net loss per share applicable to common stockholders |  |  |  |  |
| &nbsp;&nbsp;Basic and diluted | $(0.01) | $(0.02) | $(0.03) | $(0.03) |
| &nbsp;&nbsp;Weighted average shares used in computing basic and diluted loss per share | 1438198 | 1214316 | 1399064 | 1201233 |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

[**Table of Contents**](#TOC)

#### NORTHWEST BIOTHERAPEUTICS, INC.
**CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT**

(in thousands)

**(Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended June 30, 2025** | **For the Three Months Ended June 30, 2025** | **For the Three Months Ended June 30, 2025** | **For the Three Months Ended June 30, 2025** | **For the Three Months Ended June 30, 2025** | **For the Three Months Ended June 30, 2025** | **For the Three Months Ended June 30, 2025** | **For the Three Months Ended June 30, 2025** | **For the Three Months Ended June 30, 2025** |
|  | **Mezzanine equity** | **Mezzanine equity** |  |  | | | | | |
|  | **Series C Convertible** | **Series C Convertible** |  |  | | | | | |
|  | **Preferred Stock** | **Preferred Stock** | **Common Stock** | **Common Stock** | | | | | |
|  | **Shares** | **Amount** | **Shares** | **Par value** | <br>**Additional**<br>**Paid-in**<br>**Capital** | <br>**Subscription**<br>**Receivable** | <br>**Accumulated**<br>**Deficit** | **Accumulated**<br>**Other**<br>**Comprehensive**<br>**Income (Loss)** | <br>**Total**<br>**Stockholders'**<br>**Deficit** |
| **Balances at April 1, 2025** | **904** | $**14641** | **1391253** | $**1391** | $**1360652** | $**(79)** | $**(1462842)** | $**1399** | $**(99479)** |
| Series C convertible preferred stock conversion  | (62) | (888) | 1543 | 2 | 886 |  |  |  | 888 |
| Issuance of common stock for cash, net  |  |  | 33391 | 33 | 7286 |  |  |  | 7319 |
| Warrants exercised for cash  |  |  | 28 |  | 6 |  |  |  | 6 |
| Issuance of common stock for conversion of debt and accrued interest  |  |  | 32471 | 33 | 9106 |  |  |  | 9139 |
| Stock-based compensation  |  |  | 75 |  | 364 |  |  |  | 364 |
| Net loss  |  |  |  |  |  |  | (15378) |  | (15378) |
| Warrant modifications |  |  |  |  | 560 |  |  |  | 560 |
| Deemed dividend related to warrant modifications |  |  |  |  | (560) |  |  |  | (560) |
| Cumulative translation adjustment  |  |  |  |  |  |  |  | (3248) | (3248) |
| **Balances at June 30, 2025** | **842** | $**13753** | **1458761** | $**1459** | $**1378300** | $**(79)** | $**(1478220)** | $**(1849)** | $**(100389)** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended June 30, 2024** | **For the Three Months Ended June 30, 2024** | **For the Three Months Ended June 30, 2024** | **For the Three Months Ended June 30, 2024** | **For the Three Months Ended June 30, 2024** | **For the Three Months Ended June 30, 2024** | **For the Three Months Ended June 30, 2024** | **For the Three Months Ended June 30, 2024** | **For the Three Months Ended June 30, 2024** |
|  | **Mezzanine equity** | **Mezzanine equity** |  |  | | | | | |
|  | **Series C Convertible** | **Series C Convertible** |  |  | | | | | |
|  | **Preferred Stock** | **Preferred Stock** | **Common Stock** | **Common Stock** | | | | | |
|  | **Shares** | **Amount** | **Shares** | **Par value** | <br>**Additional**<br>**Paid-in**<br>**Capital** | <br>**Subscription**<br>**Receivable** | <br>**Accumulated**<br>**Deficit** | **Accumulated**<br>**Other**<br>**Comprehensive**<br>**Income**  | <br>**Total**<br>**Stockholders'**<br>**Deficit** |
| **Balances at April 1, 2024** | **1297** | $**19810** | **1195358** | $**1195** | $**1301485** | $**(79)** | $**(1378033)** | $**2150** | $**(73282)** |
| Issuance of Series C convertible preferred stock for cash | 417 | 4310 |  |  |  |  |  |  |  |
| Series C convertible preferred stock conversion | (616) | (6202) | 15398 | 16 | 6186 |  |  |  | 6202 |
| Issuance of common stock for cash, net  |  |  | 8125 | 8 | 2889 |  |  |  | 2897 |
| Warrants exercised for cash  |  |  | 483 |  | 180 |  |  |  | 180 |
| Cashless warrants exercise  |  |  | 1263 | 1 | (1) |  |  |  |  |
| Issuance of common stock for conversion of debt and accrued interest  |  |  | 8901 | 9 | 4139 |  |  |  | 4148 |
| Issuance of Series C preferred stock for conversion of debt and accrued interest | 167 | 835 |  |  |  |  |  |  |  |
| Stock-based compensation  |  |  | 175 |  | 1153 |  |  |  | 1153 |
| Net loss  |  |  |  |  |  |  | (17869) |  | (17869) |
| Warrants modification |  |  |  |  | 441 |  |  |  | 441 |
| Deemed dividend related to warrants modification |  |  |  |  | (441) |  |  |  | (441) |
| Cumulative translation adjustment  |  |  |  |  |  |  |  | 74 | 74 |
| **Balances at June 30, 2024** | **1265** | $**18753** | **1229703** | $**1229** | $**1316031** | $**(79)** | $**(1395902)** | $**2224** | $**(76497)** |

---

[**Table of Contents**](#TOC)

**NORTHWEST BIOTHERAPEUTICS, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT**

(in thousands)

**(Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** |
|  | **Mezzanine equity** | **Mezzanine equity** |  |  | | | | | |
|  | **Series C Convertible** | **Series C Convertible** |  |  | | | | | |
|  | **Preferred Stock** | **Preferred Stock** | **Common Stock** | **Common Stock** | | | | | |
|  | **Shares** | **Amount** | **Shares** | **Par value** | <br>**Additional**<br>**Paid-in**<br>**Capital** | <br>**Subscription**<br>**Receivable** | <br>**Accumulated**<br>**Deficit** | **Accumulated**<br>**Other**<br>**Comprehensive**<br>**Income (Loss)** | <br>**Total**<br>**Stockholders'**<br>**Deficit** |
| **Balances at January 1, 2025** | **973** | $**15507** | **1328622** | $**1328** | $**1344720** | $**(79)** | $**(1443499)** | $**3043** | $**(94487)** |
| Series C convertible preferred stock conversion  | (131) | (1754) | 3263 | 4 | 1750 |  |  |  | 1754 |
| Issuance of common stock for cash, net  |  |  | 56138 | 56 | 12386 |  |  |  | 12442 |
| Warrants exercised for cash  |  |  | 104 |  | 23 |  |  |  | 23 |
| Issuance of common stock for conversion of debt and accrued interest  |  |  | 70484 | 71 | 18672 |  |  |  | 18743 |
| Stock-based compensation  |  |  | 150 |  | 749 |  |  |  | 749 |
|  Net loss |  |  |  |  |  |  | (34721) |  | (34721) |
| Warrant modifications  |  |  |  |  | 825 |  |  |  | 825 |
| Deemed dividend related to warrant modifications  |  |  |  |  | (825) |  |  |  | (825) |
| Cumulative translation adjustment  |  |  |  |  |  |  |  | (4892) | (4892) |
| **Balances at June 30, 2025** | **842** | $**13753** | **1458761** | $**1459** | $**1378300** | $**(79)** | $**(1478220)** | $**(1849)** | $**(100389)** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** |
|  | **Mezzanine equity** | **Mezzanine equity** |  |  | | | | | |
|  | **Series C Convertible** | **Series C Convertible** |  |  | | | | | |
|  | **Preferred Stock** | **Preferred Stock** | **Common Stock** | **Common Stock** | | | | | |
|  | **Shares** | **Amount** | **Shares** | **Par value** | <br>**Additional**<br>**Paid-in**<br>**Capital** | <br>**Subscription**<br>**Receivable** | <br>**Accumulated**<br>**Deficit** | **Accumulated**<br>**Other**<br>**Comprehensive**<br>**Income** | <br>**Total**<br>**Stockholders'**<br>**Deficit** |
| **Balances at January 1, 2024** | **1209** | $**18718** | **1175459** | $**1175** | $**1291316** | $**(79)** | $**(1359721)** | $**1536** | $**(65773)** |
| Issuance of Series C convertible preferred stock for cash | 725 | 7934 |  |  |  |  |  |  |  |
| Series C convertible preferred stock conversion | (836) | (8734) | 20891 | 21 | 8713 |  |  |  | 8734 |
| Issuance of common stock for cash, net |  |  | 8125 | 8 | 2889 |  |  |  | 2897 |
| Warrants exercised for cash |  |  | 6314 | 6 | 1485 |  |  |  | 1491 |
| Cashless warrants and stock options exercise |  |  | 2896 | 3 | (3) |  |  |  |  |
| Issuance of common stock for conversion of debt and accrued interest |  |  | 15843 | 16 | 8084 |  |  |  | 8100 |
| Issuance of Series C preferred stock for conversion of debt and accrued interest | 167 | 835 |  |  |  |  |  |  |  |
| Stock-based compensation |  |  | 175 |  | 2317 |  |  |  | 2317 |
| Net loss |  |  |  |  |  |  | (36181) |  | (36181) |
| Warrants modification |  |  |  |  | 2239 |  |  |  | 2239 |
| Deemed dividend related to warrants modification |  |  |  |  | (1009) |  |  |  | (1009) |
| Cumulative translation adjustment |  |  |  |  |  |  |  | 688 | 688 |
| **Balances at June 30, 2024** | **1265** | $**18753** | **1229703** | $**1229** | $**1316031** | $**(79)** | $**(1395902)** | $**2224** | $**(76497)** |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

[**Table of Contents**](#TOC)

#### CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **For the six months ended**  | **For the six months ended**  |
|  | **June 30,**  | **June 30,**  |
|  | **2025** | **2024** |
| **Cash Flows from Operating Activities:** |  |  |
| &nbsp;&nbsp;**Net loss** | $(34721) | $(36181) |
| &nbsp;&nbsp;**Reconciliation of net loss to net cash used in operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 885 | 862 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt discount | 859 | 1067 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of derivatives | (2004) | (2529) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of share payable | 263 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of convertible notes | (6089) | (1534) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss from extinguishment of debt | 11798 | 3085 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss from issuance of debt | 773 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of operating lease right-of-use asset | 130 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation for services | 749 | 2317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal of non-cash charges | 7364 | 3466 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Changes in operating assets and liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 111 | (100) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets | 3 | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 7534 | 5195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Related party accounts payable and accrued expenses | 3564 | (1061) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | 39 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | (16106) | (28603) |
| **Cash Flows from Investing Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of equipment and construction in progress | (397) | (760) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (397) | (760) |
| **Cash Flows from Financing Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of Series C convertible preferred stock |  | 7934 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common shares | 12442 | 2897 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from exercise of warrants | 23 | 1491 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of notes payable, net | 7000 | 10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of convertible notes payable, net | 5507 | 7100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from contingent payment obligation |  | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of notes payable | (255) | (249) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of convertible notes payable | (536) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 24181 | 29223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect of exchange rate changes on cash and cash equivalents | (5537) | 895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in cash and cash equivalents  | 2141 | 755 |
| Cash and cash equivalents, beginning of the period | 2175 | 2126 |
| **Cash and cash equivalents, end of the period** | $4316 | $2881 |
| **Supplemental disclosure of cash flow information** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest payments on notes payable | $(122) | $(18) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest payments on convertible notes payable | $(103) | $— |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements

[**Table of Contents**](#TOC)

#### NORTHWEST BIOTHERAPEUTICS, INC.

#### CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **For the six months ended**  | **For the six months ended**  |
|  | **June 30,**  | **June 30,**  |
|  | **2025** | **2024** |
| **Supplemental schedule of non-cash activities:** |  |  |
| Cashless warrants and stock options exercise | $— | $3 |
| Issuance of common stock for conversion of debt and accrued interest | $18743 | $8100 |
| Issuance of Series C preferred stock for conversion of debt and accrued interest | $— | $835 |
| Series C convertible preferred stock conversion | $1754 | $8734 |
| Capital expenditures included in accounts payable | $88 | $47 |
| Deemed dividend related to warrant modifications | $825 | $1009 |
| Debt discount related to warrant modifications | $— | $8 |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

#### **Table of Contents**

#### NORTHWEST BIOTHERAPEUTICS, INC.

#### NOTES TO CONDENSED CONSOLIDATED STATEMENTS
1. Organization and Description of Business

Northwest Biotherapeutics, Inc. and its wholly owned subsidiaries Flaskworks, Northwest Biotherapeutics Limited, Northwest Biotherapeutics Capital Limited, Northwest Biotherapeutics B.V., and NW Bio GmbH (collectively, the "Company", "we", "us" and "our") were organized to discover and develop innovative immunotherapies for cancer. The Company has developed DCVax® platform technologies for both operable and inoperable solid tumor cancers. The Company has wholly owned subsidiaries in Boston, the U.K., the Netherlands and Germany. On August 28, 2020, the Company acquired Flaskworks, LLC ("Flaskworks"), a company that has developed a system designed to close and automate the manufacturing of cell therapy products such as DCVax®.

The Company relies upon contract manufacturers for production of its DCVax products, research and development services, distribution and logistics, and related services, in compliance with the Company's specifications and the applicable regulatory requirements.

The Company has completed a Phase 3 clinical trial of its DCVax®-L product for glioblastoma brain cancer, has publicly reported the results in a peer reviewed publication in a medical journal as well as at a medical conference, and submitted a Marketing Authorization Application (MAA) for regulatory approval in the U.K. in December 2023. The MAA is in process of their review. The Company is also in the process of restarting its DCVax®-Direct program for inoperable tumors.

2. Financial Condition, Going Concern and Management Plans

The Company has incurred annual net operating losses since its inception. The Company had a net loss of $34.7 million for the six months ended June 30, 2025. The Company used approximately $16.1 million of cash in its operating activities during the six months ended June 30, 2025.

The Company does not expect to generate material revenue in the near future from the sale of products and is subject to all of the risks and uncertainties that are typically faced by biotechnology companies that devote substantially all of their efforts to research and development ("R&D") and clinical trials and do not yet have commercial products. The Company expects to continue incurring annual losses for the foreseeable future. The Company's existing liquidity is not sufficient to fund its operations, anticipated capital expenditures, working capital and other financing requirements until the Company reaches significant revenues. Until that time, the Company will need to obtain additional equity and/or debt financing, especially if the Company experiences downturns in its business that are more severe or longer than anticipated, or if the Company experiences significant increases in expense levels resulting from being a publicly-traded company or from expansion of operations. If the Company attempts to obtain additional equity or debt financing, the Company cannot assume that such financing will be available to the Company on favorable terms, or at all.

Because of recurring operating losses and operating cash flow deficits, there is substantial doubt about the Company's ability to continue as a going concern for at least one year from the date of this filing. The consolidated financial statements have been prepared assuming that the Company will continue as a going concern, however, they do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets, or the amounts and classification of liabilities that may result from the outcome of this uncertainty.

#### **Table of Contents**

#### NORTHWEST BIOTHERAPEUTICS, INC.

#### NOTES TO CONDENSED CONSOLIDATED STATEMENTS
3. Summary of Significant Accounting Policies

#### Basis of Presentation
The accompanying unaudited condensed consolidated interim financial statements include the accounts of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated. Certain immaterial reclassifications have been made to prior period amounts to conform to the current period presentation.

**The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and pursuant to the instructions to Form 10-Q and Article 8 of Regulation S-X of the Securities and Exchange Commission ("SEC") and on the same basis as the Company uses to prepare its annual audited consolidated financial statements. The condensed consolidated balance sheet as of June 30, 2025, condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2025 and 2024, condensed consolidated statement of stockholders' deficit for the three and six months ended June 30, 2025 and 2024, and the condensed consolidated statements of cash flows for the six months ended June 30, 2025 and 2024 are unaudited, but include all adjustments, consisting only of normal recurring adjustments, which the Company considers necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The results for the three and six months ended June 30, 2025 are not necessarily indicative of results to be expected for the year ending December 31, 2025 or for any future interim period. The condensed consolidated balance sheet at December 31, 2024 has been derived from audited financial statements; however, it does not include all of the information and notes required by U.S. GAAP for complete financial statements. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements for the year ended December 31, 2024 and notes thereto included in the Company's annual report on Form 10-K (the "2024 Annual Report"), which was filed with the SEC on March 31, 2025.**

#### Use of Estimates
In preparing condensed consolidated financial statements in conformity with U.S. GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of expenses during the reporting period. Due to inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in these estimates.

**On an ongoing basis, the Company evaluates its estimates and judgments, including valuing equity securities in share-based payment arrangements, estimating the fair value of financial instruments recorded as derivative liabilities, useful lives of depreciable assets, and whether impairment charges may apply. The Company bases its estimates on historical experience and on various other assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the reported amounts of revenues and expenses that are not readily apparent from other sources. Actual results could differ from those estimates.**

**Segment Information**

The Company operates in one operating segment for the purposes of assessing performance, making operating decisions, and allocating Company resources. The Company's chief operating decision maker (CODM) is its chief executive officer, who considers net loss to evaluate overall expenses associated with conducting research and development activities, which includes evaluating the progress of ongoing clinical trials and the planning and execution of current and future research and development activities. Further, the CODM reviews and utilizes functional expenses (research and development and general and administrative) as reported in the consolidated statements of operations to manage the Company's operations. The measure of performance, significant expenses, and other items are each reflected in the consolidated statements of operations. The accounting policies of the Company's single reportable segment are the same as those for the consolidated financial statements. The level of disaggregation and amounts of significant segment expenses that are regularly provided to the CODM are the same as those presented in the consolidated statements of operations. The measure of segment assets is reported on the consolidated balance sheets as total assets.

#### Significant Accounting Policies
There have been no material changes in the Company's significant accounting policies from those previously disclosed in the 2024 Annual Report.

#### **Table of Contents**

#### NORTHWEST BIOTHERAPEUTICS, INC.

#### NOTES TO CONDENSED CONSOLIDATED STATEMENTS
**Recently Adopted Accounting Standards** 

*Improvements to Income Tax Disclosures*

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. This guidance will be effective for the annual periods beginning the year ended December 31, 2025. Early adoption is permitted. Upon adoption, the guidance can be applied prospectively or retrospectively. The Company adopted this standard as of January 1, 2025. The adoption of this ASU did not have any material impact on the Company's quarterly condensed consolidated financial statements.

**Recently Issued Accounting Standards Not Yet Adopted**

*Disaggregation of Income Statement Expenses*

In November 2024, the FASB issued ASU No. 2024-03 ("ASU 2024-03"), Disaggregation of Income Statement Expenses (DISE) which requires disaggregated disclosure of income statement expenses for public business entities. The standard requires public business entities to disclose disaggregated information about specific natural expense categories underlying certain income statement expense line items that are considered relevant. The FASB also issued ASU No. 2025-01 ("ASU 2025-01"), Clarifying the Effective Date, which clarifies the adoption date of ASU 2024-03 as annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. The Company is currently evaluating the potential effect of this accounting standard update on its consolidated financial statements and related disclosures.

4. Fair Value Measurements

In accordance with ASC 820 (Fair Value Measurements and Disclosures), the Company uses various inputs to measure the fair value of liabilities related to certain embedded conversion features associated with convertible debt, share liability (receivable), and the contingent payable to Cognate BioServices on a recurring basis to determine the fair value of these liabilities. The Company also elects the fair value option ("FVO") for certain eligible financial instruments, such as convertible notes, in order to simplify the accounting treatment.

ASC 820 establishes a hierarchy categorizing inputs into three levels used to measure and disclose fair value. The hierarchy gives the highest priority to quoted prices available in active markets and the lowest priority to unobservable inputs. An explanation of each level in the hierarchy is described below:

Level 1 - Unadjusted quoted prices in active markets for identical instruments that are accessible by the Company on the measurement date.

Level 2 - Quoted prices in markets that are not active or inputs which are either directly or indirectly observable.

Level 3 - Unobservable inputs for the instrument requiring the development of assumptions by the Company.

#### **Table of Contents**

#### NORTHWEST BIOTHERAPEUTICS, INC.

#### NOTES TO CONDENSED CONSOLIDATED STATEMENTS
The following table classifies the Company's liabilities measured at fair value on a recurring basis into the fair value hierarchy as of June 30, 2025 and December 31, 2024 (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair value measured at June 30, 2025** | **Fair value measured at June 30, 2025** | **Fair value measured at June 30, 2025** | **Fair value measured at June 30, 2025** |
|  | <br>Fair value at<br>June 30, 2025 | Quoted prices in active<br>markets<br>(Level 1) | Significant other<br>observable inputs<br>(Level 2) | Significant<br>unobservable inputs<br>(Level 3) |
| Warrant liability | $681 | $— | $— | $681 |
| Contingent payable derivative liability | 9112 |  |  | 9112 |
| Convertible notes at fair value | 38464 |  |  | 38464 |
| Total fair value | $48257 | $— | $— | $48257 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair value measured at December 31, 2024** | **Fair value measured at December 31, 2024** | **Fair value measured at December 31, 2024** | **Fair value measured at December 31, 2024** |
|  | <br>Fair value at<br>December 31, 2024 | Quoted prices in active<br>markets<br>(Level 1) | Significant other<br>observable inputs<br>(Level 2) | Significant<br>unobservable inputs<br>(Level 3) |
| Warrant liability | $2219 | $— | $— | $2219 |
| Contingent payable derivative liability  | 9578 |  |  | 9578 |
| Convertible notes at fair value | 34224 |  |  | 34224 |
| Share payable | 143 |  |  | 143 |
| Total fair value | $46164 | $— | $— | $46164 |

---

There were no transfers between Level 1, 2 or 3 during the three-month period ended June 30, 2025.

The following table presents changes in Level 3 liabilities measured at fair value for the six-month period ended June 30, 2025. Both observable and unobservable inputs were used to determine the fair value of positions that the Company has classified within the Level 3 category. Unrealized gains and losses associated with liabilities within the Level 3 category include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable (e.g., changes in unobservable long- dated volatilities) inputs (in thousands).

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | <br>**Warrant**<br>**Liability** | <br>**Contingent Payable**<br>**Derivative Liability** | <br>**Share**<br>**Payable** | **Convertible**<br>**Notes** <br>**At Fair Value** | <br>**Total** |
| **Balance - January 1, 2025** | $**2219** | $**9578** | $**143** | $**34224** | $**46164** |
| &nbsp;&nbsp;Additional share payable |  |  | 625 |  | 625 |
| &nbsp;&nbsp;Issuance of convertible notes at fair value |  |  |  | 6429 | 6429 |
| &nbsp;&nbsp;Redemption of share payable |  |  | (1031) |  | (1031) |
| &nbsp;&nbsp;Additions from debt extinguishment |  |  |  | 8525 | 8525 |
| &nbsp;&nbsp;Debt repayment |  |  |  | (525) | (525) |
| &nbsp;&nbsp;Debt conversion |  |  |  | (4100) | (4100) |
| &nbsp;&nbsp;Change in fair value | (1538) | (466) | 263 | (6089) | (7830) |
| **Balance - June 30, 2025** | $**681** | $**9112** | $**—** | $**38464** | $**48257** |

---

#### **Table of Contents**

#### NORTHWEST BIOTHERAPEUTICS, INC.

#### NOTES TO CONDENSED CONSOLIDATED STATEMENTS
A summary of the weighted average (in aggregate) significant unobservable inputs (Level 3 inputs) used in measuring the Company's warrant liabilities and share payable that are categorized within Level 3 of the fair value hierarchy on the initial issuance date during the six months ended June 30, 2025 and 2024, and remeasured as of June 30, 2025 and December 31, 2024 are as follows. The share payable was all settled during the six months ended June 30, 2025. The contingent payable derivative liability related to the remaining redemption feature which, like the convertible notes at fair value, included discount factors that were unobservable inputs and proprietary in nature.

---

| | | |
|:---|:---|:---|
|  | **Share Payable** | **Share Payable** |
|  | **For the six months**<br>**ended**<br> **June 30, 2025** | **For the six months**<br>**ended**<br> **June 30, 2024** |
| Strike price | $0.24 | $0.41 |
| Contractual term (years) | 0.08 | 0.10 |
| Volatility (annual) | 62% | 71% |
| Risk-free rate | 4.3% | 5.5% |
| Dividend yield (per share) | 0% | 0% |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **As of June 30, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Warrant Liability** | **Share Payable** | **Warrant Liability** |
| Strike price | $0.25 | $0.25 | $0.25 |
| Contractual term (years) | 0.08 | 0.08 | 0.58 |
| Volatility (annual) | 51% | 60% | 66% |
| Risk-free rate | 4.3% | 4.3% | 4.2% |
| Dividend yield (per share) | 0% | 0% | 0% |

---

5. Stock-based Compensation

The following table summarizes total stock-based compensation expense for the three and six months ended June 30, 2025 and 2024 (in thousands).

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended**  | **For the three months ended**  | **For the six months ended**  | **For the six months ended**  |
|  | **June 30,**  | **June 30,**  | **June 30,**  | **June 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| Research and development | $345 | $1042 | $710 | $2051 |
| General and administrative | 19 | 85 | 39 | 240 |
| **Total stock-based compensation expense** | $**364** | $**1127** | $**749** | $**2291** |

---

The total unrecognized stock compensation (primarily for consultants) cost was approximately $1.2 million as of June 30, 2025 and will be recognized over the next 1.8 years.

#### **Table of Contents**

#### NORTHWEST BIOTHERAPEUTICS, INC.

#### NOTES TO CONDENSED CONSOLIDATED STATEMENTS
*Stock Options*

The following table summarizes stock option activity for options during the six months ended June 30, 2025 (amount in thousands, except per share number):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Number of Shares** | <br>**Weighted Average**<br>**Exercise Price** | **Weighted Average**<br>**Remaining**<br>**Contractual Life (in**<br>**years)** | <br>**Total Intrinsic Value** |
| Outstanding as of January 1, 2025 | 316826 | $0.35 | 5.0 | $3932 |
| &nbsp;&nbsp;Granted | 2275 | 0.29 | 5.0 |  |
| &nbsp;&nbsp;Outstanding as of June 30, 2025 | 319101 | $0.35 | 4.6 | $846 |
| Options vested <sup>(1)</sup> | 283462 | $0.33 | 4.5 | $846 |

---

<sup>(1)</sup> 215 million of the 283 million stock options are subject to agreements (the "Blocker Letter Agreements") under which they are subject to a restriction that the options may only be exercised if the Company has sufficient authorized shares available for issuance.

The Black-Scholes option pricing model is used to estimate the fair value of stock options granted. The assumptions used in calculating the fair values of stock options that were granted during the six months ended June 30, 2025 was as follows:

---

| | |
|:---|:---|
|  | **For the six months ended**<br>**June 30, 2025** |
| Exercise price | $0.29 |
| Expected term (years) | 3.2 |
| Expected stock price volatility | 77% |
| Risk-free rate | 3.8% |
| Dividend yield (per share) | 0% |

---

*Restricted Stock Awards* 

Advent SOW 6

There was no stock based compensation related to Statement of Work #6 ("SOW 6") recognized during the three and six months ended June 30, 2025 and 2024. As previously reported, Advent previously achieved all of the 10 one-time milestones (i.e., for all six workstreams that were prerequisites for a MAA application for product approval, for obtaining all three licenses required for the Sawston facility, and for the completion of key portions of the MAA application) pursuant to SOW 6.

As of June 30, 2025, 1.5 million shares related to the milestone for completion and submission of the MAA had not been issued and the fair value of the shares of $1.1 million remained accrued in accounts payable and accrued expenses to related parties and affiliates.

#### **Table of Contents**

#### NORTHWEST BIOTHERAPEUTICS, INC.

#### NOTES TO CONDENSED CONSOLIDATED STATEMENTS
**6. Property, Plant and Equipment**

Property, plant and equipment consist of the following at June 30, 2025 and December 31, 2024 (in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **June 30,** <br>**2025** | **December 31,** <br>**2024** | **Estimated**<br>**Useful Life** |
| Leasehold improvements | $19147 | $17973 | Lesser of lease term or estimated useful life |
| Office furniture and equipment | 607 | 531 | 3-5 years |
| Computer and manufacturing equipment and software | 3563 | 3160 | 3-5 years |
| Land in the United Kingdom | 93 | 85 | NA |
|  | 23410 | 21749 | NA |
| Less: accumulated depreciation | (6725) | (5553) |  |
| Total property, plant and equipment, net | $16685 | $16196 |  |

---

Depreciation and amortization expense was approximately $0.9 million and $0.9 million for the six months ended June 30, 2025, and 2024, respectively.

7. Outstanding Debt

The following two tables summarize outstanding debt as of June 30, 2025 and December 31, 2024, respectively (amount in thousands, except per share amounts):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**Maturity Date** | **Stated**<br>**Interest**<br>**Rate** | <br>**Conversion**<br>**Price** | <br>**Face Value** | <br>**Remaining**<br>**Debt Discount** | **Fair**<br>**Value**<br>**Adjustment** | <br>**Carrying**<br>**Value** |
| **Short term convertible notes payable** |  |  |  |  |  |  |  |
| 6% unsecured  | Due | 6% | $3.09 | $135 | $— | $— | $135 |
| 8% unsecured | Various | 8% | $0.20 | 683 | (25) |  | 658 |
|  |  |  |  | **818** | **(25)** |  | **793** |
| **Short term convertible notes at fair value**  |  |  |  |  |  |  |  |
| 0% unsecured | Various | 0% | Variable | 3900 |  | 921 | 4821 |
| 11% unsecured | Various | 11% | $0.21 - $0.32 | 16225 |  | 3646 | 19871 |
|  |  |  |  | **20125** | **—** | **4567** | **24692** |
| **Short term notes payable** |  |  |  |  |  |  |  |
| 0% unsecured  | On Demand | 0% | N/A | 2140 |  |  | 2140 |
| 8% unsecured | Various | 8% | N/A | 14149 | (539) | **—** | 13610 |
| 12% unsecured  | On Demand | 12% | N/A | 563 |  | **—** | 563 |
|  |  |  |  | **16852** | **(539)** | **—** | **16313** |
| **Long term convertible notes at fair value** |  |  |  |  |  |  |  |
| 11% unsecured  | Various | 11% | $0.19-$0.38 | 11222 |  | 2550 | 13772 |
|  |  |  |  | **11222** | **—** | **2550** | **13772** |
| **Long term notes payable** |  |  |  |  |  |  |  |
| 8% unsecured  | Various | 8% | N/A | 9920 | (754) | **—** | **9166** |
| **Ending balance as of June 30, 2025** |  |  |  | $**58937** | $**(1318)** | $**7117** | $**64736** |

---

#### **Table of Contents**

#### NORTHWEST BIOTHERAPEUTICS, INC.

#### NOTES TO CONDENSED CONSOLIDATED STATEMENTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**Maturity Date** | **Stated**<br>**Interest**<br>**Rate** | <br>**Conversion**<br>**Price** | <br>**Face Value** | <br>**Remaining**<br>**Debt Discount** | **Fair**<br>**Value**<br>**Adjustment** | <br>**Carrying**<br>**Value** |
| **Short term convertible notes payable** |  |  |  |  |  |  |  |
| 6% unsecured  | Due | 6% | $3.09 | $135 | $— | $— | $135 |
| 8% unsecured  | 2/21/2025 | 8% | $0.50<br> \* | 1760 | (25) |  | 1735 |
|  |  |  |  | **1895** | **(25)** | **—** | **1870** |
| **Short term convertible notes at fair value**  |  |  |  |  |  |  |  |
| 8% unsecured | 2/15/2025 | 8% | $0.27 | 1000 |  | 95 | 1095 |
| 10% unsecured | 1/11/2025 | 10% | $0.35 | 500 |  | 46 | 546 |
| 11% unsecured  | Various | 11% | $0.26-$0.46 | 15250 |  | 1433 | 16683 |
|  |  |  |  | **16750** | **—** | **1574** | **18324** |
| **Short term notes payable** |  |  |  |  |  |  |  |
| 0% unsecured | On Demand | 0% | N/A | 2140 |  |  | 2140 |
| 6% secured  | 3/25/2025 | 6% | N/A | 247 |  |  | 247 |
| 8% unsecured  | Various | 8% | N/A | 11660 | (424) |  | 11236 |
| 12% unsecured  | On Demand | 12% | N/A | 563 |  |  | 563 |
|  |  |  |  | **14610** | **(424)** | **—** | **14186** |
| **Long term convertible notes at fair value** |  |  |  |  |  |  |  |
| 0% unsecured  | 1/19/2026 | 0% | Variable | 5000 |  | 918 | 5918 |
| 11% unsecured | Various | 11% | $0.29-$0.38 | 8565 |  | 1417 | 9982 |
|  |  |  |  | **13565** |  | **2335** | **15900** |
| **Long term notes payable** |  |  |  |  |  |  |  |
| 8% unsecured  | Various | 8% | N/A | 13210 | (814) | **—** | **12396** |
| **Ending balance as of December 31, 2024** |  |  |  | $**60030** | $**(1263)** | $**3909** | $**62676** |

---

\* These convertible notes are convertible into Series C preferred shares at $12.50 per share. Each Series C preferred share is convertible into common shares after a 30-day restriction period. The conversion price in common share equivalent is $0.50 per share.

Notes Payable

On March 7, 2025, the Company entered into a Commercial Loan Agreement (the "March Commercial Loan") with a commercial lender for an aggregate principal amount of $5.5 million. The March Commercial Loan bears interest at 8% per annum with a 22-month term. There are no principal repayments during the first eight months of the term. The March Commercial Loan is amortized in 14 installments starting on November 7, 2026. The March Commercial Loan carries an original issue discount of $0.5 million.

On June 26, 2025, the Company entered into a Commercial Loan Agreement (the "June Commercial Loan") with a commercial lender for an aggregate principal amount of $2.2 million. The June Commercial Loan bears interest at 8% per annum with a 22-month term. There are no principal repayments during the first eight months of the term. The June Commercial Loan is amortized in 14 installments starting on February 26, 2026. The June Commercial Loan carries an original issue discount of $0.2 million.

During the six months ended June 30, 2025, the Company issued approximately 47.4 million shares of common stock with a fair value of $13.5 million to certain lenders in lieu of cash payments of $9.8 million of debt, including $1.3 million of accrued interest. In addition, the Company has extinguished certain debt pursuant to exchange agreements executed with various holders pursuant to which the Company issues common stock at a price based on a designated pricing period (the "Share payable"). During the six months ended June 30, 2025, the Company settled $1 million of Share payables. The Company recognized an approximately $1.7 million and $3.3 million debt extinguishment loss respectively during the three and six months ended June 30, 2025 from the debt redemption.

Convertible Notes

During the six months ended June 30, 2025, the Company modified a convertible note that was originally issued in February 2024 by extending the maturity dates and reducing the conversion price (the "Amended Convertible Note"). The modifications were accounted for as a debt extinguishment. As a result, the Company recognized approximately $49,000 of debt extinguishment gain during the six months ended June 30, 2025 from this debt amendment.

#### **Table of Contents**

#### NORTHWEST BIOTHERAPEUTICS, INC.

#### NOTES TO CONDENSED CONSOLIDATED STATEMENTS
In addition, the Company converted $1.1 million of the Amended Convertible Note, including $58,000 accrued interest, into 5.6 million shares of common stock at a conversion price of $0.20 per share.

Convertible Notes at Fair Value

During the six months ended June 30, 2025, the Company entered into several two-year convertible notes (the "Long-term Convertible Notes") with multiple individual investors (the "Holders") with an aggregate principal amount of $2.7 million. The Long-term Convertible Notes bear interest at 11% per annum and are convertible into common shares between $0.20 and $0.245 per share at the Holder's option. In addition, the Holders have an alternative option to convert the Long-term Convertible Notes into a non-dilutive financial instrument, which has the same terms at those in the non-dilutive funding agreements as described in Note 12.

The Company elected the FVO to fair value the convertible notes described above under the guidance in ASC 825. The convertible notes at fair value are required to be remeasured using level 3 fair value measurements (see Note 4).

During the six months ended June 30, 2025, the Company modified certain existing convertible notes by (i) extending the maturity dates; (ii) reducing the conversion price, and (iii) granting the notes holders the right to further extend the maturity date of the notes for a period of time not to exceed 24 months. The modifications were accounted for as a debt extinguishment as the conversion feature of the amended notes were substantially different from the original terms. As a result, the Company recognized approximately $2.9 million and $8.5 million of debt extinguishment loss during the three and six months ended June 30, 2025 from these debt amendments.

During the six months ended June 30, 2025, the Company converted $4.1 million of certain convertible notes that were originally issued in December 2024 into 17.4 million shares of common stock at a weighted average conversion price of $0.23 per share.

For the three months ended June 30, 2025 and 2024, interest expense related to outstanding debt totaled approximately $1.8 million and $1.7 million including amortization of debt discounts totaling $0.5 million and $0.5 million, respectively.

For the six months ended June 30, 2025 and 2024, interest expense related to outstanding debt totaled approximately $3.4 million and $3.2 million including amortization of debt discounts totaling $0.9 million and $1.1 million, respectively.

Yorkville Note

As previously disclosed, on December 19, 2024, the Company entered into a Standby Equity Purchase Agreement ("SEPA") with YA II PN, LTD ("Yorkville"). Upon entry into the SEPA, the Company issued Yorkville a $5.0 million convertible promissory note for net proceeds of $4.7 million after a 7% original issue discount (the "December Yorkville Note"). During the six months ended June 30, 2025, the Company issued 17.4 million shares of common stock to convert $4.1 million of the December Yorkville Note. As of June 30, 2025, the December Yorkville Note has remaining principal balance of $0.9 million.

On June 30, 2025, the Company and Yorkville entered into a supplemental agreement (the "SEPA Supplemental Agreement") to increase the amount of convertible promissory notes allowed to be issued by $3.0 million (the "Additional Pre-Paid Advance Amount"). On June 30, 2025, the Company issued Yorkville a $3.0 million convertible promissory note for net proceeds of $2.9 million after a 5% original issue discount (the "June Yorkville Note"). The June Yorkville Note does not bear interest and matures on June 30, 2026. The June Yorkville Note is convertible into the Company's common Stock at a conversion price equal to the lower of (i) $0.2932 per share (the "Fixed Price"), or (ii) a price per share equal to 95% of the lowest daily VWAP during the 5 consecutive trading days immediately prior to the conversion date (the "Variable Price"). The amounts of such conversions are limited to $0.8 million in any given calendar month unless the conversion price is above $0.2932 per share.

The Company elected the FVO to fair value the June Yorkville Note on the issuance date and will subsequently remeasure at the end of each reporting period. The estimated fair value of the June Yorkville Note on the issuance date was approximate $3.8 million. The Company recognized a loss of $0.8 million upon the issuance of the June Yorkville Note, which was calculated at the difference between the principal amount and the fair value of the note. As of June 30, 2025, the fair value of the remaining December Yorkville Note and June Yorkville Note was $4.8 million, which was included in Convertible notes at fair value, net of current portion on the consolidated balance sheets.

#### **Table of Contents**

#### NORTHWEST BIOTHERAPEUTICS, INC.

#### NOTES TO CONDENSED CONSOLIDATED STATEMENTS
8. Net Loss per Share Applicable to Common Stockholders

Basic loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the reporting period. Diluted loss per common share would be computed similar to basic loss per common share except that it reflects the potential dilution that could occur if dilutive securities or other obligations to issue common stock were exercised or converted into common stock. Because of the net loss from operations for each period, inclusion of such securities in the computation of loss per share would be anti-dilutive and thus they are excluded. Potentially dilutive weighted average common shares include common stock potentially issuable under the Company's convertible notes and preferred stock, warrants and vested and unvested stock options.

The following securities were not included in the diluted net loss per share calculation because their effect was anti-dilutive as of the periods presented (in thousands):

---

| | | |
|:---|:---|:---|
|  | **For the six months ended**  | **For the six months ended**  |
|  | **June 30,**  | **June 30,**  |
|  | **2025** | **2024** |
| Series C convertible preferred stock | 21056 | 31613 |
| Common stock options | 319101 | 316926 |
| Common stock warrants - equity classified | 60394 | 94661 |
| Common stock warrants - liability classified | 32497 |  |
| Convertible notes and accrued interest <sup>(1)</sup> | 142587 | 58746 |
| **Potentially dilutive securities** | **575636** | **501946** |

---

9. Related Party Transactions

The Company has three operational programs with Advent: (a) an ongoing development and manufacturing program at the GMP facility in London, (b) an ongoing development and manufacturing program at the Sawston GMP facility, and (c) periodic specialized programs such as the program related to the MAA pre-requisites, drafting and submission. The Company has also executed a SOW #8 covering the work required to establish the DCVax-Direct program in the U.K. and manufacture DCVax-Direct products for global use (see Note 13).

Each of the operational programs is covered by a separate contract. The ongoing manufacturing in the London facility is covered by a Manufacturing Services Agreement ("MSA") entered into on May 14, 2018. The development and manufacturing program at the Sawston facility is covered by an Ancillary Services Agreement entered into on November 18, 2019. Each periodic specialized program is covered by an SOW that sets forth the role and activities to be undertaken by Advent for that program, and provides for milestone payments upon completion of key elements of the program.

The Ancillary Services Agreement establishes a structure under which the Company and Advent negotiate and agree upon the scope and terms for Statements of Work ("SOWs") for facility development activities and compassionate use program activities, as well as for the periodic specialized programs. After an SOW is agreed and approved by the Company, Advent will proceed with, or continue, the applicable services and will invoice the Company pursuant to the SOW. Since both the facility development and the compassionate use program involve pioneering and uncertainties in most aspects, the invoicing under the Ancillary Services Agreement is on the basis of costs incurred plus fifteen percent. The SOWs may involve ongoing activities or specialized one-time projects and related one-time milestone payments. The Ancillary Services Agreement was to end in July 2023, but the Company has extended the term year by year, to July 2024, to July 2025 and to July 2026.

#### **Table of Contents**

#### NORTHWEST BIOTHERAPEUTICS, INC.

#### NOTES TO CONDENSED CONSOLIDATED STATEMENTS
SOW 8

On November 8, 2024, the Company entered into a Statement of Work #8 ("SOW 8") with Advent that is incorporated into the Ancillary Services Agreement that was originally entered into dated November 8, 2019 and has been extended as described above. SOW 8 covers the work required to establish the DCVax-Direct program in the U.K and manufacture DCVax-Direct products for global use. Under SOW 8, the compensation consists solely of one-time cash milestone payments for each stage of the work and Advent will only receive the compensation when the applicable work is successfully completed. (When the Company previously contracted with a different company for restart of DCVax-Direct manufacturing, the contract required payment as work was performed, regardless of whether the work was successful or not, as is typical for such contract services. The other company did not succeed in producing any DCVax-Direct products meeting the specifications.)

SOW 8 includes the following 5 one-time milestones with corresponding milestone payments (which are only payable after the milestone has been achieved):

(a) Basic Technology Transfer, New SOPs & Regulatory Documents.

Review of documents, specifications and data from the prior DCVax-Direct program conducted by Cognate BioServices. Development of a new set of SOPs for DCVax-Direct production in Sawston and new regulatory documents for the UK. Initial implementation in Sawston; many engineering runs. Data generation for comparability analyses of both the process and the product. Milestone payment of £0.55 million (approximately $0.7 million) upon completion.

As of June 30, 2025, this milestone had been completed and paid.

(b) Process Development: TFF System vs. Other Systems.

Evaluation of the TFF system used in the prior DCVax-Direct manufacturing. Evaluation of the remaining TFF equipment from the prior program, parts needed to re-establish functional TFF systems, potential sourcing and timelines. Evaluation of remaining disposables from the prior program, requirements for new molds to enable new production of disposables (which are used for each manufacturing run with the TFF system), production arrangements for new disposables, development of new sealing method for disposables, potential sourcing and timelines for disposables. Identification and evaluation of commercially available systems to potentially substitute for TFF system. Engineering runs. Data generation for comparability analyses of TFF system vs. others. Milestone payment of £0.45 million (approximately $0.6 million) upon completion.

As of June 30, 2025, this milestone had been completed but had not yet been paid. The Company had an accrued liability of $0.6 million as of June 30, 2025 related to this milestone.

(c) Process Development: Existing and New Product Composition.

Worldwide search for sourcing of BCG (1 of 2 essential reagents/ingredients required for DCVax-Direct besides the DCs), due to a severe worldwide shortage. Evaluation of the BCG mechanism of action (MoA) in DCVax-Direct, search for other agents that could have similar MoA or effects, with similar safety profile too. Sourcing of other agents, testing and selection of other agents for a new DCVax-Direct product composition. Many engineering runs. Data generation for comparability analyses of new reagents vs BCG and new composition of DCVax-Direct vs prior composition. Milestone payment of £0.60 million (approximately $0.8 million) upon completion.

As of June 30, 2025, this milestone had been completed but had not yet been paid. The Company had an accrued liability of $0.8 million as of June 30, 2025 related to this milestone.

#### **Table of Contents**

#### NORTHWEST BIOTHERAPEUTICS, INC.

#### NOTES TO CONDENSED CONSOLIDATED STATEMENTS
(d) Technology Transfer: Clean Room Implementation.

After the choice of system (TFF vs commercial) and the choice of product composition are decided, development of new SOPs and transfer of production into the clean rooms. This includes pre-clean room engineering runs, establishment of critical quality attributes, and process performance qualifications. For technology transfer into the clean rooms, each employee operator individually must pass 3 consecutive and successful aseptic process simulations in the clean room and also 3 consecutive and successful PQQ runs at scale in the clean room; microbial analysis (sterility, endotoxin, mycoplasma all need to pass); growth promotion tests; validation of all equipment used after being placed in the clean room; validation of all cell analysis assays used via flow cytometry and validation of the fill and finish protocols. Milestone payment of £0.35 million (approximately $0.5 million) upon completion.

As of June 30, 2025, this milestone had been completed but had not yet been paid. The Company had an accrued liability of $0.5 million as of June 30, 2025 related to this milestone.

(e) New IMPD and New IND.

Draft a new IMPD (Investigational Medicinal Product Dossier) for the revised DCVax-Direct product composition and production process, containing all changes to the manufacturing system, reagents and product composition, processes, sources and/or Mechanism of Action vs. those used in the prior DCVax-Direct program. Also draft a new IND (CMC section), for the first clinical trial with the new manufacturing process and new product composition. Obtain the first approval or clearance of the new IND by a regulator. Milestone payment of £0.35 million (approximately $0.5 million) upon completion.

As of June 30, 2025, this milestone had not been fully completed. Advent had completed the new IND CMC section (comprising part of this milestone) but the new IND had not yet been submitted to and approved by regulators (comprising the other part of this milestone). The Company had an accrued liability of $0.4 million as of June 30, 2025 related to this milestone.

The following table summarizes total research and development costs from Advent for the three and six months ended June 30, 2025 and 2024, respectively (in thousands).

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended**  | **For the three months ended**  | **For the six months ended**  | **For the six months ended**  |
|  | **June 30,**  | **June 30,**  | **June 30,**  | **June 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| Advent BioServices |  |  |  |  |
| &nbsp;&nbsp;Manufacturing cost in London | 1727 | $1852 | 3664 | $3587 |
| &nbsp;&nbsp;Manufacturing cost at Sawston facility | 3133 | 2500 | 6510 | 5125 |
| &nbsp;&nbsp;SOW 8 one-time milestones - Cash |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expensed and due, but unpaid (milestone complete) <sup>(1)</sup> |  |  | 285 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expensed but unpaid, not yet due (milestone not yet complete) <sup>(2)</sup> | 68 |  | 268 |  |
| Total  | $4928 | $4352 | $10727 | $8712 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) This covers one-time milestone: Technology transfer: clean room implementation. Other due and unpaid amounts have been accrued previously.

&nbsp;&nbsp;&nbsp;&nbsp;(2) This covers a one-time milestone: Draft new IMPD (Investigational Medicinal Product Dossier) and new IND (CMC section), and obtain the first approval or clearance of the new IND by a regulator.

*Advent BioServices Sublease Agreement*

On December 31, 2021, the Company entered into a Sub-lease Agreement (the "Agreement") with Advent (see Note 12).

During the three months ended June 30, 2025 and 2024, the Company recognized sub-lease income of $36,000 and $36,000, respectively.

During the six months ended June 30, 2025 and 2024, the Company recognized sub-lease income of $73,000 and $73,000, respectively.

#### **Table of Contents**

#### NORTHWEST BIOTHERAPEUTICS, INC.

#### NOTES TO CONDENSED CONSOLIDATED STATEMENTS
*Related Party Accounts Payable*

As of June 30, 2025 and December 31, 2024, there were outstanding unpaid accounts payable and accrued expenses owed to Advent as summarized in the following table (in thousands). *These unpaid amounts are part of the Related Party expenses reported in the above section.*

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025** | **December 31,** <br>**2024** |
| Advent BioServices - amount invoiced but unpaid | $4703 | $1692 |
| Advent BioServices - amount accrued but unpaid <sup>(1)</sup> | 3313 | 2760 |
| Total payable and accrued, but unpaid to Advent BioServices | $8016 | $4452 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) This includes $1.1 million which is not payable in cash but represents the value of 1.5 million shares that will become issuable to Advent, following final Board approval, for achievement of the one-time milestone for submission of the MAA application to MHRA on December 20, 2023. Such shares were not issued as of June 30, 2025, and the total value, previously recognized as stock compensation expense, was reclassified from Additional Paid-in-Capital to Accounts payable and accrued expenses to related parties and affiliates .

**10. Preferred Stock**

*Series C Convertible Preferred Stock*

During the six months ended June 30, 2025, approximately 0.1 million Series C Shares with a book value of $1.8 million were converted into 3.3 million common shares at a ratio of 1:25.

The Company determined that the Series C Shares contain contingent redemption provisions allowing redemption by the holder upon certain defined events ("deemed liquidation events"). As the event that may trigger the redemption of the Series C Shares is not solely within the Company's control, the Series C Shares are classified as mezzanine equity (temporary equity) in the Company's condensed consolidated balance sheets.

11. Stockholders' Deficit

*Common Stock*

During the six months ended June 30, 2025, the Company received $12.4 million from the issuance of 56.1 million shares of common stock.

*Stock Purchase Warrants*

The following is a summary of warrant activity for the six months ended June 30, 2025 (dollars in thousands, except per share data):

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| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br>**Warrants** | **Weighted Average**<br>**Exercise Price** | **Remaining**<br>**Contractual Term** |
| **Outstanding as of January 1, 2025** | **94199** | $**0.28** | **2.20** |
| Warrants exercised for cash | (104) | 0.23 |  |
| Warrants expired and cancelled | (1204) | 0.34 |  |
| **Outstanding as of June 30, 2025** | **92891** | $**0.27** | **1.75** |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) At June 30, 2025, of the approximately 93 million total outstanding warrants listed above, approximately 92 million warrants were under Blocker Letter Agreements or suspension agreements.

#### **Table of Contents**

#### NORTHWEST BIOTHERAPEUTICS, INC.

#### NOTES TO CONDENSED CONSOLIDATED STATEMENTS
*Warrant Modifications*

During the six months ended June 30, 2025, the Company amended certain warrants whereby the maturity dates were extended for an additional approximately 3-6 months. The value of these modifications was calculated using the Black-Scholes-Merton option pricing model based on the following weighted average assumptions.

---

| | | |
|:---|:---|:---|
|  | Post-modification | Pre-modification |
| Exercise price | $0.29 | $0.29 |
| Expected term (in years) | 3.1 | 2.9 |
| Volatility | 77% | 77% |
| Risk-free interest rate | 3.9% | 3.9% |
| Dividend yield | 0% | 0% |

---

The incremental fair value attributable to the modified awards compared to the original awards immediately prior to the modification was calculated at $0.8 million for the six months ended June 30, 2025, which was treated as a deemed dividend and is reflected as "Deemed dividend related to warrant modifications" in the accompanying condensed consolidated statement of operations and comprehensive loss.

12. Commitments and Contingencies

*Operating Lease- Lessee Arrangements*

*The Company has operating leases for corporate offices in the U.S. and U.K., and for manufacturing facilities in the U.K. Leases with an initial term of 12 months or less are not recorded in the balance sheet. The Company has elected the practical expedient to account for each separate lease component of a contract and its associated non-lease components as a single lease component, thus causing all fixed payments to be capitalized. The Company also elected the package of practical expedients permitted within the new standard, which among other things, allows the Company to carry forward historical lease classification. The lease renewal options have not been included in the calculation of the lease liabilities and right-of-use ("ROU") assets as the Company has not yet determined whether to exercise the options. Variable lease payment amounts that cannot be determined at the commencement of the lease such as increases in lease payments based on changes in index rates or usage, are not included in the ROU assets or liabilities. These are expensed as incurred and recorded as variable lease expense.*

The Company's current office lease in the U.K. will expire in July 2025. In January 2025, the Company entered into an agreement for a new office lease in the U.K. (the "2025 U.K. Office Lease"). An additional document, involving a reconstitution schedule, was required in order to complete the lease arrangement. However, the Company decided not to take the space and the parties did not reach agreement on the reconstitution schedule. The Company entered into a side letter with the landlord on July 30, 2025 to finalize the lease exit terms. Since the Company had no access to the property and the reconstitution schedule was not agreed, the lease had not yet commenced as of June 30, 2025.

On August 22, 2024, the Company extended its office lease in the U.S for an additional 2 years under an amended agreement. The Company recognized additional $0.4 million ROU assets and lease liabilities for its amended office lease in the U.S.

At June 30, 2025, the Company had operating lease liabilities of approximately $5.1 million for both the 20-year lease of the building for the manufacturing facility in Sawston, U.K., and the current office lease in the U.S. and ROU assets of approximately $4.4 million for the Sawston lease and U.S. office lease are included in the condensed consolidated balance sheet.

#### **Table of Contents**

#### NORTHWEST BIOTHERAPEUTICS, INC.

#### NOTES TO CONDENSED CONSOLIDATED STATEMENTS
*Operating Lease - Lessor Arrangements*

On December 31, 2021, the Company entered into a Sub - lease Agreement (the "Agreement") with Advent. The Agreement permits use by Advent of a portion of the space in the Sawston facility, which is leased by the Company under a separate head lease with a different counterparty (Huawei) that commenced on December 14, 2018. The Company subleased approximately 14,459 square feet of the 88,000 square foot building interior space, plus corresponding support space and parking. The lease payments amount under the Agreement are two times the amount payable by the Company under the head lease (which is currently £5.75 or approximately $7.44 per square foot based on exchange rate as of June 30, 2025), but subject to a cap of $10 per square foot. Accordingly, the monthly lease payments under the Sublease are based on $145,000 annually for 2025. The total lease payments paid by the Company to Huawei for the 88,000 square foot facility, exterior spaces and parking under the head lease are £550,000 (approximately $711,000) per year. The term of the Agreement shall end on the same date as the head lease term ends.

*The following summarizes quantitative information about the Company's operating leases (amount in thousands):*

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| | | | |
|:---|:---|:---|:---|
|  | **For the six months ended**  | **For the six months ended**  | **For the six months ended**  |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **U.K** | **U.S** | **Total** |
| Lease cost |  |  |  |
| Operating lease cost | $318 | $105 | $423 |
| Short-term lease cost | 27 |  | 27 |
| Variable lease cost |  |  |  |
| Sub-lease income | (73) |  | (73) |
| Total | $272 | $105 | $377 |
| Other information |  |  |  |
| Operating cash flows from operating leases  | $(303) | $(92) | $(395) |
| Weighted-average remaining lease term – operating leases  | 7.0 | 0.9 |  |
| Weighted-average discount rate – operating leases  | 12% | 12% |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **For the six months ended**  | **For the six months ended**  | **For the six months ended**  |
|  | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** |
|  | **U.K** | **U.S** | **Total** |
| Lease cost |  |  |  |
| Operating lease cost | $311 | $130 | $441 |
| Short-term lease cost | 26 |  | 26 |
| Variable lease cost |  | 11 | 11 |
| Sub-lease income | (73) |  | (73) |
| Total | $264 | $141 | $405 |
| Other information |  |  |  |
| Operating cash flows from operating leases | $(330) | $(153) | $(482) |
| Weighted-average remaining lease term – operating leases | 7.5 | 0.2 |  |
| Weighted-average discount rate – operating leases | 12% | 12% |  |

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#### **Table of Contents**

#### NORTHWEST BIOTHERAPEUTICS, INC.

#### NOTES TO CONDENSED CONSOLIDATED STATEMENTS
The Company recorded lease costs as a component of general and administrative expense during the six months ended June 30, 2025 and 2024, respectively.

Maturities of our operating leases, excluding short-term leases and sublease agreement, are as follows:

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| | |
|:---|:---|
| Six months ended December 31, 2025 | $533 |
| Year ended December 31, 2026 | 903 |
| Year ended December 31, 2027 | 713 |
| Year ended December 31, 2028 | 713 |
| Year ended December 31, 2029 | 713 |
| Thereafter | 6396 |
| Total | 9971 |
| Less present value discount | (4899) |
| Operating lease liabilities included in the Condensed Consolidated Balance Sheet at June 30, 2025 | $5072 |

---

Maturities of our operating leases under the sublease agreement, are as follows:

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| | |
|:---|:---|
| Six months ended December 31, 2025 | $72 |
| Year ended December 31, 2026 | 145 |
| Year ended December 31, 2027 | 145 |
| Year ended December 31, 2028 | 145 |
| Year ended December 31, 2029 | 145 |
| Thereafter | 1305 |
| Total | $1957 |

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*Advent BioServices Services Agreement*

On May 14, 2018, the Company entered into a DCVax®-L Manufacturing and Services Agreement ("MSA") with Advent BioServices, a related party which was formerly part of Cognate BioServices and was spun off separately as part of an institutional financing of Cognate. The MSA provides for manufacturing of DCVax-L products at an existing facility in London. The MSA is structured in the same manner as the Company's prior agreements with Cognate BioServices. The MSA provides for certain payments for achievement of milestones and, as was the case under the prior agreement with Cognate BioServices, the Company is required to pay certain fees for dedicated production capacity reserved exclusively for DCVax production and pay for manufacturing of DCVax-L products for a certain minimum number of patients, whether or not the Company fully utilizes the dedicated capacity and number of patients. The MSA remains in force until five years after the first commercial sales of DCVax-L products pursuant to a marketing authorization, accelerated approval or other commercial approval, unless cancelled. Either party may terminate the MSA on twelve months' notice, to allow for transition arrangements by both parties. During the notice period services would still be provided. Minimum required payments for this notice period are anticipated to total approximately £4.7 million ($6.5 million).

#### **Table of Contents**

#### NORTHWEST BIOTHERAPEUTICS, INC.

#### NOTES TO CONDENSED CONSOLIDATED STATEMENTS
*German Tax Matter*

The German tax authorities have audited our wholly owned subsidiary, NW Bio GmbH, for 2013-2015. The NW Bio GmbH submitted substantial documentation to refute certain aspects of the assessments and the German tax authorities agreed in principle with the Company's proposed revised approach and settlement offer. A final settlement bill was received from the German Tax Authority confirming that only a portion of the original bill was owed, €277,000 (approximately $329,000), for corporate taxes, interest, and reduced penalty for the period under audit, which the Company paid on September 2, 2021. The Company also received and paid the final settlement bill from the local authority for trade taxes for the audit period in the amount of €231,000 (approximately $272,000). On November 4, 2021, the Company received a letter from the local tax authorities asking for additional late fees of €513,000 (approximately $554,000) on reimbursable withholding taxes that had been waived during the settlement process. On December 8, 2021, the Company appealed the assessment of additional late fees. Additionally, the Company requested that NW Bio GmbH be deregistered from the trade register, as it no longer had current operations. The deregistration was granted effective December 31, 2021. Between January 2022 and July 2022, the Company received tax bills for the corporate and trade taxes for the 2016-2020 tax years that totaled approximately €222,000 (approximately $238,000). On July 27, 2022, the Company was informed that the German Tax Authorities were prepared to waive €135,000 (approximately $145,000) of the penalties. The Company offered to pay this reduced penalty if an extended payment plan was approved. A response was received dated November 14, 2022 indicating that the tax authority would not be able to grant a further deferral of payment of these penalties. In a letter dated December 27, 2022, the Leipzig tax authority sent letters to the former and current managing directors of NW Bio GmbH giving 30 days to respond to a tax liability questionnaire. Based on the responses to the liability questionnaires the tax authorities have currently not directed any further measures against former and current managing directors of NW Bio GmbH with respect to tax liability proceedings. On October 12, 2023 and January 16, 2024, the Company made €189,000 (approximately $201,000) and €189,000 (approximately $207,000) payments, respectively, regarding to the late payment penalty. As of June 30, 2025, the Company accrued for trade tax liability of €155,000 (approximately $181,000) and corporation tax of €99,000 (approximately $116,000). Based on the Company's current operating state in Germany and the negotiations, the Company believes, based on its evaluation under ASC 740, that the resolution of these tax matters will not likely result in a net material charge to the Company.

*Other Contingent Payment Obligation*

As of June 30, 2025, the Company had contingent payment obligation of $4.7 million, which are related to a gain contingency from non-dilutive funding agreements with various investors. These agreements are accounted for under ASC 470 and are recognized as contingent payment obligations on the Company's condensed consolidated balance sheet. The Company's payment obligations only apply when such are received by the Company.

**13. Subsequent Events**

Between July 1, 2025 and August 11, 2025, the Company issued approximately 9 million shares of common stock for proceeds of $1.9 million.

Between July 1, 2025 and August 11, 2025, the Company issued approximately 7.7 million shares of common stock to certain lenders in lieu of cash payments of $1.9 million of debt.

Between July 1, 2025 and August 11, 2025, $1.3 million of convertible notes were converted into 6.2 million shares of common stock pursuant to their conversion options.

#### **Table of Contents**

#### Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited condensed consolidated financial statements and the notes to those statements included with this report. In addition to historical information, this report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. The words "believe," "expect," "intend," "anticipate," and similar expressions are used to identify forward-looking statements, but some forward-looking statements are expressed differently. Many factors could affect our actual results, including those factors described under "Risk Factors" in our Form 10-K for the year ended December 31, 2024 and in Part II Item 1A of this report. These factors, among others, could cause results to differ materially from those presently anticipated by us. You should not rely upon on these forward-looking statements.

**Overview**

We are a biotechnology company focused on developing personalized immune therapies for cancer. We have developed a platform technology, DCVax®, which uses activated dendritic cells to mobilize a patient's own immune system to attack their cancer.

Our lead product, DCVax®-L, is designed to treat solid tumor cancers in which the tumor can be surgically removed. We have completed a 331-patient international Phase III trial of DCVax-L for Glioblastoma multiforme brain cancer (GBM), published the results in the JAMA Oncology peer reviewed journal, and on December 20, 2023 we submitted a Marketing Authorization Application (MAA) for commercial approval in the U.K. We plan to conduct clinical trials of DCVax-L for other solid tumor cancers in the future, when resources permit. Our second product, DCVax®-Direct, is designed to treat inoperable solid tumors. A 40-patient Phase I trial has been completed, and included treatment of a diverse range of more than a dozen types of cancers. We plan to work on preparations for Phase II trials of DCVax-Direct as resources permit.

During the second quarter of 2025, the Company continued its progress on multiple fronts, including the following.

*MAA Application*. The Company and its teams of consultants continued to devote a large portion of their time to active engagement in the MAA process during the second quarter. As is typical, and as the Company has previously stated, the Company does not plan to make any interim announcements while its MAA is going through the regulatory process. The Company plans to announce the results when the regulatory review and decision-making is finished.

*Comments on Potential New MHRA Policies*. In the UK, the MHRA issued a draft Guideline of important potential new policies under which clinical trials would be allowed to use external controls instead of within-study placebo arms, especially for severe or rare diseases, and the MHRA called for public comments during the second quarter. The Company worked together with physician collaborators, patient groups, statisticians, academics and political representatives to help mobilize public comments.

*Manufacturing in the Sawston, UK Facility*. Building upon the design and engineering work in preceding months, the Company and Advent developed an improved design and configuration for the simplified Grade C lab. The Company and Advent also negotiated the construction arrangements and undertook preparations to enable construction to begin in the third quarter. The Company and Advent undertook strategic planning for consolidation of the operations in the London GMP facility and the Sawston GMP facility, to reduce overall costs and increase capacity in Sawston. The Company and Advent also undertook strategic planning for operations in the Sawston facility to increase the focus and resources on ramp-up of manufacturing relative to other operations such as product and process development (PD) now that years of intensive PD work for the MAA and the DCVax-Direct program have been completed by Advent.

*Manufacturing in the US for In-licensed Technologies*. The Company continued its progress on developing manufacturing capacity in the US for technologies that the Company has in-licensed. (The Sawston facility is handling the manufacturing of the Company's DCVax-L and DCVax-Direct products for global use.) After extensive discussions in prior quarters with GMP facilities in several states, the Company selected two locations as the finalist candidates for development the US manufacturing capacity. The Company progressed with contract negotiations in both locations, and anticipates reaching an agreement in the near term. The Company also undertook personnel screening and selection processes for the specialized expertise required, and has secured certain initial key anchor personnel. The Company is in the process of negotiations with key equipment suppliers.

*Potential Compassionate Use Programs in the US*. The Company has had a compassionate use program in the UK for a number of years, and believes that those compassionate use cases have been helpful for the patients involved and have generated real world data that is quite useful. As previously reported, the Company is expanding its existing compassionate use program with additional clinics

#### **Table of Contents**
and doctors. The Company is also interested in undertaking a compassionate use program in the US when feasible. The Company has noted that well over a dozen US states have enacted expanded compassionate use legislation, including during this year to date, and that expanded access programs are also possible at the federal level. The Company is actively exploring the potential for expanded access/ compassionate use in the US.

*DCVax-Direct Program*. As previously reported, the Company has been developing INDs for the initial clinical trials with the Company's new DCVax-Direct product. The manufacturing and product-related portions of the IND packages have been completed. The clinical portions are being further refined (including with respect to the selection of booster agent(s) as described below) in consultation with clinician/investigators. The Company is evaluating the potential to include certain technology elements in-licensed from Roswell Park, and is considering testing the treatments in ovarian cancer, building upon the positive results of the Company's prior trial in late-stage ovarian cancer (for which there is a severe unmet need for new treatment options). The Company plans to proceed with the initial trial in the coming months.

*Enhanced DCVax-Direct Products and Presentation*. The Company made its first public presentation of some of the results of its ongoing internal research, testing certain immune booster agents that it has in-licensed, to identify the most useful booster agent(s) and combination(s) of agents for enhanced DCVax-Direct products. The Company presented these results at the New York Academy of Sciences in June. The Company is in the process of finalizing its decisions about which booster agent(s) and which enhanced DCVax-Direct products to test in the DCVax-Direct clinical trials pursuant to the INDs described above.

*Litigation Progress*. The Company's lawsuit against certain market makers entered the long-awaited discovery phase during the second quarter. The Company is expanding its activities related to the case, and expects to further ramp up its activities in the coming months. The Company believes that the discovery process will potentially yield very important information, and the Company plans to continue pursuing the case vigorously. See Part II Item 1, Legal Proceedings, below.

**Critical Accounting Policies and Estimates**

Our discussion and analysis of our financial condition and results of operations are based on our financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires us to make estimates and judgments that affect our reported amounts of assets, liabilities, revenues and expenses.

On an ongoing basis, we evaluate our estimates and judgments, including those related to derivative liabilities, accrued expenses and stock-based compensation. We based our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the reported amounts of revenues and expenses that are not readily apparent from other sources. Actual results could differ from those estimates.

Our critical accounting policies and significant estimates are detailed in our Annual Report on Form 10-K for the year ended December 31, 2024. Our critical accounting policies and significant estimates have not changed substantially from those previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024.

**Results of Operations**

***Operating costs:***

Our operating costs and expenses consist primarily of research and development (R&D) expenses. R&D expenses include clinical trial expenses, and increased costs after completion of a Phase III trial, especially for the extensive preparations, and teams of expert consultants, required for an application for product approval.

In addition to clinical trial and post-trial costs, our operating costs may include ongoing work relating to our DCVax products, including R&D, product characterization, manufacturing process development, quality control process development, and related matters. Additional substantial costs relate to the development and expansion of manufacturing capacity.

Our operating costs also include the costs of preparations for the launch of new or expanded clinical trial programs, such as our anticipated trials of combination treatment regimens. The preparation costs include payments to regulatory consultants, lawyers, statisticians, sites and others, evaluation of potential investigators, the clinical trial sites and the CROs managing the trials and other

service providers, and expenses related to institutional approvals, clinical trial agreements (business contracts with sites), training of medical and other site personnel, trial supplies and other.

Our operating costs also include legal and accounting costs in operating the Company.

The foregoing operating costs include the costs for Flaskworks' ongoing operations and intellectual property filings, and the operations of our subsidiaries in the U.K., the Netherlands and Germany.

***Research and development:***

R&D expenses include costs for substantial external scientific personnel, technical and regulatory advisers, and others, costs of laboratory supplies used in our internal research and development projects, travel, regulatory compliance, and expenditures for preclinical and clinical trial operation and management when we are actively engaged in clinical trials.

Because we are a pre-revenue company, we do not allocate R&D costs on a project basis. We adopted this policy, in part, due to the unreasonable cost burden associated with accounting at such a level of detail and our limited number of financial and personnel resources.

***General and administrative:***

General and administrative expenses include personnel related salary and benefit expenses, cost of facilities, insurance, travel, legal services, property and equipment and amortization of stock options and warrants.

**Three Months Ended June 30, 2025 and 2024**

We recognized a net loss of $15.4 million and $17.9 million for the three months ended June 30, 2025 and 2024, respectively.

*Research and Development Expense*

For the three months ended June 30, 2025 and 2024, research and development expenses were $7.4 million and $8.3 million, respectively. The decrease in 2025 was primarily related to the decrease in stock-based compensation.

*General and Administrative Expense*

For the three months ended June 30, 2025 and 2024, general and administrative expenses were $7.5 million and $9.7 million, respectively. The decrease was mainly related to a reduction in legal costs due to certain reimbursements and reduction in scientific conference expenses.

*Change in Fair Value of Derivatives*

We recognized a non-cash gain of $0.7 million and $2.4 million for the three months ended June 30, 2025 and 2024, respectively. The non-cash revaluation gain was mainly due to the decrease of stock price and remaining life of certain liability classified warrants.

*Change in Fair Value of Convertible Notes*

We recognized a non-cash gain of $2.4 million and a non-cash loss of $0.2 million change in fair value of the convertible notes during the three months ended June 30, 2025 and 2024, respectively. The non-cash gain was resulted from the decrease of the Company's stock price as of the date of remeasurement compared to prior period. The non-cash loss was resulted from the increase of the Company's stock price as of the date of remeasurement compared to prior period.

*Debt Extinguishment*

We recognized approximately $4.5 million and $0.9 million debt extinguishment loss during the three months ended June 30, 2025 and 2024 from debt redemptions and debt amendments, respectively. The increase during the three months ended June 30, 2025 compared to last year was due to multiple amendments on the existing convertible notes which resulted a debt extinguishment loss of $2.8 million.

*Loss from Issuance of Debt*

During the three months ended June 30, 2025, we recognized an $0.8 million loss from the issuance of the June Yorkville Note, which we elected to account for under the FVO. The estimated fair value of the June Yorkville Note on the issuance date was approximately $3.8 million, which resulted in a loss of $0.8 million calculated at the difference between the principal amount and the fair value of the June Yorkville Note.

*Interest Expense*

During the three months ended June 30, 2025 and 2024, we recognized interest expense of $1.8 million and $1.7 million, respectively. The increase in interest expense in 2025 was mainly related to an increase of outstanding debt balance.

*Foreign currency transaction gain (loss)*

During the three months ended June 30, 2025 and 2024, we recognized foreign currency transaction gain of $3.6 million and a loss of $45,000, respectively. The gain was due to the strengthening of the British pound sterling relative to the U.S. dollar and vice versa for the loss.

**Six Months Ended June 30, 2025 and 2024**

We recognized a net loss of $34.7 million and $36.2 million for the six months ended June 30, 2025 and 2024, respectively.

*Research and Development Expense*

For the six months ended June 30, 2025 and 2024, research and development expenses were $15.8 million and $16.2 million, respectively. The decrease in 2025 was primarily related to the decrease in stock-based compensation and offset by an increased cost related to MAA application at the MHRA and the resumption of DCVax-Direct production.

*General and Administrative Expense*

For the six months ended June 30, 2025 and 2024, general and administrative expenses were $16.8 million and $17.8 million, respectively. The decrease was mainly related to a reduction in stock-based compensation and scientific conference expenses. an increase in legal expenses.

*Change in Fair Value of Derivatives*

We recognized a non-cash gain of $2.0 million and $2.5 million for the six months ended June 30, 2025 and 2024, respectively. The gain was primarily due to the decrease of our closing stock price as of June 30, 2025 and 2024 compared to December 31, 2024 and 2023.

*Change in Fair Value of Convertible Notes*

We recognized $6.1 million and $1.5 million non-cash gain from change in fair value of the convertible notes during the six months ended June 30, 2025 and 2024, respectively. The non-cash gain resulted from the decrease of the Company's stock price.

*Debt Extinguishment*

We recognized approximately $11.8 million and $3.1 million debt extinguishment loss during the six months ended June 30, 2025 and 2024 from debt redemptions and debt amendments, respectively. The increase during the six months ended June 30, 2025 compared to last year was due to multiple amendments on the existing convertible notes which resulted a debt extinguishment loss of $8.5 million.

*Loss from Issuance of Debt*

During the six months ended June 30, 2025, we recognized an $0.8 million loss from the issuance of the June Yorkville Note, which we elected to account for under the FVO. The estimated fair value of the June Yorkville Note on the issuance date was approximately $3.8

million, which resulted in a loss of $0.8 million calculated at the difference between the principal amount and the fair value of the June Yorkville Note.

*Interest Expense*

During the six months ended June 30, 2025 and 2024, we recognized interest expense of $3.4 million and $3.2 million, respectively. The increase in interest expense in 2025 was mainly related to an increase of outstanding debt balance.

*Foreign currency transaction gain (loss)*

During the six months ended June 30, 2025 and 2024, we recognized foreign currency transaction gain of $5.5 million and a loss of $0.7 million, respectively. The gain was due to the strengthening of the British pound sterling relative to the U.S. dollar and vice versa for the loss.

**Liquidity and Capital Resources**

We have experienced recurring losses from operations since inception. We have not yet established an ongoing source of material revenues and must cover our operating expenses through debt and equity financings to allow us to continue as a going concern. Our ability to continue as a going concern depends on the ability to obtain adequate capital to fund operating losses until we generate adequate cash flows from operations to fund our operating costs and obligations. If we are unable to obtain adequate capital, we could be forced to cease operations.

We depend upon our ability, and will continue to attempt, to secure equity and/or debt financing. We cannot be certain that additional funding will be available on acceptable terms, or at all. Our management determined that there was substantial doubt about our ability to continue as a going concern for at least one year after the annual consolidated financial statements were issued, and management's concerns about our ability to continue as a going concern within the year following this report persist.

**Cash Flow**

***Operating Activities***

During the six months ended June 30, 2025 and 2024, net cash outflows from operations were approximately $16.1 million and $28.6 million, respectively. The decrease in cash used in operating activities was primarily attributable to lower payments for clinical trial related expenditures, insurance costs and certain consulting expenditures.

**Investing Activities**

We spent approximately $0.4 million and $0.8 million in cash for the purchase of additional equipment and our build-out in Sawston, UK during the six months ended June 30, 2025 and 2024, respectively.

***Financing Activities***

We received approximately $12.4 million and $2.9 million cash from issuance of 56.1 million and 8.1 million shares of common stock during the six months ended June 30, 2025 and 2024, respectively.

We received approximately $7.9 million of cash from issuance of 0.7 million shares of Series C convertible preferred stock during the six months ended June 30, 2024.

We received approximately $5.5 million and $7.1 million of cash from issuance of convertible notes to individual lenders during the six months ended June 30, 2025 and 2024, respectively.

We received approximately $7.0 million of cash from the issuance of a loan from a commercial lender during the six months ended June 30, 2025. We received approximately $10.0 million of cash from the issuance of a loan from a commercial lender during the six months ended June 30, 2024.

We received approximately $23,000 and $1.5 million of cash from the exercise of warrants during the six months ended June 30, 2025 and 2024, respectively.

We received $50,000 from issuance of non-dilutive funding agreements during the six months ended June 30, 2024.

We made aggregate debt payments of $0.8 million and $0.2 million during the six months ended June 30, 2025 and 2024, respectively.

Other factors affecting our ongoing funding requirements include the number of staff we employ, the number of sites, number of patients and amount of activity in our clinical trial programs, the costs of further product and process development work relating to our DCVax products, the costs of preparations for Phase II trials, the costs of expansion of manufacturing, and unanticipated developments. The extent of resources available to us will determine which programs can move forward and at what pace.

**Off-Balance Sheet Arrangements**

Since our inception, we have not engaged in any off-balance sheet arrangements, as defined in the rules and regulations of the SEC.

#### Item 3. Quantitative and Qualitative Disclosures About Market Risk
Market risk represents the risk of loss that may result from the change in value of financial instruments due to fluctuations in its market price. Market risk is inherent in all financial instruments. Market risk may be exacerbated in times of trading illiquidity when market participants refrain from transacting in normal quantities and/or at normal bid-offer spreads. Our exposure to market risk is directly related to derivatives, debt and equity linked instruments related to our financing activities.

Our assets and liabilities are overwhelmingly denominated in U.S. dollars. We do not use foreign currency contracts or other derivative instruments to manage changes in currency rates. We do not now, nor do we plan to, use derivative financial instruments for speculative or trading purposes. However, these circumstances might change.

The primary quantifiable market risk associated with our financial instruments is sensitivity to changes in interest rates. Interest rate risk represents the potential loss from adverse changes in market interest rates. We use an interest rate sensitivity simulation to assess our interest rate risk exposure. For purposes of presenting the possible earnings effect of a hypothetical, adverse change in interest rates over the 12-month period from our reporting date, we assume that all interest rate sensitive financial instruments will be impacted by a hypothetical, immediate 100 basis point increase in interest rates as of the beginning of the period. The sensitivity is based upon the hypothetical assumption that all relevant types of interest rates that affect our results would increase instantaneously, simultaneously and to the same degree. We do not believe that our cash and equivalents have significant risk of default or illiquidity.

The sensitivity analyses of the interest rate sensitive financial instruments are hypothetical and should be used with caution. Changes in fair value based on a 1% or 2% variation in an estimate generally cannot be extrapolated because the relationship of the change in the estimate to the change in fair value may not be linear. Also, the effect of a variation in a particular estimate on the fair value of financial instruments is calculated independent of changes in any other estimate; in practice, changes in one factor may result in changes in another factor, which might magnify or counteract the sensitivities. In addition, the sensitivity analyses do not consider any action that we may take to mitigate the impact of any adverse changes in the key estimates.

Based on our analysis, as of June 30, 2025, the effect of a 100+/- basis point change in interest rates on the value of our financial instruments and the resultant effect on our net loss are considered immaterial.

#### **Table of Contents**

#### Item 4. Controls and Procedures
**Evaluation of Disclosure Controls and Procedures**

Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation as of June 30, 2025, of the design and operation of our disclosure controls and procedures, as such terms are defined in Exchange Act Rules 13a-15(e) and 15d-15(e). Based on this evaluation, management concluded that, as of such date, our disclosure controls and procedures are effective to ensure that information required to be disclosed by us in our Exchange Act reports is recorded, processed, summarized, and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

**Changes in Internal Control over Financial Reporting**

No change in internal control over financial reporting occurred during the most recent quarter with respect to our operations, which materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.

#### **Table of Contents**

#### Part II - Other Information

#### Item 1. Legal Proceedings
On December 1, 2022, we filed a Complaint in the United States District Court for the Southern District of New York against certain market makers. The Complaint alleges that the defendants engaged in manipulation of the Company's stock, in violation of the Securities Exchange Act of 1934 and common law fraud, over a period of years. On March 20, 2023, the defendants filed a Motion to Dismiss the Complaint. On April 10, 2023 we filed an Amended Complaint against Canaccord Genuity LLC, Citadel Securities LLC, G1 Execution Services LLC, GTS Securities LLC, Instinet LLC, Lime Trading Corp., and Virtu Americas LLC (Northwest Biotherapeutics Inc. v. Canaccord, et al., No. 1:22-cv-10185-GHW-GWG).

Following defendant's filing of a new Motion to Dismiss (MTD) and various filings on both sides, an oral argument on defendants' latest Motion to Dismiss was held on November 14, 2023. The Magistrate Judge issued an 85-page Recommendation and Results Opinion (R&R) for review by the Senior Judge. The Magistrate Judge found that the Company had adequately plead all of the elements of its claim of market manipulation, with the exception of producing enough details for calculating actual damages, known as loss causation. On that basis, he granted defendant's motion to dismiss without prejudice, subject to the Company's right to replead on just the question of loss causation, finding that such a filing would "not be futile".

On February 14, 2024, the Senior Judge issued an opinion accepting all the recommendations and findings of the R&R, and gave the Company 30 days to file this limited repleading amendment on loss causation and damages no later than March 15, 2024. On March 15, 2024, the Company filed their more detailed repleading on loss causation and damages. At the end of March, defendants asked for the right to object to the Judge's findings against them on December 29, 2023 and February 14, 2024. This motion was denied. The defendants then asked for leave to file a new MTD. That motion was granted with a 30-day filing requirement for defendants and a 30-day response time for the Company.

On May 1, 2024, the defendants' filed a new MTD the Company's amended repleading complaint, containing the new section on loss causation and damages. On May 31, 2024, the Company responded to the defendants' new MTD, supporting the Magistrate Judge's and Senior Judge's previous opinions, and rejecting the defendants' objections to the Company's loss causation repleading and damage formulae.

On June 14, 2024, the defendants filed their last response to the Company's comments on May 31, 2024, concerning the defendant's latest MTD. They also asked the Court to schedule an oral argument on the issues raised by these last two filings. The Court never answered the defendants' request for an oral argument. On January 31, 2025, the Magistrate Judge issued his second R&R dismissing in part the defendants latest MTD on the basis of plaintiff's having met the requirements of dismissal based on short-term damages but did not approve it based on the pleadings to date based on longer-term damages.

On February 14, 2025, both Plaintiffs and Defendants filed their respective comments on this latest R&R from the Magistrate Judge and on February 28, 2025, each party filed comments on the other parties February 14, 2025 filings. On March 5, 2025, defendants once again filed a motion seeking an oral argument on the most recent issues raised in the Magistrate Judge's R&R, and on March 6, 2025, Senior Judge Woods denied the motion in writing without prejudice.

On March 26, 2025, Senior Judge Woods issued his opinion adopting Magistrate Stein's R&R. On April 4, 2025 the Court granted an extension to the defendants to respond to plaintiffs Second Amended Complaint by April 25, 2025.

This was followed on April 23, 2025 by an Initial Case Management Conference Order for June 5, 2025, requiring the submission of a Joint Proposed Case Management Plan no later than one week prior to the scheduled Conference. Plaintiffs and defendants are currently negotiating that Plan with a major focus on the imminent discovery schedule.

Plaintiff and defendants have continued to meet and confer in an effort to agree on the remaining unresolved substantive and scheduling issues in continuing consultation with Judge Stein, while some questionnaires and subpoenas already have been sent out to key third parties

The Company plans to continue its vigorous pursuit of this case.

#### **Table of Contents**
As previously reported, three stockholders filed in the Delaware Court of Chancery three similar derivative lawsuits against the Company and certain of its directors and officers, including J. Cofer Black, Alton L. Boynton, Leslie J. Goldman, Jerry Jasinowski, Navid Malik, and Linda F. Powers (the "Individual Defendants"), alleging the Individual Defendants (i) breached their fiduciary duties, and (ii) were unjustly enriched by director and officer compensation awarded in 2020 to the Individual Defendants—notwithstanding the fact that approximately 90% of shareholders voted to approve the Company's executive compensation (the same compensation that these three stockholders are seeking to challenge) twice (both through its Say on Pay vote at the Company's Annual Meeting in 2021, and again in a binding vote at the Company's Annual Meeting in 2022) and approximately 90% of shareholders also voted to approve the director awards at the 2022 Annual Meeting. On March 31, 2022, the Delaware Court of Chancery consolidated these actions into a single action under the caption In re Northwest Biotherapeutics, Inc. Stockholder Litigation (the "Derivative Action"). The descriptions and summary of the lawsuit herein are qualified in their entirety by reference to the proceedings in the Derivative Action, and are described in greater detail by the Company's June 3, 2024 Definitive Proxy (the "2024 Proxy").

There have been no material developments this quarter.

#### Item 1A. Risk Factors
Applicable risk factors are set forth in the Company's report on Form 10-K for the fiscal year ended December 31, 2024.

#### Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
None.

#### Item 3. Defaults Upon Senior Securities
Not Applicable.

#### Item 4. Mine Safety Disclosures
Not applicable.

#### Item 5. Other Information
None.

#### **Table of Contents**

#### Item 6. Exhibits

---

| | |
|:---|:---|
| 21.1 | [Subsidiaries of the Registrant](https://www.sec.gov/Archives/edgar/data/1072379/000141057823001633/nwbo-20230630xex21d1.htm) |
| 21.2 | [Certificate of Incorporation on Change of Name](https://www.sec.gov/Archives/edgar/data/1072379/000141057823001633/nwbo-20230630xex21d2.htm) |
| 31.1 | [Certification of President (Principal Executive Officer and Principal Financial and Accounting Officer), Pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](nwbo-20250630xex31d1.htm) |
| 32.1 | [Certification of President, Chief Executive Officer and Principal Financial and Accounting Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](nwbo-20250630xex32d1.htm) |
| 101.INS | Inline XBRL Instance Document. |
| 101.SCH | Inline XBRL Schema Document. |
| 101.CAL | Inline XBRL Calculation Linkbase Document. |
| 101.DEF | Inline XBRL Definition Linkbase Document. |
| 101.LAB | Inline XBRL Label Linkbase Document. |
| 101.PRE | Inline XBRL Presentation Linkbase Document. |
| 104 | The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, formatted in Inline XBRL (included as Exhibit 101). |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Filed herewith

\*\* Furnished herewith

#### **Table of Contents**

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
|  | NORTHWEST BIOTHERAPEUTICS, INC | NORTHWEST BIOTHERAPEUTICS, INC | NORTHWEST BIOTHERAPEUTICS, INC |
| Dated: August 14, 2025 | By: | /s/ Linda F. Powers | /s/ Linda F. Powers |
|  |  | Name: | Linda F. Powers |
|  |  | Title: | President and Chief Executive Officer |
|  |  |  | Principal Executive Officer |
|  |  |  | Principal Financial and Accounting Officer |

---

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION PURSUANT TO**

**SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Linda F. Powers, certify that:

(1)I have reviewed this quarterly report on Form 10-Q of Northwest Biotherapeutics, Inc.;

(2)Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3)Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(4)I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)), and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15 (f)), for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

(5)I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's Board of Directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | | | |
|:---|:---|:---|:---|
| Date: August 14, 2025 |  |  |  |
|  | By: | /s/ Linda F. Powers | /s/ Linda F. Powers |
|  |  | Name:  | Linda F. Powers |
|  |  | Title: | President and Chief Executive Officer |
|  |  |  | Principal Executive Officer |
|  |  |  | Principal Financial and Accounting Officer |

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## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the quarterly report of Northwest Biotherapeutics, Inc. (the "Company") on Form 10-Q for the quarter ended June 30, 2025, as filed with the Securities and Exchange Commission (the "Report"), I, Linda F. Powers, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

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| | | | |
|:---|:---|:---|:---|
| Date: August 14, 2025 |  |  |  |
|  | By: | /s/ Linda F. Powers | /s/ Linda F. Powers |
|  |  | Name:  | Linda F. Powers |
|  |  | Title: | President and Chief Executive Officer |
|  |  |  | Principal Executive Officer |
|  |  |  | Principal Financial and Accounting Officer |

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