Northwest Biotherapeutics Receives "Buy" Rating Despite Modest Financial Performance

First Berlin Equity Research has maintained its "Buy" recommendation for Northwest Biotherapeutics Inc., setting a price target of USD 1.00 over the next 12 months. The company's performance in FY/25 was slightly above expectations, with total revenue of USD 1.4 million and a smaller-than-expected EBIT loss of USD 59.9 million. This outcome was primarily due to lower operational expenses, particularly in R&D.

The firm's cash position at the end of the year was USD 3.0 million, aided by efficient expenditure management. However, there is caution against assuming this trend will continue, as commercial launch preparations could increase costs.

Northwest Biotherapeutics is focusing on the potential launch of DCVax-L in the UK, and manufacturing capacity at the Sawston facility is being expanded. The MHRA's regulatory decision regarding DCVax-L in glioblastoma remains a crucial catalyst, expected in 2026.