10-Q 1 nwbo-20230930x10q.htm 10-Q
http://fasb.org/us-gaap/2023#RelatedPartyMember0001072379--12-312023Q3falsehttp://fasb.org/us-gaap/2023#RelatedPartyMemberhttp://fasb.org/us-gaap/2023#RelatedPartyMemberhttp://fasb.org/us-gaap/2023#RelatedPartyMemberNONE1400000180000010684000001145100000http://fasb.org/us-gaap/2023#RelatedPartyMemberhttp://fasb.org/us-gaap/2023#RelatedPartyMember0.040001072379nwbo:SeriesCInvestorsMembernwbo:SeriesCSubscriptionAgreementsMember2023-09-300001072379nwbo:SeriesCConvertiblePreferredStockMember2023-09-300001072379nwbo:SeriesCConvertiblePreferredStockMember2023-06-300001072379nwbo:SeriesCConvertiblePreferredStockMember2022-12-310001072379nwbo:SeriesCConvertiblePreferredStockMember2022-09-300001072379nwbo:RestrictedStockAwardsMembernwbo:OtherServiceAgreementMember2023-01-012023-09-300001072379nwbo:NotesMembernwbo:SeniorConvertibleNotesMember2023-01-012023-09-300001072379nwbo:RestrictedStockAwardsMemberus-gaap:CommonStockMembernwbo:AmendedStatementOfWork6Member2023-01-012023-09-300001072379nwbo:RestrictedStockAwardsMembernwbo:CompletionOfDraftingOfMhraApplicationMilestoneMember2023-01-012023-09-300001072379us-gaap:RetainedEarningsMember2023-09-300001072379us-gaap:AdditionalPaidInCapitalMember2023-09-300001072379us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-300001072379nwbo:SubscriptionReceivableMember2023-09-300001072379us-gaap:RetainedEarningsMember2023-06-300001072379us-gaap:AdditionalPaidInCapitalMember2023-06-300001072379us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300001072379nwbo:SubscriptionReceivableMember2023-06-3000010723792023-06-300001072379us-gaap:RetainedEarningsMember2022-12-310001072379us-gaap:AdditionalPaidInCapitalMember2022-12-310001072379us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310001072379nwbo:SubscriptionReceivableMember2022-12-310001072379us-gaap:RetainedEarningsMember2022-09-300001072379us-gaap:AdditionalPaidInCapitalMember2022-09-300001072379us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-09-300001072379nwbo:SubscriptionReceivableMember2022-09-300001072379us-gaap:RetainedEarningsMember2022-06-300001072379us-gaap:AdditionalPaidInCapitalMember2022-06-300001072379us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300001072379nwbo:SubscriptionReceivableMember2022-06-3000010723792022-06-300001072379us-gaap:RetainedEarningsMember2021-12-310001072379us-gaap:AdditionalPaidInCapitalMember2021-12-310001072379us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001072379nwbo:SubscriptionReceivableMember2021-12-310001072379us-gaap:CommonStockMember2023-09-300001072379us-gaap:CommonStockMember2023-06-300001072379us-gaap:CommonStockMember2022-12-310001072379us-gaap:CommonStockMember2022-09-300001072379us-gaap:CommonStockMember2022-06-300001072379us-gaap:CommonStockMember2021-12-310001072379nwbo:SeriesCInvestorsMembernwbo:SeriesCConvertiblePreferredStockMembernwbo:SeriesCSubscriptionAgreementsMember2023-09-300001072379nwbo:ShareLiabilityMemberus-gaap:FairValueInputsLevel3Member2023-09-300001072379nwbo:ContingentPayableDerivativeLiabilityMemberus-gaap:FairValueInputsLevel3Member2023-09-300001072379nwbo:WarrantLiabilityMemberus-gaap:FairValueInputsLevel3Member2023-01-090001072379nwbo:WarrantLiabilityMemberus-gaap:FairValueInputsLevel3Member2022-12-310001072379nwbo:ShareLiabilityMemberus-gaap:FairValueInputsLevel3Member2022-12-310001072379nwbo:ContingentPayableDerivativeLiabilityMemberus-gaap:FairValueInputsLevel3Member2022-12-310001072379srt:MinimumMember2023-01-012023-09-300001072379srt:MaximumMember2023-01-012023-09-300001072379nwbo:PreModificationMember2023-01-012023-09-300001072379us-gaap:EmployeeStockOptionMember2023-01-012023-09-300001072379nwbo:RestrictedStockAwardsMember2022-09-260001072379nwbo:RestrictedStockAwardsMembernwbo:AmendedStatementOfWork6Member2022-09-260001072379nwbo:PreModificationMemberus-gaap:WarrantMember2023-01-012023-09-300001072379nwbo:PostModificationMemberus-gaap:WarrantMember2023-01-012023-09-300001072379nwbo:PreModificationMemberus-gaap:WarrantMember2023-09-300001072379nwbo:PostModificationMemberus-gaap:WarrantMember2023-09-300001072379nwbo:OtherServiceAgreementMember2023-01-012023-09-300001072379nwbo:LieuMemberus-gaap:CommonStockMemberus-gaap:SubsequentEventMember2023-10-012023-10-310001072379srt:MinimumMemberus-gaap:PropertyPlantAndEquipmentOtherTypesMember2023-09-300001072379srt:MinimumMemberus-gaap:FurnitureAndFixturesMember2023-09-300001072379srt:MaximumMemberus-gaap:PropertyPlantAndEquipmentOtherTypesMember2023-09-300001072379srt:MaximumMemberus-gaap:FurnitureAndFixturesMember2023-09-300001072379us-gaap:GeographicDistributionDomesticMemberus-gaap:PropertyPlantAndEquipmentOtherTypesMember2023-09-300001072379us-gaap:GeographicDistributionDomesticMemberus-gaap:LeaseholdImprovementsMember2023-09-300001072379us-gaap:GeographicDistributionDomesticMemberus-gaap:FurnitureAndFixturesMember2023-09-300001072379country:GBus-gaap:LandMember2023-09-300001072379us-gaap:GeographicDistributionDomesticMemberus-gaap:PropertyPlantAndEquipmentOtherTypesMember2022-12-310001072379us-gaap:GeographicDistributionDomesticMemberus-gaap:LeaseholdImprovementsMember2022-12-310001072379us-gaap:GeographicDistributionDomesticMemberus-gaap:FurnitureAndFixturesMember2022-12-310001072379country:GBus-gaap:LandMember2022-12-310001072379nwbo:NotesMember2023-07-112023-07-110001072379nwbo:SeriesCConvertiblePreferredStockMemberus-gaap:CommonStockMemberus-gaap:SubsequentEventMember2023-11-060001072379us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300001072379us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-300001072379us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-012022-09-300001072379us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-09-300001072379nwbo:AdventBioServicesMember2023-07-012023-09-300001072379nwbo:AdventBioServicesMember2022-07-012022-09-300001072379nwbo:AdventBioServicesMember2022-01-012022-09-300001072379us-gaap:RetainedEarningsMember2023-07-012023-09-300001072379us-gaap:RetainedEarningsMember2023-01-012023-09-300001072379us-gaap:RetainedEarningsMember2022-07-012022-09-300001072379us-gaap:RetainedEarningsMember2022-01-012022-09-300001072379us-gaap:StateAndLocalJurisdictionMember2021-11-042021-11-040001072379us-gaap:StateAndLocalJurisdictionMember2023-01-012023-09-300001072379us-gaap:ForeignCountryMember2023-01-012023-09-300001072379country:US2023-09-300001072379country:GB2023-09-300001072379country:US2022-09-300001072379country:GB2022-09-300001072379country:US2023-01-012023-09-300001072379country:GB2023-01-012023-09-300001072379country:US2022-01-012022-09-300001072379country:GB2022-01-012022-09-300001072379us-gaap:ConvertibleNotesPayableMember2023-01-012023-09-300001072379us-gaap:ConvertibleNotesPayableMember2022-01-012022-09-300001072379us-gaap:ConvertibleDebtMember2023-09-300001072379nwbo:WarrantLiabilityMember2023-09-300001072379nwbo:ShareLiabilityMember2023-09-300001072379nwbo:ContingentPayableDerivativeLiabilityMember2023-09-300001072379us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2022-12-310001072379nwbo:WarrantLiabilityMember2022-12-310001072379nwbo:ShareLiabilityMember2022-12-310001072379nwbo:ContingentPayableDerivativeLiabilityMember2022-12-310001072379us-gaap:ConvertibleDebtMember2023-01-012023-09-300001072379us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2023-01-012023-09-300001072379nwbo:ContingentPayableDerivativeLiabilityMember2023-01-012023-09-300001072379us-gaap:WarrantMember2023-01-012023-09-300001072379nwbo:RestrictedStockAwardsMembernwbo:SecondAmendedStatementOfWork6Member2023-09-260001072379nwbo:ConvertibleNoteMemberus-gaap:SubsequentEventMember2023-10-202023-10-200001072379nwbo:JulyConvertibleNoteMemberus-gaap:SubsequentEventMember2023-10-042023-10-040001072379nwbo:JuneConvertibleNoteMember2023-09-302023-09-300001072379nwbo:JulyConvertibleNoteMember2023-06-112023-06-110001072379nwbo:AprilConvertibleNotesMember2023-04-012023-04-300001072379us-gaap:ShortTermDebtMembernwbo:TenPercentUnsecuredMember2023-01-012023-09-300001072379us-gaap:ShortTermDebtMembernwbo:SixPercentUnsecuredMember2023-01-012023-09-300001072379nwbo:ShortTermNotesPayableMembernwbo:TwelvePercentUnsecuredMember2023-01-012023-09-300001072379nwbo:ShortTermNotesPayableMembernwbo:EightPercentUnsecuredMember2023-01-012023-09-300001072379nwbo:ShortTermConvertibleNotesAtFairValueMembernwbo:ElevenPercentUnsecuredMember2023-01-012023-09-300001072379nwbo:LongTermNotesPayableMembernwbo:SixPercentSecuredMember2023-01-012023-09-300001072379nwbo:LongTermNotesPayableMembernwbo:EightPercentUnsecuredMember2023-01-012023-09-300001072379us-gaap:ShortTermDebtMembernwbo:SixPercentUnsecuredMember2022-01-012022-12-310001072379nwbo:ShortTermNotesPayableMembernwbo:TwelvePercentUnsecuredMember2022-01-012022-12-310001072379nwbo:ShortTermNotesPayableMembernwbo:NinePercentUnsecuredMember2022-01-012022-12-310001072379nwbo:ShortTermNotesPayableMembernwbo:EightPercentUnsecuredMember2022-01-012022-12-310001072379nwbo:LongTermNotesPayableMembernwbo:SixPercentSecuredMember2022-01-012022-12-310001072379nwbo:LongTermNotesPayableMembernwbo:EightPercentUnsecuredMember2022-01-012022-12-310001072379nwbo:NotesMembernwbo:SeniorConvertibleNotesMember2023-09-300001072379nwbo:NotesMemberus-gaap:CommonStockMember2023-01-012023-09-300001072379nwbo:NotesMembernwbo:SeriesCConvertiblePreferredStockMember2023-01-012023-09-300001072379nwbo:NotesMember2023-01-012023-09-300001072379nwbo:JulyConvertibleNoteMemberus-gaap:SubsequentEventMember2023-10-040001072379us-gaap:ShortTermDebtMembernwbo:EightPercentUnsecuredMember2023-09-300001072379nwbo:ShortTermNotesPayableMembernwbo:TwelvePercentUnsecuredMember2023-09-300001072379nwbo:ShortTermNotesPayableMembernwbo:EightPercentUnsecuredMember2023-09-300001072379nwbo:ShortTermConvertibleNotesAtFairValueMembernwbo:ElevenPercentUnsecuredMember2023-09-300001072379nwbo:NotesMembernwbo:SeriesCConvertiblePreferredStockMember2023-09-300001072379nwbo:LongTermNotesPayableMembernwbo:SixPercentSecuredMember2023-09-300001072379nwbo:LongTermNotesPayableMembernwbo:EightPercentUnsecuredMember2023-09-300001072379us-gaap:ShortTermDebtMember2023-09-300001072379nwbo:ShortTermNotesPayableMember2023-09-300001072379nwbo:LongTermNotesPayableMember2023-09-300001072379nwbo:AugustSeptemberConvertibleNotesMember2023-09-300001072379nwbo:AugustAndSeptemberConvertibleNotesMember2023-09-300001072379nwbo:OneYearConvertibleNotesMember2023-07-310001072379nwbo:JulyConvertibleNoteMember2023-07-110001072379us-gaap:ShortTermDebtMembernwbo:SixPercentUnsecuredMember2022-12-310001072379nwbo:ShortTermNotesPayableMembernwbo:TwelvePercentUnsecuredMember2022-12-310001072379nwbo:ShortTermNotesPayableMembernwbo:NinePercentUnsecuredMember2022-12-310001072379nwbo:LongTermNotesPayableMembernwbo:SixPercentSecuredMember2022-12-310001072379nwbo:LongTermNotesPayableMembernwbo:EightPercentUnsecuredMember2022-12-310001072379us-gaap:ShortTermDebtMember2022-12-310001072379nwbo:LongTermNotesPayableMember2022-12-310001072379nwbo:JulyConvertibleNoteMembernwbo:SeriesCConvertiblePreferredStockMemberus-gaap:SubsequentEventMember2023-10-040001072379srt:MinimumMemberus-gaap:ShortTermDebtMembernwbo:EightPercentUnsecuredMembernwbo:SeriesCConvertiblePreferredStockMember2023-09-300001072379srt:MaximumMemberus-gaap:ShortTermDebtMembernwbo:EightPercentUnsecuredMembernwbo:SeriesCConvertiblePreferredStockMember2023-09-300001072379srt:MinimumMemberus-gaap:ShortTermDebtMembernwbo:EightPercentUnsecuredMember2023-09-300001072379srt:MinimumMembernwbo:ShortTermConvertibleNotesAtFairValueMembernwbo:ElevenPercentUnsecuredMember2023-09-300001072379srt:MaximumMemberus-gaap:ShortTermDebtMembernwbo:EightPercentUnsecuredMember2023-09-300001072379srt:MaximumMembernwbo:ShortTermConvertibleNotesAtFairValueMembernwbo:ElevenPercentUnsecuredMember2023-09-300001072379srt:MaximumMembernwbo:AugustSeptemberConvertibleNotesMembernwbo:SeriesCConvertiblePreferredStockMember2023-09-300001072379us-gaap:ShortTermDebtMembernwbo:TenPercentUnsecuredMember2023-09-300001072379us-gaap:ShortTermDebtMembernwbo:SixPercentUnsecuredMember2023-09-300001072379us-gaap:ShortTermDebtMembernwbo:EightPercentUnsecuredDue6302024Member2023-09-300001072379us-gaap:ShortTermDebtMembernwbo:EightPercentUnsecuredDue1312024Member2023-09-300001072379nwbo:JuneConvertibleNoteMembernwbo:SeriesCConvertiblePreferredStockMember2023-09-300001072379nwbo:AprilConvertibleNotesMembernwbo:SeriesCConvertiblePreferredStockMember2023-04-300001072379nwbo:ConvertibleNoteMemberus-gaap:SubsequentEventMember2023-10-040001072379nwbo:JuneConvertibleNoteMember2023-09-300001072379srt:MinimumMembernwbo:AdventBioservicesAgreementsMember2018-05-142018-05-140001072379nwbo:SeriesCConvertiblePreferredStockMemberus-gaap:SubsequentEventMember2023-11-060001072379nwbo:SeriesCConvertiblePreferredStockMemberus-gaap:CommonStockMember2023-09-300001072379nwbo:SeriesCConvertiblePreferredStockMemberus-gaap:SubsequentEventMember2023-10-012023-11-060001072379nwbo:SeriesCConvertiblePreferredStockMemberus-gaap:CommonStockMember2023-10-012023-11-060001072379nwbo:SeriesCConvertiblePreferredStockMemberus-gaap:CommonStockMember2023-01-012023-09-3000010723792023-01-0800010723792023-01-090001072379nwbo:WarrantsIssuedAsConsiderationForWarrantsSuspensionMember2023-09-300001072379srt:MinimumMembernwbo:CashlessWarrantsExerciseMemberus-gaap:StockOptionMemberus-gaap:CommonStockMember2023-09-300001072379srt:MaximumMembernwbo:CashlessWarrantsExerciseMemberus-gaap:StockOptionMemberus-gaap:CommonStockMember2023-09-300001072379srt:MinimumMembernwbo:CashlessWarrantsExerciseMemberus-gaap:StockOptionMember2023-09-300001072379srt:MaximumMembernwbo:CashlessWarrantsExerciseMemberus-gaap:CommonStockMember2023-09-300001072379srt:MinimumMembernwbo:OneYearConvertibleNotesMember2023-09-300001072379srt:MaximumMembernwbo:OneYearConvertibleNotesMember2023-09-300001072379srt:MinimumMember2023-09-300001072379srt:MaximumMember2023-09-300001072379nwbo:AprilConvertibleNotesMember2023-09-300001072379nwbo:AprilConvertibleNotesMember2023-06-3000010723792022-09-3000010723792021-12-310001072379nwbo:SeriesCConvertiblePreferredStockMember2023-01-012023-09-300001072379nwbo:ConvertibleNotesAndAccruedInterestMember2023-01-012023-09-300001072379nwbo:CommonStockWarrantsMember2023-01-012023-09-300001072379nwbo:CommonStockOptionsMember2023-01-012023-09-300001072379nwbo:SeriesCConvertiblePreferredStockMember2022-01-012022-09-300001072379nwbo:ConvertibleNotesAndAccruedInterestMember2022-01-012022-09-300001072379nwbo:CommonStockWarrantsMember2022-01-012022-09-300001072379nwbo:CommonStockOptionsMember2022-01-012022-09-300001072379nwbo:NotesMember2023-07-012023-09-300001072379us-gaap:GeneralAndAdministrativeExpenseMembernwbo:OtherServiceAgreementMember2023-07-012023-09-300001072379us-gaap:ResearchAndDevelopmentExpenseMember2023-07-012023-09-300001072379us-gaap:GeneralAndAdministrativeExpenseMember2023-07-012023-09-300001072379nwbo:MilestoneAchievedMember2023-07-012023-09-300001072379nwbo:FutureMilestoneMember2023-07-012023-09-300001072379us-gaap:GeneralAndAdministrativeExpenseMembernwbo:OtherServiceAgreementMember2023-01-012023-09-300001072379us-gaap:ResearchAndDevelopmentExpenseMember2023-01-012023-09-300001072379us-gaap:GeneralAndAdministrativeExpenseMember2023-01-012023-09-300001072379nwbo:MilestoneAchievedMember2023-01-012023-09-300001072379nwbo:MilestoneAchievedMember2023-01-012023-09-300001072379nwbo:FutureMilestoneMember2023-01-012023-09-300001072379us-gaap:ResearchAndDevelopmentExpenseMember2022-07-012022-09-300001072379us-gaap:GeneralAndAdministrativeExpenseMember2022-07-012022-09-300001072379nwbo:MilestoneAchievedMember2022-07-012022-09-300001072379us-gaap:ResearchAndDevelopmentExpenseMember2022-01-012022-09-300001072379us-gaap:GeneralAndAdministrativeExpenseMember2022-01-012022-09-300001072379nwbo:MilestoneAchievedMember2022-01-012022-09-300001072379us-gaap:GeographicDistributionDomesticMember2023-09-300001072379nwbo:AdventBioServicesMember2023-09-300001072379nwbo:AdventBioServicesMember2022-12-310001072379nwbo:ConvertibleNoteMemberus-gaap:SubsequentEventMember2023-10-042023-10-040001072379nwbo:AdventBioServicesAgreementMember2023-09-300001072379nwbo:AdventBioServicesAgreementMember2022-12-310001072379us-gaap:SubsequentEventMember2023-11-012023-11-060001072379us-gaap:SubsequentEventMember2023-10-012023-10-310001072379nwbo:SpecializedWorkOneTimeMilestoneExpensedAndPaidMilestoneCompletedMembernwbo:AdventBioServicesMember2023-07-012023-09-300001072379nwbo:SpecializedWorkOneTimeMilestoneExpensedAndPaidMilestoneCompletedMembernwbo:AdventBioServicesMember2022-07-012022-09-300001072379nwbo:SpecializedWorkOneTimeMilestoneExpensedAndUnpaidNotYetDueMilestoneNotYetCompletedMembernwbo:AdventBioServicesMember2023-07-012023-09-300001072379nwbo:SpecializedWorkOneTimeMilestoneExpensedAndDueButUnpaidMilestoneCompletedMembernwbo:AdventBioServicesMember2023-07-012023-09-300001072379nwbo:SpecializedWorkOneTimeMilestoneExpensedAndUnpaidNotYetDueMilestoneNotYetCompletedMembernwbo:AdventBioServicesMember2023-01-012023-09-300001072379nwbo:SpecializedWorkOneTimeMilestoneExpensedAndPaidMilestoneCompletedMembernwbo:AdventBioServicesMember2023-01-012023-09-300001072379nwbo:SpecializedWorkOneTimeMilestoneExpensedAndDueButUnpaidMilestoneCompletedMembernwbo:AdventBioServicesMember2023-01-012023-09-300001072379nwbo:SpecializedWorkOneTimeMilestoneExpensedAndUnpaidNotYetDueMilestoneNotYetCompletedMembernwbo:AdventBioServicesMember2022-07-012022-09-300001072379nwbo:SpecializedWorkOneTimeMilestoneExpensedAndDueButUnpaidMilestoneCompletedMembernwbo:AdventBioServicesMember2022-07-012022-09-300001072379nwbo:SpecializedWorkOneTimeMilestoneExpensedAndUnpaidNotYetDueMilestoneNotYetCompletedMembernwbo:AdventBioServicesMember2022-01-012022-09-300001072379nwbo:SpecializedWorkOneTimeMilestoneExpensedAndPaidMilestoneCompletedMembernwbo:AdventBioServicesMember2022-01-012022-09-300001072379nwbo:SpecializedWorkOneTimeMilestoneExpensedAndDueButUnpaidMilestoneCompletedMembernwbo:AdventBioServicesMember2022-01-012022-09-300001072379nwbo:ManufacturingCostGMPFacilityLondonMembernwbo:AdventBioServicesMember2023-07-012023-09-300001072379nwbo:DevelopmentAndManufacturingCostSawstonFacilityMembernwbo:AdventBioServicesMember2023-07-012023-09-300001072379nwbo:ManufacturingCostGMPFacilityLondonMembernwbo:AdventBioServicesMember2023-01-012023-09-300001072379nwbo:DevelopmentAndManufacturingCostSawstonFacilityMembernwbo:AdventBioServicesMember2023-01-012023-09-300001072379nwbo:ManufacturingCostGMPFacilityLondonMembernwbo:AdventBioServicesMember2022-07-012022-09-300001072379nwbo:DevelopmentAndManufacturingCostSawstonFacilityMembernwbo:AdventBioServicesMember2022-07-012022-09-300001072379nwbo:ManufacturingCostGMPFacilityLondonMembernwbo:AdventBioServicesMember2022-01-012022-09-300001072379nwbo:DevelopmentAndManufacturingCostSawstonFacilityMembernwbo:AdventBioServicesMember2022-01-012022-09-300001072379us-gaap:ForeignCountryMember2022-01-012022-06-300001072379us-gaap:SubsequentEventMember2023-10-122023-10-120001072379nwbo:CashlessWarrantsExerciseMember2023-01-012023-09-3000010723792023-01-092023-01-090001072379nwbo:RestrictedStockAwardsMembernwbo:AmendedStatementOfWork6Member2022-09-262022-09-260001072379nwbo:RestrictedStockAwardsMembernwbo:AdventBioserviceAgreementMembernwbo:StatementOfWork6Member2022-04-012022-04-300001072379us-gaap:SubsequentEventMember2023-10-012023-11-060001072379nwbo:AdventBioservicesAgreementsMember2023-01-012023-09-300001072379nwbo:AmendedStatementOfWork6Member2022-09-262022-09-260001072379nwbo:FutureMilestoneMember2022-07-012022-09-300001072379nwbo:RestrictedStockAwardsMember2022-01-012022-12-310001072379nwbo:MilestoneAchievedMember2022-01-012022-12-310001072379nwbo:FutureMilestoneMember2022-01-012022-09-300001072379us-gaap:ShareBasedPaymentArrangementEmployeeMember2023-08-012023-08-310001072379us-gaap:CommonStockMemberus-gaap:SubsequentEventMember2023-10-012023-11-0600010723792022-07-272022-07-270001072379nwbo:SubleaseAgreementMember2023-09-300001072379us-gaap:GeographicDistributionDomesticMemberus-gaap:LeaseholdImprovementsMember2023-01-012023-09-300001072379nwbo:SeriesCInvestorsMembernwbo:SeriesCConvertiblePreferredStockMembernwbo:SeriesCSubscriptionAgreementsMember2023-01-012023-09-300001072379nwbo:ShortTermNotesPayableMembernwbo:EightPercentUnsecuredMember2022-12-310001072379nwbo:ShortTermNotesPayableMember2022-12-310001072379nwbo:WarrantLiabilityMember2023-01-012023-09-300001072379nwbo:ShareLiabilityMember2023-01-012023-09-300001072379nwbo:WarrantLiabilityMemberus-gaap:FairValueInputsLevel3Member2023-01-092023-01-090001072379nwbo:ShareLiabilityMemberus-gaap:FairValueInputsLevel3Member2023-01-012023-09-300001072379nwbo:ContingentPayableDerivativeLiabilityMemberus-gaap:FairValueInputsLevel3Member2023-01-012023-09-300001072379nwbo:WarrantLiabilityMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-12-310001072379nwbo:ShareLiabilityMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-12-310001072379nwbo:ContingentPayableDerivativeLiabilityMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-12-310001072379us-gaap:CommercialLoanMember2023-03-022023-03-020001072379us-gaap:CommercialLoanMember2023-03-020001072379nwbo:JuneConvertibleNoteMembernwbo:SeriesCConvertiblePreferredStockMember2023-09-302023-09-300001072379nwbo:OneYearConvertibleNotesMembernwbo:SeriesCConvertiblePreferredStockMember2023-07-012023-09-300001072379nwbo:AprilConvertibleNotesMembernwbo:SeriesCConvertiblePreferredStockMember2023-04-012023-04-300001072379us-gaap:ShortTermDebtMembernwbo:EightPercentUnsecuredMember2023-01-012023-09-300001072379nwbo:AugustSeptemberConvertibleNotesMember2023-01-012023-09-300001072379nwbo:OneYearConvertibleNotesMember2023-09-300001072379nwbo:AprilConvertibleNotesMember2023-04-300001072379us-gaap:FairValueInputsLevel3Member2023-09-300001072379us-gaap:FairValueInputsLevel3Member2022-12-310001072379us-gaap:GeographicDistributionDomesticMember2022-12-3100010723792022-01-012022-12-310001072379nwbo:AccountsPayableAndAccruedLiabilitiesRelatedPartiesCurrentMember2023-09-300001072379nwbo:AdventBioServicesMember2023-09-300001072379nwbo:AdventBioServicesMember2023-01-012023-09-300001072379nwbo:RestrictedStockAwardsMembernwbo:ManufacturingLicenseMilestoneMember2023-01-012023-09-300001072379nwbo:RestrictedStockAwardsMembernwbo:AmendedStatementOfWork6Member2023-01-012023-09-300001072379nwbo:AdventBioservicesAgreementsMember2018-05-142018-05-140001072379us-gaap:AdditionalPaidInCapitalMember2023-07-012023-09-300001072379us-gaap:CommonStockMember2023-07-012023-09-300001072379nwbo:SeriesCConvertiblePreferredStockMember2023-07-012023-09-300001072379us-gaap:CommonStockMember2023-01-012023-09-300001072379nwbo:SeriesCConvertiblePreferredStockMember2023-01-012023-09-300001072379us-gaap:CommonStockMember2022-07-012022-09-300001072379us-gaap:CommonStockMember2022-01-012022-09-300001072379us-gaap:AdditionalPaidInCapitalMember2023-01-012023-09-300001072379us-gaap:AdditionalPaidInCapitalMember2022-07-012022-09-300001072379nwbo:SeriesCConvertiblePreferredStockMember2022-07-012022-09-3000010723792022-07-012022-09-300001072379us-gaap:AdditionalPaidInCapitalMember2022-01-012022-09-300001072379nwbo:SeriesCConvertiblePreferredStockMember2022-01-012022-09-3000010723792022-01-012022-09-300001072379nwbo:OneYearConvertibleNotesMember2023-07-012023-09-300001072379nwbo:AprilConvertibleNotesMember2023-01-012023-09-300001072379nwbo:AdventBioservicesAgreementsMember2023-09-300001072379nwbo:AdventBioservicesAgreementsMember2022-12-3100010723792023-09-3000010723792022-12-3100010723792023-07-012023-09-3000010723792023-11-0600010723792023-01-012023-09-30nwbo:Programiso4217:GBPutr:sqftxbrli:sharesiso4217:USDnwbo:itemiso4217:USDxbrli:sharesxbrli:pureiso4217:EURnwbo:installmentnwbo:employeenwbo:Milestone

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 September 30, 2023

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)

(240497-9024

(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        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        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 November 6, 2023, the total number of shares of common stock, par value $0.001 per share, outstanding was 1,153,846,907.

NORTHWEST BIOTHERAPEUTICS, INC.

FORM 10-Q

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION

3

Item 1.

Condensed Consolidated Interim Financial Statements (Unaudited)

 

Condensed Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022

3

 

Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and nine months ended September 30, 2023 and 2022

4

 

Condensed Consolidated Statements of Stockholders’ Deficit for the three and nine months ended September 30, 2023 and 2022

5

 

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2023 and 2022

7

 

Notes to Condensed Consolidated Financial Statements

9

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

26

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

31

 

 

Item 4.

Controls and Procedures

32

PART II - OTHER INFORMATION

33

Item 1.

Legal Proceedings

33

 

 

Item 1A.

Risk Factors

33

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

33

 

 

Item 3.

Defaults Upon Senior Securities

34

 

 

Item 4.

Mine Safety Disclosures

34

 

Item 5.

Other Information

34

 

 

Item 6.

Exhibits

34

SIGNATURES

35

2

PART I - FINANCIAL INFORMATION

NORTHWEST BIOTHERAPEUTICS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

    

September 30, 

    

December 31, 

2023

2022

(Unaudited)

ASSETS

 

  

 

Current assets:

 

  

 

  

Cash and cash equivalents

$

6,097

$

6,965

Prepaid expenses and other current assets

 

1,745

 

2,460

Share receivable

610

Total current assets

 

8,452

 

9,425

Non-current assets:

 

 

Property, plant and equipment, net

 

16,751

 

13,418

Construction in progress

2,028

Right-of-use asset, net

4,014

4,189

Indefinite-lived intangible asset

1,292

1,292

Goodwill

626

626

Other assets

 

357

 

345

Total non-current assets

 

23,040

 

21,898

TOTAL ASSETS

$

31,492

$

31,323

LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ DEFICIT

 

 

Current liabilities:

 

 

Accounts payable and accrued expenses

$

12,331

$

10,687

Accounts payable and accrued expenses to related parties and affiliates

 

4,716

 

6,955

Convertible notes, net

 

3,451

 

135

Convertible notes at fair value

10,250

Notes payable, net

 

8,198

 

15,403

Contingent payable derivative liability

8,882

8,668

Warrant liability

 

1,019

 

80,559

Investor advances

7

2,566

Share liability

678

Lease liabilities

369

354

Total current liabilities

 

49,223

 

126,005

Non-current liabilities:

 

 

Notes payable, net of current portion, net

 

11,038

 

5,991

Lease liabilities, net of current portion

4,134

4,370

Contingent payment obligation

4,550

Total non-current liabilities

 

19,722

 

10,361

Total liabilities

 

68,945

 

136,366

COMMITMENTS AND CONTINGENCIES (Note 12)

 

 

Mezzanine equity:

Series C Convertible Preferred Stock, 10,000,000 shares designated; 1.8 million and 1.4 million shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively; aggregate liquidation preference of $26.0 million and $22.3 million as of September 30, 2023 and December 31, 2022, respectively

27,666

23,060

Stockholders’ deficit:

 

 

Preferred stock ($0.001 par value); 100,000,000 shares authorized as of September 30, 2023 and December 31, 2022, respectively

Common stock ($0.001 par value); 1,700,000,000 shares authorized; 1,145.1 million and 1,068.4 million shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively

 

1,145

 

1,068

Additional paid-in capital

 

1,271,327

 

1,164,885

Stock subscription receivable

 

(79)

 

(79)

Accumulated deficit

 

(1,340,802)

 

(1,297,122)

Accumulated other comprehensive income

 

3,290

 

3,145

Total stockholders’ deficit

 

(65,119)

 

(128,103)

TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ DEFICIT

$

31,492

$

31,323

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

3

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 nine months ended

September 30, 

September 30, 

    

2023

    

2022

    

2023

    

2022

Revenues:

Research and other

$

406

$

206

$

1,487

$

1,086

Total revenues

406

206

1,487

1,086

Operating costs and expenses:

Research and development

7,201

7,694

20,276

26,159

General and administrative

7,030

8,130

21,577

23,930

Total operating costs and expenses

14,231

15,824

41,853

50,089

Loss from operations

(13,825)

(15,618)

(40,366)

(49,003)

Other income (expense):

Change in fair value of derivative liabilities

(112)

(12,169)

3,875

(15,883)

Change in fair value of share receivable

487

534

Loss from extinguishment of debt

(1,768)

(456)

(3,648)

(156)

Interest expense

(1,670)

(1,512)

(3,999)

(4,847)

Foreign currency transaction loss

(1,692)

(3,097)

(76)

(6,845)

Total other loss

(4,755)

(17,234)

(3,314)

(27,731)

Net loss

(18,580)

(32,852)

(43,680)

(76,734)

Deemed dividend related to warrant modification

(519)

(1,433)

Net loss attributable to common stockholders

$

(19,099)

$

(32,852)

$

(45,113)

$

(76,734)

Other comprehensive income (loss)

Foreign currency translation adjustment

1,397

2,773

145

5,956

Total comprehensive loss

$

(17,702)

$

(30,079)

$

(44,968)

$

(70,778)

Net loss per share applicable to common stockholders

Basic

$

(0.02)

$

(0.03)

$

(0.04)

$

(0.08)

Diluted

$

(0.02)

$

(0.03)

$

(0.04)

$

(0.08)

Weighted average shares used in computing basic loss per share

1,134,359

1,040,982

1,106,111

1,001,703

Weighted average shares used in computing diluted loss per share

1,134,359

1,040,982

1,106,111

1,001,703

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

4

NORTHWEST BIOTHERAPEUTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT

(in thousands)

(Unaudited)

    

For the Three Months Ended September 30, 2023

Mezzanine equity

Accumulated

Series C Covertible

Additional

Other

Total

Preferred Stock

Common Stock

Paid-in

Subscription

Accumulated

Comprehensive

Stockholders’

    

Shares

    

Amount

  

  

Shares

    

Par value

    

Capital

    

Receivable

    

Deficit

    

Income

    

Deficit

Balances at July 1, 2023

    

1,546

    

$

25,385

 

1,115,183

$

1,115

$

1,258,259

$

(79)

$

(1,322,222)

$

1,893

$

(61,034)

Issuance of Series C convertible preferred stock for cash

 

405

 

5,143

 

 

 

 

 

 

 

Issuance of Series C convertible preferred stock in lieu of debt redemption

 

 

 

 

 

 

 

 

 

Series C convertible preferred stock conversion

 

(186)

 

(2,974)

 

4,651

 

4

 

2,970

 

 

 

 

2,974

Warrants exercised for cash

 

 

 

128

 

 

32

 

 

 

 

32

Cashless warrants and stock options exercise

 

 

 

10,554

 

11

 

(11)

 

 

 

 

Issuance of common stock for conversion of debt and accrued interest

 

 

 

12,403

 

13

 

7,907

 

 

 

 

7,920

Stock-based compensation

 

8

 

112

 

2,164

 

2

 

1,563

 

 

 

 

1,565

Net loss

 

 

 

 

 

 

 

(18,580)

 

 

(18,580)

Warrants modfication

 

 

 

 

 

1,126

 

 

 

 

1,126

Deemed dividend related to warrants modification

 

 

 

 

 

(519)

 

 

 

 

(519)

Cumulative translation adjustment

 

 

 

 

 

 

 

 

1,397

 

1,397

Balances at September 30, 2023

 

1,773

$

27,666

 

1,145,083

$

1,145

$

1,271,327

$

(79)

$

(1,340,802)

$

3,290

$

(65,119)

    For the Three Months Ended September 30, 2022

Accumulated

Series C Covertible

Additional

Other

Total

Preferred Stock

Common Stock

Paid-in

Subscription

Accumulated

Comprehensive

Stockholders’

    

Shares

    

Amount

  

  

Shares

    

Par value

    

Capital

    

Receivable

    

Deficit

    

Income

    

Deficit

Balances at July 1, 2022

    

$

1,034,475

$

1,034

$

1,139,811

$

(79)

$

(1,235,972)

$

3,540

$

(91,666)

Issuance of Series C convertible preferred stock for cash

704

 

10,904

 

 

 

 

 

Issuance of Series C convertible preferred stock in lieu of debt redemption

126

 

1,978

 

 

Issuance of Series C convertible preferred stock by common stock warrant exercise

55

 

329

 

 

Warrants exercised for cash

 

1,926

 

2

 

428

 

 

 

430

Reclassification of warrant liabilities related to warrants exercised for cash

535

2,402

2,402

Cashless warrants and stock options exercised

 

5,321

 

5

 

(5)

 

 

 

Reclassification of warrant liabilities related to cashless warrants exercise

 

 

 

1,421

 

 

 

1,421

Issuance of common stock for conversion of debt and accrued interest

 

6,892

 

7

 

5,274

 

 

 

5,281

Stock-based compensation

 

2,636

 

3

 

3,358

 

 

 

3,361

Fractional shares adjustment

10

Net loss

 

 

 

 

(32,852)

 

 

(32,852)

Cumulative translation adjustment

 

 

2,773

 

2,773

Balances at September 30, 2022

885

$

13,746

1,051,260

$

1,051

$

1,152,689

$

(79)

$

(1,268,824)

$

6,313

$

(108,850)

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

5

NORTHWEST BIOTHERAPEUTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT

(in thousands)

(Unaudited)

For the Nine Months Ended September 30, 2023

Mezzanine equity

Accumulated

Series C Covertible

Additional

Other

Total

Preferred Stock

Common Stock

Paid-in

Subscription

Accumulated

Comprehensive

Stockholders’

    

Shares

    

Amount

  

  

Shares

    

Par value

    

Capital

    

Receivable

    

Deficit

    

Income

    

Deficit

Balances at January 1, 2023

 

1,415

$

23,060

1,068,394

$

1,068

 

$

1,164,885

 

$

(79)

$

(1,297,122)

 

$

3,145

$

(128,103)

Issuance of Series C convertible preferred stock for cash

729

9,899

Issuance of Series C convertible preferred stock in lieu of debt redemption

 

56

1,013

Series C convertible preferred stock conversion

 

(443)

(6,536)

11,081

11

6,525

6,536

Warrants exercised for cash

12,448

12

2,789

2,801

Cashless warrants and stock options exercise

20,433

21

(21)

Reclassification of warrant liabilities to stockholders’ deficit

76,258

76,258

Issuance of common stock for conversion of debt and accrued interest

27,563

28

17,456

17,484

Stock-based compensation

16

230

5,164

5

2,668

2,673

Net loss

 

 

 

(43,680)

 

(43,680)

Warrants modfication

 

2,200

2,200

Deemed dividend related to warrants modification

 

(1,433)

(1,433)

Cumulative translation adjustment

 

 

 

 

145

145

Balances at September 30, 2023

 

1,773

$

27,666

1,145,083

$

1,145

$

1,271,327

$

(79)

$

(1,340,802)

$

3,290

$

(65,119)

For the Nine Months Ended September 30, 2022

Accumulated

Series C Covertible

Additional

Other

Total

Preferred Stock

Common Stock

Paid-in

Subscription

Accumulated

Comprehensive

Stockholders’