10-Q 1 nwbo-20240930x10q.htm 10-Q
http://www.nwbio.com/20240930#ResearchAndOtherRevenueMemberhttp://www.nwbio.com/20240930#ResearchAndOtherRevenueMemberhttp://www.nwbio.com/20240930#ResearchAndOtherRevenueMemberhttp://fasb.org/us-gaap/2024#RelatedPartyMember0001072379--12-312024Q3falsehttp://fasb.org/us-gaap/2024#RelatedPartyMemberhttp://fasb.org/us-gaap/2024#RelatedPartyMemberhttp://fasb.org/us-gaap/2024#RelatedPartyMemberNONEhttp://www.nwbio.com/20240930#ResearchAndOtherRevenueMember00000P2Yhttp://fasb.org/us-gaap/2024#RelatedPartyMember550000736000http://fasb.org/us-gaap/2024#RelatedPartyMember0.044000005500007360000001072379nwbo:SeriesCConvertiblePreferredStockMember2024-09-300001072379nwbo:SeriesCConvertiblePreferredStockMember2024-06-300001072379nwbo:SeriesCConvertiblePreferredStockMember2023-12-310001072379nwbo:SeriesCConvertiblePreferredStockMember2023-09-300001072379nwbo:SeriesCConvertiblePreferredStockMember2023-06-300001072379nwbo:SeriesCConvertiblePreferredStockMember2022-12-310001072379nwbo:PlacementAgentWarrantMembernwbo:JuneOfferingMember2024-06-042024-06-040001072379us-gaap:RetainedEarningsMember2024-09-300001072379us-gaap:AdditionalPaidInCapitalMember2024-09-300001072379us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-09-300001072379nwbo:SubscriptionReceivableMember2024-09-300001072379us-gaap:RetainedEarningsMember2024-06-300001072379us-gaap:AdditionalPaidInCapitalMember2024-06-300001072379us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300001072379nwbo:SubscriptionReceivableMember2024-06-3000010723792024-06-300001072379us-gaap:RetainedEarningsMember2023-12-310001072379us-gaap:AdditionalPaidInCapitalMember2023-12-310001072379us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001072379nwbo:SubscriptionReceivableMember2023-12-310001072379us-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:CommonStockMember2024-09-300001072379us-gaap:CommonStockMember2024-06-300001072379us-gaap:CommonStockMember2023-12-310001072379us-gaap:CommonStockMember2023-09-300001072379us-gaap:CommonStockMember2023-06-300001072379us-gaap:CommonStockMember2022-12-310001072379nwbo:PlacementAgentWarrantMembernwbo:JuneOfferingMember2024-06-040001072379nwbo:PreModificationMember2024-01-012024-09-300001072379nwbo:PreModificationMemberus-gaap:WarrantMember2024-01-012024-09-300001072379nwbo:PostModificationMemberus-gaap:WarrantMember2024-01-012024-09-300001072379nwbo:PreModificationMemberus-gaap:WarrantMember2024-09-300001072379nwbo:PostModificationMemberus-gaap:WarrantMember2024-09-300001072379srt:MinimumMemberus-gaap:PropertyPlantAndEquipmentOtherTypesMember2024-09-300001072379srt:MinimumMemberus-gaap:FurnitureAndFixturesMember2024-09-300001072379srt:MaximumMemberus-gaap:PropertyPlantAndEquipmentOtherTypesMember2024-09-300001072379srt:MaximumMemberus-gaap:FurnitureAndFixturesMember2024-09-300001072379us-gaap:GeographicDistributionDomesticMemberus-gaap:PropertyPlantAndEquipmentOtherTypesMember2024-09-300001072379us-gaap:GeographicDistributionDomesticMemberus-gaap:LeaseholdImprovementsMember2024-09-300001072379us-gaap:GeographicDistributionDomesticMemberus-gaap:FurnitureAndFixturesMember2024-09-300001072379country:GBus-gaap:LandMember2024-09-300001072379us-gaap:GeographicDistributionDomesticMemberus-gaap:PropertyPlantAndEquipmentOtherTypesMember2023-12-310001072379us-gaap:GeographicDistributionDomesticMemberus-gaap:LeaseholdImprovementsMember2023-12-310001072379us-gaap:GeographicDistributionDomesticMemberus-gaap:FurnitureAndFixturesMember2023-12-310001072379country:GBus-gaap:LandMember2023-12-310001072379nwbo:PlacementAgentWarrantMembernwbo:JuneOfferingMember2024-01-012024-09-300001072379us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300001072379us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-09-300001072379us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300001072379us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-300001072379us-gaap:ParkingMembernwbo:AdventBioServicesMember2024-01-012024-09-300001072379nwbo:ExteriorSpacesMembernwbo:AdventBioServicesMember2024-01-012024-09-300001072379nwbo:AdventBioServicesMember2024-07-012024-09-300001072379nwbo:AdventBioServicesMember2023-07-012023-09-300001072379nwbo:AdventBioServicesMember2023-01-012023-09-300001072379us-gaap:RetainedEarningsMember2024-07-012024-09-300001072379us-gaap:RetainedEarningsMember2024-01-012024-09-300001072379us-gaap:RetainedEarningsMember2023-07-012023-09-300001072379us-gaap:RetainedEarningsMember2023-01-012023-09-300001072379us-gaap:StateAndLocalJurisdictionMember2021-11-042021-11-0400010723792024-01-162024-01-1600010723792023-10-122023-10-120001072379us-gaap:StateAndLocalJurisdictionMember2024-01-012024-09-300001072379us-gaap:ForeignCountryMember2024-01-012024-09-300001072379country:US2024-09-300001072379country:GB2024-09-300001072379country:US2023-09-300001072379country:GB2023-09-300001072379country:US2024-01-012024-09-300001072379country:GB2024-01-012024-09-300001072379country:US2023-01-012023-09-300001072379country:GB2023-01-012023-09-300001072379us-gaap:ConvertibleNotesPayableMember2024-01-012024-09-300001072379us-gaap:ConvertibleNotesPayableMember2023-01-012023-09-300001072379nwbo:AfterAmendmentMembernwbo:ModifiedConvertibleNoteMember2024-01-012024-09-300001072379nwbo:AfterAmendmentMembernwbo:FebruaryConvertibleNotesMember2024-01-012024-09-300001072379us-gaap:ConvertibleDebtMember2024-09-300001072379nwbo:ShareLiabilityMember2024-09-300001072379nwbo:ContingentPayableDerivativeLiabilityMember2024-09-300001072379us-gaap:ConvertibleDebtMember2023-12-310001072379nwbo:WarrantLiabilityMember2023-12-310001072379nwbo:ShareLiabilityMember2023-12-310001072379nwbo:ContingentPayableDerivativeLiabilityMember2023-12-310001072379nwbo:WarrantLiabilityMember2024-01-012024-09-300001072379nwbo:ContingentPayableDerivativeLiabilityMember2024-01-012024-09-300001072379us-gaap:FairValueInputsLevel3Membernwbo:ShareLiabilityMemberus-gaap:MeasurementInputRiskFreeInterestRateMember2024-09-300001072379us-gaap:FairValueInputsLevel3Membernwbo:ShareLiabilityMemberus-gaap:MeasurementInputPriceVolatilityMember2024-09-300001072379us-gaap:FairValueInputsLevel3Membernwbo:ShareLiabilityMemberus-gaap:MeasurementInputExpectedTermMember2024-09-300001072379us-gaap:FairValueInputsLevel3Membernwbo:ShareLiabilityMemberus-gaap:MeasurementInputExpectedDividendRateMember2024-09-300001072379us-gaap:FairValueInputsLevel3Membernwbo:ShareLiabilityMemberus-gaap:MeasurementInputExercisePriceMember2024-09-300001072379us-gaap:FairValueInputsLevel3Membernwbo:ShareLiabilityMemberus-gaap:MeasurementInputRiskFreeInterestRateMember2023-12-310001072379us-gaap:FairValueInputsLevel3Membernwbo:ShareLiabilityMemberus-gaap:MeasurementInputPriceVolatilityMember2023-12-310001072379us-gaap:FairValueInputsLevel3Membernwbo:ShareLiabilityMemberus-gaap:MeasurementInputExpectedTermMember2023-12-310001072379us-gaap:FairValueInputsLevel3Membernwbo:ShareLiabilityMemberus-gaap:MeasurementInputExpectedDividendRateMember2023-12-310001072379us-gaap:FairValueInputsLevel3Membernwbo:ShareLiabilityMemberus-gaap:MeasurementInputExercisePriceMember2023-12-310001072379us-gaap:FairValueInputsLevel3Membernwbo:ContingentPayableDerivativeLiabilityMemberus-gaap:MeasurementInputRiskFreeInterestRateMember2023-12-310001072379us-gaap:FairValueInputsLevel3Membernwbo:ContingentPayableDerivativeLiabilityMemberus-gaap:MeasurementInputPriceVolatilityMember2023-12-310001072379us-gaap:FairValueInputsLevel3Membernwbo:ContingentPayableDerivativeLiabilityMemberus-gaap:MeasurementInputExpectedTermMember2023-12-310001072379us-gaap:FairValueInputsLevel3Membernwbo:ContingentPayableDerivativeLiabilityMemberus-gaap:MeasurementInputExpectedDividendRateMember2023-12-310001072379us-gaap:FairValueInputsLevel3Membernwbo:ContingentPayableDerivativeLiabilityMemberus-gaap:MeasurementInputExercisePriceMember2023-12-310001072379nwbo:OctoberCommercialLoanMember2024-10-180001072379nwbo:ConvertibleNoteMemberus-gaap:SubsequentEventMember2024-10-012024-11-080001072379nwbo:FebruaryConvertibleNotesMember2024-02-212024-02-210001072379nwbo:LongTermConvertibleNotesMember2024-01-012024-09-300001072379us-gaap:ShortTermDebtMembernwbo:SixPercentUnsecuredMember2024-01-012024-09-300001072379us-gaap:ShortTermDebtMembernwbo:EightPercentUnsecuredMember2024-01-012024-09-300001072379nwbo:ShortTermNotesPayableMembernwbo:ZeroPercentUnsecuredMember2024-01-012024-09-300001072379nwbo:ShortTermNotesPayableMembernwbo:TwelvePercentUnsecuredMember2024-01-012024-09-300001072379nwbo:ShortTermNotesPayableMembernwbo:SixPercentUnsecuredMember2024-01-012024-09-300001072379nwbo:ShortTermNotesPayableMembernwbo:EightPercentUnsecuredMember2024-01-012024-09-300001072379nwbo:ShortTermConvertibleNotesAtFairValueMembernwbo:TenPercentUnsecuredMember2024-01-012024-09-300001072379nwbo:ShortTermConvertibleNotesAtFairValueMembernwbo:ElevenPercentUnsecuredMember2024-01-012024-09-300001072379nwbo:LongTermNotesPayableMembernwbo:EightPercentUnsecuredMember2024-01-012024-09-300001072379nwbo:LongTermConvertibleNotesAtFairValueMembernwbo:ElevenPercentUnsecuredMember2024-01-012024-09-300001072379us-gaap:ShortTermDebtMembernwbo:TenPercentUnsecuredMember2023-01-012023-12-310001072379us-gaap:ShortTermDebtMembernwbo:SixPercentUnsecuredMember2023-01-012023-12-310001072379us-gaap:ShortTermDebtMembernwbo:EightPercentUnsecuredMember2023-01-012023-12-310001072379nwbo:ShortTermNotesPayableMembernwbo:TwelvePercentUnsecuredMember2023-01-012023-12-310001072379nwbo:ShortTermNotesPayableMembernwbo:EightPercentUnsecuredMember2023-01-012023-12-310001072379nwbo:ShortTermConvertibleNotesAtFairValueMembernwbo:ElevenPercentUnsecuredMember2023-01-012023-12-310001072379nwbo:LongTermNotesPayableMembernwbo:SixPercentSecuredMember2023-01-012023-12-310001072379nwbo:LongTermNotesPayableMembernwbo:EightPercentUnsecuredMember2023-01-012023-12-310001072379nwbo:OneYearConvertibleNotesMembernwbo:SeriesCConvertiblePreferredStockMember2024-09-300001072379nwbo:NotesMember2024-01-012024-09-300001072379nwbo:ConvertibleNoteMemberus-gaap:SubsequentEventMember2024-11-080001072379nwbo:OctoberCommercialLoanMemberus-gaap:SubsequentEventMember2024-10-180001072379nwbo:ShortTermNotesPayableMembernwbo:ZeroPercentUnsecuredMember2024-09-300001072379nwbo:ShortTermNotesPayableMembernwbo:TwelvePercentUnsecuredMember2024-09-300001072379nwbo:ShortTermNotesPayableMembernwbo:SixPercentUnsecuredMember2024-09-300001072379nwbo:ShortTermNotesPayableMembernwbo:EightPercentUnsecuredMember2024-09-300001072379nwbo:LongTermNotesPayableMembernwbo:EightPercentUnsecuredMember2024-09-300001072379us-gaap:ShortTermDebtMember2024-09-300001072379nwbo:ShortTermNotesPayableMember2024-09-300001072379nwbo:OneYearConvertibleNotesMember2024-09-300001072379nwbo:ModifiedConvertibleNoteMember2024-09-300001072379us-gaap:ShortTermDebtMembernwbo:EightPercentUnsecuredMember2023-12-310001072379nwbo:ShortTermNotesPayableMembernwbo:TwelvePercentUnsecuredMember2023-12-310001072379nwbo:ShortTermNotesPayableMembernwbo:EightPercentUnsecuredMember2023-12-310001072379nwbo:LongTermNotesPayableMembernwbo:SixPercentSecuredMember2023-12-310001072379nwbo:LongTermNotesPayableMembernwbo:EightPercentUnsecuredMember2023-12-310001072379us-gaap:ShortTermDebtMember2023-12-310001072379nwbo:ShortTermNotesPayableMember2023-12-310001072379nwbo:LongTermNotesPayableMember2023-12-310001072379nwbo:FebruaryConvertibleNotesMembernwbo:SeriesCConvertiblePreferredStockMember2024-02-212024-02-210001072379srt:MinimumMembernwbo:ConvertibleNoteMemberus-gaap:SubsequentEventMember2024-11-080001072379srt:MaximumMembernwbo:ConvertibleNoteMemberus-gaap:SubsequentEventMember2024-11-080001072379srt:MinimumMembernwbo:ShortTermConvertibleNotesAtFairValueMembernwbo:ElevenPercentUnsecuredMember2024-09-300001072379srt:MinimumMembernwbo:OneYearConvertibleNotesMembernwbo:SeriesCConvertiblePreferredStockMember2024-09-300001072379srt:MinimumMembernwbo:LongTermConvertibleNotesAtFairValueMembernwbo:ElevenPercentUnsecuredMember2024-09-300001072379srt:MaximumMembernwbo:ShortTermConvertibleNotesAtFairValueMembernwbo:ElevenPercentUnsecuredMember2024-09-300001072379srt:MaximumMembernwbo:LongTermConvertibleNotesAtFairValueMembernwbo:ElevenPercentUnsecuredMember2024-09-300001072379us-gaap:ShortTermDebtMembernwbo:SixPercentUnsecuredMember2024-09-300001072379us-gaap:ShortTermDebtMembernwbo:EightPercentUnsecuredMember2024-09-300001072379us-gaap:ConvertibleNotesPayableMembernwbo:SeriesCConvertiblePreferredStockMember2024-09-300001072379srt:MinimumMembernwbo:LongTermConvertibleNotesMember2024-09-300001072379srt:MaximumMembernwbo:SeriesCConvertiblePreferredStockMember2024-09-300001072379srt:MaximumMembernwbo:LongTermConvertibleNotesMember2024-09-300001072379us-gaap:ConvertibleNotesPayableMember2024-09-300001072379nwbo:FebruaryConvertibleNotesMembernwbo:SeriesCConvertiblePreferredStockMember2024-02-210001072379srt:MinimumMemberus-gaap:ShortTermDebtMembernwbo:EightPercentUnsecuredMember2023-12-310001072379srt:MinimumMemberus-gaap:ConvertibleNotesPayableMembernwbo:SeriesCConvertiblePreferredStockMember2023-12-310001072379srt:MinimumMembernwbo:ShortTermConvertibleNotesAtFairValueMembernwbo:ElevenPercentUnsecuredMember2023-12-310001072379srt:MaximumMemberus-gaap:ShortTermDebtMembernwbo:EightPercentUnsecuredMember2023-12-310001072379srt:MaximumMemberus-gaap:ConvertibleNotesPayableMembernwbo:SeriesCConvertiblePreferredStockMember2023-12-310001072379srt:MaximumMembernwbo:ShortTermConvertibleNotesAtFairValueMembernwbo:ElevenPercentUnsecuredMember2023-12-310001072379us-gaap:ShortTermDebtMembernwbo:TenPercentUnsecuredMember2023-12-310001072379us-gaap:ShortTermDebtMembernwbo:SixPercentUnsecuredMember2023-12-310001072379srt:MinimumMemberus-gaap:ConvertibleNotesPayableMember2023-12-310001072379srt:MaximumMemberus-gaap:ConvertibleNotesPayableMember2023-12-310001072379nwbo:FebruaryConvertibleNotesMember2024-02-210001072379srt:MinimumMembernwbo:AdventBioservicesAgreementsMember2018-05-142018-05-140001072379nwbo:SeriesCConvertiblePreferredStockMemberus-gaap:CommonStockMember2024-09-300001072379nwbo:SeriesCConvertiblePreferredStockMemberus-gaap:CommonStockMember2024-01-012024-09-300001072379nwbo:WarrantsIssuedAsConsiderationForWarrantsSuspensionMember2024-09-300001072379srt:MinimumMembernwbo:CashlessWarrantsExerciseMemberus-gaap:StockOptionMemberus-gaap:CommonStockMember2024-09-300001072379srt:MaximumMembernwbo:CashlessWarrantsExerciseMemberus-gaap:StockOptionMemberus-gaap:CommonStockMember2024-09-300001072379nwbo:CashlessWarrantsExerciseMemberus-gaap:StockOptionMember2024-09-300001072379srt:MinimumMember2024-09-3000010723792023-09-3000010723792022-12-310001072379nwbo:SeriesCConvertiblePreferredStockMember2024-01-012024-09-300001072379nwbo:ConvertibleNotesAndAccruedInterestMember2024-01-012024-09-300001072379nwbo:CommonStockWarrantsMember2024-01-012024-09-300001072379nwbo:CommonStockOptionsMember2024-01-012024-09-300001072379nwbo:SeriesCConvertiblePreferredStockMember2023-01-012023-09-300001072379nwbo:ConvertibleNotesAndAccruedInterestMember2023-01-012023-09-300001072379nwbo:CommonStockWarrantsMember2023-01-012023-09-300001072379nwbo:CommonStockOptionsMember2023-01-012023-09-300001072379us-gaap:RestrictedStockMember2024-07-012024-09-300001072379us-gaap:ResearchAndDevelopmentExpenseMember2024-07-012024-09-300001072379us-gaap:GeneralAndAdministrativeExpenseMember2024-07-012024-09-300001072379us-gaap:RestrictedStockMember2024-01-012024-09-300001072379us-gaap:ResearchAndDevelopmentExpenseMember2024-01-012024-09-300001072379us-gaap:GeneralAndAdministrativeExpenseMember2024-01-012024-09-300001072379us-gaap:ResearchAndDevelopmentExpenseMember2023-07-012023-09-300001072379us-gaap:GeneralAndAdministrativeExpenseMember2023-07-012023-09-300001072379nwbo:MilestoneAchievedMember2023-07-012023-09-300001072379nwbo:FutureMilestoneMember2023-07-012023-09-300001072379us-gaap:ResearchAndDevelopmentExpenseMember2023-01-012023-09-300001072379us-gaap:GeneralAndAdministrativeExpenseMember2023-01-012023-09-300001072379nwbo:MilestoneAchievedMember2023-01-012023-09-300001072379nwbo:FutureMilestoneMember2023-01-012023-09-300001072379us-gaap:GeographicDistributionDomesticMember2024-09-300001072379us-gaap:GeographicDistributionDomesticMember2023-12-310001072379nwbo:AdventBioServicesMember2024-09-300001072379nwbo:AdventBioServicesMember2023-12-310001072379nwbo:AdventBioServicesAgreementMember2024-09-300001072379nwbo:AdventBioServicesAgreementMember2023-12-310001072379nwbo:SeriesCConvertiblePreferredStockMember2024-07-012024-09-300001072379nwbo:SeriesCConvertiblePreferredStockMember2024-01-012024-09-300001072379nwbo:SeriesCConvertiblePreferredStockMember2023-07-012023-09-300001072379nwbo:SeriesCConvertiblePreferredStockMember2023-01-012023-09-300001072379nwbo:AdventBioServicesMember2024-01-012024-09-300001072379us-gaap:RestrictedStockMembernwbo:AdventBioserviceAgreementMembernwbo:CompletionOfDraftingOfMhraApplicationMilestoneMember2024-09-300001072379nwbo:RestrictedStockAwardsMembernwbo:AdventBioserviceAgreementMembernwbo:CompletionOfDraftingOfMhraApplicationMilestoneMember2023-12-200001072379nwbo:PromissoryNoteMember2024-09-270001072379nwbo:SpecializedWorkOneTimeMilestoneExpensedAndPaidMilestoneCompletedMembernwbo:AdventBioServicesMember2023-07-012023-09-300001072379nwbo: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:ManufacturingCostGMPFacilityLondonMembernwbo:AdventBioServicesMember2024-07-012024-09-300001072379nwbo:DevelopmentAndManufacturingCostSawstonFacilityMembernwbo:AdventBioServicesMember2024-07-012024-09-300001072379nwbo:ManufacturingCostGMPFacilityLondonMembernwbo:AdventBioServicesMember2024-01-012024-09-300001072379nwbo:DevelopmentAndManufacturingCostSawstonFacilityMembernwbo:AdventBioServicesMember2024-01-012024-09-300001072379nwbo:ManufacturingCostGMPFacilityLondonMembernwbo:AdventBioServicesMember2023-07-012023-09-300001072379nwbo:DevelopmentAndManufacturingCostSawstonFacilityMembernwbo:AdventBioServicesMember2023-07-012023-09-300001072379nwbo:ManufacturingCostGMPFacilityLondonMembernwbo:AdventBioServicesMember2023-01-012023-09-300001072379nwbo:DevelopmentAndManufacturingCostSawstonFacilityMembernwbo:AdventBioServicesMember2023-01-012023-09-300001072379us-gaap:ForeignCountryMember2022-07-012022-07-310001072379us-gaap:ForeignCountryMember2022-01-012022-01-310001072379us-gaap:SubsequentEventMembernwbo:TechnologyTransferMember2024-11-082024-11-080001072379us-gaap:SubsequentEventMembernwbo:ProcessDevelopmentMember2024-11-082024-11-080001072379us-gaap:SubsequentEventMembernwbo:ProcessDevelopmentInTffSystemVsOtherSystemsMember2024-11-082024-11-080001072379us-gaap:SubsequentEventMembernwbo:NewInvestigationalMedicinalProductDossierAndNewIndMember2024-11-082024-11-080001072379us-gaap:SubsequentEventMembernwbo:BasicTechnologyTransferMember2024-11-082024-11-0800010723792024-08-220001072379nwbo:CashlessWarrantsExerciseMember2024-01-012024-09-300001072379us-gaap:CommonStockMember2024-07-012024-09-300001072379us-gaap:CommonStockMember2024-01-012024-09-300001072379us-gaap:CommonStockMember2023-07-012023-09-300001072379us-gaap:CommonStockMember2023-01-012023-09-300001072379us-gaap:RestrictedStockMembernwbo:AmendedStatementOfWork6Member2022-09-262022-09-260001072379nwbo:AdventBioservicesAgreementsMember2024-01-012024-09-300001072379nwbo:AmendedStatementOfWork6Member2022-09-262022-09-260001072379nwbo:AfterAmendmentMembernwbo:FebruaryConvertibleNotesMember2024-02-212024-02-210001072379nwbo:OctoberCommercialLoanMemberus-gaap:SubsequentEventMember2024-10-182024-10-180001072379us-gaap:CommercialLoanMember2024-04-262024-04-260001072379us-gaap:SubsequentEventMember2024-10-012024-11-0800010723792022-07-272022-07-270001072379nwbo:SubleaseAgreementMember2024-09-300001072379us-gaap:GeographicDistributionDomesticMemberus-gaap:LeaseholdImprovementsMember2024-01-012024-09-300001072379nwbo:SeriesCInvestorsMembernwbo:SeriesCConvertiblePreferredStockMembernwbo:SeriesCSubscriptionAgreementsMember2024-01-012024-09-300001072379nwbo:ShareLiabilityMember2024-01-012024-09-300001072379us-gaap:ConvertibleDebtMember2024-01-012024-09-300001072379nwbo:ShortTermConvertibleNotesAtFairValueMembernwbo:TenPercentUnsecuredMember2024-09-300001072379nwbo:ShortTermConvertibleNotesAtFairValueMembernwbo:ElevenPercentUnsecuredMember2024-09-300001072379nwbo:ShortTermConvertibleNotesAtFairValueMembernwbo:EightPercentUnsecuredMember2024-09-300001072379nwbo:LongTermConvertibleNotesAtFairValueMembernwbo:ElevenPercentUnsecuredMember2024-09-300001072379nwbo:ShortTermConvertibleNotesAtFairValueMember2024-09-300001072379nwbo:ShortTermConvertibleNotesAtFairValueMembernwbo:ElevenPercentUnsecuredMember2023-12-310001072379us-gaap:CommercialLoanMember2024-04-260001072379us-gaap:ConvertibleNotesPayableMember2024-01-012024-09-300001072379nwbo:LongTermConvertibleNotesMember2024-09-300001072379nwbo:SeriesCInvestorsMembernwbo:SeriesCConvertiblePreferredStockMembernwbo:SeriesCSubscriptionAgreementsMember2024-09-300001072379us-gaap:ConvertibleNotesPayableMembernwbo:SeriesCConvertiblePreferredStockMember2024-01-012024-09-300001072379nwbo:OneYearConvertibleNotesMember2024-01-012024-09-300001072379us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001072379us-gaap:FairValueMeasurementsRecurringMember2024-09-300001072379us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001072379us-gaap:FairValueMeasurementsRecurringMember2023-12-3100010723792023-01-012023-12-310001072379nwbo:AdventBioServicesMember2024-09-300001072379us-gaap:ParkingMembernwbo:AdventBioServicesMember2024-09-300001072379nwbo:ExteriorSpacesMembernwbo:AdventBioServicesMember2024-09-300001072379nwbo:PromissoryNoteMember2024-09-272024-09-270001072379nwbo:AdventBioservicesAgreementsMember2018-05-142018-05-140001072379us-gaap:AdditionalPaidInCapitalMember2024-07-012024-09-300001072379us-gaap:AdditionalPaidInCapitalMember2024-01-012024-09-300001072379us-gaap:AdditionalPaidInCapitalMember2023-07-012023-09-3000010723792023-07-012023-09-300001072379us-gaap:RestrictedStockMembernwbo:AdventBioserviceAgreementMembernwbo:CompletionOfDraftingOfMhraApplicationMilestoneMember2024-01-012024-09-300001072379nwbo:RestrictedStockAwardsMembernwbo:AdventBioserviceAgreementMembernwbo:CompletionOfDraftingOfMhraApplicationMilestoneMember2023-12-202023-12-200001072379us-gaap:AdditionalPaidInCapitalMember2023-01-012023-09-3000010723792023-01-012023-09-300001072379nwbo:AdventBioservicesAgreementsMember2024-09-300001072379nwbo:AdventBioservicesAgreementsMember2023-12-3100010723792024-09-3000010723792023-12-3100010723792024-07-012024-09-3000010723792024-11-0800010723792024-01-012024-09-30nwbo:itemnwbo:tranchexbrli:pureiso4217:GBPnwbo:Yxbrli:sharesiso4217:USDiso4217:EURutr:sqftiso4217:USDxbrli:sharesnwbo:installmentnwbo:instrumentnwbo:Milestonenwbo:Program

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, 2024

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 8, 2024, the total number of shares of common stock, par value $0.001 per share, outstanding was 1,297,445,623.

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, 2024 and December 31, 2023

3

 

Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and nine months ended September 30, 2024 and 2023

4

 

Condensed Consolidated Statements of Stockholders’ Deficit for the three and nine months ended September 30, 2024 and 2023

5

 

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023

7

 

Notes to Condensed Consolidated Financial Statements

9

Item 2.

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

27

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

33

 

 

Item 4.

Controls and Procedures

34

PART II - OTHER INFORMATION

35

Item 1.

Legal Proceedings

35

 

 

Item 1A.

Risk Factors

36

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

36

 

 

Item 3.

Defaults Upon Senior Securities

36

 

 

Item 4.

Mine Safety Disclosures

36

 

Item 5.

Other Information

36

 

 

Item 6.

Exhibits

37

SIGNATURES

38

2

PART I - FINANCIAL INFORMATION

NORTHWEST BIOTHERAPEUTICS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

    

September 30, 

    

December 31, 

2024

2023

(Unaudited)

ASSETS

 

  

 

Current assets:

 

  

 

  

Cash and cash equivalents

$

2,939

$

2,126

Prepaid expenses and other current assets

 

2,253

 

1,999

Total current assets

 

5,192

 

4,125

Non-current assets:

 

 

Property, plant and equipment, net

 

17,322

 

17,278

Right-of-use asset, net

4,515

4,183

Indefinite-lived intangible asset

1,292

1,292

Goodwill

626

626

Other assets

 

374

 

361

Total non-current assets

 

24,129

 

23,740

TOTAL ASSETS

$

29,321

$

27,865

LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ DEFICIT

 

 

Current liabilities:

 

 

Accounts payable and accrued expenses

$

17,913

$

10,244

Accounts payable and accrued expenses to related parties and affiliates

 

3,043

 

3,544

Convertible notes, net

 

1,825

 

3,765

Convertible notes at fair value

19,380

12,771

Notes payable, net

 

7,577

 

3,944

Contingent payable derivative liability

9,193

9,188

Warrant liability

 

 

944

Investor advances

207

7

Share payable

170

483

Lease liabilities

256

314

Total current liabilities

 

59,564

 

45,204

Non-current liabilities:

 

 

Convertible notes at fair value, net of current portion

3,774

Notes payable, net of current portion, net

 

20,695

 

20,312

Lease liabilities, net of current portion

4,828

4,454

Contingent payment obligation

4,700

4,950

Total non-current liabilities

 

33,997

 

29,716

Total liabilities

 

93,561

 

74,920

COMMITMENTS AND CONTINGENCIES (Note 12)

 

 

Mezzanine equity:

Series C Convertible Preferred Stock, 10,000,000 shares designated; 1.0 million and 1.2 million shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively; aggregate liquidation preference of $14.2 million

15,877

18,718

Stockholders’ deficit:

 

 

Preferred stock ($0.001 par value); 100,000,000 shares authorized as of September 30, 2024 and December 31, 2023, respectively

Common stock ($0.001 par value); 1,700,000,000 shares authorized; 1,286.3 million and 1,175.5 million shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively

 

1,286

 

1,175

Additional paid-in capital

 

1,333,981

 

1,291,316

Stock subscription receivable

 

(79)

 

(79)

Accumulated deficit

 

(1,415,276)

 

(1,359,721)

Accumulated other comprehensive (loss) income

 

(29)

 

1,536

Total stockholders’ deficit

 

(80,117)

 

(65,773)

TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ DEFICIT

$

29,321

$

27,865

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, 

    

2024

    

2023

    

2024

    

2023

Revenues:

Research and other

$

357

$

406

$

1,151

$

1,487

Total revenues

357

406

1,151

1,487

Operating costs and expenses:

Research and development

8,130

7,201

24,365

20,276

General and administrative

7,028

7,030

24,795

21,577

Total operating costs and expenses

15,158

14,231

49,160

41,853

Loss from operations

(14,801)

(13,825)

(48,009)

(40,366)

Other income (expense):

Change in fair value of derivative liabilities

(1,590)

(112)

939

3,875

Change in fair value of share payable

70

487

31

534

Change in fair value of convertible notes

3,087

(4,942)

4,621

(4,942)

Loss from extinguishment of debt

(6,820)

(1,768)

(9,905)

(3,648)

Interest expense

(2,080)

(1,670)

(5,279)

(3,999)

Foreign currency transaction gain (loss)

2,760

(1,692)

2,047

(76)

Total other loss

(4,573)

(9,697)

(7,546)

(8,256)

Net loss

(19,374)

(23,522)

(55,555)

(48,622)

Deemed dividend related to warrant modification

(132)

(519)

(1,141)

(1,433)

Net loss attributable to common stockholders

$

(19,506)

$

(24,041)

$

(56,696)

$

(50,055)

Other comprehensive income (loss)

Foreign currency translation adjustment

(2,253)

1,397

(1,565)

145

Total comprehensive loss

$

(21,759)

$

(22,644)

$

(58,261)

$

(49,910)

Net loss per share applicable to common stockholders

Basic

$

(0.02)

$

(0.02)

$

(0.05)

$

(0.05)

Diluted

$

(0.02)

$

(0.02)

$

(0.05)

$

(0.05)

Weighted average shares used in computing basic loss per share

1,258,532

1,134,359

1,220,472

1,106,111

Weighted average shares used in computing diluted loss per share

1,258,532

1,134,359

1,220,472

1,106,111

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, 2024

Mezzanine equity

Accumulated

Series C Convertible

Additional

Other

Total

Preferred Stock

Common Stock

Paid-in

Subscription

Accumulated

Comprehensive

Stockholders’

    

Shares

    

Amount

  

  

Shares

    

Par value

    

Capital

    

Receivable

    

Deficit

    

Income (Loss)

    

Deficit

Balances at July 1, 2024

    

1,265

    

$

18,753

 

1,229,703

$

1,229

$

1,316,031

$

(79)

$

(1,395,902)

$

2,224

$

(76,497)

Issuance of Series C convertible preferred stock for cash

 

33

 

267

 

 

 

 

 

 

 

Series C convertible preferred stock conversion

 

(668)

 

(4,987)

 

16,711

 

17

 

4,970

 

 

 

 

4,987

Issuance of common stock for cash, net

 

 

 

25,363

 

26

 

7,088

 

 

 

 

7,114

Warrants exercised for cash

 

 

 

106

 

 

26

 

 

 

 

26

Cashless warrants exercise

 

 

 

157

 

 

 

 

 

 

Issuance of common stock for conversion of debt and accrued interest

 

 

 

14,043

 

14

 

4,854

 

 

 

 

4,868

Issuance of Series C preferred stock for conversion of debt and accrued interest

 

368

 

1,844

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

175

 

 

685

 

 

 

 

685

Net loss

 

 

 

 

 

 

 

(19,374)

 

 

(19,374)

Warrants modification

 

 

 

 

 

459

 

 

 

 

459

Deemed dividend related to warrants modification

 

 

 

 

 

(132)

 

 

 

 

(132)

Cumulative translation adjustment

 

 

 

 

 

 

 

 

(2,253)

 

(2,253)

Balances at September 30, 2024

 

998

$

15,877

 

1,286,258

$

1,286

$

1,333,981

$

(79)

$

(1,415,276)

$

(29)

$

(80,117)

For the Three Months Ended September 30, 2023

Mezzanine equity

Accumulated

Series C Convertible

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

 

 

 

 

(23,522)

 

 

(23,522)

Warrants modification

 

 

 

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)

$

(1,345,744)

$

3,290

$

(70,061)

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, 2024

Mezzanine equity

Accumulated

Series C Convertible

Additional

Other

Total

Preferred Stock

Common Stock

Paid-in

Subscription

Accumulated

Comprehensive

Stockholders’

    

Shares

    

Amount

  

  

Shares

    

Par value

    

Capital

    

Receivable

    

Deficit

    

Income (Loss)

    

Deficit

Balances at January 1, 2024

 

1,209

$

18,718

1,175,459

$

1,175

 

$

1,291,316

 

$

(79)

$

(1,359,721)

 

$

1,536

$

(65,773)

Issuance of Series C convertible preferred stock for cash

758

8,201

Series C convertible preferred stock conversion

 

(1,504)

(13,721)

37,602

38

13,683

13,721

Issuance of common stock for cash, net

33,488

34

9,977

10,011

Warrants exercised for cash

6,420

6

1,511

1,517

Cashless warrants and stock options exercise

3,053

3

(3)

Issuance of common stock for conversion of debt and accrued interest

29,886

30

12,938

12,968

Issuance of Series C preferred stock for conversion of debt and accrued interest

535

2,679

Stock-based compensation

350

3,002

3,002

Net loss

 

 

 

(55,555)

 

(55,555)

Warrants modification

 

2,698

2,698

Deemed dividend related to warrants modification

 

(1,141)

(1,141)

Cumulative translation adjustment

 

 

 

 

(1,565)

(1,565)

Balances at September 30, 2024

 

998

$

15,877

1,286,258

$

1,286

$

1,333,981

$

(79)

$

(1,415,276)

$

(29)

$

(80,117)

For the Nine Months Ended September 30, 2023

Mezzanine equity

Accumulated

Series C Convertible

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)

$