Form 10-Q - Quarterly report [Sections 13 or 15(d)]

http://fasb.org/us-gaap/2023#RelatedPartyMember0001072379--12-312024Q1falsehttp://fasb.org/us-gaap/2023#RelatedPartyMemberNONE130000012000001175500000119540000000000http://fasb.org/us-gaap/2023#RelatedPartyMember550000000694000http://fasb.org/us-gaap/2023#RelatedPartyMember0.040.040001072379nwbo:SeriesCConvertiblePreferredStockMember2024-03-310001072379nwbo:SeriesCConvertiblePreferredStockMember2023-12-310001072379nwbo:SeriesCConvertiblePreferredStockMember2023-03-310001072379nwbo:SeriesCConvertiblePreferredStockMember2022-12-310001072379nwbo:SeriesCConvertiblePreferredStockMember2024-04-042024-04-040001072379us-gaap:CommonStockMemberus-gaap:SubsequentEventMember2024-04-012024-05-080001072379us-gaap:RetainedEarningsMember2024-03-310001072379us-gaap:AdditionalPaidInCapitalMember2024-03-310001072379us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310001072379nwbo:SubscriptionReceivableMember2024-03-310001072379us-gaap:RetainedEarningsMember2023-12-310001072379us-gaap:AdditionalPaidInCapitalMember2023-12-310001072379us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001072379nwbo:SubscriptionReceivableMember2023-12-310001072379us-gaap:RetainedEarningsMember2023-03-310001072379us-gaap:AdditionalPaidInCapitalMember2023-03-310001072379us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310001072379nwbo:SubscriptionReceivableMember2023-03-310001072379us-gaap:RetainedEarningsMember2022-12-310001072379us-gaap:AdditionalPaidInCapitalMember2022-12-310001072379us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310001072379nwbo:SubscriptionReceivableMember2022-12-310001072379us-gaap:CommonStockMember2024-03-310001072379us-gaap:CommonStockMember2023-12-310001072379us-gaap:CommonStockMember2023-03-310001072379us-gaap:CommonStockMember2022-12-310001072379nwbo:SeriesCInvestorsMembernwbo:SeriesCConvertiblePreferredStockMembernwbo:SeriesCSubscriptionAgreementsMember2024-03-310001072379nwbo:ShareLiabilityMemberus-gaap:FairValueInputsLevel3Member2024-03-310001072379nwbo:ContingentPayableDerivativeLiabilityMemberus-gaap:FairValueInputsLevel3Member2024-03-310001072379nwbo:ShareLiabilityMemberus-gaap:FairValueInputsLevel3Member2023-12-310001072379nwbo:ContingentPayableDerivativeLiabilityMemberus-gaap:FairValueInputsLevel3Member2023-12-310001072379nwbo:PreModificationMember2024-01-012024-03-310001072379us-gaap:EmployeeStockOptionMember2024-01-012024-03-310001072379nwbo:PreModificationMemberus-gaap:WarrantMember2024-01-012024-03-310001072379nwbo:PostModificationMemberus-gaap:WarrantMember2024-01-012024-03-310001072379nwbo:PreModificationMemberus-gaap:WarrantMember2024-03-310001072379nwbo:PostModificationMemberus-gaap:WarrantMember2024-03-310001072379us-gaap:RestrictedStockMember2022-01-012022-12-310001072379srt:MinimumMemberus-gaap:PropertyPlantAndEquipmentOtherTypesMember2024-03-310001072379srt:MinimumMemberus-gaap:FurnitureAndFixturesMember2024-03-310001072379srt:MaximumMemberus-gaap:PropertyPlantAndEquipmentOtherTypesMember2024-03-310001072379srt:MaximumMemberus-gaap:FurnitureAndFixturesMember2024-03-310001072379us-gaap:GeographicDistributionDomesticMemberus-gaap:PropertyPlantAndEquipmentOtherTypesMember2024-03-310001072379us-gaap:GeographicDistributionDomesticMemberus-gaap:LeaseholdImprovementsMember2024-03-310001072379us-gaap:GeographicDistributionDomesticMemberus-gaap:FurnitureAndFixturesMember2024-03-310001072379country:GBus-gaap:LandMember2024-03-310001072379us-gaap:GeographicDistributionDomesticMemberus-gaap:PropertyPlantAndEquipmentOtherTypesMember2023-12-310001072379us-gaap:GeographicDistributionDomesticMemberus-gaap:LeaseholdImprovementsMember2023-12-310001072379us-gaap:GeographicDistributionDomesticMemberus-gaap:FurnitureAndFixturesMember2023-12-310001072379country:GBus-gaap:LandMember2023-12-310001072379nwbo:SeriesCConvertiblePreferredStockMemberus-gaap:CommonStockMemberus-gaap:SubsequentEventMember2024-05-080001072379us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310001072379us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310001072379us-gaap:ParkingMembernwbo:AdventBioServicesMember2024-01-012024-03-310001072379nwbo:ExteriorSpacesMembernwbo:AdventBioServicesMember2024-01-012024-03-310001072379nwbo:AdventBioServicesMember2023-01-012023-03-310001072379us-gaap:RetainedEarningsMember2024-01-012024-03-310001072379us-gaap:RetainedEarningsMember2023-01-012023-03-310001072379us-gaap:StateAndLocalJurisdictionMember2021-11-042021-11-0400010723792024-01-162024-01-1600010723792023-10-122023-10-120001072379nwbo:LieuMemberus-gaap:CommonStockMemberus-gaap:SubsequentEventMember2024-05-080001072379us-gaap:StateAndLocalJurisdictionMember2024-01-012024-03-310001072379us-gaap:ForeignCountryMember2024-01-012024-03-310001072379country:US2024-03-310001072379country:GB2024-03-310001072379country:US2023-03-310001072379country:GB2023-03-310001072379country:US2024-01-012024-03-310001072379country:GB2024-01-012024-03-310001072379country:US2023-01-012023-03-310001072379country:GB2023-01-012023-03-310001072379us-gaap:ConvertibleNotesPayableMember2023-01-012023-03-310001072379nwbo:AfterAmendmentMembernwbo:NotesMember2024-01-012024-03-310001072379us-gaap:ConvertibleDebtMember2024-03-310001072379nwbo:WarrantLiabilityMember2024-03-310001072379nwbo:ShareLiabilityMember2024-03-310001072379nwbo:ContingentPayableDerivativeLiabilityMember2024-03-310001072379us-gaap:ConvertibleDebtMember2023-12-310001072379nwbo:WarrantLiabilityMember2023-12-310001072379nwbo:ShareLiabilityMember2023-12-310001072379nwbo:ContingentPayableDerivativeLiabilityMember2023-12-310001072379us-gaap:ConvertibleDebtMember2024-01-012024-03-310001072379nwbo:WarrantLiabilityMember2024-01-012024-03-310001072379nwbo:ContingentPayableDerivativeLiabilityMember2024-01-012024-03-310001072379us-gaap:WarrantMember2024-01-012024-03-3100010723792024-01-012024-01-310001072379nwbo:FebruaryConvertibleNotesMember2024-02-212024-02-210001072379nwbo:LieuMemberus-gaap:CommonStockMemberus-gaap:SubsequentEventMember2024-04-012024-05-080001072379us-gaap:ShortTermDebtMembernwbo:TenPercentUnsecuredMember2024-01-012024-03-310001072379us-gaap:ShortTermDebtMembernwbo:SixPercentUnsecuredMember2024-01-012024-03-310001072379nwbo:ShortTermNotesPayableMembernwbo:TwelvePercentUnsecuredMember2024-01-012024-03-310001072379nwbo:ShortTermNotesPayableMembernwbo:SixPercentUnsecuredMember2024-01-012024-03-310001072379nwbo:ShortTermNotesPayableMembernwbo:EightPercentUnsecuredMember2024-01-012024-03-310001072379nwbo:ShortTermConvertibleNotesAtFairValueMembernwbo:ElevenPercentUnsecuredMember2024-01-012024-03-310001072379nwbo:LongTermNotesPayableMembernwbo:EightPercentUnsecuredMember2024-01-012024-03-310001072379us-gaap:ShortTermDebtMembernwbo:TenPercentUnsecuredMember2023-01-012023-12-310001072379us-gaap:ShortTermDebtMembernwbo:SixPercentUnsecuredMember2023-01-012023-12-310001072379nwbo: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:SeriesCConvertiblePreferredStockMember2024-03-310001072379nwbo:NotesMember2024-01-012024-03-310001072379us-gaap:ShortTermDebtMembernwbo:SixPercentUnsecuredMember2024-03-310001072379us-gaap:ShortTermDebtMembernwbo:EightPercentUnsecuredMember2024-03-310001072379nwbo:ShortTermNotesPayableMembernwbo:TwelvePercentUnsecuredMember2024-03-310001072379nwbo:ShortTermNotesPayableMembernwbo:SixPercentUnsecuredMember2024-03-310001072379nwbo:ShortTermNotesPayableMembernwbo:EightPercentUnsecuredMember2024-03-310001072379nwbo:LongTermNotesPayableMembernwbo:EightPercentUnsecuredMember2024-03-310001072379us-gaap:ShortTermDebtMember2024-03-310001072379nwbo:ShortTermNotesPayableMember2024-03-310001072379nwbo:OneYearConvertibleNotesMember2024-03-310001072379us-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:LongTermNotesPayableMember2023-12-310001072379srt:MinimumMemberus-gaap:ShortTermDebtMembernwbo:EightPercentUnsecuredMembernwbo:SeriesCConvertiblePreferredStockMember2024-03-310001072379srt:MaximumMemberus-gaap:ShortTermDebtMembernwbo:EightPercentUnsecuredMembernwbo:SeriesCConvertiblePreferredStockMember2024-03-310001072379us-gaap:ShortTermDebtMembernwbo:SixPercentSecuredMembernwbo:SixPercentUnsecuredMember2024-03-310001072379srt:MinimumMemberus-gaap:ShortTermDebtMembernwbo:EightPercentUnsecuredMember2024-03-310001072379srt:MinimumMembernwbo:ShortTermConvertibleNotesAtFairValueMembernwbo:ElevenPercentUnsecuredMember2024-03-310001072379srt:MinimumMembernwbo:OneYearConvertibleNotesMembernwbo:SeriesCConvertiblePreferredStockMember2024-03-310001072379srt:MaximumMemberus-gaap:ShortTermDebtMembernwbo:EightPercentUnsecuredMember2024-03-310001072379us-gaap:ShortTermDebtMembernwbo:TenPercentUnsecuredMember2024-03-310001072379us-gaap:ShortTermDebtMembernwbo:EightPercentUnsecuredDue6302024Member2024-03-310001072379us-gaap:ShortTermDebtMembernwbo:EightPercentUnsecuredDue1312024Member2024-03-310001072379srt:MaximumMembernwbo:SeriesCConvertiblePreferredStockMember2024-03-310001072379nwbo:FebruaryConvertibleNotesMembernwbo:SeriesCConvertiblePreferredStockMember2024-02-210001072379srt:MinimumMemberus-gaap:ShortTermDebtMembernwbo:EightPercentUnsecuredMembernwbo:SeriesCConvertiblePreferredStockMember2023-12-310001072379srt:MaximumMemberus-gaap:ShortTermDebtMembernwbo:EightPercentUnsecuredMembernwbo:SeriesCConvertiblePreferredStockMember2023-12-310001072379srt:MinimumMemberus-gaap:ShortTermDebtMembernwbo:EightPercentUnsecuredMember2023-12-310001072379srt:MinimumMembernwbo:ShortTermConvertibleNotesAtFairValueMembernwbo:ElevenPercentUnsecuredMember2023-12-310001072379srt:MaximumMemberus-gaap:ShortTermDebtMembernwbo:EightPercentUnsecuredMember2023-12-310001072379srt:MaximumMembernwbo:ShortTermConvertibleNotesAtFairValueMembernwbo:ElevenPercentUnsecuredMember2023-12-310001072379us-gaap:ShortTermDebtMembernwbo:TenPercentUnsecuredMember2023-12-310001072379us-gaap:ShortTermDebtMembernwbo:SixPercentUnsecuredMember2023-12-310001072379us-gaap:ShortTermDebtMembernwbo:EightPercentUnsecuredDue6302024Member2023-12-310001072379us-gaap:ShortTermDebtMembernwbo:EightPercentUnsecuredDue1312024Member2023-12-310001072379nwbo:FebruaryConvertibleNotesMember2024-02-210001072379srt:MinimumMembernwbo:AdventBioservicesAgreementsMember2018-05-142018-05-140001072379nwbo:SeriesCConvertiblePreferredStockMemberus-gaap:SubsequentEventMember2024-05-080001072379nwbo:SeriesCConvertiblePreferredStockMemberus-gaap:CommonStockMember2024-03-310001072379nwbo:SeriesCConvertiblePreferredStockMemberus-gaap:SubsequentEventMember2024-04-012024-05-080001072379nwbo:SeriesCConvertiblePreferredStockMemberus-gaap:CommonStockMember2024-01-012024-03-310001072379nwbo:WarrantsIssuedAsConsiderationForWarrantsSuspensionMember2024-03-3100010723792024-04-290001072379srt:MinimumMembernwbo:CashlessWarrantsExerciseMemberus-gaap:StockOptionMemberus-gaap:CommonStockMember2024-03-310001072379srt:MaximumMembernwbo:CashlessWarrantsExerciseMemberus-gaap:StockOptionMemberus-gaap:CommonStockMember2024-03-310001072379nwbo:CashlessWarrantsExerciseMemberus-gaap:StockOptionMember2024-03-310001072379srt:MinimumMember2024-03-3100010723792023-03-3100010723792022-12-310001072379nwbo:SeriesCConvertiblePreferredStockMember2024-01-012024-03-310001072379nwbo:ConvertibleNotesAndAccruedInterestMember2024-01-012024-03-310001072379nwbo:CommonStockWarrantsMember2024-01-012024-03-310001072379nwbo:CommonStockOptionsMember2024-01-012024-03-310001072379nwbo:SeriesCConvertiblePreferredStockMember2023-01-012023-03-310001072379nwbo:ConvertibleNotesAndAccruedInterestMember2023-01-012023-03-310001072379nwbo:CommonStockWarrantsMember2023-01-012023-03-310001072379nwbo:CommonStockOptionsMember2023-01-012023-03-310001072379us-gaap:RestrictedStockMember2024-01-012024-03-310001072379us-gaap:ResearchAndDevelopmentExpenseMember2024-01-012024-03-310001072379us-gaap:GeneralAndAdministrativeExpenseMember2024-01-012024-03-310001072379us-gaap:ResearchAndDevelopmentExpenseMember2023-01-012023-03-310001072379us-gaap:GeneralAndAdministrativeExpenseMember2023-01-012023-03-310001072379nwbo:MilestoneAchievedMember2023-01-012023-03-310001072379nwbo:MilestoneAchievedMember2023-01-012023-03-310001072379nwbo:FutureMilestoneMember2023-01-012023-03-310001072379us-gaap:GeographicDistributionDomesticMember2024-03-310001072379us-gaap:GeographicDistributionDomesticMember2023-12-310001072379nwbo:AdventBioServicesMember2024-03-310001072379nwbo:AdventBioServicesMember2023-12-310001072379nwbo:AdventBioServicesAgreementMember2024-03-310001072379nwbo:AdventBioServicesAgreementMember2023-12-310001072379nwbo:SeriesCConvertiblePreferredStockMember2024-01-012024-03-310001072379nwbo:AdventBioServicesMember2024-01-012024-03-310001072379us-gaap:RestrictedStockMember2023-01-012023-03-310001072379us-gaap:RestrictedStockMembernwbo:AdventBioserviceAgreementMembernwbo:CompletionOfDraftingOfMhraApplicationMilestoneMember2024-03-310001072379nwbo:RestrictedStockAwardsMembernwbo:AdventBioserviceAgreementMembernwbo:CompletionOfDraftingOfMhraApplicationMilestoneMember2023-12-200001072379nwbo:SpecializedWorkOneTimeMilestoneExpensedAndPaidMilestoneCompletedMembernwbo:AdventBioServicesMember2023-01-012023-03-310001072379nwbo:SpecializedWorkOneTimeMilestoneExpensedAndUnpaidNotYetDueMilestoneNotYetCompletedMembernwbo:AdventBioServicesMember2023-01-012023-03-310001072379nwbo:SpecializedWorkOneTimeMilestoneExpensedAndDueButUnpaidMilestoneCompletedMembernwbo:AdventBioServicesMember2023-01-012023-03-310001072379nwbo:ManufacturingCostGMPFacilityLondonMembernwbo:AdventBioServicesMember2024-01-012024-03-310001072379nwbo:DevelopmentAndManufacturingCostSawstonFacilityMembernwbo:AdventBioServicesMember2024-01-012024-03-310001072379nwbo:ManufacturingCostGMPFacilityLondonMembernwbo:AdventBioServicesMember2023-01-012023-03-310001072379nwbo:DevelopmentAndManufacturingCostSawstonFacilityMembernwbo:AdventBioServicesMember2023-01-012023-03-310001072379us-gaap:ForeignCountryMember2022-01-012022-07-310001072379us-gaap:SubsequentEventMember2024-04-012024-05-0800010723792024-04-292024-04-290001072379nwbo:CashlessWarrantsExerciseMember2024-01-012024-03-310001072379us-gaap:CommonStockMember2024-01-012024-03-310001072379us-gaap:CommonStockMember2023-01-012023-03-310001072379us-gaap:RestrictedStockMembernwbo:AmendedStatementOfWork6Member2022-09-262022-09-260001072379nwbo:AdventBioservicesAgreementsMember2024-01-012024-03-310001072379nwbo:AmendedStatementOfWork6Member2022-09-262022-09-260001072379nwbo:AfterAmendmentMembernwbo:NotesMember2024-02-212024-02-2100010723792022-07-272022-07-270001072379nwbo:SubleaseAgreementMember2024-03-310001072379us-gaap:GeographicDistributionDomesticMemberus-gaap:LeaseholdImprovementsMember2024-01-012024-03-310001072379nwbo:SeriesCInvestorsMembernwbo:SeriesCConvertiblePreferredStockMembernwbo:SeriesCSubscriptionAgreementsMember2024-01-012024-03-310001072379nwbo:ShareLiabilityMember2024-01-012024-03-310001072379nwbo:ShareLiabilityMemberus-gaap:FairValueInputsLevel3Member2024-01-012024-03-310001072379nwbo:ContingentPayableDerivativeLiabilityMemberus-gaap:FairValueInputsLevel3Member2024-01-012024-03-310001072379nwbo:ShareLiabilityMemberus-gaap:FairValueInputsLevel3Member2023-01-012023-12-310001072379nwbo:ContingentPayableDerivativeLiabilityMemberus-gaap:FairValueInputsLevel3Member2023-01-012023-12-310001072379nwbo:ShortTermConvertibleNotesAtFairValueMembernwbo:ElevenPercentUnsecuredMember2024-03-310001072379nwbo:ShortTermConvertibleNotesAtFairValueMembernwbo:ElevenPercentUnsecuredMember2023-12-310001072379us-gaap:CommercialLoanMemberus-gaap:SubsequentEventMember2024-04-262024-04-260001072379us-gaap:CommercialLoanMemberus-gaap:SubsequentEventMember2024-04-260001072379us-gaap:SubsequentEventMember2024-04-042024-04-040001072379nwbo:FebruaryConvertibleNotesMembernwbo:SeriesCConvertiblePreferredStockMember2024-02-212024-02-210001072379us-gaap:ShortTermDebtMembernwbo:EightPercentUnsecuredMember2024-01-012024-03-310001072379nwbo:OneYearConvertibleNotesMember2024-01-012024-03-310001072379us-gaap:ShortTermDebtMembernwbo:EightPercentUnsecuredMember2023-01-012023-12-310001072379us-gaap:FairValueInputsLevel3Member2024-03-310001072379us-gaap:FairValueInputsLevel3Member2023-12-3100010723792023-01-012023-12-310001072379nwbo:AdventBioServicesMember2024-03-310001072379us-gaap:ParkingMembernwbo:AdventBioServicesMember2024-03-310001072379nwbo:ExteriorSpacesMembernwbo:AdventBioServicesMember2024-03-310001072379us-gaap:RestrictedStockMember2023-03-310001072379nwbo:AdventBioservicesAgreementsMember2018-05-142018-05-140001072379us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-310001072379nwbo:SeriesCConvertiblePreferredStockMember2023-01-012023-03-310001072379us-gaap:RestrictedStockMembernwbo:AdventBioserviceAgreementMembernwbo:CompletionOfDraftingOfMhraApplicationMilestoneMember2024-01-012024-03-310001072379nwbo:RestrictedStockAwardsMembernwbo:AdventBioserviceAgreementMembernwbo:CompletionOfDraftingOfMhraApplicationMilestoneMember2023-12-202023-12-200001072379us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-3100010723792023-01-012023-03-310001072379nwbo:AdventBioservicesAgreementsMember2024-03-310001072379nwbo:AdventBioservicesAgreementsMember2023-12-3100010723792024-03-3100010723792023-12-3100010723792024-05-0600010723792024-01-012024-03-31nwbo:Programnwbo:itemnwbo:trancheiso4217:GBPxbrli:sharesiso4217:USDiso4217:EURutr:sqftiso4217:USDxbrli:sharesxbrli:purenwbo:installmentnwbo:instrumentnwbo:Milestone

Table of Contents

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 March 31, 2024


	☐	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 ☒ 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 May 6, 2024, the total number of shares of common stock, par value $0.001 per share, outstanding was 1,208,177,416.

Table of Contents

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 March 31, 2024 and December 31, 2023	3

	Condensed Consolidated Statements of Operations and Comprehensive Loss for the three months ended March 31, 2024 and 2023	4

	Condensed Consolidated Statements of Stockholders’ Deficit for the three months ended March 31, 2024 and 2023	5

	Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023	6

	Notes to Condensed Consolidated Financial Statements	8

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	23

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	27

Item 4.	Controls and Procedures	28

PART II - OTHER INFORMATION		29

Item 1.	Legal Proceedings	29

Item 1A.	Risk Factors	29

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	29

Item 3.	Defaults Upon Senior Securities	30

Item 4.	Mine Safety Disclosures	30

Item 5.	Other Information	30

Item 6.	Exhibits	30

SIGNATURES		31

Table of Contents

PART I - FINANCIAL INFORMATION

NORTHWEST BIOTHERAPEUTICS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)


	March 31,		December 31,
	2024		2023
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	2,478	$	2,126
Prepaid expenses and other current assets		2,470		1,999
Total current assets		4,948		4,125

Non-current assets:
Property, plant and equipment, net		17,268		17,278
Right-of-use asset, net		4,070		4,183
Indefinite-lived intangible asset		1,292		1,292
Goodwill		626		626
Other assets		363		361
Total non-current assets		23,619		23,740

TOTAL ASSETS	$	28,567	$	27,865

LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable and accrued expenses	$	15,089	$	10,244
Accounts payable and accrued expenses to related parties and affiliates		2,734		3,544
Convertible notes, net		5,612		3,765
Convertible notes at fair value		16,496		12,771
Notes payable, net		12,125		3,944
Contingent payable derivative liability		9,099		9,188
Warrant liability		913		944
Investor advances		7		7
Share liability		120		483
Lease liabilities		245		314
Total current liabilities		62,440		45,204

Non-current liabilities:
Notes payable, net of current portion, net		10,215		20,312
Lease liabilities, net of current portion		4,384		4,454
Contingent payment obligation		5,000		4,950
Total non-current liabilities		19,599		29,716

Total liabilities		82,039		74,920

COMMITMENTS AND CONTINGENCIES (Note 12)

Mezzanine equity:
Series C Convertible Preferred Stock, 10,000,000 shares designated; 1.3 million and 1.2 million shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively; aggregate liquidation preference of $18.1 million		19,810		18,718
Stockholders’ deficit:
Preferred stock ($0.001 par value); 100,000,000 shares authorized as of March 31, 2024 and December 31, 2023, respectively		—		—
Common stock ($0.001 par value); 1,700,000,000 shares authorized; 1,195.4 million and 1,175.5 million shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively		1,195		1,175
Additional paid-in capital		1,301,485		1,291,316
Stock subscription receivable		(79)		(79)
Accumulated deficit		(1,378,033)		(1,359,721)
Accumulated other comprehensive income		2,150		1,536
Total stockholders’ deficit		(73,282)		(65,773)

TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ DEFICIT	$	28,567	$	27,865

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

Table of Contents

NORTHWEST BIOTHERAPEUTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(in thousands, except per share amounts)

(Unaudited)


	For the three months ended
	March 31,
	2024		2023
Revenues:
Research and other	$	284	$	880
Total revenues		284		880
Operating costs and expenses:
Research and development		7,942		6,861
General and administrative		8,086		6,983
Total operating costs and expenses		16,028		13,844
Loss from operations		(15,744)		(12,964)
Other income (expense):
Change in fair value of derivative liabilities		120		3,880
Change in fair value of share liabilities		(106)		(52)
Change in fair value of convertible notes		1,775		—
Loss from extinguishment of debt		(2,171)		(1,408)
Interest expense		(1,518)		(1,027)
Foreign currency transaction gain (loss)		(668)		919
Total other (loss) income		(2,568)		2,312
Net loss		(18,312)		(10,652)
Deemed dividend related to warrant modification		(568)		(395)
Net loss attributable to common stockholders	$	(18,880)	$	(11,047)

Other comprehensive loss
Foreign currency translation adjustment		614		(750)
Total comprehensive loss	$	(18,266)	$	(11,797)

Net loss per share applicable to common stockholders
Basic	$	(0.02)	$	(0.01)
Diluted	$	(0.02)	$	(0.01)

Weighted average shares used in computing basic loss per share		1,188,149		1,074,902
Weighted average shares used in computing diluted loss per share		1,188,149		1,074,902

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

Table of Contents

NORTHWEST BIOTHERAPEUTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT

(in thousands)

(Unaudited)


	For the Three Months Ended March 31, 2024
	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, 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	308		3,624	—		—		—		—		—		—		—
Series C convertible preferred stock conversion	(220)		(2,532)	5,493		5		2,527		—		—		—		2,532
Warrants exercised for cash	—		—	5,831		6		1,305		—		—		—		1,311
Cashless warrants and stock options exercise	—		—	1,633		2		(2)		—		—		—		—
Issuance of common stock for conversion of debt and accrued interest	—		—	6,942		7		3,945		—		—		—		3,952
Stock-based compensation	—		—	—		—		1,164		—		—		—		1,164
Net loss	—		—	—		—		—		—		(18,312)		—		(18,312)
Warrants modfication	—		—	—		—		1,798		—		—		—		1,798
Deemed dividend related to warrants modification	—		—	—		—		(568)		—		—		—		(568)
Cumulative translation adjustment	—		—	—		—		—		—		—		614		614
Balances at March 31, 2024	1,297	$	19,810	1,195,358	$	1,195	$	1,301,485	$	(79)	$	(1,378,033)	$	2,150	$	(73,282)


	For the Three Months Ended March 31, 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	148		2,385	—		—		—		—		—		—		—
Issuance of Series C convertible preferred stock in lieu of debt redemption	43		806	—		—		—		—		—		—		—
Series C convertible preferred stock conversion	(198)		(2,617)	4,946		5		2,612		—		—		—		2,617
Warrants exercised for cash	—		—	767		1		247		—		—		—		248
Cashless stock options exercise	—		—	710		1		(1)		—		—		—		—
Reclassification of warrant liabilities to stockholders' deficit	—		—	—		—		76,258		—		—		—		76,258
Issuance of common stock for conversion of debt and accrued interest	—		—	8,267		8		5,608		—		—		—		5,616
Stock-based compensation	8		118	—		—		918		—		—		—		918
Reclass earned but unissued milestone shares from equity to liability	—		—	—		—		(2,130)		—		—		—		(2,130)
Net loss	—		—	—		—		—		—		(10,652)		—		(10,652)
Warrants modfication	—		—	—		—		395		—		—		—		395
Deemed dividend related to warrants modification	—		—	—		—		(395)		—		—		—		(395)
Cumulative translation adjustment	—		—	—		—		—		—		—		(750)		(750)
Balances at March 31, 2023	1,416	$	23,752	1,083,084	$	1,083	$	1,248,397	$	(79)	$	(1,307,774)	$	2,395	$	(55,978)

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

Table of Contents

NORTHWEST BIOTHERAPEUTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(Unaudited)


	For the three months ended
	March 31,
	2024		2023
Cash Flows from Operating Activities:
Net loss	$	(18,312)	$	(10,652)
Reconciliation of net loss to net cash used in operating activities:
Depreciation and amortization		428		335
Amortization of debt discount		576		552
Change in fair value of derivatives		(120)		(3,880)
Change in fair value of share liability		106		52
Change in fair value of convertible notes		(1,775)		—
Loss from extinguishment of debt		2,171		1,408
Amortization of operating lease right-of-use asset		77		67
Stock-based compensation for services		1,164		933
Subtotal of non-cash charges		2,627		(533)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets		(477)		(709)
Other non-current assets		(8)		(16)
Accounts payable and accrued expenses		4,531		975
Related party accounts payable and accrued expenses		(810)		(341)
Lease liabilities		43		37
Net cash used in operating activities		(12,406)		(11,239)
Cash Flows from Investing Activities:
Purchase of equipment and construction in progress		(239)		(1,333)
Net cash used in investing activities		(239)		(1,333)
Cash Flows from Financing Activities:
Proceeds from issuance of Series C convertible preferred stock		3,624		2,385
Proceeds from exercise of warrants		1,311		248
Proceeds from investor advance		—		50
Proceeds from issuance of notes payable, net		—		10,000
Proceeds from issuance of convertible notes payable, net		7,100		—
Proceeds from contingent payment obligation		50		—
Repayment of notes payable		—		(101)
Net cash provided by financing activities		12,085		12,582
Effect of exchange rate changes on cash and cash equivalents		912		(784)
Net increase (decrease) in cash and cash equivalents		352		(774)

Cash and cash equivalents, beginning of the period		2,126		6,965
Cash and cash equivalents, end of the period	$	2,478	$	6,191

Supplemental disclosure of cash flow information
Interest payments on notes payable	$	—	$	(30)

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

Table of Contents

NORTHWEST BIOTHERAPEUTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(Unaudited)


	For the three months ended
	March 31,
	2024		2023
Supplemental schedule of non-cash investing and financing activities:
Cashless warrants and stock options exercise	$	2	$	1
Reclassification of warrant liabilities to stockholders’ deficit	$	—	$	76,258
Issuance of common stock for conversion of debt and accrued interest	$	3,952	$	5,616
Series C convertible preferred stock conversion	$	2,532	$	2,617
Capital expenditures included in accounts payable	$	500	$	1,013
Reclass earned but unissued milestone shares from equity to liability	$	—	$	2,130
Deemed dividend related to warrant modification	$	568	$	395
Debt discout related to warrant modificaiton	$	8	$	—
Issuance of Series C convertible preferred stock in lieu of debt redemption	$	—	$	806

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 (formerly known as Aracaris Ltd), Aracaris Capital, Ltd, 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®. On July 24, 2023, the Company’s wholly-owned subsidiary changed its name from Aracaris Ltd to Northwest Biotherapeutics Limited.

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.

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 $18.3 million for the three months ended March 31, 2024. The Company used approximately $12.4 million of cash in its operating activities during the three months ended March 31, 2024.

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.

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 March 31, 2024, condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2024 and 2023, condensed consolidated statement of stockholders’ deficit for the three months ended March 31, 2024 and 2023, and the

Table of Contents

NORTHWEST BIOTHERAPEUTICS, INC.

NOTES TO CONDENSED CONSOLIDATED STATEMENTS

condensed consolidated statements of cash flows for the three months ended March 31, 2024 and 2023 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 months ended March 31, 2024 are not necessarily indicative of results to be expected for the year ending December 31, 2024 or for any future interim period. The condensed consolidated balance sheet at March 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, 2023 and notes thereto included in the Company’s annual report on Form 10-K (the “2023 Annual Report”), which was filed with the SEC on March 5, 2024.

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.

Significant Accounting Policies

There have been no material changes in the Company’s significant accounting policies from those previously disclosed in the 2023 Annual Report.

Table of Contents

NORTHWEST BIOTHERAPEUTICS, INC.

NOTES TO CONDENSED CONSOLIDATED STATEMENTS

Recently Issued Accounting Standards Not Yet Adopted

Compensation - Stock Compensation

In March 2024, the FASB issued ASU No. 2024-01, Compensation - Stock Compensation (Topic 718) - Scope Application of Profits Interest and Similar Awards, to clarify whether profits interest and similar awards should be accounted for in accordance with Topic 718, Compensation - Stock Compensation. The guidance applies to all business entities that issue profits interest awards as compensation to employees or nonemployees in exchange for goods or services. These amendments are effective for the Company for annual and interim periods in 2025, applied prospectively, with early adoption and retrospective application permitted. As the Company does not issue profit interest awards, the impact of the adoption of the amendments in this update is not expected to be material to the Company’s consolidated financial statements.

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 does not expect the adoption of this guidance to have a material impact on its consolidated financial statements.

Recently Issued Accounting Standards, Adopted

Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions

In June 2022, the FASB issued ASU 2022-03, ASC Subtopic 820 “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions”. The FASB is issuing this Update (1) to clarify the guidance in Topic 820, Fair Value Measurement, when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security, (2) to amend a related illustrative example, and (3) to introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820.

For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The Company adopted ASU 2022-03 effective January 1, 2024. The adoption of this guidance did not have a material impact on its condensed consolidated financial statements.

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.

Table of Contents

NORTHWEST BIOTHERAPEUTICS, INC.

NOTES TO CONDENSED CONSOLIDATED STATEMENTS

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

The following table classifies the Company’s liabilities measured at fair value on a recurring basis into the fair value hierarchy as of March 31, 2024 and December 31, 2023 (in thousands):


	Fair value measured at March 31, 2024
			Quoted prices in active		Significant other		Significant
	Fair value at		markets		observable inputs		unobservable inputs
	March 31, 2024		(Level 1)		(Level 2)		(Level 3)
Warrant liability	$	913	$	—	$	—	$	913
Contingent payable derivative liability		9,099		—		—		9,099
Convertible notes at fair value		16,496		—		—		16,496
Share liability		120		—		—		120
Total fair value	$	26,628	$	—	$	—	$	26,628


	Fair value measured at December 31, 2023
			Quoted prices in active		Significant other		Significant
	Fair value at		markets		observable inputs		unobservable inputs
	December 31, 2023		(Level 1)		(Level 2)		(Level 3)
Warrant liability	$	944	$	—	$	—	$	944
Contingent payable derivative liability		9,188		—		—		9,188
Convertible notes at fair value		12,771		—		—		12,771
Share liability		483		—		—		483
Total fair value	$	23,386	$	—	$	—	$	23,386

There were no transfers between Level 1, 2 or 3 during the three-month period ended March 31, 2024.

The following table presents changes in Level 3 liabilities measured at fair value for the three-month period ended March 31, 2024. 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).


								Convertible
	Warrant			Contingent Payable		Share			Notes
	Liability			Derivative Liability		Liability			At Fair Value	Total
Balance - January 1, 2024	$	944		$	9,188	$	483	$	12,771	$	23,386
Additional share liability		—			—		117		—		117
Issuance of convertible notes at fair value		—			—		—		5,500		5,500
Redemption of share liability		—			—		(586)		—		(586)
Change in fair value		(31)			(89)		106		(1,775)		(1,789)
Balance - March 31, 2024	$	913	⁽¹⁾	$	9,099	$	120	$	16,496	$	26,628

(1)

The remaining balance of $0.9 million in warrant liability as of March 31, 2024 was related to certain conditional rights to independently purchase shares from the Company in a future raise of capital (the “Piggy-back Rights”). The Company accounted for the Piggy-back Rights as a freestanding financial instrument, which was classified as a liability at fair value on the Condensed Consolidated Balance Sheet.

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 embedded conversion feature that are categorized within Level 3 of the fair value hierarchy as of March 31, 2024 and December 31, 2023 is as follows:

Boards:

Quotes:

Boards

News

Market Data

Markets

Discover

NWBO Northwest Biotherapeutics Inc (QB)