Northwest Biotherapeutics Q2 2024: Assets $69.5M, Cash $550K

TL;DR

NWBO Q2: $69.5M assets, but only $550K cash. Watch burn rate.

AI Summary

Northwest Biotherapeutics Inc. reported its Q2 2024 results, with total assets of $69.5 million and cash and cash equivalents of $550,000 as of June 30, 2024. The company's Series C Convertible Preferred Stock was a significant component of its equity structure. The filing covers the period ending June 30, 2024.

Why It Matters

This filing provides a snapshot of Northwest Biotherapeutics' financial health, including its asset base and available cash, which are crucial for its ongoing operations and research and development activities.

Risk Assessment

Risk Level: high — The company has a very low cash balance relative to its asset base, indicating potential liquidity concerns.

Key Numbers

• $69.5M — Total Assets (As of June 30, 2024, indicating the company's overall financial resources.)
• $0.55M — Cash and Cash Equivalents (As of June 30, 2024, highlighting the company's immediate liquidity.)

Key Players & Entities

• NORTHWEST BIOTHERAPEUTICS INC (company) — Filer
• 20240630 (date) — Period of Report
• $695000000 (dollar_amount) — Total Assets
• $550000 (dollar_amount) — Cash and cash equivalents

FAQ

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 per share NWBO OTCQB As of August

Filing Documents

• nwbo-20240630x10q.htm (10-Q) — 2267KB
• nwbo-20240630xex31d1.htm (EX-31.1) — 11KB
• nwbo-20240630xex32d1.htm (EX-32.1) — 8KB
• 0001410578-24-001278.txt ( ) — 10201KB
• nwbo-20240630.xsd (EX-101.SCH) — 73KB
• nwbo-20240630_cal.xml (EX-101.CAL) — 55KB
• nwbo-20240630_def.xml (EX-101.DEF) — 326KB
• nwbo-20240630_lab.xml (EX-101.LAB) — 510KB
• nwbo-20240630_pre.xml (EX-101.PRE) — 450KB
• nwbo-20240630x10q_htm.xml (XML) — 2102KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 3 Item 1. Condensed Consolidated Interim Financial Statements (Unaudited) Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and six months ended June 30, 2024 and 2023 4 Condensed Consolidated Statements of Stockholders' Deficit for the three and six months ended June 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the six months ended June 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

Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 30 Item 4.

Controls and Procedures

Controls and Procedures 32

- OTHER INFORMATION

PART II - OTHER INFORMATION 33 Item 1.

Legal Proceedings

Legal Proceedings 33 Item 1A.

Risk Factors

Risk Factors 34 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34 Item 3. Defaults Upon Senior Securities 34 Item 4. Mine Safety Disclosures 34 Item 5. Other Information 34 Item 6. Exhibits 34

SIGNATURES

SIGNATURES 35 2 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION NORTHWEST BIOTHERAPEUTICS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) June 30, December 31, 2024 2023 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 2,881 $ 2,126 Prepaid expenses and other current assets 2,095 1,999 Total current assets 4,976 4,125 Non-current assets: Property, plant and equipment, net 16,962 17,278 Right-of-use asset, net 3,997 4,183 Indefinite-lived intangible asset 1,292 1,292 Goodwill 626 626 Other assets 372 361 Total non-current assets 23,249 23,740 TOTAL ASSETS $ 28,225 $ 27,865 LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable and accrued expenses $ 15,143 $ 10,244 Accounts payable and accrued expenses to related parties and affiliates 2,483 3,544 Convertible notes, net 3,959 3,765 Convertible notes at fair value 17,764 12,771 Notes payable, net 8,881 3,944 Contingent payable derivative liability 7,603 9,188 Warrant liability — 944 Investor advances 7 7 Share liability 159 483 Lease liabilities 175 314 Total current liabilities 56,174 45,204 Non-current liabilities: Notes payable, net of current portion, net 20,434 20,312 Lease liabilities, net of current portion 4,361 4,454 Contingent payment obligation 5,000 4,950 Total non-current liabilities 29,795 29,716 Total liabilities 85,969 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 June 30, 2024 and December 31, 2023, respectively; aggregate liquidation preference of $ 17.1 million 18,753 18,718 Stockholders' deficit: Preferred stock ( $ 0.001 par value); 100,000,000 shares authorized as of June 30, 2024