Investment Thesis
Northwest Biotherapeutics faces imminent financial distress with negative stockholders' equity of -$108.6M, liabilities nearly 4x its assets, and a critical current ratio of 0.08x. Severe cash burn of -$30.6M annually combined with declining revenue (-28.5% YoY) and massive operating losses creates an unsustainable financial position with significant bankruptcy risk.
Strengths
- Retains $4.6M in cash providing short-term operational runway
- Operates in pharmaceutical sector with potential pipeline assets
- Financial data recently updated (September 2025)
Risks
- Negative stockholders' equity of -$108.6M indicates technical insolvency
- Critical liquidity crisis with current ratio of 0.08x against $125.9M in liabilities
- Severe operating losses of -$46.4M on only $706K revenue with -6573% operating margin
- Unsustainable cash burn of -$30.6M annually leaves only 1-2 months of runway at current rate
- Declining revenue trajectory (-28.5% YoY) suggests deteriorating business viability
- Unable to service $72.2M long-term debt from operations with negative operating cash flow
Key Metrics to Watch
- Monthly cash burn rate and remaining cash runway
- Revenue stabilization or acceleration indicators
- Capital raise, debt restructuring, or merger announcements
- Quarterly operating loss trajectory and cash flow trends
Financial Metrics
Revenue
706.0K
Net Income
-61.6M
EPS (Diluted)
$-0.04
Free Cash Flow
-30.6M
Total Assets
30.6M
Cash
4.6M
Profitability Ratios
Gross Margin
N/A
Operating Margin
-6,573.7%
Net Margin
-8,718.1%
ROE
N/A
ROA
-201.1%
FCF Margin
-4,334.0%
Balance Sheet & Liquidity
Current Ratio
0.08x
Quick Ratio
0.08x
Debt/Equity
N/A
Debt/Assets
411.2%
Interest Coverage
-30.57x
Long-term Debt
72.2M
Disclaimer: This analysis is generated by AI based on publicly available SEC EDGAR filings.
It does not include stock price data and should not be considered financial advice.
All fundamental data is sourced from SEC public domain filings.
Always conduct your own research before making investment decisions.
Data Source: SEC EDGAR |
Analysis Date: 2026-04-13T09:15:23.035472 |
Data as of: 2025-09-30 |
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