Northwest Biotherapeutics (NWBO) Stock Analysis & Winston Score

Northwest Biotherapeutics is a small biotech company focused on developing cancer treatments. Its main product is DCVax-L, a personalized therapy for glioblastoma, which is one of the most aggressive and deadly forms of brain cancer. The company targets patients and oncologists in the medical community, and it has no other approved products on the market.

The company earns almost no revenue today and funds its operations through stock sales and debt, which explains the deeply negative margins shown in its financials. It operates primarily in the United States and United Kingdom, where it has conducted clinical trials. Northwest Biotherapeutics received a positive Phase 3 trial result for DCVax-L and is pursuing regulatory approval in multiple markets, but it has not yet received full commercial approval from the FDA. The central risk is that the company could run out of cash before it achieves meaningful product sales, making this a high-stakes, binary-outcome situation for the business.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+190.9% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+103.5% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

2.2%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~1 months

$3M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Revenue accelerating

Northwest Biotherapeutics grew revenue 191% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

-19.2%

Thin — -19.2% gross margin

Operating Margin

-2009.5%

Losing money on operations — -2009.5%

ROCE

-108.3%

Weak — -108.3% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-0.3%

Shrinking sales (-0.3% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

-3334.8%

Burning cash (-3334.8%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

N/A

—

Data not available

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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