First Berlin Equity Research on 24/03/2026 initiated coverage on Northwest Biotherapeutics Inc. (ISIN: US66737P6007/ Bloomberg: NWBO US). Analyst Christian Orquera placed a BUY rating on the stock, with a USD 1.00 price target.

Abstract
Northwest Biotherapeutics is a late-stage oncology company developing DCVax-L, a personalised dendritic cell immunotherapy for glioblastoma (GBM), one of the most aggressive and lethal brain cancers. In the completed phase 3 study, DCVax-L demonstrated a statistically significant improvement in overall survival, including a clear tail of long-term survivors, in both newly diagnosed and recurrent GBM. Median overall survival reached 19.3 months from randomisation in newly diagnosed patients and 13.2 months in recurrent disease, compared with historical benchmarks of 16.5 months and 7.8 months, respectively. We view the use of overall survival as the primary endpoint, supported by long follow-up and consistent benefit across disease stages, as a key factor underpinning the regulatory case. The company submitted a Marketing Authorisation Application (MAA) to the UK MHRA in 2023 and is currently engaged in the regulatory review process, which we see as the central value-defining catalyst. We expect a regulatory decision in 2026, followed by pricing and reimbursement negotiations with NICE through 2026 and early 2027, and a first commercial launch in the UK later in 2027. Subject to a positive UK outcome, we expect regulatory filings in the US, Canada and Europe, with potential approvals and initial market launches from 2029 onwards. Based on our sum-of-the-parts (SOTP) valuation model, we initiate coverage of Northwest with a price target of USD 1.00 and a Buy rating (upside: >350%).