First Berlin Equity Research has published a research update on Northwest Biotherapeutics Inc. (ISIN: US66737P6007). Analyst Christian Orquera reiterated his BUY rating and maintained his USD 1.00 price target.

Abstract
Northwest reported FY/25 results modestly ahead of our estimates, with upside at both the operating and net income levels. Total revenue came in at USD 1.4m (FBe: USD 1.0m; FY/24: USD 1.4m), EBIT was -USD 59.9m (FBe: -USD 62.1m; FY/24: -USD 66.5m), and year-end cash stood at USD 3.0m (FBe: USD 2.1m; FY/24: USD 2.2m). The operating beat was primarily driven by lower OpEx, particularly in R&D. This trend accelerated in Q1/26, leading to an operating loss of USD 10.9m (FY/24: USD 17.3m) and a cash outflow of USD 12.5m (Q1/25: USD 9.4m), with cash declining to USD 1.8m at 31 March 2026, in line with the raise-as-you-go financing model. While encouraging, we caution against extrapolating this lower OpEx run-rate as commercial preparation costs may increase ahead of a potential launch. Operationally, progress remains focused on preparing for a potential UK launch of DCVax-L. The ongoing expansion of manufacturing capacity at the Sawston facility signals a clear shift from regulatory preparation to commercial readiness and is consistent with our view that existing infrastructure can support initial UK demand without significant incremental CapEx. The appointment of Dr Annalisa Jenkins as Strategic Adviser on 30 April 2026 further strengthens the company’s commercial and regulatory execution capabilities ahead of a potential launch. The key near-term catalyst remains the UK MHRA regulatory decision for DCVax-L in glioblastoma (GBM), which we continue to expect in 2026. A positive outcome would represent a clear inflection point, triggering negotiations with the National Institute for Health and Care Excellence (NICE) and a first reimbursed commercial launch in 2027. We leave our estimates unchanged and reiterate our Buy rating and USD 1.00 price target (upside: >370%).