Northwest Biotherapeutics, Inc. (NWBO)

Northwest Biotherapeutics Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	-60.16	-83.78	-62.6	-105.03	179.13
Depreciation & Amortization	2.34	2.04	1.73	1.5	0.59
Other Amortization	1.89	2.48	2.37	2.77	2.3
Stock-Based Compensation	1.21	3.46	4.41	12.3	15.5
Other Operating Activities	-3	8.78	4.14	28.48	-238.54
Change in Accounts Payable	13.69	9.85	-4.43	6.85	-0.6
Change in Other Net Operating Assets	-0.73	0.16	0.73	0.36	3.32
Operating Cash Flow	-44.76	-57.02	-53.64	-52.78	-38.3
Capital Expenditures	-1.5	-1.01	-3.44	-2.9	-6.02
Investing Cash Flow	-1.82	-1.01	-3.44	-2.9	-6.02
Short-Term Debt Issued	-	0.2	0.01	2.57	0.25
Long-Term Debt Issued	31.26	34.02	33.34	5.6	29.67
Total Debt Issued	31.26	34.22	33.35	8.17	29.92
Long-Term Debt Repaid	-1.27	-1.43	-0.39	-5.49	-5.83
Total Debt Repaid	-1.27	-1.43	-0.39	-5.49	-5.83
Net Debt Issued (Repaid)	29.99	32.78	32.96	2.68	24.09
Issuance of Common Stock	19.34	15.75	1.72	20.57	24.05
Other Financing Activities	-	0.05	4.75	-	-
Financing Cash Flow	49.33	56.79	52.76	41.97	48.13
Foreign Exchange Rate Adjustments	-1.88	1.3	-0.52	5.51	1.37
Net Cash Flow	0.87	0.05	-4.84	-8.2	5.19
Free Cash Flow	-46.27	-58.03	-57.07	-55.68	-44.31
Free Cash Flow Margin	-3357.55%	-4199.06%	-2954.14%	-3308.20%	-4409.35%
Free Cash Flow Per Share	-0.03	-0.05	-0.05	-0.06	-0.04
Cash Interest Paid	0.39	0.13	0.06	0.91	1.73
Levered Free Cash Flow	-23.95	-30.19	-118.13	-44.98	-270
Unlevered Free Cash Flow	-20.4	-27.81	-117.23	-43.96	-269.17
Change in Working Capital	12.96	10	-3.7	7.21	2.73

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.