Northwest Biotherapeutics, Inc. · OTC:NWBO
Northwest Biotherapeutics — Shareholder Meeting (July 2026)
18 slides from Northwest Biotherapeutics's shareholder meeting presentation, Jul 3, 2026
Slide 1: DCVax-L-Associated Survival Extension Assessed Through Propensity Score Matching Analyses
DCVax®-L-Associated Survival Extension Assessed Through Propensity Score Matching Analyses BNOS Annual Meeting July 3, 2026
Slide 2: DCVax-L Introduction
DCVax®-L Introduction • DCVax®-L is autologous dendritic cells (DCs) loaded with autologous tumor cell lysate – Uses DCs, which are the master cells of the immune system • DCs direct both the targeting and the direction of the response – Uses antigens from patient’s own tumor to ensure correct targe
Slide 3: DCVax-L: Mechanism of Action & Multiplier Effect
DCVax-L: Mechanism of Action & Multiplier Effect activated anti-cancer T cells travel to tumor site Dendritic Dendritic Cell Cell tumor target proteins anti-cancer T cell activated resting anti-cancer activated anti-cancer T cell attaches to DC T cells divide rapidly and acquire cytotoxic capability
Slide 4: DCVax-L Phase III Trial Results
DCVax-L Phase III Trial Results Per the Statistical Analysis Plan (SAP), DCVax-L survival was evaluated vs external controls (ECP), for both ndGBM (5 comparator RCTs) & rGBM (10 comparator RCTs) For the ECP, NW was not able to obtain access to Individual Patient Data (IPD), despite extensive efforts
Slide 5: Significant Extension of Survival In Both nGBM & rGBM
Significant Extension of Survival In Both nGBM & rGBM Newly diagnosed GBM: mOS +2.8 months Recurrent GBM: mOS +5.4 months mOS of DCVax patients: mOS of DCVax patients: 19.3 months from randomization; 13.2 months from recurrence 22.4 months from surgery mOS of controls: mOS of controls: 16.5 months f
Slide 6: 'Long Tail' of Patient Survival With DCVax-L
‘Long Tail’ of Patient Survival With DCVax-L nGBM Landmark survival rate ECP* DCVax-L Relative Rate Newly diagnosed GBM: 36 mo 15.5% 20.2% 130% More than doubled 48 mo 9.9% 15.7% 159% 5-year survival 60 mo 5.7% 13.0% 228% rGBM Landmark survival rate post progression ECP DCVax-L Relative Rate 6 mo 64
Slide 7: Propensity Score Matching (PSM) Using Individual Patient Data
Propensity Score Matching (PSM) Using Individual Patient Data • PSM is a statistical method that can be used to draw inferential conclusions on causality (not just association) when comparing results against external control populations (ECPs). • PSM considers known prognostic factors using individu
Slide 8: PSM Analysis of DCVax-L vs. CORE/CENTRIC RCTs
PSM Analysis of DCVax-L vs. CORE/CENTRIC RCTs • SAP for DCVax-L trial prospectively envisioned that these more precise analyses would be undertaken when access to individual patient data (IPD) could be obtained. • IPD for CORE1 & CENTRIC2 RCTs (testing cilengitide in GBM) became obtainable through P
Slide 9: Results of Independent PSM Analysis: DCVax-L vs. CORE/CENTRIC RCTs
Results of Independent PSM Analysis: DCVax-L vs. CORE/CENTRIC RCTs PSM Method n DCVax n ECP Delta HR p A (nearest 182 182 6.3 mo 0.74 0.02 matching 1:1) B (optimal 180 180 6.1 mo 0.77 0.004 matching 1:1) C (optimal 230 115 4.9 mo 0.69 0.004 matching 2:1) Conclusion: Based on these more precisely mat
Slide 10: Alternative Approach: Inverse Probability Weighting (IPW) Analysis
Alternative Approach: Inverse Probability Weighting (IPW) Analysis • Like PSM, IPW uses individual patient data (IPD) to achieve precise comparisons on known prognostic factors (MGMT status, age, etc.) but applies weighting rather than excluding patients for whom a match is unavailable. • IPW achiev
Slide 11: Results of Independent IPW Analysis: DCVax-L vs. CORE & CENTRIC RCTs
Results of Independent IPW Analysis: DCVax-L vs. CORE & CENTRIC RCTs IPD n DCVax n ECP Delta p Approach a 230 362 3.6 mo 0.008 b 230 362 4.3 mo 0.03 c 230 362 4.3 mo 0.01 d 230 362 3.4 mo 0.01 e 230 362 4.0 mo 0.004 f 230 362 3.4 mo 0.01 Conclusion: IPW analyses confirm the PSM results and support t
Slide 12: Sensitivity Analyses to Check PSM Analyses
Sensitivity Analyses to Check PSM Analyses E-values: • Measure the strength of the association of unknown confounding factors with both the treatment and the survival outcome that would be required to explain away the observed survival benefit with DCVax-L. • The known prognostic factors for nGBM ha
Slide 13: E-values and Rosenbaum's Gamma
E-values and Rosenbaum’s Gamma Method Delta E-value E-values for known prognostic factors: A 6.1 mo 2.58 • MGMT methylation: 5.48 • Extent of resection: 1.77 B 6.3 mo 2.79 • Residual disease: 1.32 C 4.9 mo 2.28 • Age >65: 2.5 Conclusion: Any unknown confounder would have to have a stronger influence
Slide 14: Additional Independent PSM Analysis: AVAglio Trial
Additional Independent PSM Analysis: AVAglio Trial Another independent PSM analysis was conducted when access was obtained to the individual patient data (IPD) of the AVAglio trial.1 The PSM analysis used the optimal 1:1 and optimal 2:1 matching methodologies. PSM Method n DCVax n ECP Delta HR p Opt
Slide 15: Summary
Summary • PSM analyses using Individual Patient Data (IPD) for precise matching with external control populations from 3 separate RCTs estimate the survival benefit associated with DCVax-L treatment to be between 3.4 and 6.3 months, i.e. meaningfully longer than the 2.8 months in the original analys
Slide 16: Conclusions
Conclusions Each of the analyses described in this presentation takes a different approach, has different strengths and weaknesses and makes a different contribution to the picture. Taken together, they validate each other. The key is that they are: All directionally consistent in finding a surviv
Slide 17: Next Steps: Combination Approaches
Next Steps: Combination Approaches • Given that DCVax-L works through the induction of an anti-tumour immune response, one would expect that combining DCVax-L with immune enhancers such as adjuvants, TLR agonists and checkpoint inhibitors (CPIs) could enhance the survival extension. • A recent paper
Slide 18: Acknowledgements
Acknowledgements Oya Analytica Kings College Hospital Darko Medin Keyoumars Ashkan Tristan Olinger Christina Bromley TMC Pharma Becky Willoughby Northwest Biotherapeutics Tracey Clarke Linda Powers Steven Toms GMP Healthcare Navid Malik Giby George 18
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