Novocure Reports Fourth Quarter and Full Year 2025 Financial Results and Provides Company Update
BAAR, Switzerland--( BUSINESS WIRE)--Novocure (NASDAQ: NVCR) today reported financial results for the quarter and full year ended December 31, 2025. Novocure is a global oncology company working to extend survival in some of the most aggressive forms of cancer by developing and commercializing its innovative therapy, Tumor Treating Fields (TTFields).
“In 2025, a record number of patients received treatment with Novocure’s Tumor Treating Fields therapy, a milestone that reflects our growth and commitment to advancing the treatment of cancer with our technology,” said Frank Leonard, CEO, Novocure. “This momentum continues in 2026 with the U.S. FDA approval of Optune Pax for pancreatic cancer, an achievement we are incredibly proud of given the exceptional challenge of developing treatment for this disease. We are well-positioned to continue to drive our patient-forward mission while prioritizing our goal of achieving profitability.”
Financial updates for the year and fourth quarter ended December 31, 2025:
Operational updates for the year and fourth quarter ended December 31, 2025:
Fourth quarter and recent updates:
2026 Financial Guidance
Novocure’s guidance for the full year 2026 is summarized below.
Total net revenues
$675 million - $705 million
Adjusted EBITDA*
$(20) million - $0 million
This guidance assumes full-year low-to-mid single digit net revenue growth from Optune Gio, net revenue contribution from Optune Lua and Optune Pax, collectively, between $15 million to $25 million, mid-70’s percent gross margin, and foreign exchange rates as of December 31, 2025.
Anticipated clinical and regulatory milestones:
Four quarter and full year 2025 financial results conference call:
Novocure will host a conference call and webcast to discuss fourth quarter and full year 2025 financial results at 8:00 a.m. EST today, Thursday, February 26, 2026. To access the conference call by phone, use the following conference call registration link, and dial-in details will be provided. To access the webcast, use the following webcast registration link.
The webcast and earnings slides presented during the webcast and the corporate presentation can be accessed live from the Investor Relations page of Novocure’s website, www.novocure.com/investor-relations, and will be available for at least 14 days following the call. Novocure has used, and intends to continue to use, its investor relations website, as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.
About Novocure
Novocure is a global oncology company working to extend survival in some of the most aggressive forms of cancer through the development and commercialization of its innovative therapy, Tumor Treating Fields. Novocure’s commercialized products are approved in certain countries for the treatment of adult patients with glioblastoma, pancreatic cancer, non-small cell lung cancer, malignant pleural mesothelioma and pleural mesothelioma. Novocure has several additional ongoing or completed clinical trials exploring the use of Tumor Treating Fields therapy in the treatment of glioblastoma, non-small cell lung cancer and pancreatic cancer.
Novocure’s global headquarters is located in Baar, Switzerland, with U.S. headquarters located in Portsmouth, New Hampshire and research and development facilities located in Haifa, Israel. For additional information about the company, please visit Novocure.com and follow @Novocure on LinkedIn and X (Twitter).
*Non-GAAP Financial Measurements
We measure our performance based upon a non-U.S. GAAP measurement of earnings before interest, taxes, depreciation, amortization and shared-based compensation (Adjusted EBITDA). We believe Adjusted EBITDA is useful to investors in evaluating our operating performance because it helps investors compare the results of our operations from period to period by removing the impact of earnings attributable to our capital structure, tax rate and material non-cash items, specifically share-based compensation. Novocure does not provide a reconciliation to GAAP basis for forward-looking Adjusted EBITDA guidance due to the inability to predict share-based compensation expenses contained in the GAAP measure (net income) without unreasonable efforts.
Forward-Looking Statements
In addition to historical facts or statements of current condition, this press release may contain forward-looking statements. Forward-looking statements provide Novocure’s current expectations or forecasts of future events. These may include statements regarding anticipated scientific progress on its research programs, clinical study progress, development of potential products, interpretation of clinical results, prospects for regulatory approval, manufacturing development and capabilities, market prospects for its products, coverage, collections from third-party payers and other statements regarding matters that are not historical facts. You may identify some of these forward-looking statements by the use of words in the statements such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe” or other words and terms of similar meaning. Novocure’s performance and financial results could differ materially from those reflected in these forward-looking statements due to general financial, economic, environmental, regulatory and political conditions and other more specific risks and uncertainties facing Novocure such as those set forth in its Annual Report on Form 10-K filed on February 26, 2026, and subsequent flings with the U.S. Securities and Exchange Commission. Given these risks and uncertainties, any or all of these forward-looking statements may prove to be incorrect. Therefore, you should not rely on any such factors or forward-looking statements. Furthermore, Novocure does not intend to update publicly any forward-looking statement, except as required by law. Any forward-looking statements herein speak only as of the date hereof. The Private Securities Litigation Reform Act of 1995 permits this discussion.
Consolidated Statements of Operations
USD in thousands (except share and per share data)
Three Months Ended
December 31,
Twelve months ended December 31,
2025
2024
2025
2024
Net revenues
$
174,350
$
161,266
$
655,353
$
605,220
Cost of revenues
42,157
33,466
166,879
137,181
Gross profit
132,193
127,800
488,474
468,039
Operating costs and expenses:
Research, development and clinical studies
60,905
51,210
224,544
209,645
Sales and marketing
68,660
67,411
240,064
239,063
General and administrative
43,021
72,483
177,666
189,827
Total operating costs and expenses
172,586
191,104
642,274
638,535
Operating income (loss)
(40,393
)
(63,304
)
(153,800
)
(170,496
)
Financial (expenses) income, net
(561
)
8,098
17,550
39,334
Income (loss) before income tax
(40,954
)
(55,206
)
(136,250
)
(131,162
)
Income tax
(16,455
)
10,716
(23
)
37,465
Net income (loss)
$
(24,499
)
$
(65,922
)
$
(136,227
)
$
(168,627
)
Basic and diluted net income (loss) per ordinary share
$
(0.22
)
$
(0.61
)
$
(1.22
)
$
(1.56
)
Weighted average number of ordinary shares used in computing basic and diluted net income (loss) per share
112,244,399
108,474,919
111,471,991
107,834,368
Consolidated Balance Sheets
USD in thousands (except share data)
December 31,
U.S. dollars in thousands
2025
2024
Assets
Current assets:
Cash and cash equivalents
$
93,548
$
163,767
Short-term investments
354,126
796,106
Restricted cash
9,842
2,327
Trade receivables, net
89,435
74,226
Receivables and prepaid expenses
58,669
35,063
Inventories
41,111
35,086
Total current assets
646,731
1,106,575
Long-term assets:
Property and equipment, net
77,606
77,660
Field equipment, net
22,066
14,811
Right-of-use assets
47,327
27,120
Other long-term assets
10,596
14,618
Total long-term assets
157,595
134,209
Total assets
$
804,326
$
1,240,784
Consolidated Balance Sheets
USD in thousands (except share data)
December 31,
U.S. dollars in thousands, except share and per share data
2025
2024
Liabilities and shareholders’ equity
Current liabilities:
Convertible note
$
—
$
558,160
Trade payables
122,231
105,086
Other payables, lease liabilities and accrued expenses
100,997
93,148
Total current liabilities
223,228
756,394
Long-term liabilities:
Senior secured credit facility, net
195,047
97,300
Long term leases
41,647
19,971
Employee benefit liabilities
3,938
6,940
Total long-term liabilities
240,632
124,211
Total liabilities
463,860
880,605
Commitments and contingencies
Shareholders’ equity:
Share capital -
Ordinary shares - No par value, Unlimited shares authorized; Issued and outstanding: 112,492,667 shares and 108,516,819 shares at December 31, 2025 and December 31, 2024 respectively;
—
—
Additional paid-in capital
1,634,264
1,519,809
Accumulated other comprehensive income (loss)
(3,441
)
(5,500
)
Retained earnings (accumulated deficit)
(1,290,357
)
(1,154,130
)
Total shareholders’ equity
340,466
360,179
Total liabilities and shareholders’ equity
$
804,326
$
1,240,784
Non-U.S. GAAP financial measures reconciliation
USD in thousands
Three months ended December 31,
Twelve months ended December 31,
2025
2024
% Change
2025
2024
% Change
Net income (loss)
$
(24,499
)
$
(65,922
)
(63
)%
$
(136,227
)
$
(168,627
)
(19
)%
Add: Income tax
(16,455
)
10,716
(254
)%
$
(23
)
$
37,465
(100
)%
Add: Financial expenses (income), net
561
(8,098
)
(107
)%
$
(17,550
)
$
(39,334
)
(55
)%
Add: Depreciation and amortization
4,218
3,104
36
%
$
14,650
$
11,235
30
%
EBITDA
$
(36,175
)
$
(60,200
)
(40
)%
$
(139,150
)
$
(159,261
)
(13
)%
Add: Share-based compensation
19,816
62,757
(68
)%
$
104,832
$
160,035
(34
)%
Adjusted EBITDA
$
(16,359
)
$
2,557
(740
)%
$
(34,318
)
$
774
(4,534
)%
Active Patients
December 31,
Operating statistics
2025
2024
Optune Gio
Optune Lua
Total
Optune Gio
Optune Lua
Total
Active patients at period end*
United States
2,251
110
2,361
2,161
31
2,192
International markets:
Germany
623
43
666
564
11
575
France
509
—
509
426
—
426
Japan
542
—
542
420
—
420
Other international
539
3
542
506
7
513
International markets - Total
2,213
46
2,259
1,916
18
1,934
4,464
156
4,620
4,077
49
4,126
*Optune Lua
includes both active patients in non-small cell lung cancer and malignant pleural mesothelioma (MPM).
Indication and Important Safety Information for Optune Gio ®
What is Optune Gio ® approved to treat?
Optune Gio is a wearable, portable, FDA-approved device indicated to treat a type of brain cancer called glioblastoma multiforme (GBM) in adult patients 22 years of age or older.
Newly diagnosed GBM
If you have newly diagnosed GBM, Optune Gio is used together with a chemotherapy called temozolomide (TMZ) if:
Recurrent GBM
If your tumor has come back, Optune Gio can be used alone as an alternative to standard medical therapy if:
Who should not use Optune Gio?
Optune Gio is not for everyone. Talk to your doctor if you have:
Do not use Optune Gio if you are pregnant or are planning to become pregnant. It is not known if Optune Gio is safe or effective during pregnancy.
What should I know before using Optune Gio?
Optune Gio should only be used after receiving training from qualified personnel, such as your doctor, a nurse, or other medical staff who have completed a training course given by Novocure ®, the maker of Optune Gio.
What are the possible side effects of Optune Gio?
Most common side effects of Optune Gio when used together with chemotherapy (temozolomide, or TMZ) were low blood platelet count, nausea, constipation, vomiting, tiredness, scalp irritation from the device, headache, seizure, and depression. The most common side effects when using Optune Gio alone were scalp irritation (redness and itchiness) and headache. Other side effects were malaise, muscle twitching, fall and skin ulcers. Talk to your doctor if you have any of these side effects or questions.
Please visit OptuneGio.com for Instructions For Use (IFU) for complete information regarding the device’s indications, contraindications, warnings, and precautions.
Indication and Important Safety Information for Optune Lua ®
What is Optune Lua ® approved to treat?
Optune Lua is a wearable, portable, FDA-approved device used together with PD-1/PD-L1 inhibitors (immunotherapy) or docetaxel. It is indicated for adult patients with metastatic non-small cell lung cancer (mNSCLC) who have progressed on or after a platinum-based regimen.
Who should not use Optune Lua?
Optune Lua for mNSCLC is not for everyone. Talk to your doctor if you have:
What should I know before using Optune Lua?
Optune Lua should only be used after receiving training from qualified personnel, such as your doctor, a nurse, or other medical staff who have completed a training course given by Novocure ®, the maker of Optune Lua.
What are the possible side effects of Optune Lua?
The most common side effects of Optune Lua when used together with certain immunotherapy and chemotherapy drugs were dermatitis, pain in the muscles, bones, or joints, fatigue, anemia, alopecia (hair loss), dyspnea, nausea, cough, diarrhea, anorexia, pruritus (itching), leukopenia, pneumonia, respiratory tract infection, localized edema (swelling), rash, pain, constipation, skin ulcers, hypokalemia (low potassium levels), hypoalbuminemia (low albumin levels), hyponatremia (low sodium levels), and dysphagia (difficulty swallowing).
Other potential adverse effects associated with the use of Optune Lua include treatment related skin irritation, allergic reaction to the adhesive or to the gel, overheating of the array leading to pain and/or local skin burns, infections at site where the arrays make contact with the skin, local warmth and tingling sensation beneath the arrays, medical device site reaction, muscle twitching, and skin breakdown/skin ulcer. Talk to your doctor if you have any of these side effects or questions.
Please visit OptuneLua.com for Instructions For Use (IFU) for complete information regarding the device’s indications, contraindications, warnings, and precautions.
Indication and Important Safety Information for Optune Pax ®
What is Optune Pax ® approved to treat?
Optune Pax is an FDA-approved wearable therapeutic device, used together with gemcitabine and nab-paclitaxel (a chemotherapy combination). It is indicated for the treatment of adult patients with locally advanced pancreatic cancer.
Who should not use Optune Pax?
Optune Pax for locally advanced pancreatic cancer is not for everyone. Talk to your doctor if you have:
What should I know before using Optune Pax?
Optune Pax should only be used after receiving training from qualified personnel, such as your doctor, a nurse, or other medical staff who have completed a training course given by Novocure ®, the maker of Optune Pax.
What are the possible side effects of Optune Pax?
The most common side effects of Optune Pax used together with chemotherapy drugs were low neutrophils, low red blood cell count, low platelet count, low white blood cell count, diarrhea, nausea, vomiting, abdominal pain, constipation, fatigue, swelling, fever, pain, COVID-19, infection, respiratory tract infection, urinary tract infection, pneumonia, liver enzyme increased, weight loss, low potassium level, low albumin level, high blood sugar, muscle pain, neuropathy peripheral (damage to the nerves outside the brain and spinal cord), taste disorder, dizziness, difficulty sleeping, shortness of breath, hair loss, skin-related disorders, and low blood pressure.
Device-related skin adverse effects associated with the use of Optune Pax include skin inflammation, rash, itching, skin redness, skin irritation, skin infection, heavy sweating, and open sores. Other device-related adverse effects associated with the use of Optune Pax include overheating of the array, leading to pain and/or local skin burns, allergic reaction to the adhesive or gel from the transducer arrays, and local warmth and tingling sensation beneath the arrays. Talk to your doctor if you have any of these side effects or have any questions.
Please visit OptunePax.com for Instructions For Use (IFU) for complete information regarding the device’s indications, contraindications, warnings, and precautions.