NovoCure reported third‑quarter 2025 financial results, with net revenues of $167.2 million, an 8% year‑over‑year increase, and a net loss of $37.3 million, translating to earnings per share of –$0.33. The net loss widened from $30.6 million and EPS of –$0.28 in the same quarter of 2024.
The active patient base grew to 4,416. Optune Gio active patients numbered 4,277, up 5% year‑over‑year, while Optune Lua active patients totaled 139. Gross margin fell to 73% from 77% due to the rollout of the Head Flexible Electrode transducer array, pre‑reimbursement costs for NSCLC patients, and higher tariffs.
Research and development expenses increased 4% to $54.0 million; general and administrative expenses rose 15% to $45.9 million, reflecting investments in digital infrastructure, product development, and regulatory activities.
NovoCure submitted a pre‑market approval application for TTFields therapy in pancreatic cancer, accepted for filing in August 2025 and currently under substantive review by the U.S. Food and Drug Administration.
Cash and cash equivalents stood at $342.1 million, short‑term investments at $691.4 million, convertible senior note balance at $560.6 million, and a net credit facility of $194.6 million, providing liquidity for launches and pipeline development.
Management emphasized the company’s strategy to become a platform therapy company, targeting four indications by year‑end 2026 and outlining steps toward profitability, including cost optimization and securing reimbursement for NSCLC.
NovoCure’s pipeline includes a PMA submission for brain metastases from NSCLC in Q4 2025 and topline data readouts for pancreatic cancer and glioblastoma trials in the first half of 2026. The company projects the TTFields market to reach $5 billion by 2033.
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