Novocure (NASDAQ: NVCR) has reported its financial results for the fourth quarter and full year ending December 31, 2025. The company's net revenues for the year totaled $655.4 million, representing an 8% increase year-over-year. In the fourth quarter alone, the net revenues were $174.4 million, also showing an 8% increase year-over-year, primarily driven by an increase in active patients on therapy.
The gross margin for the quarter was 76%, down from 79% in the prior year, mainly due to the continued roll out of the head flexible electrode (HFE) array for use with Optune Gio, costs associated with treating non-small cell lung cancer (NSCLC) patients prior to establishing reimbursement, and increased tariffs.
Research, development, and clinical studies expenses for the quarter increased by 19% from the same period in 2024, primarily driven by higher clinical trial costs associated with the keynote d58 and lunar-2 trials, as well as higher regulatory affairs expenses. Sales and marketing expenses for the quarter increased by 2% from the same period in 2024, primarily driven by higher marketing expenses in preparation for the U.S. launch of Optune Pax.
Furthermore, Novocure reported a net loss for the quarter of $24.5 million with a loss per share of $0.22. The adjusted EBITDA for the quarter was $(16.4) million, and the company's cash, cash equivalents, and short-term investments were $447.7 million as of December 31, 2025.
As of December 31, 2025, there were 4,620 total active patients on ttfields therapy globally, and Novocure received 1,609 Optune Gio prescriptions for the treatment of glioblastoma (GBM) in the quarter, marking a 6% increase from the same period in 2024. Additionally, 145 total prescriptions for Optune Lua were received in the quarter.
Looking ahead, Novocure has provided its guidance for the full year 2026, with total net revenues expected to be in the range of $675 million to $705 million and adjusted EBITDA projected to be in the range of $(20) million to $0 million.
The company also outlined anticipated clinical and regulatory milestones, including topline data from the phase 2 Panova-4 clinical trial in metastatic pancreatic cancer and topline data from the phase 3 Trident clinical trial in newly diagnosed GBM, both expected in 2026.
In addition to the financial results, Novocure announced several developments, including the appointment of Frank Leonard as chief executive officer and the FDA approval of Optune Pax for the treatment of adult patients with locally advanced pancreatic cancer concomitant with gemcitabine and nab-paclitaxel.
Novocure's full-year 2025 financial results conference call is scheduled for today, Thursday, February 26, 2026, at 8:00 a.m. EST.
Novocure is a global oncology company focused on extending survival in aggressive forms of cancer through its tumor treating fields therapy and has additional ongoing or completed clinical trials exploring the use of this therapy in the treatment of glioblastoma, non-small cell lung cancer, and pancreatic cancer. Today the company's shares have moved -1.16% to a price of $13.64. If you want to know more, read the company's complete 8-K report here.
