On February 26, 2026 Novocure (NASDAQ: NVCR) 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).

Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:

Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing

                  Schedule Your 30 min Free Demo!

"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:

Total net revenues for the year were $655.4 million, an increase of 8% year-over-year.
Total net revenues for the fourth quarter were $174.4 million, an increase of 8% year-over-year, primarily driven by an increase in active patients on therapy.
The U.S., Germany, France and Japan contributed $101.6 million, $21.3 million, $20.3 million and $10.2 million in quarterly net revenues, respectively, with our other active markets contributing $16.3 million.
Revenue in Greater China from Novocure’s partnership with Zai Lab totaled $4.6 million.
Recognized revenue from Optune Lua in the fourth quarter was $3.5 million, including $2.4 million from non-small cell lung cancer (NSCLC) and $1.1 million from malignant pleural mesothelioma (MPM).
Gross margin for the quarter was 76%, compared to 79% in the same period in 2024. The reduction was primarily driven by the continued roll out of our Head Flexible Electrode (HFE) array for use with Optune Gio, costs associated with treating NSCLC patients prior to establishing reimbursement and increased tariffs.
Research, development and clinical studies expenses for the quarter were $60.9 million, an increase of 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 were $68.7 million, an increase of 2% from the same period in 2024, primarily driven by higher marketing expenses in preparation for the U.S. launch of Optune Pax.
General and administrative expenses for the quarter were $43.0 million, a decrease of 41% from the same period in 2024. This was primarily driven by a decrease in share-based compensation expenses.
Net loss for the quarter was $24.5 million with loss per share of $0.22.
Adjusted EBITDA* for the quarter was $(16.4) million.
Cash, cash equivalents and short-term investments were $447.7 million as of December 31, 2025.
Operational updates for the year and fourth quarter ended December 31, 2025:

As of December 31, 2025, there were 4,620 total active patients on TTFields therapy globally.
Optune Gio
1,609 Optune Gio prescriptions for the treatment of glioblastoma (GBM) were received in the quarter, an increase of 6% from the same period in 2024. The U.S., Germany, France and Japan contributed 950; 178; 197 and 139 prescriptions, respectively, with the remaining 145 prescriptions contributed by other active markets.
As of December 31, 2025, there were 4,464 active Optune Gio patients on therapy. The U.S., Germany, France and Japan contributed 2,251; 623; 509 and 542 Optune Gio active patients, respectively, with the remaining 539 active patients contributed by other active markets.
Optune Lua
145 total prescriptions for Optune Lua were received in the quarter.
118 Optune Lua prescriptions were received for the treatment of NSCLC. The U.S., Germany and France contributed 87; 29 and 1 prescriptions, respectively, with the remaining 1 prescription received from other active markets.
27 Optune Lua prescriptions were received for the treatment of MPM. The U.S. and Germany contributed 10 and 16 prescriptions, respectively, with the remaining 1 prescription received from other active markets.
As of December 31, 2025, there were 122 active Optune Lua patients on therapy for the treatment of NSCLC. The U.S. and Germany contributed 102 and 19 active patients, respectively, with the remaining 1 active patient contributed by other active markets.
As of December 31, 2025, there were 34 active Optune Lua patients on therapy for the treatment of MPM. The U.S. and Germany contributed 8 and 24 active patients, respectively, with the remaining 2 active patients contributed by other active markets.
In its Q1 2026 financial reporting, Novocure intends to stop reporting new prescriptions received in indications which have been commercially available for more than one year (GBM, MPM and NSCLC). Prescriptions received for the treatment of pancreatic cancer will be provided for a one-year period following launch. Novocure will continue to report active patients on therapy separated by product (Optune Gio, Optune Lua, Optune Pax) and material market.
Fourth quarter and recent updates:

December 2025
Novocure announced the appointment of Frank Leonard as Chief Executive Officer. Mr. Leonard previously served as Novocure’s President.
Novocure submitted the final module of its premarket approval (PMA) application to the U.S. Food and Drug Administration (FDA) for TTFields therapy use for the treatment of brain metastases from NSCLC.
January 2026
Public health insurers in Czechia announced coverage for Optune Gio for the treatment of adult patients with newly diagnosed GBM.
February 2026
The U.S. FDA approved Optune Pax for the treatment of adult patients with locally advanced pancreatic cancer concomitant with gemcitabine and nab-paclitaxel.
British Columbia (BC) Cancer announced coverage for Optune Gio for adult patients with newly diagnosed GBM.
Chief Medical Officer Nicolas Leupin, M.D., Ph.D., resigned effective February 25, 2026. Chief Innovation Officer Uri Weinberg, M.D., Ph.D. will lead the organization that reported to Dr. Leupin.
In January 2026, Novocure’s billing privileges for its products with the U.S. Centers for Medicare & Medicaid Services (CMS) were revoked retroactive to December 17, 2025 due to an administrative process issue identified during Novocure’s DME supplier re-validation. On February 24, 2026, Novocure received notification from CMS rescinding the revocation of billing privileges and reinstating Novocure’s billing privileges retroactively to December 17, 2025. Novocure does not believe there will be any impact to its ability to recognize revenue for services provided during the period of ineligibility.
William Vernon stepped down as Lead Independent Director and Chairperson of Novocure’s Compensation Committee, effective February 25, 2026. Martin Madden, current member of the board, assumed the roles of Lead Independent Director and Chairperson of the Compensation Committee. Mr. Vernon continues to serve as a director of Novocure’s board.

(Press release, NovoCure, FEB 26, 2026, View Source [SID1234663098])