$NVCR

NovoCure Ltd

CIK:0001645113|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Income Statement [Abstract]
Net revenues	$ 183,584	$ 158,805	$ 357,639	$ 313,799	$ 655,353
Cost of revenues	41,106	41,472	80,035	79,993	166,879
Gross profit	142,478	117,333	277,604	233,806	488,474
Operating costs and expenses:
Research, development and clinical studies	51,448	55,833	109,784	109,610	224,544
Sales and marketing	61,684	57,066	120,041	112,858	240,064
General and administrative	39,908	43,955	125,761	88,724	177,666
Total operating costs and expenses	153,040	156,854	355,586	311,192	642,274
Operating income (loss)	(10,562)	(39,521)	(77,982)	(77,386)	(153,800)
Financial income (expenses), net	(1,890)	4,542	(3,728)	12,112	17,550
Income (loss) before income tax	(12,452)	(34,979)	(81,710)	(65,274)	(136,250)
Income tax	3,206	5,160	5,086	9,184	(23)
Net income (loss)	$ (15,658)	$ (40,139)	$ (86,796)	$ (74,458)	$ (136,227)
Basic net income (loss) per ordinary share (in usd per share)	$ (0.13)	$ (0.36)	$ (0.75)	$ (0.67)	$ (1.22)
Diluted net income (loss) per ordinary share (in usd per share)	$ (0.13)	$ (0.36)	$ (0.75)	$ (0.67)	$ (1.22)
Weighted average number of ordinary shares used in computing basic net income (loss) per share (in shares)	116,012,397	111,572,191	115,106,850	110,930,576	111,471,991
Weighted average number of ordinary shares used in computing diluted net income (loss) per share (in shares)	116,012,397	111,572,191	115,106,850	110,930,576	111,471,991

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Cash flows from operating activities:
Net income (loss)	$ (15,658)	$ (40,139)	$ (86,796)	$ (74,458)	$ (136,227)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	4,307	3,444	8,431	6,769	14,650
Accrued Interest	104	5,918	(115)	3,647	4,949
Asset write-downs and impairment of field equipment	738	424	1,450	2,685	4,851
Share-based compensation	17,012	26,143	80,021	55,695	104,832
Foreign currency remeasurement loss (gain)	17	1,371	494	1,322	1,251
Decrease (increase) in accounts receivables and prepaid expenses	424	(10,447)	1,252	(19,053)	(38,938)
Amortization of discount (premium)	(2,593)	(6,460)	(5,210)	(13,114)	(23,262)
Decrease (increase) in inventories	866	(629)	(1,912)	(4,570)	(5,668)
Decrease (increase) in other long-term assets	2,907	1,412	4,949	3,990	10,847
Increase (decrease) in accounts payables and accrued expenses	2,797	2,107	(2,323)	(14,313)	18,958
Increase (decrease) in other long-term liabilities	(2,789)	920	(5,626)	(201)	(5,274)
Net cash provided by (used in) operating activities	8,132	(15,936)	(5,385)	(51,601)	(49,031)
Cash flows from investing activities:
Purchase of property, equipment and field equipment	(6,916)	(5,486)	(12,068)	(16,097)	(26,648)
Proceeds from maturity of short-term investments	95,000	420,000	205,000	540,000	1,285,000
Purchase of short-term investments	(94,462)	(378,528)	(191,563)	(494,389)	(821,076)
Net cash provided by (used in) investing activities	(6,378)	35,986	1,369	29,514	437,276
Cash flows from financing activities:
Proceeds from issuance of shares, net	2,093	2,136	2,093	2,136	3,656
Proceeds from senior secured credit facility, net	0	0	0	0	99,979
Repayment and redemption of long-term debt	0	0	0	0	(560,945)
Tax payments related to net settlements on equity awards	0	0	(556)	0	(146)
Exercise of options	2,455	251	2,845	5,498	6,113
Net cash provided by (used in) financing activities	4,548	2,387	4,382	7,634	(451,343)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(8)	265	(138)	492	394
Increase (decrease) in cash, cash equivalents and restricted cash	6,294	22,702	228	(13,961)	(62,704)
Cash, cash equivalents and restricted cash at the beginning of the period	97,324	129,431	103,390	166,094	166,094
Cash, cash equivalents and restricted cash at the end of the period	103,618	152,133	103,618	152,133	103,390
Cash paid during the period for:
Income taxes paid (refunded), net	2,868	13,838	(1,009)	18,809	30,673
Interest paid	5,033	2,674	9,994	5,319	13,406
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	93,701	149,624	93,701	149,624	93,548
Restricted cash	9,917	2,509	9,917	2,509	9,842
Total cash, cash equivalents and restricted cash	103,618	152,133	103,618	152,133	103,390
Non-cash activities:
Right-of-use assets obtained (disposed) in exchange for lease liabilities	1,021	1,618	2,019	25,110	29,369
Purchase of property incurred but unpaid at period end	$ 1,265	$ 404	$ 1,265	$ 404	$ 886

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
CURRENT ASSETS:
Cash and cash equivalents	$ 93,701	$ 93,548
Short-term investments	346,858	354,126
Restricted cash	9,917	9,842
Trade receivables, net	99,131	89,435
Receivables and prepaid expenses	46,690	58,669
Inventories	42,224	41,111
Total current assets	638,521	646,731
LONG-TERM ASSETS:
Property and equipment, net	75,369	77,606
Field equipment, net	26,582	22,066
Right-of-use assets	43,789	47,327
Other long-term assets	10,930	10,596
Total long-term assets	156,670	157,595
TOTAL ASSETS	795,191	804,326
CURRENT LIABILITIES:
Trade payables	130,729	122,231
Other payables, lease liabilities and accrued expenses	89,981	100,997
Total current liabilities	220,710	223,228
LONG-TERM LIABILITIES:
Senior secured credit facility, net	195,891	195,047
Long-term leases	37,529	41,647
Employee benefit liabilities	2,969	3,938
Total long-term liabilities	236,389	240,632
TOTAL LIABILITIES	457,099	463,860
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Ordinary shares no par value, Unlimited shares authorized; issued and outstanding: 116,442,465 shares and 112,492,667 shares at June 30, 2026 (unaudited) and December 31, 2025, respectively	0	0
Additional paid-in capital	1,718,667	1,634,264
Accumulated other comprehensive income (loss)	(3,422)	(3,441)
Retained earnings (accumulated deficit)	(1,377,153)	(1,290,357)
TOTAL SHAREHOLDERS' EQUITY	338,092	340,466
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 795,191	$ 804,326