NovoCure Ltd
NVCR · Surgical & Medical Instruments & Apparatus · 115.8M shares · +3%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: -$116M (gross $5K, SBC $116M)
Reference price $17.93 · est. market cap ~$2.1B — last insider sale, 2026-06-04 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C59Commercial-stage oncology-device maker with growing revenue and multiple positive Phase 3 readouts, but still unprofitable with a tight cash runway.
Strengths
- $655M revenue (8% growth) with 75% gross margin (76th pct) and three approved TTFields devices
- Two positive pivotal Phase 3 OS wins — PANOVA-3 (pancreatic, HR 0.82, p=0.039) and LUNAR/NSCLC (HR 0.76, p=0.041) — plus METIS supporting an Optune Mya filing
Risks
- Operating loss -$154M; FCF -$76M (3rd pct); runway only ~4.9 quarters with meaningful debt
- Survival benefits are modest with elevated serious-AE rates (NSCLC 54.6% vs 39%); payer/HTA scrutiny likely
- Negative interest coverage (-6.9) and ROE -40%
Notable findings
- No interest coverageInterest coverage -6.92 (cannot cover interest)
- Net lossNet loss (net margin -20.8%)
- Cash burnNegative free cash flow (-75.7M)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Customer concentration~22% of revenue from one customer/distributor — Year ended December 31, 2025 2024 Change % Change Cost of revenues $ 166,879 $ 137,181 $ 29,698 22 % Cost of revenues
- Trial resultPositive trial readout — primary endpoint met (8-K) 8-K ↗
- Insider sellingInsider selling — 25 open-market sale(s) by 14 insider(s) (cluster of 14 insiders, ~$3M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Return on equity
-40.0%
Return on assets
-16.9%
ROIC
-22.7%
Revenue growth (QoQ)
4.1%
Debt / equity
0.6×
Interest coverage
-6.9×
Current ratio
2.9×
Free cash flow
-$76M
EBITDA
-$139M
Tangible book value
$340M
Cash & investments
$94M
Cash runway
5q
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-04 | Leonard Frank X | Sell | 34K | $17.93 |
| 2026-06-03 | Madden Martin J. | Grant | 12K | — |
| 2026-06-03 | Scannell Timothy J | Grant | 12K | — |
| 2026-06-03 | Hung David | Grant | 12K | — |
| 2026-06-03 | Stafford Kristin | Grant | 12K | — |
| 2026-06-03 | LEUNG GABRIEL | Grant | 12K | — |
| 2026-06-03 | Ocean Allyson J | Grant | 12K | — |
| 2026-06-03 | VERNON W ANTHONY | Grant | 12K | — |
| 2026-06-03 | HILLEMAN JERYL L | Grant | 12K | — |
| 2026-06-02 | VERNON W ANTHONY | Sell | 2.9K | $15.77 |
| 2026-06-02 | Stafford Kristin | Sell | 2.9K | $15.77 |
| 2026-06-02 | Ocean Allyson J | Sell | 2.9K | $15.77 |
| 2026-06-02 | Scannell Timothy J | Sell | 2.9K | $15.77 |
| 2026-06-02 | Hung David | Sell | 2.9K | $15.77 |
| 2026-06-02 | LEUNG GABRIEL | Sell | 2.9K | $15.77 |
| 2026-06-02 | HILLEMAN JERYL L | Sell | 2.9K | $15.77 |
| 2026-04-28 | VERNON W ANTHONY | Option exercise | 22K | $11.39 |
| 2026-03-05 | Paravasthu Mukund | Sell | 43K | $13.77 |
| 2026-03-04 | Brackmann Christoph | Sell | 6.4K | $13.31 |
| 2026-03-04 | Cordova Ashley | Tax withheld | 18K | $13.30 |
| 2026-03-04 | Paravasthu Mukund | Sell | 5.4K | $13.31 |
| 2026-03-04 | Leupin Nicolas | Sell | 1.1K | $13.31 |
| 2026-03-04 | Leonard Frank X | Sell | 5.6K | $13.31 |
| 2026-03-04 | Puri Michal Nath | Sell | 1.1K | $13.31 |
| 2026-03-04 | Weinberg Uri | Sell | 6.4K | $13.31 |
| 2026-03-03 | DOYLE WILLIAM F | Grant | 200K | — |
| 2026-03-03 | Brackmann Christoph | Grant | 55K | — |
| 2026-03-03 | Paravasthu Mukund | Grant | 45K | — |
| 2026-03-03 | Puri Michal Nath | Grant | 40K | — |
| 2026-03-03 | Ben Arye Barak | Grant | 50K | — |
| 2026-03-03 | Leonard Frank X | Grant | 150K | — |
| 2026-03-03 | Weinberg Uri | Grant | 50K | — |
| 2026-03-03 | DOYLE WILLIAM F | Grant | 200K | — |
| 2026-03-03 | DOYLE WILLIAM F | Sell | 51K | $12.79 |
| 2026-03-03 | DOYLE WILLIAM F | Sell | 21K | $13.43 |
| 2026-03-02 | Weinberg Uri | Sell | 3.3K | $13.33 |
| 2026-03-02 | Paravasthu Mukund | Sell | 408 | $13.49 |
| 2026-03-02 | Leonard Frank X | Sell | 7.2K | $13.49 |
| 2026-03-02 | Cordova Ashley | Tax withheld | 2.4K | $13.67 |
| 2026-03-02 | Cordova Ashley | Tax withheld | 7.2K | $13.67 |
| 2026-02-28 | Ben Arye Barak | Grant | 18K | — |
| 2026-02-28 | Leonard Frank X | Grant | 19K | — |
| 2026-02-28 | Cordova Ashley | Grant | 24K | — |
| 2026-02-28 | Weinberg Uri | Grant | 13K | — |
| 2026-02-27 | Puri Michal Nath | Sell | 1.4K | $13.66 |
| 2026-02-27 | Leonard Frank X | Sell | 9.7K | $13.66 |
| 2026-02-27 | Paravasthu Mukund | Sell | 1.6K | $13.66 |
| 2026-02-27 | Leupin Nicolas | Sell | 1.0K | $13.66 |
| 2026-02-27 | Weinberg Uri | Sell | 7.5K | $13.84 |
| 2026-02-27 | Cordova Ashley | Tax withheld | 12K | $13.75 |
| 2026-01-11 | Paravasthu Mukund | Tax withheld | 2.1K | $14.35 |
| 2025-11-04 | Brackmann Christoph | Tax withheld | 7.0K | $12.23 |
| 2025-11-04 | Paravasthu Mukund | Tax withheld | 2.9K | $12.23 |
| 2025-11-01 | Paravasthu Mukund | Tax withheld | 168 | $12.81 |
| 2025-11-01 | Leonard Frank X | Tax withheld | 966 | $12.81 |
| 2025-10-31 | Puri Michal Nath | Tax withheld | 752 | $12.82 |
| 2025-09-05 | Cordova Ashley | Buy | 82K | $12.22 |
| 2025-07-29 | Brackmann Christoph | Buy | 5.0K | $11.60 |
| 2025-07-29 | Brackmann Christoph | Buy | 10K | $11.63 |
| 2025-07-29 | Brackmann Christoph | Buy | 5.0K | $11.50 |
| 2025-06-30 | Puri Michal Nath | Grant | 833 | $15.13 |
| 2025-06-30 | Leonard Frank X | Grant | 833 | $15.13 |
| 2025-06-30 | Danziger Asaf | Grant | 833 | $15.13 |
| 2025-06-30 | Cordova Ashley | Grant | 833 | $15.13 |
| 2025-06-30 | Ben Arye Barak | Grant | 769 | $15.13 |
| 2025-06-04 | Stafford Kristin | Grant | 11K | — |
| 2025-06-04 | LEUNG GABRIEL | Grant | 11K | — |
| 2025-06-04 | HILLEMAN JERYL L | Grant | 11K | — |
| 2025-06-04 | Ocean Allyson J | Grant | 11K | — |
| 2025-06-04 | Scannell Timothy J | Grant | 11K | — |
| 2025-06-04 | Hung David | Grant | 11K | — |
| 2025-06-04 | VERNON W ANTHONY | Grant | 11K | — |
| 2025-06-04 | Leonard Frank X | Grant | 179K | — |
| 2025-06-03 | Hung David | Sell | 999 | $17.30 |
| 2025-06-03 | Stafford Kristin | Sell | 999 | $17.28 |
| 2025-06-03 | LEUNG GABRIEL | Sell | 999 | $17.31 |
| 2025-06-03 | Madden Martin J. | Sell | 999 | $17.19 |
| 2025-06-03 | Scannell Timothy J | Sell | 999 | $17.32 |
| 2025-06-03 | HILLEMAN JERYL L | Sell | 999 | $17.26 |
| 2025-06-03 | Ocean Allyson J | Sell | 999 | $17.29 |
| 2025-06-03 | VERNON W ANTHONY | Sell | 999 | $17.35 |
| 2025-06-02 | Leonard Frank X | Sell | 6.6K | $17.99 |
| 2025-06-02 | Leonard Frank X | Sell | 1.9K | $19.01 |
| 2025-06-02 | Leonard Frank X | Sell | 22K | $17.22 |
| 2025-05-03 | Paravasthu Mukund | Sell | 592 | $17.91 |
| 2025-03-04 | Weinberg Uri | Grant | 55K | $18.19 |
| 2025-03-04 | Leonard Frank X | Grant | 55K | $18.19 |
| 2025-03-04 | Paravasthu Mukund | Grant | 55K | $18.19 |
| 2025-03-04 | Cordova Ashley | Grant | 151K | $18.19 |
| 2025-03-04 | Brackmann Christoph | Grant | 55K | $18.19 |
| 2025-03-04 | Leupin Nicolas | Grant | 55K | $18.19 |
| 2025-03-04 | Ben Arye Barak | Grant | 55K | $18.19 |
| 2025-03-04 | Puri Michal Nath | Grant | 55K | $18.19 |
| 2025-03-03 | Weinberg Uri | Sell | 268 | $18.92 |
| 2025-03-03 | Leonard Frank X | Sell | 2.5K | $18.54 |
| 2025-03-03 | Cordova Ashley | Sell | 2.1K | $18.54 |
| 2025-03-03 | Paravasthu Mukund | Sell | 250 | $18.54 |
| 2025-02-28 | Weinberg Uri | Sell | 4.3K | $18.78 |
| 2025-02-28 | Weinberg Uri | Sell | 311 | $18.31 |
| 2025-02-28 | Cordova Ashley | Sell | 2.3K | $18.28 |
| 2025-02-28 | Paravasthu Mukund | Sell | 368 | $18.28 |
| 2025-02-28 | Cordova Ashley | Sell | 2.3K | $18.28 |
| 2025-02-28 | Leonard Frank X | Sell | 2.8K | $18.28 |
| 2025-02-28 | Paravasthu Mukund | Sell | 368 | $18.28 |
| 2025-02-28 | Weinberg Uri | Sell | 4.3K | $18.78 |
| 2025-02-28 | Weinberg Uri | Sell | 311 | $18.31 |
| 2025-02-28 | Leonard Frank X | Sell | 2.8K | $18.28 |
| 2025-02-27 | Puri Michal Nath | Sell | 225 | $20.55 |
| 2025-02-27 | Cordova Ashley | Sell | 9.3K | $19.92 |
| 2025-02-27 | Cordova Ashley | Sell | 1.8K | $20.55 |
| 2025-02-27 | Leonard Frank X | Sell | 10K | $19.92 |
| 2025-02-27 | Leonard Frank X | Sell | 2.0K | $20.55 |
| 2025-02-27 | Puri Michal Nath | Sell | 1.2K | $19.92 |
| 2025-02-27 | Puri Michal Nath | Sell | 225 | $20.55 |
| 2025-02-27 | Leupin Nicolas | Sell | 830 | $19.92 |
| 2025-02-27 | Leupin Nicolas | Sell | 161 | $20.55 |
| 2025-02-27 | Paravasthu Mukund | Sell | 1.4K | $19.92 |
| 2025-02-27 | Paravasthu Mukund | Sell | 267 | $20.55 |
| 2025-02-27 | Leupin Nicolas | Sell | 830 | $19.92 |
| 2025-02-27 | Leupin Nicolas | Sell | 161 | $20.55 |
| 2025-02-27 | Puri Michal Nath | Sell | 1.2K | $19.92 |
| 2025-02-27 | Leonard Frank X | Sell | 10K | $19.92 |
| 2025-02-27 | Leonard Frank X | Sell | 2.0K | $20.55 |
| 2025-02-27 | Cordova Ashley | Sell | 9.3K | $19.92 |
| 2025-02-27 | Cordova Ashley | Sell | 1.8K | $20.55 |
| 2025-02-27 | Paravasthu Mukund | Sell | 1.4K | $19.92 |
| 2025-02-27 | Paravasthu Mukund | Sell | 267 | $20.55 |
| 2025-01-11 | Paravasthu Mukund | Sell | 2.2K | $26.81 |
| 2025-01-01 | Danziger Asaf | Grant | 400K | — |
| 2024-12-31 | Ben Arye Barak | Grant | 669 | $14.75 |
| 2024-12-31 | Cordova Ashley | Grant | 373 | $14.75 |
| 2024-12-31 | Danziger Asaf | Grant | 412 | $14.75 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT06556563 ↗ | EF-41/KEYNOTE D58: Phase 3 Study of Optune Concomitant With Temozolomide Plus Pembrolizumab in Newly Diagnosed Glioblastoma Glioblastoma | PHASE3 | Recruiting | 2029-04-01 |
| NCT06924099 ↗ | TTFields General Routine Clinical Care in ndGBM Patients: a French Prospective Non-Interventional Study (TIGER France) Glioblastoma | — | Recruiting | 2029-01-31 |
| NCT06216301 ↗ | LUNAR-2: TTFields With Pembrolizumab + Platinum-based Chemotherapy for Metastatic NSCLC Metastatic Non-small Cell Lung Cancer | PHASE3 | Recruiting | 2028-10-01 |
| NCT05538806 ↗ | TTFields in General Routine Clinical Care in Patients With Pleural Mesothelioma Study Pleural Mesothelioma | — | Recruiting | 2027-12-01 |
| NCT06558799 ↗ | LUNAR-4: Effect of Tumor Treating Fields (TTFields) (150 kHz) Concurrent With Pembrolizumab for Treatment of Metastatic Non-small Cell Lung Cancer (NSCLC) Non-Small Cell Lung Cancer (NSCLC) | PHASE2 | Terminated | 2026-02-23 |
| NCT04471844 ↗ | Pivotal, Randomized, Open-label Study of Optune® (Tumor Treating Fields) Concomitant With RT & TMZ for the Treatment of Newly Diagnosed GBM Glioblastoma Multiforme | NA | Completed | 2026-02-19 |
| NCT06390059 ↗ | EF-39 PANOVA-4: Study of Tumor Treating Fields Concomitant With Atezolizumab, Gemcitabine and Nab-Paclitaxel as First-LineTreatment for Metastatic Pancreatic Ductal Adenocarcinoma Metastatic Pancreatic Ductal Adenocarcinoma | PHASE2 | Completed | 2025-11-18 |
| NCT04892472 ↗ | EF-36/Keynote B36: A Pilot, Randomized, Open-label Study of Tumor Treating Fields (TTFields, 150 kHz) Concomitant With Pembrolizumab for First Line Treatment of Advanced or Metastatic Non-small Cell Lung Cancer Non-small Cell Lung Cancer | PHASE2 | Terminated | 2025-01-10 |
| NCT04717739 ↗ | TIGER PRO-Active - Daily Activity, Sleep and Neurocognitive Functioning Study Glioblastoma | — | Unknown | 2024-12-01 |
| NCT02831959 ↗ | Pivotal, Open-label, Randomized Study of Radiosurgery With or Without Tumor Treating Fields (TTFields) for 1-10 Brain Metastases From Non-small Cell Lung Cancer (NSCLC). Brain Metastases From Non-small Cell Lung Cancer (NSCLC) | PHASE3 | Completed | 2024-11-29 |
| NCT03377491 ↗ | Effect of Tumor Treating Fields (TTFields, 150 kHz) as Front-Line Treatment of Locally-advanced Pancreatic Adenocarcinoma Concomitant With Gemcitabine and Nab-paclitaxel (PANOVA-3) Pancreas Adenocarcinoma | PHASE3 | Completed | 2024-10-16 |
| NCT02973789 ↗ | Effect of Tumor Treating Fields (TTFields) (150 kHz) Concurrent With Standard of Care Therapies for Treatment of Stage 4 Non-small Cell Lung Cancer (NSCLC) Following Platinum Failure (LUNAR) Nonsmall Cell Lung Cancer, NSCLC | PHASE3 | Completed | 2024-09-24 |
| NCT04281576 ↗ | Effect of Tumor Treating Fields (TTFields, 150 KHz) Concomitant with Chemotherapy As First Line Treatment of Unresectable Gastroesophageal Junction or Gastric Adenocarcinoma Gastric Cancer, GastroEsophageal Cancer | NA | Completed | 2024-06-07 |
| NCT04492163 ↗ | Open-Label Pilot Study of OPTUNE® With High Density Transducer Arrays for the Treatment of Recurrent GBM Glioblastoma Multiforme | PHASE2 | Completed | 2023-06-20 |
| NCT03940196 ↗ | Effect of Tumor Treating Fields (TTFields, 200 kHz) Concomitant With Weekly Paclitaxel for the Treatment of Recurrent Ovarian Cancer (ENGOT-ov50 / GOG-3029 / INNOVATE-3) Ovarian Cancer | PHASE3 | Completed | 2023-05-18 |
| NCT03258021 ↗ | TTFields In GErmany in Routine Clinical Care Glioblastoma | — | Unknown | 2021-06-01 |
| NCT04953234 ↗ | Effect of Tumor Treating Fields (TTFields, 150 kHz) Concomitant With Best Standard of Care for the Treatment of Hospitalized COVID-19 Patients and Continued Treatment Following Discharge COVID-19 | NA | Completed | 2021-04-26 |
| NCT03606590 ↗ | Effect of Tumor Treating Fields (TTFields, 150kHz) Concomitant with Sorafenib for Advanced Hepatocellular Carcinoma (HCC) (HEPANOVA) Hepatocellular Carcinoma | PHASE2 | Completed | 2021-01-14 |
| NCT03780569 ↗ | TTFields Together With Temozolomide and Radiotherapy in Patients With Newly Diagnosed GBM Glioblastoma Multiforme | NA | Unknown | 2019-01-01 |
| NCT02397928 ↗ | Safety and Efficacy of TTFields (150 kHz) Concomitant With Pemetrexed and Cisplatin or Carboplatin in Malignant Pleural Mesothelioma (STELLAR) Malignant Pleural Mesothelioma | PHASE2 | Completed | 2018-04-01 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-18 | Reg FDExhibits | filing ↗ |
| 2026-06-05 | Exec/director changeShareholder voteExhibits | filing ↗ |
| 2026-04-30 | ResultsExhibits | filing ↗ |
| 2026-04-24 | Exec/director changeExhibits | filing ↗ |
| 2026-04-09 | Exec/director changeExhibits | filing ↗ |
| 2026-03-26 | Reg FDExhibits | filing ↗ |
| 2026-02-26 | ResultsExhibits | filing ↗ |
| 2026-02-24 | Reg FD | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-18 | 2026-06-18 | 0001645113-26-000053 ↗ |
| 8-K | 2026-06-05 | 2026-06-03 | 0001645113-26-000050 ↗ |
| 8-K | 2026-04-30 | 2026-04-30 | 0001645113-26-000043 ↗ |
| 10-Q | 2026-04-30 | 2026-03-31 | 0001645113-26-000042 ↗ |
| 8-K/A | 2026-04-24 | 2025-11-24 | 0001645113-26-000038 ↗ |
| 8-K | 2026-04-09 | 2026-04-08 | 0001645113-26-000026 ↗ |
| 8-K | 2026-03-26 | 2026-03-26 | 0001645113-26-000023 ↗ |
| 10-K | 2026-02-26 | 2025-12-31 | 0001645113-26-000017 ↗ |
| 8-K | 2026-02-26 | 2026-02-26 | 0001645113-26-000018 ↗ |
| 8-K | 2026-02-24 | 2026-02-24 | 0001645113-26-000013 ↗ |
| 8-K | 2026-02-11 | 2026-02-11 | 0001645113-26-000010 ↗ |
| 8-K | 2026-02-05 | 2026-01-30 | 0001645113-26-000007 ↗ |