MediWound(US:MDWD)2024-08-14 11:07Financial Performance - Total revenues for the six months ended June 30, 2024, increased to $10,027 thousand, up 17% from $8,572 thousand for the same period in 2023[3] - Revenues from product sales reached $3,202 thousand for the six months ended June 30, 2024, compared to $2,358 thousand in the same period last year, representing a 36% increase[3] - Gross profit for the six months ended June 30, 2024, was $1,054 thousand, down 46% from $1,963 thousand for the same period in 2023[3] - Operating loss for the six months ended June 30, 2024, was $(8,218) thousand, slightly improved from $(8,371) thousand in the same period last year[3] - Net loss for the six months ended June 30, 2024, was $(16,034) thousand, compared to $(2,777) thousand for the same period in 2023[3] - The company reported a total comprehensive loss of $(6,303) for the period ending June 30, 2024[28] Assets and Liabilities - Total current assets decreased to $37,313 thousand as of June 30, 2024, down 36% from $58,053 thousand as of June 30, 2023[2] - Total liabilities increased to $39,427 thousand as of June 30, 2024, up 34% from $29,437 thousand as of June 30, 2023[2] - Cash and cash equivalents decreased to $3,790 thousand as of June 30, 2024, down 80% from $19,166 thousand as of June 30, 2023[2] - Total equity decreased to $17,869 thousand as of June 30, 2024, down 49% from $34,929 thousand as of June 30, 2023[2] - The company’s accumulated deficit increased to $(190,856) as of June 30, 2024, from $(170,883) as of June 30, 2023[28] Research and Development - Research and development expenses for the six months ended June 30, 2024, were $3,368 thousand, down 18% from $4,126 thousand for the same period in 2023[3] - The second investigational product, EscharEx, is being developed for chronic wound debridement, with a Phase III clinical trial planned[13] - The company signed new agreements for services totaling $3,300 for the Phase III clinical trial of EscharEx, covering a two-year period[18] - The company signed new agreements with suppliers totaling $6,086 thousand for the Phase III clinical trial of EscharEx, covering a period of two years[54] - The company expects to initiate the Phase III study for Nexobrid in the second half of 2024[66] Funding and Contracts - The total funding received from BARDA amounts to approximately $92,065, with an additional $16,500 for Nexobrid procurement, netting around $10,500 after profit sharing[16] - The company has secured $14,591 in funding from the DoD and MTEC to advance the development of a new temperature-stable formulation of Nexobrid[17] - The company has a BARDA contract valued at up to $175 million, extended until September 2025[45] - The company was selected to receive €16,250 in blended funding from the European Innovation Council, including €2,500 as a grant and €13,750 as an investment, with terms currently being negotiated[77] Cash Flow - For the six months ended June 30, 2024, the net cash used in operating activities was $(8,231) thousand, compared to $(4,599) thousand for the same period in 2023, representing an increase of 79%[38] - The company reported a net cash provided by investing activities of $1,061 thousand for the six months ended June 30, 2024, compared to $(33,521) thousand in the same period of 2023[62] - The company reported a net cash used in financing activities of $(802) thousand for the six months ended June 30, 2024, compared to $23,848 thousand in the same period of 2023[62] Shareholder Activity - A definitive share purchase agreement was entered into on July 15, 2024, for the sale and purchase of 1,453,488 ordinary shares at a price of $17.20 per share, resulting in gross proceeds of $25,000[76] - During the first half of 2024, 46,456 Series A warrants were exercised at an exercise price of $13.475 per ordinary share[78] - An additional 44,573 Series A warrants were exercised on July 16, 2024, at the same exercise price of $13.475 per ordinary share[79] Product Approvals and Distribution - The company’s first product, Nexobrid, has received multiple international approvals, including from the FDA and EMA, for treating deep partial and full-thickness thermal burns[11] - As of June 30, 2024, the company has established local distribution channels in Asia Pacific, EMEA, CEE, and LATAM markets[12] Other Expenses - The company reported a depreciation and amortization expense of $725 thousand for the six months ended June 30, 2024, up from $618 thousand in the same period of 2023[38] - The company recorded financial expenses of $550 thousand related to the settlement agreement with Teva Pharmaceutical Industries Ltd.[53]