MediWound(MDWD) - 2023 Q4 - Annual Report

Revenue and Profitability - Revenue for 2023 was $19 million, with projected revenue of $24 million for 2024[1] - Total revenues for the twelve months ended December 31, 2023, decreased to $18.686 million from $26.496 million in 2022, representing a decline of approximately 29.9%[27] - Gross profit for the twelve months ended December 31, 2023, was $3.578 million, down from $13.165 million in 2022, indicating a decrease of about 72.8%[27] - Gross profit for Q4 2023 was $0.7 million, representing 13.5% of total revenue, down from 70.2% in Q4 2022[9] - Adjusted EBITDA for the year ended December 31, 2023, was a loss of $12.3 million, compared to a loss of $4.4 million in 2022[9] - Adjusted EBITDA for the twelve months ended December 31, 2023, was $(12.258) million, compared to $(4.443) million in 2022, indicating a decline of approximately 175.2%[33] Losses and Financial Position - Operating loss for the year ended December 31, 2023, was $15.3 million, compared to an $8.3 million loss in 2022[9] - The company reported an operating loss of $15.290 million for the twelve months ended December 31, 2023, compared to an operating loss of $8.345 million in 2022, indicating a worsening of approximately 83.5%[27] - Net loss for the year ended December 31, 2023, was $6.7 million, or $0.75 per share, compared to a net loss of $19.6 million, or $3.93 per share in 2022[9] - The net loss for the twelve months ended December 31, 2023, was $6.716 million, compared to a net loss of $19.599 million in 2022, reflecting an improvement of approximately 65.7%[27] - Cash and cash equivalents at the end of the period decreased to $11.866 million from $33.895 million at the end of 2022, a decline of about 65.0%[31] - Net cash used in operating activities for the twelve months ended December 31, 2023, was $10.465 million, compared to $11.885 million in 2022, a decrease of approximately 11.9%[29] Assets and Investments - Cash, restricted cash, and investments as of December 31, 2023, totaled $42.1 million, up from $34.1 million in 2022[10] - Total assets increased to $66.459 million as of December 31, 2023, from $50.016 million in 2022, representing a growth of approximately 32.7%[25] Research and Development - The company received $13 million in R&D funding from the U.S. Department of Defense for a new NexoBrid formulation[6] - Research and development expenses for the twelve months ended December 31, 2023, were $7.467 million, down from $10.181 million in 2022, a decrease of about 26.7%[27] - The Phase III study for EscharEx® is set to begin in the second half of 2024, with 216 patients to be treated globally[6] Manufacturing and Capacity - NexoBrid® was commercially launched in the U.S., Japan, and India, contributing to the revenue growth[3] - A new GMP-compliant manufacturing facility is projected to achieve a 6-fold increase in manufacturing capacity by 2025[3] Shareholder Information - The weighted average number of ordinary shares increased to 9,013,144 for the twelve months ended December 31, 2023, compared to 4,987,069 in 2022, an increase of about 80.6%[27]