MediWound Reports First Quarter 2025 Financial Results and Provides Corporate Update

Core Insights - MediWound Ltd. reported a first-quarter revenue of $4 million for 2025, reaffirming full-year revenue guidance at $24 million [1][6] - The VALUE Phase III trial for EscharEx is progressing as planned, with recruitment underway for 216 patients across 40 clinical sites [5][2] - NexoBrid's revenue saw a significant increase, with Vericel reporting a 207% year-over-year growth for the first quarter of 2025 [4][2] Financial Performance - Total revenue for Q1 2025 was $3.955 million, down from $4.964 million in Q1 2024 [24] - Gross profit for the quarter was $738,000, resulting in a gross margin of 19%, compared to $607,000 and 12% in the prior year [24] - Operating loss for Q1 2025 was $5.225 million, compared to a loss of $3.734 million in Q1 2024 [24] Clinical Developments - The VALUE Phase III study for EscharEx is designed to enroll 216 patients, with most U.S. sites already open and European sites expected to activate in Q3 2025 [5][2] - A head-to-head Phase II study comparing EscharEx to collagenase has been submitted to the FDA, expected to start in the second half of 2025 [5][2] - EscharEx demonstrated superior efficacy in a post hoc analysis compared to collagenase ointment, achieving faster debridement and improved wound closure outcomes [5][6] Strategic Collaborations - MediWound has established strategic research collaborations with leading wound care companies, enhancing the validation of EscharEx [5][2] - Kerecis will provide its MariGen Fish-Skin graft for the diabetic foot ulcers trial, marking a significant collaboration [5][2] Manufacturing and Operational Updates - The company is on track with the expansion of NexoBrid manufacturing, expecting full operational capacity by the end of 2025 [1][2] - A BARDA-funded planning process for future U.S.-based manufacturing capabilities is underway [11][2] Balance Sheet Highlights - As of March 31, 2025, cash and cash equivalents totaled $38.7 million, down from $43.6 million at the end of 2024 [7] - The company used $5.1 million to fund operations during Q1 2025 [7]