MediWound Reports Fourth Quarter and Full Year 2025 Financial Results

Core Insights - MediWound Ltd. is advancing its Phase III VALUE trial of EscharEx as planned, with key clinical milestones expected by year-end 2026 [4][7] - The company has expanded its NexoBrid manufacturing facility, which is now operational and expected to increase production capacity sixfold, supporting anticipated global demand following regulatory approvals expected in 2026 [2][4][7] - Financial results for 2025 show a revenue decrease to $17 million from $20.2 million in 2024, primarily due to the U.S. government shutdown affecting budget approvals and new contractual agreements [15][28] Financial Performance - Fourth quarter 2025 revenue was $1.9 million, down from $5.8 million in Q4 2024, with a gross profit of $0.3 million and a gross margin of 14.9% [6][28] - For the full year 2025, the net loss was $23.9 million, or $2.10 per share, compared to a net loss of $30.2 million, or $3.03 per share, in 2024 [15][28] - Research and development expenses increased to $14.3 million in 2025 from $8.9 million in 2024, mainly due to costs associated with the EscharEx VALUE Phase III trial [15][28] Future Outlook - The company reaffirms its revenue guidance of $24–26 million for 2026, $32–35 million for 2027, and $50–55 million for 2028, assuming continued support from BARDA and the U.S. Department of War [10] - The 2028 outlook includes a potential initial contribution from EscharEx, subject to regulatory approval [10] Strategic Developments - Enrollment in the global Phase III VALUE study for venous leg ulcers is ongoing, targeting 216 patients across approximately 40 sites in the U.S. and Europe [7] - The EscharEx clinical program is expanding into two additional indications: a Phase II study in diabetic foot ulcers and an investigator-initiated trial in pressure ulcers planned for the second half of 2026 [7] - Collaborations with B. Braun and other companies are enhancing the clinical development program for EscharEx [7]