MediWound Reports Second Quarter 2024 Financial Results and Provides Company Update
MediWound (MDWD) reported Q2 2024 financial results and provided a company update. Key highlights include:
1. Completed construction of new NexoBrid® manufacturing facility, increasing capacity sixfold.
2. Secured €16.25 million EIC funding to expand EscharEx® development for diabetic foot ulcers.
3. Raised $25 million in strategic investment led by Mölnlycke Health Care.
4. Q2 revenue increased to $5.1 million, up from $4.8 million in Q2 2023.
5. Net loss of $6.3 million in Q2 2024, compared to net profit of $0.9 million in Q2 2023.
6. Cash position of $29.7 million as of June 30, 2024.
7. NexoBrid U.S. launch gaining momentum with 70+ burn centers submitting to P&T committees.
8. EscharEx Phase III study for venous leg ulcers to begin in H2 2024.
MediWound (MDWD) ha riportato i risultati finanziari del secondo trimestre 2024 e fornito un aggiornamento aziendale. I principali punti salienti includono:
1. Completata la costruzione del nuovo stabilimento di produzione NexoBrid®, con una capacità aumentata sei volte.
2. Ottenuto un finanziamento EIC di 16,25 milioni di euro per espandere lo sviluppo di EscharEx® per ulcere al piede diabetico.
3. Raccolti 25 milioni di dollari in un investimento strategico guidato da Mölnlycke Health Care.
4. I ricavi del secondo trimestre sono aumentati a 5,1 milioni di dollari, rispetto ai 4,8 milioni di dollari del secondo trimestre 2023.
5. Perdita netta di 6,3 milioni di dollari nel secondo trimestre 2024, rispetto a un utile netto di 0,9 milioni di dollari nel secondo trimestre 2023.
6. Posizione di cassa di 29,7 milioni di dollari al 30 giugno 2024.
7. Lancio di NexoBrid negli Stati Uniti in crescita di slancio, con oltre 70 centri per ustioni che si stanno sottoponendo a comitati P&T.
8. Inizio dello studio Fase III di EscharEx per ulcere venose agli arti nel secondo semestre del 2024.
MediWound (MDWD) informó sobre los resultados financieros del segundo trimestre de 2024 y proporcionó una actualización de la empresa. Los principales aspectos destacados incluyen:
1. Completada la construcción de la nueva instalación de fabricación de NexoBrid®, aumentando la capacidad seis veces.
2. Asegurado un financiamiento EIC de 16,25 millones de euros para expandir el desarrollo de EscharEx® para úlceras en pies diabéticos.
3. Recibido 25 millones de dólares en una inversión estratégica liderada por Mölnlycke Health Care.
4. Los ingresos del segundo trimestre aumentaron a 5,1 millones de dólares, en comparación con 4,8 millones de dólares en el segundo trimestre de 2023.
5. Pérdida neta de 6,3 millones de dólares en el segundo trimestre de 2024, en comparación con una ganancia neta de 0,9 millones de dólares en el segundo trimestre de 2023.
6. Posición de efectivo de 29,7 millones de dólares al 30 de junio de 2024.
7. El lanzamiento de NexoBrid en EE. UU. está ganando impulso con más de 70 centros de quemados que están presentándose a los comités de P&T.
8. Comienzo del estudio de Fase III de EscharEx para úlceras venosas en las piernas en la segunda mitad de 2024.
MediWound (MDWD)가 2024년 2분기 재무 결과를 보고하고 회사 업데이트를 제공했습니다. 주요 하이라이트는 다음과 같습니다:
1. 새로운 NexoBrid® 생산 시설이 완공되어 생산 능력이 6배 증가했습니다.
2. 당뇨병성 발 궤양에 대한 EscharEx® 개발 확대를 위한 1,625만 유로의 EIC 자금을 확보했습니다.
3. Mölnlycke Health Care가 주도하는 2,500만 달러의 전략적 투자를 유치했습니다.
4. 2분기 매출이 510만 달러로 증가하여 2023년 2분기의 480만 달러에서 상승했습니다.
5. 2024년 2분기에 630만 달러의 순손실이 발생했으며, 2023년 2분기에는 90만 달러의 순이익을 기록했습니다.
6. 2024년 6월 30일 기준으로 2970만 달러의 현금 보유액이 있습니다.
7. 미국에서 NexoBrid 출시가 속도를 내고 있으며, 70개 이상의 화상 센터가 P&T 위원회에 제출하고 있습니다.
8. 2024년 하반기 중에 하지 정맥 궤양에 대한 EscharEx 3상 연구를 시작할 예정입니다.
MediWound (MDWD) a publié les résultats financiers du deuxième trimestre 2024 et a fourni une mise à jour de l'entreprise. Les principaux faits saillants incluent :
1. Construction terminée de la nouvelle usine de fabrication NexoBrid®, augmentant la capacité par six.
2. Obtention d'un financement EIC de 16,25 millions d'euros pour élargir le développement d'EscharEx® pour les ulcères du pied diabétique.
3. Levée de 25 millions de dollars d'investissement stratégique dirigée par Mölnlycke Health Care.
4. Le chiffre d'affaires du deuxième trimestre a augmenté à 5,1 millions de dollars, contre 4,8 millions de dollars au deuxième trimestre 2023.
5. Perte nette de 6,3 millions de dollars au deuxième trimestre 2024, comparée à un bénéfice net de 0,9 million de dollars au deuxième trimestre 2023.
6. Position de trésorerie de 29,7 millions de dollars au 30 juin 2024.
7. Le lancement de NexoBrid aux États-Unis prend de l'ampleur, avec plus de 70 centres de brûlures soumettant aux comités P&T.
8. Étude de phase III d'EscharEx pour les ulcères veineux des jambes à débuter au second semestre 2024.
MediWound (MDWD) hat die Finanzergebnisse des zweiten Quartals 2024 veröffentlicht und ein Unternehmensupdate gegeben. Die wichtigsten Highlights sind:
1. Der Bau der neuen NexoBrid®-Produktionsanlage wurde abgeschlossen, was die Kapazität ver-sixfacht.
2. Sicherung von 16,25 Millionen Euro EIC-Finanzierung zur Erweiterung der Entwicklung von EscharEx® für diabetische Fußgeschwüre.
3. 25 Millionen Dollar strategische Investition, geleitet von Mölnlycke Health Care, eingesammelt.
4. Der Umsatz im zweiten Quartal stieg auf 5,1 Millionen Dollar, verglichen mit 4,8 Millionen Dollar im zweiten Quartal 2023.
5. Nettoverlust von 6,3 Millionen Dollar im zweiten Quartal 2024, im Vergleich zu einem Nettogewinn von 0,9 Millionen Dollar im zweiten Quartal 2023.
6. Zahlungsmittelbestand von 29,7 Millionen Dollar zum 30. Juni 2024.
7. Der Start von NexoBrid in den USA gewinnt an Schwung, da über 70 Brandzentren an P&T-Ausschüsse berichten.
8. Die Phase-III-Studie zu EscharEx für venöse Beinulkus wird im zweiten Halbjahr 2024 beginnen.
- Completed construction of new NexoBrid manufacturing facility, increasing capacity sixfold
- Secured €16.25 million EIC funding for EscharEx development in diabetic foot ulcers
- Raised $25 million in strategic investment led by Mölnlycke Health Care
- Q2 revenue increased to $5.1 million, up from $4.8 million in Q2 2023
- NexoBrid U.S. launch gaining momentum with 70+ burn centers submitting to P&T committees
- Positive results from NexoBrid Expanded Access Protocol (NEXT) study
- EscharEx Phase III study for venous leg ulcers to begin in H2 2024
- Net loss of $6.3 million in Q2 2024, compared to net profit of $0.9 million in Q2 2023
- Gross profit decreased to $0.4 million (9% of revenue) in Q2 2024, down from $1.1 million (24% of revenue) in Q2 2023
- Operating loss increased to $4.5 million in Q2 2024, compared to $4.0 million in Q2 2023
- Cash position decreased to $29.7 million as of June 30, 2024, from $42.1 million at the end of 2023
Insights
MediWound's Q2 2024 results show mixed signals. While revenue increased by
However, there are positive developments: NexoBrid's U.S. launch is gaining traction, with 40+ burn centers approved and ordering the product. The completion of a new manufacturing facility should support future growth. The
The expansion of EscharEx into diabetic foot ulcers (DFUs) is a significant development. DFUs represent a larger market than venous leg ulcers, potentially expanding EscharEx's addressable market substantially. The
NexoBrid's positive results from the U.S. Expanded Access Protocol, aligning with Phase III studies, reinforce its efficacy and safety profile. The expected FDA approval for pediatric indication in Q3 2024 could further boost its market potential. These developments, coupled with the new manufacturing facility, position MediWound strongly in the enzymatic debridement space.
Completed Construction of New NexoBrid® Manufacturing Facility
Conference Call Today, August 14 at 8:30am Eastern Time
YAVNE, Israel, Aug. 14, 2024 (GLOBE NEWSWIRE) -- MediWound Ltd. (Nasdaq: MDWD), the global leader in next-generation enzymatic therapeutics for tissue repair, today announced financial results for the second quarter ended June 30, 2024, and provided a corporate update.
“This has been another strong quarter for MediWound as we continue to successfully execute our strategic plan,” said Ofer Gonen, Chief Executive Officer of MediWound. “We have completed construction of our new GMP-compliant, state-of-the-art manufacturing facility for NexoBrid® addressing the growing global demand for this product. We are well on track to achieving our two remaining key goals: accelerating NexoBrid's revenue growth and initiating the Phase III clinical trial for EscharEx.
In addition to these strategic milestones, we secured
Second Quarter 2024 Highlights, Recent Developments and Upcoming Milestones:
NexoBrid
- Construction of our new, state-of-the-art GMP-compliant manufacturing facility is complete. Commissioning will begin soon, aiming for full operational capacity in 2025. This expansion will increase manufacturing capacity sixfold.
- U.S. launch by Vericel continues to build momentum. Approximately 70 burn centers have completed submissions to Pharmacy and Therapeutics (P&T) committees, with 40+ centers already obtaining approval, and nearly all of those placing initial product orders. Vericel reported a notable increase in hospital orders and the number of patients treated, driving a revenue growth of
76% over prior quarter. - Results from the U.S. NexoBrid Expanded Access Protocol (NEXT) were positive and aligned with the findings from Phase III studies. Conducted at 29 burn centers across the U.S. with 239 patients enrolled, and designed to ensure continuous availability until commercialization, NEXT reaffirmed NexoBrid's proven safety and efficacy in eschar removal, significantly reducing the need for surgical procedures in burn patients.
- U.S. Food and Drug Administration (FDA) approval of the pediatric indication is expected in the third quarter of 2024.
EscharEx
- Phase III study of EscharEx for treating venous leg ulcers (VLUs) is scheduled to start in the second half of 2024, as planned.
€16.25 million in funding from the EIC will accelerate the clinical development of EscharEx for treating diabetic foot ulcers (DFUs). This will expedite MediWound's DFU program, and its associated revenue projections by four years. DFUs are more prevalent than VLUs, with a higher percentage of them requiring debridement. Preparations for the DFU Phase II/III study are currently underway.- Results of EscharEx Phase II ChronEx study were published in THE LANCET’s eClinicalMedicine journal. EscharEx outperformed non-surgical SOC in debridement and promotion of healthy granulation tissue.
Corporate Developments
- Secured
$25 million in a strategic private investment in public equity with several new and existing investors. Mölnlycke Health Care, a global leader in innovative wound care solutions, led the PIPE and has entered into a collaboration agreement with MediWound. - Company included in the Russell 3000® Index, as part of the 2024 Russell indexes annual reconstitution.
Second Quarter 2024 Financial Highlights
- Revenue: Revenue for the second quarter of 2024 was
$5. 1 million, up from$4.8 million in the same period of 2023. The increase is primarily attributed to revenue from Vericel. - Gross Profit: Gross profit for the second quarter of 2024 was
$0. 4 million, representing9% of total revenue, compared to$1.1 million , representing24% of total revenue in the second quarter of 2023. The decrease in gross margin is mainly due to changes in the revenue mix and nonrecurring production costs. - Expenditures:
- Research and Development: R&D expenses for the second quarter of 2024 were
$1.9 million , compared to$2.0 million in the same period of 2023. - Selling, General, and Administrative: SG&A expenses for the second quarter of 2024 were
$3.0 million , compared to$3.1 million in the second quarter of 2023.
- Research and Development: R&D expenses for the second quarter of 2024 were
- Operating Results: Operating loss for the second quarter of 2024 was
$4.5 million , compared to an operating loss of$4.0 million in the second quarter of 2023. - Net Profit (Loss): Net loss for the second quarter of 2024 was
$6.3 million , or$0.68 per share, compared to a net profit of$0.9 million , or$0.10 per share, in the second quarter of 2023. This change is primarily due to financial expenses driven by the revaluation of warrants. - Non-GAAP Adjusted EBITDA: Adjusted EBITDA for the second quarter of 2024 was a loss of $3.4 million, compared to a loss of
$3.0 million in the same period of 2023.
Year-to-Date 2024 Financial Highlights
- Revenue: Total revenues for the first half of 2024 were $10.0 million, up from
$8.6 million in the first half of 2023. The increase is mainly attributed to revenue from Vericel and new contracts with the U.S. Department of Defense (DoD). - Gross Profit: Gross profit for the first half of 2024 was
$1.1 million , or11% of total revenue, compared to$2.0 million , or23% of total revenue, in the first half of 2023. - Expenditures:
- Research and Development: R&D expenses for the first half of 2024 were
$3.4 million , compared to$4.1 million in the first half of 2023. This decrease is primarily due to the completion of the EscharEx Phase II study. - Selling, General, and Administrative: SG&A expenses for the first half of 2024 were
$5.9 million , down from$6.2 million in the first half of 2023.
- Research and Development: R&D expenses for the first half of 2024 were
- Operating Results: Operating loss for the first half of 2024 was $8.2 million, compared to an operating loss of
$8.4 million in the same period of 2023.
- Net Loss: Net loss for the first half of 2024 was $16.0 million, or $1.73 per share, compared to a net loss of
$2.8 million , or$0.32 per share, in the first half of 2023. The increase in net loss is primarily attributable to financial expenses from the revaluation of warrants, which amounted to$8 million , driven by a53% increase in the Company’s share price. - Adjusted EBITDA: Adjusted EBITDA for the first half of 2024 was a loss of $6.2 million, compared to a loss of $6.4 million in the first half of 2023.
Balance Sheet Highlights
As of June 30, 2024, the Company had cash and cash equivalents, restricted cash, and deposits totaling $29.7 million, compared to
On July 15, the Company successfully raised
Conference Call
MediWound management will host a conference call for investors on Wednesday, August 14, 2024, beginning at 8:30 a.m., Eastern Time to discuss these results and answer questions. Shareholders and other interested parties may participate in the conference call by dialing 1-833-630-1956 (in the U.S.), 1-80-921-2373 (Israel), or 1-412-317-1837 (outside the U.S. & Israel). The call will be available via webcast by clicking HERE or on the Events & Presentations page of Company’s website.
A replay of the call will be available on the Company’s website at www.mediwound.com.
Non-IFRS Financial Measures
To supplement consolidated financial statements prepared and presented in accordance with IFRS, the Company has provided a supplementary non-IFRS measure to consider in evaluating the Company’s performance. Management uses Adjusted EBITDA, which it defines as earnings before interest, taxes, depreciation and amortization, impairment, one-time expenses, restructuring and share-based compensation expenses.
Although Adjusted EBITDA is not a measure of performance or liquidity calculated in accordance with IFRS, we believe the non-IFRS financial measures we present provide meaningful supplemental information regarding our operating results primarily because they exclude certain non-cash charges or items that we do not believe are reflective of our ongoing operating results when budgeting, planning and forecasting and determining compensation, and when assessing the performance of our business with our senior management.
However, investors should not consider these measures in isolation or as substitutes for operating income, cash flows from operating activities or any other measure for determining the Company’s operating performance or liquidity that is calculated in accordance with IFRS. In addition, because Adjusted EBITDA is not calculated in accordance with IFRS, it may not necessarily be comparable to similarly titled measures employed by other companies. The non-IFRS measures included in this press release have been reconciled to the IFRS results in the tables below.
About MediWound
MediWound Ltd. (Nasdaq: MDWD) is the global leader in next-generation enzymatic therapeutics focused on non-surgical tissue repair. The Company specializes in the development, production and commercialization of rapid and effective biologics that improve existing standards of care and patient experiences, while reducing costs and unnecessary surgeries.
MediWound’s first drug, NexoBrid®, is an FDA-approved orphan biologic for eschar removal in severe burns that can replace surgical interventions and minimize associated costs and complications. Utilizing the same core biotherapeutic enzymatic platform technology, MediWound has developed a strong R&D pipeline including the Company’s lead drug under development, EscharEx®. EscharEx is a Phase III-ready biologic for debridement of chronic wounds with significant potential advantages over the
For more information visit www.mediwound.com and follow the Company on LinkedIn.
Cautionary Note Regarding Forward-Looking Statements
MediWound cautions you that all statements other than statements of historical fact included in this press release that address activities, events, or developments that we expect, believe, or anticipate will or may occur in the future are forward-looking statements. Although we believe that we have a reasonable basis for the forward-looking statements contained herein, they are based on current expectations about future events affecting us and are subject to risks, assumptions, uncertainties, and factors, all of which are difficult to predict and many of which are beyond our control. Actual results may differ materially from those expressed or implied by the forward-looking statements in this press release. These statements are often, but are not always, made through the use of words or phrases such as “anticipates,” “intends,” “estimates,” “plans,” “expects,” “continues,” “believe,” “guidance,” “outlook,” “target,” “future,” “potential,” “goals” and similar words or phrases, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may,” or similar expressions.
Specifically, this press release contains forward-looking statements concerning the anticipated progress, development, study design, expected data timing, objectives anticipated timelines, expectations and commercial potential of our products and product candidates, including EscharEx® and NexoBrid®. Among the factors that may cause results to be materially different from those stated herein are the inherent uncertainties associated with the uncertain, lengthy and expensive nature of the product development process; the timing and conduct of our studies of our products and product candidates, including the timing, progress and results of current and future clinical studies, and our research and development programs; the approval of regulatory submission by the FDA, the European Medicines Agency or by any other regulatory authority, our ability to obtain marketing approval of our products and product candidates in the U.S. or other markets; the clinical utility, potential advantages and timing or likelihood of regulatory filings and approvals of our products and products; our expectations regarding future growth, including our ability to develop new products; risks related to our contracts with BARDA; market acceptance of our products and product candidates; our ability to maintain adequate protection of our intellectual property; competition risks; the need for additional financing; the impact of government laws and regulations and the impact of the current global macroeconomic climate on our ability to source supplies for our operations or our ability or capacity to manufacture, sell and support the use of our products and product candidates in the future.
These and other significant factors are discussed in greater detail in MediWound’s annual report on Form 20-F for the year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”) on March 21, 2024 and Quarterly Reports on Form 6-K and other filings with the SEC from time-to-time. These forward-looking statements reflect MediWound’s current views as of the date hereof and MediWound undertakes, and specifically disclaims, any obligation to update any of these forward-looking statements to reflect a change in their respective views or events or circumstances that occur after the date of this release except as required by law.
| Contacts: | ||
| Hani Luxenburg | Daniel Ferry | |
| Chief Financial Officer | Managing Director, LifeSci Advisors | |
| MediWound Ltd. | 617-430-7576 | |
| ir@mediwound.com | daniel@lifesciadvisors.com | |
| Media Contact: | ||
| Ellie Hanson | ||
| FINN Partners for MediWound | ||
| ellie.hanson@finnpartners.com | ||
| 929-588-2008 | ||
| MediWound, Ltd. Unaudited Condensed Consolidated Statements of Financial Position | |||||||
| June 30, | December 31, | ||||||
| 2024 | 2023 | 2023 | |||||
| CURRENT ASSTS: | |||||||
| Cash and cash equivalents and short-term deposits | 29,215 | 51,122 | 41,708 | ||||
| Trade and other receivable | 4,888 | 3,818 | 5,141 | ||||
| Inventories | 3,210 | 3,113 | 2,846 | ||||
| Total current assets | 37,313 | 58,053 | 49,695 | ||||
| Non-current assets | |||||||
| Trade and other receivables | 238 | 277 | 233 | ||||
| Long-term restricted bank deposits | 453 | - | 440 | ||||
| Property, plant and equipment, net | 12,308 | 4,705 | 9,228 | ||||
| Right of use assets, net | 6,852 | 1,133 | 6,698 | ||||
| Intangible assets, net | 132 | 198 | 165 | ||||
| Total non-current assets | 19,983 | 6,313 | 16,764 | ||||
| Total assets | 57,296 | 64,366 | 66,459 | ||||
| CURRENT LIABILITIES: | |||||||
| Current maturities of long-term liabilities | 1,496 | 1,961 | 1,410 | ||||
| Warrants, net | 14,902 | 9,683 | 7,296 | ||||
| Trade payables and accrued expenses | 2,745 | 3,531 | 5,528 | ||||
| Other payables | 3,468 | 2,817 | 3,891 | ||||
| Total current liabilities | 22,611 | 17,992 | 18,125 | ||||
| :NON- CURRENT LIABILITIES | |||||||
| Liabilities in respect of IIA grants | 8,009 | 7,806 | 7,677 | ||||
| Liabilities in respect of TEVA | 1,962 | 2,529 | 2,256 | ||||
| Lease liability | 6,355 | 677 | 6,350 | ||||
| Severance pay liability, net | 490 | 433 | 456 | ||||
| Total non-current liabilities | 16,816 | 11,445 | 16,739 | ||||
| Shareholders' equity | 17,869 | 34,929 | 31,595 | ||||
| Total liabilities & shareholder equity | 57,296 | 64,366 | 66,459 | ||||
| MediWound, Ltd. Unaudited Condensed Consolidated Statements of Profit or Loss and Other Comprehensive Income or Loss | |||||||||||
| Six months ended | Three months ended | Year ended | |||||||||
| June 30, | June 30, | December 31, | |||||||||
| 2024 | 2023 | 2024 | 2023 | 2023 | |||||||
| Total Revenues | 10,027 | 8,572 | 5,063 | 4,773 | 18,686 | ||||||
| Cost of revenues | 8,973 | 6,609 | 4,616 | 3,636 | 15,108 | ||||||
| Gross profit | 1,054 | 1,963 | 447 | 1,137 | 3,578 | ||||||
| Research and development | 3,368 | 4,126 | 1,898 | 2,024 | 7,467 | ||||||
| Selling and Marketing | 2,403 | 2,438 | 1,224 | 1,332 | 4,844 | ||||||
| General and administrative | 3,501 | 3,770 | 1,809 | 1,788 | 6,768 | ||||||
| Other Income | - | - | - | - | (211) | ||||||
| Total operating expenses | 9,272 | 10,334 | 4,931 | 5,144 | 18,868 | ||||||
| Operating loss | (8,218) | (8,371) | (4,484) | (4,007) | (15,290) | ||||||
| Financial income (expenses), net | (7,794) | 5,611 | (1,823) | 4,935 | 8,759 | ||||||
| Taxes on income | (22) | (17) | 2 | (12) | (185) | ||||||
| Net profit (loss) | (16,034) | (2,777) | (6,305) | 916 | (6,716) | ||||||
| Foreign currency translation adjustments | 10 | (9) | 2 | - | (13) | ||||||
| Total comprehensive profit (loss) | (16,024) | (2,786) | (6,303) | 916 | (6,729) | ||||||
| Basic and diluted loss per share: | |||||||||||
| Net profit (loss) per share | (1.73) | (0.32) | (0.68) | 0.1 | (0.75) | ||||||
| Weighted average number of ordinary shares | 9,256,862 | 8,803,065 | 9,279,370 | 9,208,902 | 9,013,144 | ||||||
| MediWound, Ltd. Unaudited Condensed Consolidated Statements of Cash Flows | ||||||||||
| Six months ended | Three months ended | Year Ended | ||||||||
| June 30, | June 30, | December 31, | ||||||||
| 2024 | 2023 | 2024 | 2023 | 2023 | ||||||
| Cash Flows from Operating Activities: | ||||||||||
| Net profit (loss) | (16,034) | (2,777) | (6,305) | 916 | (6,716) | |||||
| Adjustments to reconcile net profit (loss) to net cash used in operating activities: | ||||||||||
| Adjustments to profit and loss items: | ||||||||||
| Depreciation and amortization | 725 | 618 | 357 | 315 | 1,303 | |||||
| Share-based compensation | 1,270 | 1,331 | 758 | 712 | 1,940 | |||||
| Revaluation of warrants accounted at fair value | 8,007 | (5,923) | 1,927 | (4,990) | (8,310) | |||||
| Revaluation of liabilities in respect of IIA grants | 470 | 492 | 237 | 233 | 427 | |||||
| Revaluation of liabilities in respect of TEVA | 206 | 241 | 99 | 119 | 468 | |||||
| Financing income and exchange differences of lease liability | 17 | (22) | (11) | (9) | 257 | |||||
| Increase in severance liability, net | 48 | 67 | 13 | (10) | 83 | |||||
| Other income | - | - | - | - | (211) | |||||
| Financial income, net | (918) | (1,005) | (405) | (759) | (2,231) | |||||
| Un-realized foreign currency loss | 78 | 466 | 11 | 120 | 189 | |||||
| 9,903 | (3,735) | 2,986 | (4,269) | (6,085) | ||||||
| Changes in asset and liability items: | ||||||||||
| Decrease (increase) in trade receivables | 753 | 6,115 | 876 | (707) | 5,658 | |||||
| Decrease (increase) in inventories | (345) | (1,162) | 103 | (579) | (906) | |||||
| Decrease (increase) in other receivables | (574) | 122 | (459) | 435 | (894) | |||||
| Increase (decrease) in trade payables and accrued expenses | (1,900) | (1,636) | (530) | 312 | (594) | |||||
| Decrease in other payables | (34) | (1,526) | (294) | (1,359) | (928) | |||||
| (2,100) | 1,913 | (304) | (1,898) | 2,336 | ||||||
| Net cash used in operating activities | (8,231) | (4,599) | (3,623) | (5,251) | (10,465) | |||||
| Unaudited Condensed Consolidated Statements of Cash Flows | |||||||||
| Six months ended | Three months ended | Year Ended | |||||||
| June 30, | June 30, | December 31, | |||||||
| 2024 | 2023 | 2024 | 2023 | 2023 | |||||
| Cash Flows from Investment Activities: | |||||||||
| Purchase of property and equipment | (4,275) | (2,570) | (3,016) | (1,065) | (6,464) | ||||
| Interest received | 1,127 | 879 | 522 | 577 | 1,947 | ||||
| Proceeds from (investment in) short term bank deposits, net | 4,209 | (31,830) | 5,339 | (25,590) | (29,804) | ||||
| Net cash provided by (used in) investing activities | 1,061 | (33,521) | 2,845 | (26,078) | (34,321) | ||||
| Cash Flows from Financing Activities: | |||||||||
| Repayment of lease liabilities | (458) | (334) | (214) | (157) | (778) | ||||
| Proceeds from exercise of warrants | 610 | (*) | 111 | (*) | - | ||||
| Proceeds from issuance of shares and warrants, net | - | 24,909 | - | (248) | 24,909 | ||||
| Repayments of IIA grants, net | (120) | (310) | - | - | (380) | ||||
| Repayment of liabilities in respect of TEVA | (834) | (417) | - | - | (834) | ||||
| Net cash provided by (used in) financing activities | (802) | 23,848 | (103) | (405) | 22,917 | ||||
| Exchange rate differences on cash and cash equivalent balances | (104) | (457) | (15) | (120) | (160) | ||||
| Decrease in cash and cash equivalents | (8,076) | (14,729) | (896) | (31,854) | (22,029) | ||||
| Balance of cash and cash equivalents at the beginning of the period | 11,866 | 33,895 | 4,686 | 51,020 | 33,895 | ||||
| Balance of cash and cash equivalents at the end of the period | 3,790 | 19,166 | 3,790 | 19,166 | 11,866 | ||||
| MediWound Ltd. | |||||||||
| Six months ended | Three months ended | Year Ended | |||||||
| June 30, | June 30, | December 31, | |||||||
| 2024 | 2023 | 2024 | 2023 | 2023 | |||||
| Net profit (loss) | (16,034) | (2,777) | (6,305) | 916 | (6,716) | ||||
| Adjustments: | |||||||||
| Financial income (expenses), net | (7,794) | 5,611 | (1,823) | 4,935 | 8,759 | ||||
| Other Income, net | - | - | - | - | 211 | ||||
| Taxes on income | (22) | (17) | 2 | (12) | (185) | ||||
| Depreciation and amortization | (725) | (618) | (357) | (315) | (1,303) | ||||
| Share-based compensation expenses | (1,270) | (1,331) | (758) | (712) | (1,940) | ||||
| Total adjustments | (9,811) | 3,645 | (2,936) | 3,896 | 5,542 | ||||
| Adjusted EBITDA | (6,223) | (6,422) | (3,369) | (2,980) | (12,258) | ||||
FAQ
What was MediWound's (MDWD) revenue for Q2 2024?
How much funding did MediWound (MDWD) secure from the European Innovation Council?
When is MediWound (MDWD) planning to start the Phase III study of EscharEx for venous leg ulcers?
What was MediWound's (MDWD) net income/loss for Q2 2024?
How much strategic investment did MediWound (MDWD) raise in July 2024?
