YAVNE, Israel — November 20, 2025 — Leads & Copy — MediWound Ltd. (Nasdaq: MDWD) reported its third quarter 2025 financial results, showing a 23% year-over-year revenue increase to $5.4 million.
The company, a leader in enzymatic therapeutics for tissue repair, also provided an update on corporate developments, including the completion of commissioning for its expanded NexoBrid manufacturing facility, expected to be fully operational by the end of 2025. This expansion will increase production capacity sixfold to meet growing global demand, although market availability is contingent upon regulatory reviews.
Enrollment continues in the VALUE Phase III trial of EscharEx for venous leg ulcers (VLUs), targeting 216 patients across approximately 40 sites in the U.S. and Europe. A pre-specified interim sample-size assessment is planned after 65% of patients complete treatment. Following constructive FDA feedback, the company anticipates initiating a clinical trial for diabetic foot ulcers (DFU) in the second half of 2026.
An independent global consulting firm estimates a peak sales opportunity of approximately $831 million for EscharEx, reflecting updated clinical data and modeled health-economic considerations.
U.S. adoption of NexoBrid continues to expand, with Vericel reporting its highest quarterly revenue since launch, up 38% year-over-year and 26% sequentially. Vericel plans to pursue a permanent CPT code, effective in 2027.
The Therapeutic Goods Administration (TGA) approved NexoBrid for use in Australia for both adult and pediatric burn patients, expanding approved markets to 45 countries worldwide.
MediWound raised $30 million in equity financing from healthcare-focused investors to advance its development programs and commercialization initiatives.
Third quarter 2025 gross profit was $0.9 million, or 16.5% of total revenue, compared to $0.7 million, or 15.5% of total revenue, in the prior-year period. Research and development expenses increased to $3.5 million, driven by investment in the EscharEx VALUE Phase III trial. Selling, general and administrative expenses were $4.0 million, primarily due to increased marketing authorization holder expenses. Operating loss was $6.5 million, while net loss decreased to $2.7 million, or $0.24 per share, due to non-cash financial income from warrant revaluation. Non-GAAP Adjusted EBITDA loss was $5.4 million.
For the first nine months of 2025, revenue was $15.1 million, with a gross profit of $3.0 million, or 19.7% of total revenue. Research and development expenses were $9.8 million, and selling, general and administrative expenses were $10.6 million. The operating loss was $17.5 million, and the net loss was $16.7 million, or $1.53 per share. The Non-GAAP Adjusted EBITDA loss was $13.9 million.
As of September 30, 2025, MediWound had $60 million in cash, cash equivalents, and short-term deposits. The company used $15.8 million in cash to fund operating activities during the first nine months of 2025 and strengthened its balance sheet through a $30.0 million registered direct offering and $3.5 million in proceeds from Series A warrant exercises.
MediWound management hosted a conference call for investors on November 20, 2025, to discuss these results and answer questions. A replay of the call is available on the company’s website.
Hani Luxenburg, Chief Financial Officer of MediWound Ltd., can be contacted at ir@mediwound.com.
Source: MediWound Ltd.
