EL7.AI
StocksMedium•12 November 2026•
3 min read

MediWound Posts $6 Million Net Loss as Revenue Falls in Third Quarter

Key Facts

1Third-quarter revenue was $3,573 thousand, compared with $5,429 thousand in the third quarter of 2025.
2The company reported a net loss of $6.0 million, or $0.46 per share, compared with a loss of $2.7 million and $0.24 per share a year earlier.
3Gross margin rose to 28.5% of revenue, compared with 16.5% in the year-earlier period.
4Cash and deposits totaled $28.4 million on Sept. 30, 2026, and cash consumption was $28.3 million in the first nine months of the year.

MediWound reported a net loss of $6.0 million, or $0.46 per share, in the third quarter of 2026, compared with a loss of $2.7 million and $0.24 per share in the same period last year. The company said the wider loss mainly reflected a decline in non-cash financial income from the revaluation of warrants. Revenue was $3.573 million in the quarter ended Sept. 30, compared with $5.429 million a year earlier. Gross profit, by contrast, rose to $1.0 million from $0.9 million. The company said the improvement in gross margin, despite lower revenue, was mainly due to a higher contribution from higher-margin royalty revenue.

Gross margin was 28.5% of revenue, compared with 16.5% in the third quarter of 2025, according to the results statement. This reflected an improved revenue mix in favor of royalties, even as total quarterly sales declined. Revenue for the first nine months of 2026 was $8.1 million, down from $15.1 million in the corresponding period of 2025. MediWound attributed the decline mainly to lower revenue from development services related to the U.S. government. This puts the drop in development revenue among the leading factors weighing on total revenue since the start of the year.

Research and development expenses rose to $6.2 million in the third quarter from $3.5 million a year earlier. The company said the increase mainly reflected greater investment in the pivotal Phase 3 VALUE trial of EscharEx. Selling, general and administrative expenses, meanwhile, fell to $3.4 million from $4.0 million in the year-earlier period. The company attributed the decline mainly to lower marketing expenses. With research spending higher and administrative expenses lower, the operating loss widened to $8.5 million from $6.5 million a year earlier.

Cash, cash equivalents and deposits totaled $28.4 million on Sept. 30, 2026, compared with $53.6 million at the end of 2025. The company recorded cash consumption of $28.3 million in the first nine months of 2026. After the quarter ended, MediWound closed an underwritten public offering in November that raised gross proceeds of $17.25 million, including the underwriters' full exercise of their option. The company said the offering proceeds strengthen balance-sheet flexibility. The proceeds came after the period covered by the cash balance reported on Sept. 30, while cash consumption shows the liquidity used since the start of the year.

MediWound continues to enroll patients in the global Phase 3 VALUE trial of a treatment for venous leg ulcers. The trial targets 216 patients at about 40 centers in the United States, Europe and Israel. The company said the prespecified interim sample-size reassessment and completion of enrollment remain on track for the end of the first quarter of 2027. According to the company’s statement, the increase in third-quarter research and development expenses was tied to greater investment in this pivotal trial. The end of the first quarter of 2027 is the next milestone the company set for completing enrollment and conducting the reassessment.

Open on chart