Windtree Therapeutics Inc Financials

WINT

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Windtree Therapeutics Inc (WINT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI WINT FY2024 2026-04-22

External financing keeps supporting an asset-light cash burn model as liquidity tightened sharply in FY2024.

The near-break-even net loss in FY2024 is misleading by itself: operating loss worsened to $26.1M from $20.6M and operating cash burn stayed heavy at $15.4M. That gap says the headline earnings improvement came largely from non-operating or non-cash items, not from the core business starting to fund itself.

Liquidity deteriorated faster than leverage improved: cash fell to $1.8M and the current ratio dropped to 0.5x from 1.3x in FY2023, even though total liabilities were cut to $14.7M from $29.0M. The balance sheet looked less burdened overall, but near-term obligations became harder to cover with near-term assets.

Cash burn is mostly operating, not capital spending: free cash flow was -$15.4M versus operating cash flow of -$15.4M, with capex only $12K. Combined with R&D rising to $16.3M while SG&A eased to $8.7M, that points to an asset-light company whose funding need comes from ongoing development work rather than building equipment or facilities.

Financial Health Signals

Financial Profile 13/100

Based on FY2024 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Windtree Therapeutics Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

Windtree Therapeutics Inc carries a low D/E ratio of 1.47, meaning only $1.47 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 72/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Windtree Therapeutics Inc's current ratio of 0.45 is below the typical benchmark, resulting in a score of 3/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Returns

Windtree Therapeutics Inc generates a -17.9% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -598.4% the prior year.

Piotroski F-Score Weak

1/9

Windtree Therapeutics Inc passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Low Quality

8.62x

For every $1 of reported earnings, Windtree Therapeutics Inc generates $8.62 in operating cash flow (-$15.4M OCF vs -$1.8M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-111.2x

Windtree Therapeutics Inc earns $-111.2 in operating income for every $1 of interest expense (-$26.1M vs $235K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

-$26.1M

YoY-27.0%

Windtree Therapeutics Inc's EBITDA was -$26.1M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 27.0% from the prior year.

Net Income

-$1.8M

YoY+91.2%

Windtree Therapeutics Inc reported -$1.8M in net income in fiscal year 2024. This represents an increase of 91.2% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

-$15.4M

YoY-14.6%

Windtree Therapeutics Inc generated -$15.4M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 14.6% from the prior year.

Cash & Debt

$1.8M

YoY-58.8%

5Y CAGR-39.8%

10Y CAGR-27.6%

Windtree Therapeutics Inc held $1.8M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

Windtree Therapeutics Inc had 9M shares outstanding in fiscal year 2024. This represents an increase of 134801.4% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-17.9%

YoY+580.5pp

5Y CAGR+18.8pp

10Y CAGR+211.6pp

Windtree Therapeutics Inc's ROE was -17.9% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 580.5 percentage points from the prior year.

Capital Allocation

R&D Spending

$16.3M

YoY+95.1%

5Y CAGR+5.1%

10Y CAGR-4.8%

Windtree Therapeutics Inc invested $16.3M in research and development in fiscal year 2024. This represents an increase of 95.1% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$12K

YoY-20.0%

5Y CAGR-42.5%

10Y CAGR-34.1%

Windtree Therapeutics Inc invested $12K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 20.0% from the prior year.

WINT Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	N/A	N/A	N/A	N/A	N/A	$198K
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$16.3M+95.1%	$8.3M-24.8%	$11.1M-37.6%	$17.8M+15.7%	$15.4M+21.2%	$12.7M
SG&A Expenses	$8.7M-4.9%	$9.2M-14.8%	$10.8M-25.4%	$14.5M-3.2%	$14.9M+20.5%	$12.4M
Operating Income	-$26.1M-26.9%	-$20.6M+50.2%	-$41.3M+46.5%	-$77.3M-154.9%	-$30.3M-21.8%	-$24.9M
Interest Expense	$235K+370.0%	$50K-5.7%	$53K-53.5%	$114K-8.8%	$125K-74.7%	$495K
Income Tax	-$6K	$0+100.0%	-$1.4M+86.3%	-$10.0M	$0	N/A
Net Income	-$1.8M+91.2%	-$20.3M+48.2%	-$39.2M+42.0%	-$67.6M-107.7%	-$32.6M-18.5%	-$27.5M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$1.9M-13.1%	$2.2M-3.9%	$2.3M	N/A	$2.0M-80.0%	$9.9M+337.8%	$2.3M	N/A
SG&A Expenses	$1.9M+2.9%	$1.8M-1.0%	$1.8M	N/A	$2.8M+74.5%	$1.6M-26.2%	$2.2M	N/A
Operating Income	-$19.9M-399.0%	-$4.0M+2.6%	-$4.1M	N/A	-$4.7M+58.6%	-$11.5M-160.0%	-$4.4M	N/A
Interest Expense	$328K+315.2%	$79K+295.0%	$20K	N/A	$51K-53.6%	$110K+746.2%	$13K	N/A
Income Tax	-$3.4M	$0	$0	N/A	-$240K-221.8%	$197K+72.8%	$114K	N/A
Net Income	-$28.1M-164.2%	-$10.6M-162.8%	-$4.0M	N/A	-$2.7M+77.1%	-$12.0M-217.7%	$10.2M	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

WINT Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$27.9M-14.0%	$32.4M-14.6%	$38.0M-49.3%	$74.8M-33.7%	$112.9M-5.1%	$119.0M
Current Assets	$2.6M-52.1%	$5.4M-27.1%	$7.4M-68.6%	$23.5M+29.7%	$18.1M-24.1%	$23.9M
Cash & Equivalents	$1.8M-58.8%	$4.3M-30.0%	$6.2M-72.4%	$22.3M+32.0%	$16.9M-25.0%	$22.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	$0-100.0%	$3.1M-80.5%	$15.7M0.0%	$15.7M0.0%	$15.7M
Total Liabilities	$14.7M-49.3%	$29.0M+3.8%	$27.9M-15.1%	$32.9M-24.1%	$43.3M-1.6%	$44.0M
Current Liabilities	$5.7M+43.1%	$4.0M+62.6%	$2.5M-50.1%	$4.9M-19.7%	$6.1M-21.6%	$7.8M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$10.0M+194.8%	$3.4M-66.1%	$10.0M-76.1%	$41.9M-39.8%	$69.6M-7.2%	$74.9M
Retained Earnings	-$846.6M-0.2%	-$844.8M-2.5%	-$824.5M-5.0%	-$785.3M-9.4%	-$717.7M-4.8%	-$685.1M

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Total Assets	$16.0M-49.8%	$31.8M+18.9%	$26.8M-4.0%	$27.9M-8.5%	$30.4M+6.1%	$28.7M-4.6%	$30.1M-7.1%	$32.4M
Current Assets	$7.2M+6.2%	$6.8M+325.7%	$1.6M-38.1%	$2.6M-34.5%	$3.9M+90.8%	$2.1M-38.3%	$3.3M-37.9%	$5.4M
Cash & Equivalents	$204K-32.2%	$301K-74.3%	$1.2M-34.1%	$1.8M-22.7%	$2.3M+27.6%	$1.8M-29.2%	$2.5M-41.0%	$4.3M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	$0	$0	$0	$0
Total Liabilities	$27.6M+10.4%	$25.0M+61.8%	$15.4M+5.0%	$14.7M-38.5%	$23.9M-5.2%	$25.2M+71.7%	$14.7M-49.4%	$29.0M
Current Liabilities	$21.9M+39.3%	$15.7M+142.8%	$6.5M+13.3%	$5.7M-60.4%	$14.4M+64.4%	$8.8M+76.0%	$5.0M+24.7%	$4.0M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	-$11.6M-422.0%	$3.6M-65.0%	$10.3M+2.9%	$10.0M+126.7%	$4.4M+26.2%	$3.5M-77.3%	$15.4M+354.8%	$3.4M
Retained Earnings	-$889.4M-3.3%	-$861.3M-1.2%	-$850.7M-0.5%	-$846.6M+0.3%	-$848.8M-0.3%	-$846.6M-1.4%	-$834.6M+1.2%	-$844.8M

WINT Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$15.4M-14.6%	-$13.4M+30.9%	-$19.5M+17.8%	-$23.7M+6.5%	-$25.3M-2.6%	-$24.7M
Capital Expenditures	$12K-20.0%	$15K+15.4%	$13K-95.3%	$279K-4.1%	$291K+52.4%	$191K
Free Cash Flow	-$15.4M-14.6%	-$13.5M+30.9%	-$19.5M+18.7%	-$23.9M+6.5%	-$25.6M-3.0%	-$24.9M
Investing Cash Flow	-$12K+20.0%	-$15K-107.6%	$197K+170.6%	-$279K+4.1%	-$291K-102.1%	$13.8M
Financing Cash Flow	$12.7M+9.8%	$11.6M+276.6%	$3.1M-89.5%	$29.4M+47.1%	$20.0M-8.3%	$21.8M
Dividends Paid	$657K	$0	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Operating Cash Flow	-$6.4M-139.8%	-$2.7M-10.4%	-$2.4M+34.7%	-$3.7M+42.8%	-$6.4M-177.0%	-$2.3M+21.1%	-$2.9M+17.4%	-$3.6M
Capital Expenditures	$0	N/A	N/A	$0	$0	N/A	N/A	$0
Free Cash Flow	-$6.4M	N/A	N/A	-$3.7M+42.8%	-$6.4M	N/A	N/A	-$3.6M
Investing Cash Flow	-$789K	N/A	N/A	$0	$0	N/A	N/A	$0
Financing Cash Flow	$7.1M+1.3%	$7.0M+287.0%	$1.8M-43.1%	$3.2M-54.4%	$6.9M+335.4%	$1.6M+54.2%	$1.0M+98.5%	$521K
Dividends Paid	$0	$0-100.0%	$90K-71.0%	$310K-10.7%	$347K	$0	$0	$0
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

WINT Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	-12572.2%
Net Margin	N/A	N/A	N/A	N/A	N/A	-13876.3%
Return on Equity	-17.9%+580.5pp	-598.4%-206.8pp	-391.6%-230.1pp	-161.5%-114.7pp	-46.8%-10.1pp	-36.7%
Return on Assets	-6.4%+56.2pp	-62.6%+40.7pp	-103.3%-12.9pp	-90.4%-61.6pp	-28.8%-5.8pp	-23.1%
Current Ratio	0.45-0.9	1.35-1.7	3.00-1.8	4.77+1.8	2.96-0.1	3.05
Debt-to-Equity	1.47-7.1	8.56+5.8	2.79+2.0	0.79+0.2	0.62+0.0	0.59
FCF Margin	N/A	N/A	N/A	N/A	N/A	-12552.5%

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	-294.8%-255.5pp	-39.3%	N/A	-62.4%+281.8pp	-344.1%-410.4pp	66.3%	N/A
Return on Assets	-175.7%-142.3pp	-33.4%-18.3pp	-15.1%	N/A	-9.0%+32.9pp	-41.9%-75.8pp	34.0%	N/A
Current Ratio	0.33-0.1	0.43+0.2	0.25-0.2	0.45+0.2	0.27+0.0	0.23-0.4	0.67-0.7	1.35
Debt-to-Equity	-2.38-9.3	6.93+5.4	1.50+0.0	1.47-3.9	5.42-1.8	7.22+6.3	0.95-7.6	8.56
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: The current ratio is below 1.0 (0.45), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

Is Windtree Therapeutics Inc profitable?

No, Windtree Therapeutics Inc (WINT) reported a net income of -$1.8M in fiscal year 2024.

What is Windtree Therapeutics Inc's EBITDA?

Windtree Therapeutics Inc (WINT) had EBITDA of -$26.1M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Windtree Therapeutics Inc's return on equity (ROE)?

Windtree Therapeutics Inc (WINT) has a return on equity of -17.9% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Windtree Therapeutics Inc's free cash flow?

Windtree Therapeutics Inc (WINT) generated -$15.4M in free cash flow during fiscal year 2024. This represents a -14.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Windtree Therapeutics Inc's operating cash flow?

Windtree Therapeutics Inc (WINT) generated -$15.4M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Windtree Therapeutics Inc's total assets?

Windtree Therapeutics Inc (WINT) had $27.9M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Windtree Therapeutics Inc's capital expenditures?

Windtree Therapeutics Inc (WINT) invested $12K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Windtree Therapeutics Inc spend on research and development?

Windtree Therapeutics Inc (WINT) invested $16.3M in research and development during fiscal year 2024.

How many shares does Windtree Therapeutics Inc have outstanding?

Windtree Therapeutics Inc (WINT) had 9M shares outstanding as of fiscal year 2024.

What is Windtree Therapeutics Inc's current ratio?

Windtree Therapeutics Inc (WINT) had a current ratio of 0.45 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.

What is Windtree Therapeutics Inc's debt-to-equity ratio?

Windtree Therapeutics Inc (WINT) had a debt-to-equity ratio of 1.47 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Windtree Therapeutics Inc's return on assets (ROA)?

Windtree Therapeutics Inc (WINT) had a return on assets of -6.4% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Windtree Therapeutics Inc's cash runway?

Based on fiscal year 2024 data, Windtree Therapeutics Inc (WINT) had $1.8M in cash against an annual operating cash burn of $15.4M. This gives an estimated cash runway of approximately 1 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Windtree Therapeutics Inc's Piotroski F-Score?

Windtree Therapeutics Inc (WINT) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Windtree Therapeutics Inc's earnings high quality?

Windtree Therapeutics Inc (WINT) has an earnings quality ratio of 8.62x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Windtree Therapeutics Inc cover its interest payments?

Windtree Therapeutics Inc (WINT) has an interest coverage ratio of -111.2x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Windtree Therapeutics Inc?

Windtree Therapeutics Inc (WINT) scores 13 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.