MediWound (NASDAQ: MDWD) revenue drops in H1 2026 but guidance held
Rhea-AI Filing Summary
MediWound Ltd. reported second quarter and first-half 2026 results, showing continued investment in its burn and wound-care portfolio alongside weaker revenue. Total revenues were $3.1 million for the quarter and $4.6 million for the six months ended June 30, 2026, down from $5.7 million and $9.7 million, respectively, a year earlier, mainly due to lower development services revenue. The company reaffirmed its full-year 2026 revenue guidance of $24–26 million.
The operating loss widened to $9.5 million in the quarter and $17.4 million for the first half, compared with $5.7 million and $10.9 million in the prior-year periods, driven by higher research and development, selling, and general and administrative expenses. Net loss nonetheless narrowed to $7.4 million for the quarter and $10.3 million for the half, helped by $7.1 million of net financing income largely related to warrant revaluation.
Cash and bank deposits totaled $35.8 million as of June 30, 2026, and management believes this will fund operations and capital expenditures for at least twelve months from the financial statement approval date. The EscharEx® Phase III VALUE trial is progressing, with interim assessment and enrollment completion expected by the end of the first quarter of 2027. A new Master Services Agreement with Vericel, tied to a ten-year BARDA contract of up to $197 million, is expected to generate NexoBrid-related development revenue in the second half of 2026.
Positive
- Maintained a solid liquidity position with $35.8 million in cash and bank deposits as of June 30, 2026, and management expects this to fund operations and capital expenditures for at least 12 months.
- Reaffirmed full-year 2026 revenue guidance of $24–26 million, indicating confidence in upcoming NexoBrid and EscharEx-related revenue streams despite a weak first half.
- Signed a Master Services Agreement with Vericel under a ten-year BARDA contract valued at up to $197 million, with MediWound expecting to recognize development revenue in the second half of 2026.
- Net loss improved to $10.3 million for the first half of 2026 from $14.0 million a year earlier, aided by $7.1 million in net financing income.
Negative
- Total revenues declined sharply, to $4.6 million for the first half of 2026 from $9.7 million in the prior-year period, with quarterly revenue down to $3.1 million from $5.7 million.
- Operating performance weakened, with operating loss widening to $17.4 million for the first half and $9.5 million for the quarter, versus $10.9 million and $5.7 million a year earlier.
- Adjusted EBITDA loss increased to $15.3 million for the first half and $8.3 million for the quarter, compared with $8.5 million and $4.5 million in the prior-year periods, indicating heavier underlying cash burn.
- Net cash used in operating activities rose to $15.9 million for the first half of 2026 from $9.9 million a year earlier, reflecting higher spending and lower revenues.
Filing Explained
The June 30 interim statements show that exercises of options and warrants had increased MediWound’s issued and outstanding ordinary shares to 12,910,278 from 12,835,185 at December 31, 2025; issuing additional shares increases the total share count and reduces existing holders’ percentage ownership absent offsetting changes.
Key Figures
Key Terms
Adjusted EBITDA financial
BARDA regulatory
right-of-use assets financial
liabilities in respect of IIA grants financial
Master Services Agreement regulatory
venous leg ulcers medical
FAQ
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AI-generated analysis. How Rhea-AI works. Not financial advice.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________
FORM
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of the
Securities Exchange Act of 1934
For the month of August 2026
Commission File Number:
(Translation of registrant’s name into English)
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
CONTENTS
Results of Operations and Financial Condition - Quarter and Six Months Ended June 30, 2026
On August 13, 2026, MediWound Ltd. (“MediWound” or the “Company”) issued a press release entitled “MediWound Reports Second Quarter 2026 Financial Results and Provides Company Updates,” in which MediWound reported its results of operations. A copy of that press release is attached to this Report of Foreign Private Issuer on Form 6-K (this “Form 6-K”) as Exhibit 99.1.
Attached hereto, as Exhibit 99.2 to this Form 6-K, is MediWound's financial statements, as of, and for the quarter and six months ended on, June 30, 2026.
Attached hereto as Exhibit 101 are the financial statements of MediWound as of, and for the quarter and six months ended on, June 30, 2026, formatted in XBRL (eXtensible Business Reporting Language), consisting of the sub-exhibits listed in the exhibit table below.
Exhibits
| Exhibit | ||
| Number | Exhibit Description | |
| 99.1 | Press release reporting MediWound’s financial results | |
| 99.2 | Financial statements, as of, and for the quarter and six months ended on, June 30, 2026 | |
| EX-101.INS | XBRL Taxonomy Instance Document | |
| EX-101.SCH | XBRL Taxonomy Extension Schema Document | |
| EX-101.CAL | XBRL Taxonomy Calculation Linkbase Document | |
| EX-101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |
| EX-101.LAB | XBRL Taxonomy Label Linkbase Document | |
| EX-101.PRE | XBRL Taxonomy Presentation Linkbase Document |
Incorporation by Reference
The contents of this Report of Foreign Private Issuer on Form 6-K (including the information contained in Exhibit 99.1, but excluding quotes of senior management of the Company) are hereby incorporated by reference into the Company’s Registration Statements on (i) Form S-8, filed with the Securities and Exchange Commission (the “SEC”) on April 28, 2014, March 24, 2016, March 19, 2018, March 25, 2019, February 25, 2020, May 5, 2021, August 9, 2022, August 15, 2023, March 19, 2025 and March 5, 2026 (Registration Nos. 333-195517, 333-210375, 333-223767, 333-230487, 333-236635, 333-255784, 333-266697, 333-273997, 333-285897, and 333-294055, respectively), and (ii) Form F-3, filed with the SEC on March 31, 2023, August 29, 2024 and March 19, 2025 (Registration Nos. 333-268297, 333-281843 and 333-285908, respectively).
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Date: August 13, 2026 |
MEDIWOUND LTD.
By: /s/ Hani Luxenburg Name: Hani Luxenburg Title: Chief Financial Officer |
Exhibit 99.1
MediWound Reports Second Quarter 2026 Financial Results and Provides Corporate Update
EscharEx® Phase III VALUE Trial Advancing; Interim Assessment and Enrollment Completion Expected by End of First Quarter 2027
Master Services Agreement Signed with Vericel Under its BARDA Contract for NexoBrid®
Second Quarter Revenue of $3.1 Million; Full-Year 2026 Revenue Guidance of $24–26 Million Reaffirmed
Conference Call Today at 8:30 a.m. Eastern Time
YAVNE, Israel, August 13, 2026 — MediWound Ltd. (Nasdaq: MDWD), a global leader in next-generation enzymatic therapeutics for tissue repair, today announced financial results for the second quarter ended June 30, 2026, and provided a corporate update.
“In the second quarter, we continued to make meaningful progress with our two key programs,” said Ofer Gonen, Chief Executive Officer of MediWound. “The EscharEx Phase III VALUE trial is advancing across the U.S., Europe, and Israel, with the interim sample size reassessment and completion of enrollment expected by the end of the first quarter of 2027. For NexoBrid, we strengthened the commercial opportunity through our new agreement with Vericel under its BARDA contract, which is expected to contribute to revenue in the second half of 2026.”
Second Quarter 2026 Highlights, Recent Developments, and Upcoming Milestones
EscharEx®
| · | Enrollment continues in the global Phase III VALUE trial in venous leg ulcers (VLUs), targeting 216 patients across approximately 40 sites in the U.S., Europe, and Israel. The pre-specified interim sample size reassessment and completion of enrollment are expected by the end of the first quarter of 2027. |
| · | An updated U.S. market assessment by an independent global consulting firm estimates U.S. annual peak sales potential for EscharEx at $1.05 billion, following expansion of the assessment to include pressure ulcers (PUs). An investigator-initiated trial evaluating EscharEx in PUs is expected to begin in the fourth quarter of 2026. |
NexoBrid®
| · | Vericel reported NexoBrid’s strongest quarter since launch, with record quarterly revenue, hospital unit sales and ordering centers. Approximately 80 burn centers have ordered NexoBrid since launch, reflecting continued adoption and increasing utilization across the U.S. burn care market. |
| · | Following Vericel’s 10-year contract with BARDA, valued at up to $197 million (the “BARDA Contract”), the Company and Vericel entered into a Master Services Agreement (the “MSA”) covering NexoBrid and next-generation product development activities. Under the MSA, the Company expects to begin recognizing revenue in the second half of 2026 by participating in a next generation development program that has been initiated to support the potential expansion of NexoBrid for use in blast- and friction-related injuries, leveraging real-world evidence. |
| · | EMA-requested modifications are being implemented following the pre-audit of the expanded NexoBrid manufacturing facility, with completion expected in the fourth quarter of 2026. Commercial supply from the expanded facility remains subject to regulatory approval and is expected in the second half of 2027. |
2026 Revenue Guidance
| · | The Company reaffirmed its full-year 2026 revenue guidance of $24–26 million, supported by expected second-half contributions from the MSA and other government-funded programs. |
Second Quarter 2026 Financial Highlights
| · | Revenue was $3.1 million, compared with $5.7 million in the second quarter of 2025, primarily reflecting the timing of BARDA-funded development revenue. |
| · | Gross profit was $0.3 million, or 10.9% of revenue, compared with $1.3 million, or 23.5% of revenue, in the prior-year period. The decrease primarily reflected a one-time impact related to the facility scale-up. |
| · | Research and development expenses were $5.9 million, compared with $3.5 million, primarily reflecting increased investment in the EscharEx Phase III VALUE trial. |
| · | Selling, general and administrative expenses were $3.9 million, compared with $3.6 million. |
| · | Operating loss was $9.5 million, compared with $5.7 million. |
| · | Net loss was $7.4 million, or $0.57 per share, compared with $13.3 million, or $1.23 per share, primarily reflecting non-cash financial income. |
| · | Adjusted EBITDA loss was $8.3 million, compared with $4.5 million. |
First Half 2026 Financial Highlights
| · | Revenue was $4.6 million, compared with $9.7 million in the first half of 2025, primarily reflecting the timing of BARDA-funded development revenue. |
| · | Gross profit was $0.7 million, or 14.4% of revenue, compared with $2.1 million, or 21.5% of revenue. |
| · | Research and development expenses were $11.1 million, compared with $6.4 million, primarily reflecting increased investment in the EscharEx Phase III VALUE trial. |
| · | Selling, general and administrative expenses were $7.5 million, compared with $6.6 million, primarily reflecting higher professional services costs and exchange-rate effects. |
| · | Operating loss was $17.4 million, compared with $10.9 million. |
| · | Net loss was $10.3 million, or $0.80 per share, compared with $14.0 million, or $1.30 per share. The change primarily reflected non-cash warrant revaluation income of $7.7 million in 2026, compared with an expense of $2.4 million in 2025. |
| · | Adjusted EBITDA loss was $15.3 million, compared with $8.5 million. |
Balance Sheet and Other Highlights
| · | As of June 30, 2026, cash, cash equivalents and deposits totaled $36 million, compared with $54 million at year-end 2025. Cash burn during the first half of 2026 totaled $20 million. Warrant and option exercises generated $0.8 million during the period and an additional $1.1 million after quarter-end. |
Conference Call and Webcast
MediWound management will host a conference call for investors on Thursday, August 13, 2026, beginning at 8:30 a.m. Eastern Time to discuss these results and answer questions. Shareholders and other interested parties may join the conference call by dialing 1-844-676-8833 (in the U.S.), 1-809-212373 (Israel), or 1-412-634-6869 (outside the U.S. & Israel). The call will be available via webcast by clicking HERE or on the Events & Presentations page of the 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, certain non-recurring 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 a global biotechnology company pioneering enzymatic, non-surgical therapies for tissue repair. The company’s FDA-approved biologic, NexoBrid®, is indicated for the enzymatic removal of eschar in thermal burns and is marketed in the United States, the European Union, Japan, and additional international markets. MediWound’s late-stage pipeline product, EscharEx®, is an investigational therapy for the debridement of chronic wounds, with the potential to become, if approved, a new standard of care in wound management.
For more information, visit www.mediwound.com and follow us on LinkedIn and X (formerly Twitter).
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; our contracts with governmental agencies; the clinical utility, potential advantages and timing or likelihood of regulatory filings and approvals of our products and product candidates; our expectations regarding future growth, including our ability to develop new products; market acceptance of our products and product candidates; our ability to maintain adequate protection of our intellectual property; competition risks; geopolitical risks, including armed conflict, 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, 2025, filed with the Securities and Exchange Commission (“SEC”) on March 5, 2026 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 does not undertake, 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.
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MediWound Contacts: |
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|
Hani Luxenburg Chief Financial Officer MediWound Ltd. ir@mediwound.com |
Daniel Ferry Managing Director LifeSci Advisors, LLC daniel@lifesciadvisors.com |
Unaudited Condensed Consolidated Statements of Financial Position
U.S. dollars in thousands
| June 30, | December 31, | |||||||||||
| 2026 | 2025 | 2025 | ||||||||||
| CURRENT ASSETS: | ||||||||||||
| Cash and cash equivalents and short-term deposits | 35,341 | 32,436 | 53,140 | |||||||||
| Trade and other receivables | 3,493 | 6,800 | 2,731 | |||||||||
| Inventories | 4,117 | 3,843 | 4,093 | |||||||||
| Total current assets | 42,951 | 43,079 | 59,964 | |||||||||
| NON-CURRENT ASSETS: | ||||||||||||
| Other receivables and long-term restricted bank deposits | 537 | 490 | 467 | |||||||||
| Property, plant and equipment | 21,356 | 15,724 | 18,640 | |||||||||
| Right-of-use assets | 7,035 | 7,642 | 7,151 | |||||||||
| Intangible assets | - | 66 | 33 | |||||||||
| Total non-current assets | 28,928 | 23,922 | 26,291 | |||||||||
| Total assets | 71,879 | 67,001 | 86,255 | |||||||||
| CURRENT LIABILITIES: | ||||||||||||
| Current maturities of long-term liabilities | 932 | 822 | 870 | |||||||||
| Warrants | 4,736 | 18,992 | 12,659 | |||||||||
| Trade payables and accrued expenses | 7,626 | 5,880 | 7,648 | |||||||||
| Other payables | 5,249 | 3,377 | 4,531 | |||||||||
| Total current liabilities | 18,543 | 29,071 | 25,708 | |||||||||
| NON-CURRENT LIABILITIES: | ||||||||||||
| Grants received in advance | - | 758 | - | |||||||||
| Liabilities in respect of IIA grants | 8,784 | 8,504 | 8,291 | |||||||||
| Lease liabilities | 8,605 | 8,070 | 8,152 | |||||||||
| Severance pay liability, net | 303 | 479 | 472 | |||||||||
| Total non-current liabilities | 17,692 | 17,811 | 16,915 | |||||||||
| Total liabilities | 36,235 | 46,882 | 42,623 | |||||||||
| Shareholders' equity | 35,644 | 20,119 | 43,632 | |||||||||
| Total liabilities and equity | 71,879 | 67,001 | 86,255 | |||||||||
Unaudited Condensed Consolidated Statements of Profit or Loss and Other Comprehensive Income or Loss
U.S. dollars in thousands (except share and per share data)
| Six months ended | Three months ended | Year ended | ||||||||||||||||||
| June 30, | June 30, | December 31, | ||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2025 | ||||||||||||||||
| Total revenues | 4,567 | 9,663 | 3,092 | 5,708 | 16,959 | |||||||||||||||
| Cost of revenues | 3,907 | 7,583 | 2,755 | 4,366 | 13,705 | |||||||||||||||
| Gross profit | 660 | 2,080 | 337 | 1,342 | 3,254 | |||||||||||||||
| Research and development | 11,086 | 6,377 | 5,901 | 3,491 | 14,320 | |||||||||||||||
| Selling and marketing | 2,849 | 2,749 | 1,592 | 1,462 | 5,765 | |||||||||||||||
| General and administrative | 4,602 | 3,891 | 2,302 | 2,105 | 8,448 | |||||||||||||||
| Other expenses (income) | (439 | ) | 4 | - | - | (13 | ) | |||||||||||||
| Operating loss | (17,438 | ) | (10,941 | ) | (9,458 | ) | (5,716 | ) | (25,266 | ) | ||||||||||
| Financing income (expenses), net | 7,110 | (3,060 | ) | 2,099 | (7,564 | ) | 1,556 | |||||||||||||
| Taxes on income | (16 | ) | (43 | ) | (33 | ) | (38 | ) | (169 | ) | ||||||||||
| Net loss | (10,344 | ) | (14,044 | ) | (7,392 | ) | (13,318 | ) | (23,879 | ) | ||||||||||
| Foreign currency translation adjustments | 11 | (10 | ) | 5 | (11 | ) | (21 | ) | ||||||||||||
| Total comprehensive loss | (10,333 | ) | (14,054 | ) | (7,387 | ) | (13,329 | ) | (23,900 | ) | ||||||||||
| Basic net loss per share | (0.80 | ) | (1.30 | ) | (0.57 | ) | (1.23 | ) | (2.10 | ) | ||||||||||
| Diluted net loss per share | (1.36 | ) | (1.30 | ) | (0.77 | ) | (1.23 | ) | (2.10 | ) | ||||||||||
| Number of shares used in calculating basic loss per share | 12,861,870 | 10,816,990 | 12,883,835 | 10,835,251 | 11,376,571 | |||||||||||||||
| Number of shares used in calculating diluted loss per share | 13,261,930 | 10,816,990 | 13,206,306 | 10,835,251 | 11,376,571 | |||||||||||||||
Unaudited Condensed Consolidated Statements of Cash Flows
U.S. dollars in thousands
| Six months ended | Three months ended | Year Ended | ||||||||||||||||||
| June 30, | June 30, | December 31, | ||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2025 | ||||||||||||||||
| Cash flows from operating activities: | ||||||||||||||||||||
| Net loss | (10,344 | ) | (14,044 | ) | (7,392 | ) | (13,318 | ) | (23,879 | ) | ||||||||||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||||||||||
| Adjustments to profit and loss items: | ||||||||||||||||||||
| Depreciation and amortization | 780 | 752 | 402 | 394 | 1,860 | |||||||||||||||
| Share-based compensation | 1,399 | 1,706 | 755 | 862 | 3,108 | |||||||||||||||
| Revaluation of warrants accounted at fair value | (7,747 | ) | 2,377 | (2,811 | ) | 6,647 | (2,158 | ) | ||||||||||||
| Revaluation of liabilities in respect of IIA grants | 539 | 446 | 305 | 203 | 380 | |||||||||||||||
| Financing expenses and exchange differences of lease liability | 960 | 943 | 725 | 938 | 1,725 | |||||||||||||||
| Increase (decrease) in severance pay liability, net | (147 | ) | 75 | 9 | 48 | 31 | ||||||||||||||
| Other expenses (income) | - | 4 | - | - | (13 | ) | ||||||||||||||
| Financial income, net | (925 | ) | (942 | ) | (391 | ) | (424 | ) | (1,891 | ) | ||||||||||
| Unrealized foreign currency gain | (91 | ) | (21 | ) | (107 | ) | (6 | ) | (51 | ) | ||||||||||
| (5,232 | ) | 5,340 | (1,113 | ) | 8,662 | 2,991 | ||||||||||||||
| Changes in asset and liability items: | ||||||||||||||||||||
| Decrease (increase) in trade receivables | (83 | ) | (217 | ) | (478 | ) | (1,671 | ) | 3,211 | |||||||||||
| Decrease (increase) in inventories | (31 | ) | (1,151 | ) | 655 | (263 | ) | (1,363 | ) | |||||||||||
| Decrease (increase) in other receivables | (1,300 | ) | (341 | ) | (567 | ) | 37 | 1,665 | ||||||||||||
| Increase (decrease) in trade payables and accrued expenses | (151 | ) | 691 | 37 | 794 | 2,350 | ||||||||||||||
| Increase in grants received in advance | 724 | - | - | - | - | |||||||||||||||
| Increase (decrease) in other payables | 536 | (144 | ) | (269 | ) | 3 | (1,096 | ) | ||||||||||||
| (305 | ) | (1,162 | ) | (622 | ) | (1,100 | ) | 4,767 | ||||||||||||
| Net cash used in operating activities | (15,881 | ) | (9,866 | ) | (9,127 | ) | (5,756 | ) | (16,121 | ) | ||||||||||
Unaudited Condensed Consolidated Statements of Cash Flows
U.S. dollars in thousands
| Six months ended | Three months ended | Year Ended | ||||||||||||||||||
| June 30, | June 30, | December 31, | ||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2025 | ||||||||||||||||
| Cash flows from investing activities: | ||||||||||||||||||||
| Purchase of property and equipment | (2,894 | ) | (2,008 | ) | (1,074 | ) | (1,049 | ) | (5,505 | ) | ||||||||||
| Interest received | 659 | 585 | 83 | 319 | 1,591 | |||||||||||||||
| Proceeds from (investment in) short-term bank deposits, net | 17,600 | 2,985 | (1,400 | ) | 5,635 | (14,036 | ) | |||||||||||||
| Net cash provided by (used in) investing activities | 15,365 | 1,562 | (2,391 | ) | 4,905 | (17,950 | ) | |||||||||||||
| Cash flows from financing activities: | ||||||||||||||||||||
| Repayment of lease liabilities | (702 | ) | (537 | ) | (365 | ) | (289 | ) | (1,212 | ) | ||||||||||
| Proceeds from exercise of warrants and share options | 767 | 838 | 767 | 838 | 3,630 | |||||||||||||||
| Proceeds from issuance of shares | - | - | - | - | 27,416 | |||||||||||||||
| Repayment of IIA grants | (84 | ) | (114 | ) | - | - | (214 | ) | ||||||||||||
| Net cash provided by (used in) financing activities | (19 | ) | 187 | 402 | 549 | 29,620 | ||||||||||||||
| Exchange rate differences on cash and cash equivalent balances | 80 | 21 | 109 | 2 | 95 | |||||||||||||||
| Decrease in cash and cash equivalents | (455 | ) | (8,096 | ) | (11,007 | ) | (300 | ) | (4,356 | ) | ||||||||||
| Balance of cash and cash equivalents at the beginning of the period | 4,799 | 9,155 | 15,351 | 1,359 | 9,155 | |||||||||||||||
| Balance of cash and cash equivalents at the end of the period | 4,344 | 1,059 | 4,344 | 1,059 | 4,799 | |||||||||||||||
Adjusted EBITDA
U.S. dollars in thousands
| Six months ended | Three months ended | Year Ended | ||||||||||||||||||
| June 30, | June 30, | December 31, | ||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2025 | ||||||||||||||||
| Net loss | (10,344 | ) | (14,044 | ) | (7,392 | ) | (13,318 | ) | (23,879 | ) | ||||||||||
| Adjustments: | ||||||||||||||||||||
| Financing expenses, net | 7,110 | (3,060 | ) | 2,099 | (7,564 | ) | 1,556 | |||||||||||||
| Other expenses, net | - | (4 | ) | - | - | 13 | ||||||||||||||
| Taxes on income | (16 | ) | (43 | ) | (33 | ) | (38 | ) | (169 | ) | ||||||||||
| Depreciation and amortization | (780 | ) | (752 | ) | (402 | ) | (394 | ) | (1,860 | ) | ||||||||||
| Share-based compensation expenses | (1,399 | ) | (1,706 | ) | (755 | ) | (862 | ) | (3,108 | ) | ||||||||||
| Total adjustments | 4,915 | (5,565 | ) | 909 | (8,858 | ) | (3,568 | ) | ||||||||||||
| Adjusted EBITDA | (15,259 | ) | (8,479 | ) | (8,301 | ) | (4,460 | ) | (20,311 | ) | ||||||||||
Exhibit 99.2
MEDIWOUND LTD. AND ITS SUBSIDIARIES
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
AS OF JUNE 30, 2026
IN U.S. DOLLARS IN THOUSANDS
UNAUDITED
INDEX
| Page | |
| Unaudited Condensed Interim Consolidated Statements of Financial Position | F-2 |
| Unaudited Condensed Interim Consolidated Statements of Profit or Loss and Other Comprehensive Income or Loss | F-3 |
| Unaudited Condensed Interim Consolidated Statements of Changes in Shareholders’ Equity | F-4 – F-5 |
| Unaudited Condensed Interim Consolidated Statements of Cash Flows | F-6 – F-7 |
| Notes to Unaudited Condensed Interim Consolidated Financial Statements | F-8 – F-11 |
- - - - - - - - - - - - -
MEDIWOUND LTD. AND ITS SUBSIDIARIES
Unaudited Condensed Interim Consolidated Statements of Financial Position
U.S. dollars in thousands
| June 30, | December 31, | |||||||||||
| 2026 | 2025 | 2025 | ||||||||||
| Cash and cash equivalents | ||||||||||||
| Short-term bank deposits | ||||||||||||
| Trade receivables | ||||||||||||
| Inventories | ||||||||||||
| Other receivables | ||||||||||||
| Total current assets | ||||||||||||
| Other receivables | ||||||||||||
| Long-term restricted bank deposits | ||||||||||||
| Property, plant and equipment | ||||||||||||
| Right-of-use assets | ||||||||||||
| Intangible assets | ||||||||||||
| Total non-current assets | ||||||||||||
| Total assets | ||||||||||||
| Current maturities of long-term liabilities | ||||||||||||
| Warrants | ||||||||||||
| Trade payables and accrued expenses | ||||||||||||
| Other payables | ||||||||||||
| Total current liabilities | ||||||||||||
| Grants received in advance | ||||||||||||
| Liabilities in respect of IIA grants | ||||||||||||
| Lease liabilities | ||||||||||||
| Severance pay liability, net | ||||||||||||
| Total non-current liabilities | ||||||||||||
| Total liabilities | ||||||||||||
| Shareholders' equity: | ||||||||||||
| Ordinary shares of NIS |
||||||||||||
| Authorized: |
||||||||||||
| Share premium | ||||||||||||
| Foreign currency translation adjustments | ( |
) | ( |
) | ( |
) | ||||||
| Accumulated deficit | ( |
) | ( |
) | ( |
) | ||||||
| Total equity | ||||||||||||
| Total liabilities and equity | ||||||||||||
The accompanying notes are an integral part of the interim financial statements.
F - 2
MEDIWOUND LTD. AND ITS SUBSIDIARIES
Unaudited Condensed Interim Consolidated Statements of Profit or Loss and Other Comprehensive Income or Loss
U.S. dollars in thousands (except for share and per share data)
|
Six months ended June 30, |
Three months ended June 30, |
Year ended December 31, |
||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2025 | ||||||||||||||||
| Revenues from sale of products | ||||||||||||||||||||
| Revenues from development services | ||||||||||||||||||||
| Revenues from license agreements and royalties | ||||||||||||||||||||
| Total revenues | ||||||||||||||||||||
| Cost of revenues from sale of products | ||||||||||||||||||||
| Cost of revenues from development services | ||||||||||||||||||||
| Cost of revenues from license agreements and royalties | ||||||||||||||||||||
| Total cost of revenues | ||||||||||||||||||||
| Gross profit | ||||||||||||||||||||
| Research and development | ||||||||||||||||||||
| Selling and marketing | ||||||||||||||||||||
| General and administrative | ||||||||||||||||||||
| Other expenses (income) | ( |
) | ( |
) | ||||||||||||||||
| Total operating expenses | ||||||||||||||||||||
| Operating loss | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||
| Financial income | ||||||||||||||||||||
| Financial expenses | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||
| Financing income (expenses), net | ( |
) | ( |
) | ||||||||||||||||
| Loss before taxes on income | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||
| Taxes on income | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||
| Net loss | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||
| Other comprehensive income (loss): | ||||||||||||||||||||
| Foreign currency translation adjustments | ( |
) | ( |
) | ( |
) | ||||||||||||||
| Total comprehensive loss | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||
| Loss per share data: | ||||||||||||||||||||
| Basic net loss per share | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||
| Diluted net loss per share | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||
| Number of shares used in calculating basic loss per share | ||||||||||||||||||||
| Number of shares used in calculating diluted loss per share | ||||||||||||||||||||
The accompanying notes are an integral part of the interim consolidated financial statements.
F - 3
MEDIWOUND LTD. AND ITS SUBSIDIARIES
Unaudited Condensed Interim Consolidated Statements of Changes in Shareholders’ Equity
U.S. dollars in thousands
| Share capital | Share premium | Foreign currency translation reserve |
Accumulated deficit |
Total equity |
||||||||||||||||
| Balance as of April 1, 2026 | ( |
) | ( |
) | ||||||||||||||||
| Loss for the period | ( |
) | ( |
) | ||||||||||||||||
| Other comprehensive income | ||||||||||||||||||||
| Total comprehensive loss | ( |
) | ( |
) | ||||||||||||||||
| Exercise of options and warrants | ||||||||||||||||||||
| Share-based compensation | ||||||||||||||||||||
| Balance as of June 30, 2026 (unaudited) | ( |
) | ( |
) | ||||||||||||||||
| Balance as of April 1, 2025 | ( |
) | ( |
) | ||||||||||||||||
| Loss for the period | ( |
) | ( |
) | ||||||||||||||||
| Other comprehensive loss | ( |
) | ( |
) | ||||||||||||||||
| Total comprehensive loss | ( |
) | ( |
) | ( |
) | ||||||||||||||
| Exercise of options and warrants | ||||||||||||||||||||
| Share-based compensation | ||||||||||||||||||||
| Balance as of June 30, 2025 (unaudited) | ( |
) | ( |
) | ||||||||||||||||
The accompanying notes are an integral part of the interim consolidated financial statements.
F - 4
MEDIWOUND LTD. AND ITS SUBSIDIARIES
Unaudited Condensed Interim Consolidated Statements of Changes in Shareholders’ Equity
U.S. dollars in thousands
| Share capital | Share premium | Foreign currency translation reserve |
Accumulated deficit |
Total equity |
||||||||||||||||
| Balance as of December 31, 2025 (audited) | ( |
) | ( |
) | ||||||||||||||||
| Loss for the period | ( |
) | ( |
) | ||||||||||||||||
| Other comprehensive income | ||||||||||||||||||||
| Total comprehensive loss | ( |
) | ( |
) | ||||||||||||||||
| Exercise of options and warrants | ||||||||||||||||||||
| Share-based compensation | ||||||||||||||||||||
| Balance as of June 30, 2026 (unaudited) | ( |
) | ( |
) | ||||||||||||||||
| Balance as of December 31, 2024 (audited) | ( |
) | ( |
) | ||||||||||||||||
| Loss for the period | ( |
) | ( |
) | ||||||||||||||||
| Other comprehensive loss | ( |
) | ( |
) | ||||||||||||||||
| Total comprehensive loss | - | ( |
) | ( |
) | ( |
) | |||||||||||||
| Exercise of options and warrants | ||||||||||||||||||||
| Share-based compensation | ||||||||||||||||||||
| Balance as of June 30, 2025 (unaudited) | ( |
) | ( |
) | ||||||||||||||||
| Balance as of December 31, 2024 (audited) | ( |
) | ( |
) | ||||||||||||||||
| Loss for the period | ( |
) | ( |
) | ||||||||||||||||
| Other comprehensive loss | ( |
) | ( |
) | ||||||||||||||||
| Total comprehensive loss | ( |
) | ( |
) | ( |
) | ||||||||||||||
| Exercise of options and warrants | ||||||||||||||||||||
| Issuance of ordinary shares, net of issuance expenses | ||||||||||||||||||||
| Share-based compensation | ||||||||||||||||||||
| Balance as of December 31, 2025 (audited) | ( |
) | ( |
) | ||||||||||||||||
The accompanying notes are an integral part of the interim consolidated financial statements.
F - 5
MEDIWOUND LTD. AND ITS SUBSIDIARIES
Unaudited Condensed Interim Consolidated Statements of Cash Flows
U.S. dollars in thousands
|
Six months ended June 30, |
Three months ended June 30, |
Year ended December 31, |
||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2025 | ||||||||||||||||
| Cash flows from operating activities: | ||||||||||||||||||||
| Net loss | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||||||||||
| Adjustments to profit and loss items: | ||||||||||||||||||||
| Depreciation and amortization | ||||||||||||||||||||
| Share-based compensation | ||||||||||||||||||||
| Revaluation of warrants accounted at fair value | ( |
) | ( |
) | ( |
) | ||||||||||||||
| Revaluation of liabilities in respect of IIA grants | ||||||||||||||||||||
| Financing expenses and exchange differences of lease liability | ||||||||||||||||||||
| Increase (decrease) in severance pay liability, net | ( |
) | ||||||||||||||||||
| Other expenses (income) | ( |
) | ||||||||||||||||||
| Financial income, net | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||
| Un-realized foreign currency gain | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||
| ( |
) | ( |
) | |||||||||||||||||
| Changes in asset and liability items: | ||||||||||||||||||||
| Decrease (increase) in trade receivables | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
| Decrease (increase) in inventories | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
| Decrease (increase) in other receivables | ( |
) | ( |
) | ( |
) | ||||||||||||||
| Increase (decrease) in trade payables and accrued expenses | ( |
) | ||||||||||||||||||
| Increase in grants received in advance | ||||||||||||||||||||
| Increase (decrease) in other payables | ( |
) | ( |
) | ( |
) | ||||||||||||||
| ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||||
| Net cash used in operating activities | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||
The accompanying notes are an integral part of the interim consolidated financial statements.
F - 6
MEDIWOUND LTD. AND ITS SUBSIDIARIES
Unaudited Condensed Interim Consolidated Statements of Cash Flows
U.S. dollars in thousands
|
Six months ended June 30, |
Three months ended June 30, |
Year ended December 31, |
||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2025 | ||||||||||||||||
| Cash flows from investing activities: | ||||||||||||||||||||
| Purchase of property and equipment | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||
| Interest received | ||||||||||||||||||||
| Proceeds from (investment in) short-term bank deposits, net | ( |
) | ( |
) | ||||||||||||||||
| Net cash provided by (used in) investing activities | ( |
) | ( |
) | ||||||||||||||||
| Cash flows from financing activities: | ||||||||||||||||||||
| Repayment of lease liabilities | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||
| Proceeds from exercise of warrants and share options | ||||||||||||||||||||
| Proceeds from issuance of shares | ||||||||||||||||||||
| Repayment of IIA grants | ( |
) | ( |
) | ( |
) | ||||||||||||||
| Net cash provided by (used in) financing activities | ( |
) | ||||||||||||||||||
| Exchange rate differences on cash and cash equivalent balances | ||||||||||||||||||||
| Decrease in cash and cash equivalents | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||
| Balance of cash and cash equivalents at the beginning of the period | ||||||||||||||||||||
| Balance of cash and cash equivalents at the end of the period | ||||||||||||||||||||
| Supplemental disclosure of non-cash transactions: | ||||||||||||||||||||
| ROU asset, net, recognized with corresponding lease liability | ||||||||||||||||||||
| Purchase of property and equipment in trade payables | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||
The accompanying notes are an integral part of the interim consolidated financial statements.
F - 7
MEDIWOUND LTD. AND ITS SUBSIDIARIES
Notes to Unaudited Condensed Interim Consolidated Financial Statements
U.S. dollars in thousands
Note 1: General
| a. | Description of the Company and its operations: |
MediWound Ltd. was incorporated in Israel in January 2000. The Company which is located in Yavne, Israel (the "Company" or "MediWound"), is a biopharmaceutical company that develops, manufactures and commercializes novel, cost effective, bio-therapeutic, non-surgical solutions for tissue repair and regeneration. The Company’s strategy leverages its breakthrough enzymatic technology platform into a diversified portfolio of biotherapeutics across multiple indications to pioneer solutions for unmet medical needs. The Company’s current portfolio is focused on next-generation protein-based therapies for burn care, wound care and tissue repair.
The Company's first innovative biopharmaceutical product, NexoBrid, has received in December 2022, an approval from the U.S. Food and Drug Administration (“FDA”) and marketing approval in each country of India, Switzerland and Japan. In addition, it has a marketing authorization from the European Medicines Agency (“EMA”) and regulatory agencies in other international markets for removal of dead or damaged tissue, known as eschar, in adults with deep partial and/or full-thickness thermal burns.
The Company commercializes NexoBrid globally through multiple sales channels.
The Company sells NexoBrid to burn centers in the European Union, United Kingdom and Israel, primarily through its commercial organizations.
The Company has established local distribution channels in multiple international markets, including Asia Pacific, EMEA, CEE and LATAM, which local distributors are also responsible for obtaining local marketing authorization within the relevant territories.
In the United States, the Company entered into exclusive license and supply agreements with Vericel Corporation (“Vericel”) to commercialize NexoBrid in North America. On September 21, 2023, the Company announced the U.S. commercial availability of NexoBrid for the removal of eschar in adults with deep partial and/or full-thickness thermal burns.
In August 2024, the Company announced that the FDA has approved a pediatric indication for NexoBrid allowing for eschar removal in pediatric patients aged newborn through eighteen with deep partial and/or full-thickness thermal burns. With this FDA approval, NexoBrid is now authorized for use in the U.S. for all age groups, aligning with its approvals in the European Union and Japan.
The Company’s second investigational next-generation enzymatic therapy product, EscharEx, is a topical biological drug being developed for debridement of chronic and other hard-to-heal wounds.
In February 2025, the Company announced the initiation of VALUE, a global, pivotal Phase III trial evaluating EscharEx for the treatment of venous leg ulcers (VLUs).
MEDIWOUND LTD. AND ITS SUBSIDIARIES
Notes to Unaudited Condensed Interim Consolidated Financial Statements
| Note 1: General (Cont.) | |
| b. | The Company's securities are listed for trading on NASDAQ since March 2014. |
| c. | The Company has three wholly owned subsidiaries: MediWound Germany GmbH, acting as Europe (“EU”) marketing authorization holder and EU sales and marketing arm, MediWound UK Limited and MediWound US, Inc. which are currently inactive companies. |
| d. | BARDA Contracts: |
In September 2015, the Company was awarded a Biomedical Advanced Research and Developments Authority (“BARDA”) contract for treatment of thermal burn injuries.
This contract was amended multiple times to extend its term until September 2025 and its total value, up to a total amount of $
In May 2023, BARDA has awarded an additional approximately $
As of December 31, 2025, the Company has recognized approximately $
| e. | DOW and MTEC contracts: |
On February 17, 2022, the Company entered into a contract with the U.S. Department of War (DOW), through the Medical Technology Enterprise Consortium (MTEC), to develop NexoBrid as a non-surgical solution for field-care burn treatment for the U.S. Army. The contract provides funding up to $
During 2023, the DOW through MTEC awarded the Company additional funding of $
In addition, the Company was awarded directly through MTEC funding of $
In May 2024 the Company was awarded additional funding of $
MEDIWOUND LTD. AND ITS SUBSIDIARIES
Notes to Unaudited Condensed Interim Consolidated Financial Statements
| Note 1: General (Cont.) | |
| f. | The accompanying consolidated financial statements have been prepared on a basis which assumes that the Company will continue as a going concern. From inception to June 30, 2026, the Company has incurred cash outflows from operations, losses from operations, and has an accumulated deficit of $ |
The Company believes that its existing cash and cash equivalents, and bank deposits of $
| g. | In October 2023, Israel was attacked by a terrorist organization and entered a state of war. On June 13, 2025, Israel launched Operation “Rising Lion”, a direct military campaign targeting Iranian military and nuclear infrastructure in response to escalating regional security threats. A ceasefire between Israel and Iran was declared on June 24, 2025. In October 2025, a ceasefire was reached between Israel and Hamas in the Gaza Strip. On February 28, 2026, a joint military operation by the United States and Israel against Iran commenced following escalating regional tensions. In response, Iran launched ballistic missiles and unmanned aerial vehicles toward Israel. On March 1, 2026, hostilities further expanded following rocket fire from Lebanon toward Israel. On April 8, 2026, a ceasefire was announced between the United States and Iran. |
The Company's headquarters, manufacturing and R&D facilities are located in Israel. Despite these developments, the Company's operations have remained largely unaffected, and during the period ended June 30, 2026, the impact on the Company's results of operations and financial condition was not material. Nevertheless, the regional security and geopolitical environment remains sensitive and dynamic, and management continues to closely monitor developments and assess their potential impact on the Company's operations and financial condition in the future.
Note 2: Material Accounting Policies
| a. | Basis of preparation of the interim consolidated financial statements: |
The interim condensed consolidated financial statements for the six and three months ended June 30, 2026, have been prepared in accordance with IAS 34 "Interim Financial Reporting".
These condensed consolidated interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting and do not include all of the information required for full annual financial statements. They should be read in conjunction with the financial statements as at and for the year ended December 31, 2025 (hereinafter – “the annual financial statements”). These condensed consolidated interim financial statements were authorized for issue by the Group’s Board of Directors on August 13, 2026.
| b. | Use of judgements and estimates: |
In preparing these interim financial statements, management has made judgements and estimates about the future, including climate-related risks and opportunities, that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.
The significant judgments made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those described in the last annual financial statements.
Note 3: Equity
| 1. | On March 4, 2026, the Company’s Board of Directors approved the grant of |
MEDIWOUND LTD. AND ITS SUBSIDIARIES
Notes to Unaudited Condensed Interim Consolidated Financial Statements
| Note 3: Equity (Cont.) | |
| 2. | On May 25, 2026, |
The fair value of the warrants which are classified as current liabilities was measured by using the Black-Scholes model. The following inputs were used to determine the fair value:
Contractual period of warrants–
Expected volatility –
Risk-free interest rate –
Expected dividend yield –
| Jun-30 | Dec-31 | |||||||||||
| 2026 | 2025 | 2025 | ||||||||||
| Balance as of January 1 | ||||||||||||
| Exercise of warrants | ( |
) | ( |
) | ( |
) | ||||||
| Revaluation of warrants accounted at fair value | ( |
) | ( |
) | ||||||||
| Balance at the end of the period | ||||||||||||
Note 4: Subsequent events
| 1. | In July and August 2026, |
| 2. | In April 2026, Vericel was awarded a ten-year BARDA contract valued at up to $ |
|
|
In connection with the “BARDA Contract” the Company and Vericel entered into a Master Services Agreement (the “MSA”), in August 2026, covering NexoBrid and next-generation product development activities. Under the MSA, the Company expects to begin recognizing revenue in the second half of 2026 by participating in a next generation development program that has been initiated to support the potential expansion of NexoBrid for use in blast- and friction-related injuries, leveraging real-world evidence. |
| 3. | On August 12, 2026, the Company’s Board of Directors approved the grant of |
F - 11