MDWD Stock — MediWound Ltd.: Cash, EV, Pipeline

What they do

We are a global leader in next-generation enzymatic therapeutics focused on non-surgical tissue repair. Our solutions selectively remove non-viable hazardous tissue while preserving healthy tissue, offering a safer and more effective alternative to traditional methods.

Source: 20-F FY2025 via SEC EDGAR

Share price

$14.25

Market cap

$185.4M

Cash

$4.8M

Enterprise value

$180.6M

Balance sheet

Cash	$4.8M
Debt	$0.0M
Net cash	$4.8M
Enterprise value	$180.6M
Basic shares	12.9M shares
Fully diluted shares	16.3M shares
Fully diluted market cap	$233.0M
Cash per share	$0.37
Quarterly burn	$5.8M
Cash runway	0.8 quarters

Cash figures as of 2025-12-31. Database snapshot: 2026-11-07.

Share structure

Common

12.8M

Pre-funded warrants

0.0M

Options

1.2M

RSUs

—

Warrants

2.3M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

—

FDSO

16.3M

Cap table as of 2025-12-31.

Price history

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Next catalyst

EscharEx (EX-03) · Jan 12 - Feb 23 in 9 wks · Phase 3 · Venous Leg Ulcer (VLU)

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Jan 12 - Feb 23 in 9 wks	EscharEx (EX-03)	Phase 3	Venous Leg Ulcer (VLU)	Q2 2027 Est. May 16, 2027 · quarter midpoint End of Q1 2027 Est. Feb 14, 2027 · quarter midpoint
Feb 10 - Mar 23 in 15 mo	EscharEx (EX-03)	Phase 2	Venus Leg Ulcers	—
Sep 12 - Oct 24 in 22 mo	EX-03	Phase 2	Venous Leg Ulcer (VLU)	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

NexoBrid

Approved · Active Modality: enzymatic debridement gel (bromelain-based)

Target eschar (proteolytic enzymatic debridement)

Partnerships Exclusive North America commercialization license and supply agreements with Vericel Corporation (May 2019; $17.5M upfront, $7.5M BLA-approval milestone, up to $125M sales milestones, mid-high single-digit to mid-teen tiered royalties).

Indications

Eschar removal in deep partial- and full-thickness thermal burns (Approved)

Status note Proteolytic enzyme-based gel for eschar removal in severe burns; approved in the U.S., Europe and other markets. U.S. launch via commercial partner Vericel was delayed by supply/CMC issues. A post-marketing U.S. Phase III trial satisfied an EMA post-marketing commitment. Label carries warnings for hypersensitivity reactions and pain.

EscharEx

Phase 3 · Active Modality: enzymatic debridement gel (proteolytic enzymes)

Target necrotic tissue (enzymatic debridement)

Indications

Chronic wounds (Phase 3)

Status note Proteolytic enzyme-based candidate for chronic wound debridement based on the company's patented enzymatic technology platform. Phase III clinical study ongoing; clinical batch supply manufactured at the company's site.

Per-asset detail extracted from the 20-F filed 2026-03-05. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	EscharEx (EX-03)
Lead indication	Venous Leg Ulcer (VLU)
Lead phase	Phase 3
Active trials	4

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT06568627	Phase 3	Recruiting	Sponsor	MDWD	—	Venous Leg Ulcer (VLU)	Q2 2027 Est. May 16, 2027 · quarter midpoint End of Q1 2027 Est. Feb 14, 2027 · quarter midpoint
NCT06690177	Phase 2	Not yet recruiting	Sponsor	MDWD	—	Venus Leg Ulcers	—
NCT07692178	Phase 2	Not yet recruiting	Sponsor	MDWD	—	Venous Leg Ulcer (VLU)	—
NCT05157763	Phase 2	Recruiting	Sponsor	MDWD	—	Superficial Basal Cell Carcinoma; Nodular Basal Cell Carcinoma	—

Sponsor-matched active trials from ClinicalTrials.gov (4 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 4 active trials for MediWound Ltd on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Sphera Biotech	273,192	no change	0.57%	2026-08-14
DAFNA Capital	94,405	no change	0.26%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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MDWD — MediWound Ltd. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

MDWD — MediWound Ltd.