MediWound's Q1 2025 Earnings Call: Unraveling Contradictions in Facility Readiness and Regulatory Timelines

Manufacturing facility readiness, regulatory approval timeline, US manufacturing capacity, manufacturing timeline and capacity expansion, US regulatory approval timeline are the key contradictions discussed in MediWound Ltd.'s latest 2025Q1 earnings call.



EscharEx Clinical Trial Progress:
- The VALUE Phase III study for EscharEx is on track, with the global trial enrolling 216 patients across approximately 40 sites in the United States and Europe.
- The trial's progress is supported by strategic collaborations with leading wound care companies and strong external validation.

NexoBrid Global Demand and Manufacturing Expansion:
- NexoBrid's commercial partner reported a 207% year-over-year increase and a 31% sequential increase in NexoBrid revenue during the first quarter of 2025.
- This growth is driven by expanding global demand, including increased interest from governments for emergency preparedness, and plans for scaling manufacturing capacities.

Financial Performance and Revaluation Impact:
- MediWound reported a total revenue of $4 million for the first quarter of 2025, down from $5 million in the previous year.
- The decline in revenue is primarily attributed to lower revenue from BARDA-funded development services, while a significant portion of the improvement in net loss was driven by noncash financial income related to warrant revaluation.

Research and Development Investments:
- R&D expenses totaled $2.9 million in Q1 2025, compared to $1.5 million in Q1 2024, reflecting continued investment in the EscharEx VALUE Phase III trial and associated development activities.
- The increase in R&D expenses is due to ongoing clinical trials and research collaborations aimed at advancing the company's product pipeline.