MediWound Ltd.
MDWD · Medicinal Chemicals & Botanical Products · EDGAR filings ↗
Reference price $13.97 — last insider purchase, 2026-06-03 (estimated from the dated SEC Form 4 price — not a live quote)
Grade
D48Enzymatic-therapeutics biopharm with approved NexoBrid and clean Phase 3 wins, but alarmingly low cash runway.
Strengths
- Decisive positive Phase 3 NexoBrid readouts (p<0.0001 and p=0.0008), plus EscharEx Phase 3 underway and an approved commercial product
- Recent $30M raise; quick ratio 2.2 (81st pct)
Risks
- Cash runway only ~0.9 quarters on $4.8M cash with heavy burn (FCF -$21.6M)
- Deeply negative margins (net -141%), declining revenue (15th pct), funding-dependent
Notable findings
- No interest coverageInterest coverage -10.27 (cannot cover interest)
- Net lossNet loss (net margin -140.8%)
- Cash burnNegative free cash flow (-21.6M)
- Insider buyingInsider buying — 6 open-market buy(s) by 3 insider(s) (cluster of 3 insiders, ~$136,046, last 6mo) Form 4 ↗
- Revenue declineRevenue -16.1% YoY
- Trial readout soonUpcoming trial readout ~2026-12 — PHASE3 · Venous Leg Ulcer (VLU)
Key metrics
Gross margin
19.2%
Operating margin
-149.0%
Net margin
-140.8%
Return on equity
-54.7%
Return on assets
-27.7%
Revenue growth (QoQ)
-16.1%
Interest coverage
-10.3×
Current ratio
2.3×
Free cash flow
-$22M
Tangible book value
$44M
Cash & investments
$5M
Cash runway
1q
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-03 | SHAMIR NACHUM | Buy | 175 | $13.97 |
| 2026-06-03 | SHAMIR NACHUM | Buy | 5.8K | $14.00 |
| 2026-06-01 | Fox David Morton | Buy | 1.7K | $14.22 |
| 2026-06-01 | Fox David Morton | Buy | 10 | $14.23 |
| 2026-06-01 | Fox David Morton | Buy | 1.8K | $13.99 |
| 2026-05-29 | Rubinstein Samuel | Buy | 150 | $14.33 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT06568627 ↗ | A Double Blind Study Performed to Evaluate the Efficacy and the Safety of EscharEx in Debridement of VLU (VALUE) Venous Leg Ulcer (VLU) | PHASE3 | Recruiting | 2026-12-01 |
| NCT05157763 ↗ | A Study to Evaluate the Safety and Efficacy of EscharEx (EX-02) in the Treatment of Basal Cell Carcinoma Superficial Basal Cell Carcinoma, Nodular Basal Cell Carcinoma | PHASE1/PHASE2 | Recruiting | 2022-05-01 |
| NCT06690177 ↗ | Clinical Study to Evaluate the Safety and the Efficacy of EscharEx Drug Product (EX-03 Formulation) and Its Placebo Compared to Collagenase, Non-surgical Standard of Care, in Patients With Venous Leg Ulcers Venus Leg Ulcers | PHASE2 | Not Yet Recruiting | 2027-12-30 |
| NCT04817228 ↗ | A Study to Evaluate the Clinical Performance, Safety and Pharmacology Effect of EscharEx in Patients With Lower Leg Ulcers Venous Leg Ulcer, Diabetic Foot Ulcer | PHASE2 | Completed | 2022-05-06 |
| NCT03588130 ↗ | A Study to Evaluate the Safety and the Efficacy of EscharEx (EX-02 Formulation) in Debridement of Venous Leg Ulcers Venous Leg Ulcer | PHASE2 | Completed | 2021-12-07 |
| NCT02278718 ↗ | A Study to Evaluate the Efficacy and Safety of NexoBrid in Children With Thermal Burns Compared the Standard of Care Thermal Burns | PHASE3 | Completed | 2021-04-01 |
| NCT02148705 ↗ | A Study to Evaluate the Efficacy and Safety of NexoBrid in Subjects With Thermal Burns Thermal Burns | PHASE3 | Completed | 2018-06-12 |
| NCT02020746 ↗ | Efficacy and Safety Study of EscharEx to Treat (Debride) Hard to Heal Wounds Hard to Heal Wounds, Venous Leg Ulcers | PHASE2 | Completed | 2017-12-05 |
| NCT00898521 ↗ | Feasibility Study: Enzymatic Debridement in Patients With Partial Thickness Burns Burn | PHASE2 | Completed | 2015-12-02 |
| NCT01679678 ↗ | A Study, Performed in Subjects With Post Traumatic-post Surgical ,Venus Insufficiency and Diabetic Hard to Heal/Chronic Wounds, to Evaluate the Safety and Efficacy of PolyHeal-2 Versus PolyHeal in Once Daily Regimen Surgical Wound Dehiscence | PHASE2 | Terminated | 2014-08-01 |
| NCT01800981 ↗ | Functionality Assessments in Patients (Adults and Children) Following Treatment With Debrase Compared to Standard of Care Burns, Upper Extremity, Burns, Lower Extremity | — | Unknown | 2013-07-01 |
| NCT01350700 ↗ | Long Term Follow up of Scars Formation and Quality of Life Assessment Study Scars Formation, Quality of Life | — | Completed | 2011-11-01 |
| NCT00324311 ↗ | Enzymatic Debridement in Burns Patients: A Comparison to Standard of Care Burn | PHASE3 | Completed | 2009-10-01 |
| NCT04040660 ↗ | Use of NexoBrid for Treatment of Acute Deep Partial and Full Thickness Burn Injuries Thermal Burn | — | Approved For Marketing |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Supply chain
Customers (1)
Suppliers (0)
Named in the 10-K; linked when we track them.
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-03-05 | 2025-12-31 | 0001178913-26-000749 ↗ |
| 20-F | 2025-03-19 | 2024-12-31 | 0001178913-25-000934 ↗ |
| 20-F | 2024-03-21 | 2023-12-31 | 0001178913-24-001020 ↗ |
| 20-F | 2023-03-16 | 2022-12-31 | 0001178913-23-001021 ↗ |
| 20-F | 2022-03-17 | 2021-12-31 | 0001178913-22-001161 ↗ |
| 20-F | 2021-02-25 | 2020-12-31 | 0001178913-21-000779 ↗ |
| 20-F | 2020-02-25 | 2019-12-31 | 0001178913-20-000640 ↗ |
| 20-F | 2019-03-25 | 2018-12-31 | 0001178913-19-000913 ↗ |
| 20-F | 2018-03-19 | 2017-12-31 | 0001178913-18-000887 ↗ |
| 20-F | 2017-02-21 | 2016-12-31 | 0001178913-17-000577 ↗ |
| 20-F | 2016-01-25 | 2015-12-31 | 0001178913-16-004033 ↗ |
| 20-F | 2015-02-12 | 2014-12-31 | 0001178913-15-000410 ↗ |