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olivLaw · US equity research

MediWound Ltd. MDWD

Medicinal Chemicals & Botanical Products · SIC 2833 · Vertical: Medicinal Chemicals & Botanical Products (SIC 2833)

14.20USD+6.05% · 1 dayClose 04 Nov 2026

MediWound develops and commercializes enzymatic therapies for non-surgical tissue repair, led by the burn product NexoBrid. The company is in a phase where capacity expansion and the pivotal EscharEx study for venous leg ulcers shape its outlook.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, MediWound Ltd. (MDWD) stock was 14.20 USD (+6.05% on the day), with market capitalisation 182.3 m USD, beta 0.73, 52-week range 11.85–19.37 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
182.3 m USD
shares as of 31 Dec 2025
P/E (TTM)
unavailable
Diluted EPS TTM -2.10 · TTM to 31 Dec 2025
E/P (TTM)
-14.79%
TTM to 31 Dec 2025
Dividend yield
unavailable
Beta (2y)
0.73
Volatility (1y) 42%
52-week range
11.8519.37

Price history

Loading chart…

Technical reading

RSI (14)
63.1
strong (55–70)
Bollinger (20, 2)
11.27 – 14.05
above the upper band · %B 1.05 · band width 21.9%
SMA 50 / 200
13.09 / 15.19
mixed trend
MACD (12, 26, 9)
0.16 / -0.06
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+5.1%−1.1%+6.2 pp—
3 months+0.1%−0.5%+0.5 pp—
6 months−18.2%+4.4%−22.6 pp—
Year to date−23.1%+12.3%−35.4 pp—
1 year−20.7%+13.5%−34.2 pp−39.5%
3 years+72.7%+76.4%−3.7 pp−45.3%
5 years−43.7%+63.7%−107.3 pp—
Max drawdown (1y)
−38.8%
07 Jan 2026 → 16 Oct 2026
Max drawdown (5y)
−71.3%
08 Nov 2021 → 08 Sept 2023
Compound annual growth (5y)
−10.8%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue3.4 m31.8 m21.8 m23.8 m26.5 m18.7 m20.2 m17.0 m
Revenue YoY+36.3%+834.7%−31.5%+9.2%+11.5%−29.5%+8.2%−16.1%
Net income-1.1 m5.0 m-9.2 m-13.6 m-19.6 m-6.7 m-30.2 m-23.9 m
Net income YoYunavailableunavailable−285.6%unavailableunavailableunavailableunavailableunavailable
Diluted EPSunavailableunavailable-2.38-3.48-3.93-0.75-3.03-2.10
Diluted EPS YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
net %-31.1%15.6%-42.3%-57.0%-74.0%-35.9%-149.5%-140.8%
Free cash flow-12.7 m7.5 m-7.8 m-9.4 m-12.4 m-16.9 m-19.9 m-21.6 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
4.8 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
43.6 m USD
Total assets
86.3 m USD
Debt / equity
unavailable
Current ratio
2.33x
ROE
-63.9%
ROA
-29.9%
FCF margin
-127.5%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
18.7 m
2024
20.2 m
2025
17.0 m

SEC (XBRL)· 05 Mar 2026verified

Cost of revenue
2023
15.1 m
2024
17.6 m
2025
13.7 m

SEC (XBRL)· 05 Mar 2026verified

Gross profit
2023
3.6 m
2024
2.6 m
2025
3.3 m

SEC (XBRL)· 05 Mar 2026verified

Research & development
2023
7.5 m
2024
8.9 m
2025
14.3 m

SEC (XBRL)· 05 Mar 2026verified

Operating income
2023
-15.3 m
2024
-19.4 m
2025
-25.3 m

SEC (XBRL)· 05 Mar 2026verified

Depreciation & amortisation
2023
672.0 k
2024
630.0 k
2025
591.0 k

SEC (XBRL)· 05 Mar 2026verified

EBITDA
2023
-14.6 m ≈
2024
-18.8 m ≈
2025
-24.7 m ≈

SEC (XBRL)· 05 Mar 2026derived

Interest expense
2023
1.9 m
2024
12.8 m
2025
2.5 m

SEC (XBRL)· 05 Mar 2026verified

Pre-tax income
2023
-6.5 m
2024
-30.2 m
2025
-23.7 m

SEC (XBRL)· 05 Mar 2026verified

Income tax
2023
185.0 k
2024
61.0 k
2025
169.0 k

SEC (XBRL)· 05 Mar 2026verified

Net income
2023
-6.7 m
2024
-30.2 m
2025
-23.9 m

SEC (XBRL)· 05 Mar 2026verified

Diluted EPS
2023
-0.75
2024
-3.03
2025
-2.10

SEC (XBRL)· 05 Mar 2026verified

Weighted average diluted shares
2023
9.0 m
2024
10.0 m
2025
11.4 m

SEC (XBRL)· 05 Mar 2026verified

Balance sheet · USD

Cash
2023
11.9 m
2024
9.2 m
2025
4.8 m

SEC (XBRL)· 05 Mar 2026verified

Inventories
2023
2.8 m
2024
2.7 m
2025
4.1 m

SEC (XBRL)· 05 Mar 2026verified

Current assets
2023
49.7 m
2024
52.2 m
2025
60.0 m

SEC (XBRL)· 05 Mar 2026verified

Property, plant & equipment, net
2023
9.2 m
2024
14.1 m
2025
18.6 m

SEC (XBRL)· 05 Mar 2026verified

Intangibles (excl. goodwill)
2023
165.0 k
2024
99.0 k
2025
33.0 k

SEC (XBRL)· 05 Mar 2026verified

Total assets
2023
66.5 m
2024
73.5 m
2025
86.3 m

SEC (XBRL)· 05 Mar 2026verified

Accounts payable
2023
5.5 m
2024
5.3 m
2025
7.6 m

SEC (XBRL)· 05 Mar 2026verified

Current liabilities
2023
18.1 m
2024
26.5 m
2025
25.7 m

SEC (XBRL)· 05 Mar 2026verified

Total liabilities
2023
34.9 m
2024
42.3 m
2025
42.6 m

SEC (XBRL)· 05 Mar 2026verified

Equity
2023
31.6 m
2024
31.2 m
2025
43.6 m

SEC (XBRL)· 05 Mar 2026verified

Shares outstanding at year end
2023
9.2 m
2024
10.8 m
2025
12.8 m

SEC (XBRL)· 05 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
-10.5 m
2024
-13.6 m
2025
-16.1 m

SEC (XBRL)· 05 Mar 2026verified

Capex
2023
6.5 m
2024
6.3 m
2025
5.5 m

SEC (XBRL)· 05 Mar 2026verified

Free cash flow
2023
-16.9 m ≈
2024
-19.9 m ≈
2025
-21.6 m ≈

SEC (XBRL)· 05 Mar 2026derived

Investing cash flow
2023
-34.3 m
2024
-8.4 m
2025
-18.0 m

SEC (XBRL)· 05 Mar 2026verified

Financing cash flow
2023
22.9 m
2024
19.4 m
2025
29.6 m

SEC (XBRL)· 05 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-16.1%
computed by olivLawFY 2025
Revenue CAGR 3Y
-13.8%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
-4.9%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
19.2%
computed by olivLawFY 2025
EBITDA margin
-145.5%
computed by olivLawFY 2025
EBIT margin
-149.0%
computed by olivLawFY 2025
Net margin
-140.8%
computed by olivLawFY 2025
FCF margin
-127.5%
computed by olivLawFY 2025

Returns

ROE
-63.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
-29.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
unavailable
input data missing
ROCE
-41.7%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
-10.3x
computed by olivLawFY 2025

Liquidity

Current ratio
2.3x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
2.2x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
0.2x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
-16.1 m USD
computed by olivLawFY 2025
Capital expenditure
5.5 m USD
computed by olivLawFY 2025
Free cash flow
-21.6 m USD
computed by olivLawFY 2025
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
90 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days payables outstanding
172 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
182.3 m USD
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-14.8%
computed by olivLawFY 2025
P/B
4.2x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
10.7x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-11.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 5 of at least 6
  • score weight coverage: 33.3% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

14.20 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 182.3 m USD

Key indicators

Market capitalisation
182.3 m USD
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
unavailable
insufficient data
P/B
4.2x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
ROE
-63.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
-140.8%
computed by olivLawFY 2025
Revenue growth (YoY)
-16.1%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

29/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: SEC (XBRL)published 05 Mar 2026
verified 278

Score by group

33% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: Medicinal Chemicals & Botanical Products (SIC 2833)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality-140.8%0 (vs peers)19%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth-13.8%0 (on a fixed band)25%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet-10.3x0 (on a fixed band)19%
Current ratio · Balance sheet2.3x100 (on a fixed band)13%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-11.9%0 (on a fixed band)25%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet40/100 · 2/3 factors with a value
  • Growth· partial0/100 · 1/2 factors with a value
  • Quality· partial0/100 · 1/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial0/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

MEDIWOUND LTD. (MDWD). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 17.0 m USD in 2025; YoY growth -16.1%; net margin -140.8%; ROE -63.9%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Current ratio: 2.3x

What contradicts it

  • Net margin: -140.8%
  • Revenue CAGR 3Y: -13.8%
  • Interest coverage: -10.3x
  • FCF yield: -11.9%

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Medicinal Chemicals & Botanical Products (SIC 2833) · same industry (4-digit SIC) · compared with 15 companies

Multiples and returns vs the median

P/E
—
vertical median 13.1x
EV/EBITDA
—
vertical median —
P/S
10.7x
vertical median 0.4x
above median (+2,654.3%)
P/B
4.2x
vertical median 0.5x
above median (+730.3%)
ROE
-63.9%
vertical median -7.3%
below median
Net margin
-140.8%
vertical median -6.9%
below median
EBIT margin
-149.0%
vertical median -1.4%
below median
Revenue YoY
-16.1%
vertical median 4.3%
below median (−474.3%)
Net debt/EBITDA
—
vertical median -0.9x
Dividend yield
—
vertical median —

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
TRLVTrulieve Cannabis Corp.2.2 bn—-48.2%-41.8%−0.4%+115% / +109%
TLRYTilray Brands, Inc.437.5 m—-10.4%-17.1%+11.5%−63% / −84%
USNAUsana Health Sciences, Inc.264.8 m—-4.2%-2.4%unavailable−28% / −70%
NAGENiagen Bioscience, Inc.199.6 m21.313.3%8.4%+29.9%−63% / +81%
MDWDMediwound Ltd.182.3 m—-63.9%-140.8%−16.1%−21% / +73%
FTLFFitlife Brands, Inc.76.8 m13.114.1%6.2%+26.4%−56% / −15%
BTMDbiote Corp.71.6 m11.8—3.2%−2.5%−55% / −75%
NAIINatural Alternatives International, Inc.24.3 m—-35.0%-14.5%+9.7%−70% / −81%
MTEXMannatech Inc16.7 m—-1,490.1%-6.9%−8.3%−8% / −3%
BONBon Natural Life Limited4.4 m—-3.9%-10.7%−21.7%−39% / −99%
CRONCronos Group Inc.——6.5%39.1%+24.6%+42% / +74%
CGCCanopy Growth Corp——-39.9%-79.2%+5.8%−36% / −87%
ACBAurora Cannabis Inc——0.3%0.5%+27.3%+14% / +14%
GLASGlass House Brands Inc.——-31.2%-16.3%−9.4%−57% / −45%
SNDLSNDL Inc.——-1.4%-1.7%+2.8%−20% / −1%
IMCCIM Cannabis Corp.——-1,496.2%-20.7%+1.3%−99% / −99%

1- and 3-year price returns: for MDWD from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 05 Mar 2026; since then the company filed 6-K (13 Aug 2026), 6-K (27 May 2026), 6-K (06 May 2026), 6-K (02 Apr 2026), 6-K (30 Mar 2026).

    In brief

    MediWound develops and commercializes enzymatic therapies for non-surgical tissue repair, led by the burn product NexoBrid. The company is in a phase where capacity expansion and the pivotal EscharEx study for venous leg ulcers shape its outlook 1.

    SWOT

    Strengths

    • Product approved in many countries, supported by data from numerous studies and real-world use for thousands of patients. Expanded production capacity and in-house enzymatic know-how.
    • Support from government agencies and large wound care companies, which validates the technology.
    • A portfolio including a Phase III therapy, which diversifies risk away from a single product.

    Weaknesses

    • Falling revenue and a continuing operating loss, with a significant accumulated deficit.
    • High dependence on government contracts, which are delayed by budget interruptions.
    • Commercial sales are small, and reliance on one US partner limits control over the market.

    Opportunities

    • EscharEx approval could open a wound care market much larger than the burn market.
    • Recognition for mass casualty situations could lead to government stockpiling.
    • Expansion into Asia-Pacific and the Middle East through local distributors.

    Threats

    • Failure or delay of clinical studies, which could extend the period of losses.
    • Competition from surgical debridement and other enzymatic products or advanced dressings.
    • Changes to EU and US pharmaceutical legislation, which could alter protection and market access.

    Risks

    • Regulatory and clinical timing riskhigh

      Clinical studies could fail or be delayed, and approvals for EscharEx and new indications are not assured. Delays could extend losses.

    • Dependence on government fundinghigh

      A large share of revenue comes from BARDA and DoW/MTEC, and budget interruptions reduced revenue in 2025 1. If funding shrinks, revenue could fall.

    • Dependence on the US partnermedium

      US sales depend on Vericel, and a production or quality problem could delay commercialization 1.

    • Funding needmedium

      With continuing operating losses and limited liquidity, the company could need new share issuances, which would dilute existing shareholders 1.

    • Regulatory changes in EU and USlow

      Revisions to pharmaceutical legislation or changes in FDA and EMA policy could alter approval conditions and market access.

    Investment thesis

    What would need to be true (bull case)

    • If EscharEx passes its pivotal study, the commercial potential described in an independent estimate could change the company's profile.
    • Capacity expansion and recognition for crisis preparedness could bring larger and more stable contracts.
    • Partnerships with large wound care companies could give faster access to the market.

    What would break the thesis

    • Revenue fell in 2025, and the operating loss and accumulated deficit point to a long period of required funding.
    • Dependence on government contracts and on one US partner makes revenue vulnerable to decisions outside the company's control.
    • A failure of clinical studies could sharply reduce the medium-term growth outlook.

    What to watch

    • Interim results of the VALUE study for EscharExYear-end 2026
    • Regulatory approvals for the expanded NexoBrid capacity2026
    • Revenue trend from the BARDA and DoW/MTEC contractsNext 20-F
    • Start of the Phase II study of EscharEx in diabetic foot ulcersSecond half of 2026

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 05 Mar 2026; since then the company filed 6-K (13 Aug 2026), 6-K (27 May 2026), 6-K (06 May 2026), 6-K (02 Apr 2026), 6-K (30 Mar 2026).

    The business

    MediWound Ltd. is an Israeli company developing enzymatic biologics for burn care and hard-to-heal wounds. Its flagship product NexoBrid removes non-viable tissue selectively and is approved in more than 40 countries 1. Revenue fell to 16.959 million USD in 2025 from 20.222 million USD in 2024, mainly due to the U.S. government shutdown that delayed budget approvals 1. Production takes place at the cGMP facility in Yavne, Israel 1.

    The revenue mix is dominated by government contracts rather than commercial sales. Product sales were 5.769 million USD in 2025 and development services 10.800 million USD 1. The company remains loss-making, with an accumulated deficit of 228.9 million USD at year-end 2025 1.

    In the medium term the company bases its plans on expanding NexoBrid in international markets and on developing EscharEx, which is in the VALUE Phase III study. The business depends on pending regulatory approvals needed to make the expanded capacity available, expected in 2026 1.

    Segments

    NexoBrid

    NexoBrid is the topically administered orphan biologic for enzymatic eschar removal in deep burns, approved in 45 countries including the US and EU 1. It is sold directly in the EU and Israel and through Vericel in the US 1.

    Government development services

    This line generates revenue from contracts with BARDA and DoW/MTEC, which together made up most of 2025 revenue 1. Revenue depends on budgets and new contracts, which makes the segment sensitive to government timing 1.

    EscharEx

    EscharEx is the bromelain-based therapy in development for venous and diabetic ulcers, with the VALUE pivotal study underway 1. It does not yet generate revenue, but an independent estimate assigns it a peak sales opportunity of about 831 million USD 1.

    Market context

    The core market is severe burn care, treated in specialized centers in Europe and the US, where tens of thousands of patients are hospitalized each year 1. The company argues NexoBrid can also be used in mass casualty situations, a role recognized by BARDA and the WHO 1.

    The wound care market for venous and diabetic ulcers is broader and is the target of EscharEx, with collaborations with large industry players such as Coloplast and Solventum 1. Access depends on regulatory approvals and reimbursement, which remain uncertain 1.

    Trends

    • Government demand for disaster preparednesstailwind

      Recognition of NexoBrid by BARDA and the WHO as a validated treatment for mass casualty situations could support stockpiling contracts. If these programs continue, contract revenue could become more predictable.

    • Government budget interruptionsheadwind

      The U.S. government shutdown delayed budget approvals and new contracts, and development services revenue fell by 18% 1. The risk repeats if public funding remains unstable.

    • Changing European regulationmixed

      The revision of EU pharmaceutical legislation, with effects on data protection and orphan products, is not expected to become applicable before 2028 1. The long-term impact remains uncertain.

    • Production capacity expansionmixed

      The expansion of the NexoBrid facility in Yavne was completed in November 2025, with capacity increased sixfold 1. Cost efficiency depends on the timing of market approvals.

    Competitive position

    The main alternative to NexoBrid is surgical debridement, which is the current standard, while for EscharEx competition comes from other enzymatic agents and from the collagenase ointment SANTYL, approved by the FDA 1. The company plans a head-to-head study against it 1.

    Its competitive position rests on a less invasive procedure and a favorable safety profile, but wound care companies, including some of its own partners, could also become rivals 1.

    • Vericel CorporationVCEL

      Exclusive US partner for commercializing NexoBrid in North America, and also a source of uncertainty around sales 1.

    • SANTYL collagenase ointment

      FDA-approved ointment for debriding chronic ulcers, used as the comparator in the planned EscharEx study 1.

    • Coloplast

      Wound care company collaborating with MediWound on the EscharEx program, indicating industry interest 1.

    • Solventum

      Advanced dressings player and collaborator on EscharEx, which could also mean market rivalry 1.

    News & filings

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.