Summary of MediWound Q2 2026 Earnings Call

1Key Financial Results and Metrics

Revenue: $3.1 million for Q2 2026, down from $5.7 million in Q2 2025, primarily due to timing of BARDA-funded development revenue.

Gross Profit: $0.3 million (10.9% margin), compared to $1.3 million (23.5% margin) in the prior year, impacted by a one-time facility scale-up cost.

R&D Expenses: Increased to $5.9 million from $3.5 million, reflecting investment in the EscharEx Phase III trial.

SG&A Expenses: Rose to $3.9 million from $3.6 million, attributed to higher professional services costs.

Operating Loss: $9.5 million, up from $5.7 million year-over-year.

Net Loss: $7.4 million ($0.57 per share), improved from a net loss of $13.3 million ($1.23 per share) in Q2 2025, mainly due to noncash financial income.

Cash Position: Approximately $36 million as of June 2026, down from $54 million at year-end 2025, with a cash burn of $20 million in H1 2026.

2Strategic Updates and Business Highlights

EscharEx: The global Phase III VLU trial is actively enrolling, targeting 216 patients across 40 sites. An updated U.S. market assessment estimates peak sales potential at $1.05 billion, with plans for an investigator-initiated study in pressure ulcers starting in Q4 2026.

NexoBrid: Achieved record quarterly revenue and hospital unit sales. A master service agreement with Vericel was established following a BARDA contract worth up to $197 million, which includes development for blast and friction injuries.

Manufacturing Facility: Modifications requested by EMA are expected to be completed in Q4 2026, with commercial supply anticipated in H2 2027.

3Forward Guidance and Outlook

2026 Revenue Guidance: Reaffirmed at $24 million to $26 million, with expectations for a stronger second half driven by government-funded development activities and product supply.

Focus Areas: Continued execution of the VLU trial, revenue recognition under the Vericel MSA, and advancement of next-generation NexoBrid programs.

4Bad News, Challenges, or Points of Concern

Revenue Decline: Significant decrease in revenue year-over-year due to timing issues with BARDA funding.

Increased Losses: Operating and net losses have widened, reflecting higher R&D investments and operational costs.

Regulatory Delays: The timeline for the expanded manufacturing facility has been pushed back, potentially impacting future product availability and revenue generation.

Competitive Pressures: Concerns regarding competition from Smith & Nephew's potential second-generation SANTYL product, although MediWound believes EscharEx has a substantial clinical lead.

5Notable Q&A Insights

Enrollment in VLU Study: Enrollment is on track, with expectations to complete by Q1 2027. The company refrained from disclosing specific enrollment numbers to protect study integrity.

NexoBrid Facility Updates: Clarified that EMA's requested modifications will be completed by the end of 2026, not 2027, and that manufacturing will start in early 2027.

Revenue Recognition: Discussions around BARDA revenue indicated that the $6 million expected in H2 2026 is part of a larger framework agreement, with multiple components influencing overall revenue projections.

Market Dynamics: The shift in wound care market dynamics and reimbursement changes could favor EscharEx over SANTYL, potentially expanding the market opportunity. This summary encapsulates the key points from the earnings call, highlighting both the progress made and the challenges faced by MediWound.