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WINT

Windtree Therapeutics, Inc.

WINT

Windtree Therapeutics, Inc. • NASDAQ
$0.04 ▼ -20.00% (-0.01)
Market Cap $1.35 M
52w High $28.00
52w Low $0.04
Dividend Yield 0%
P/E 0
Volume 197.63K
Outstanding Shares 33.71M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $19.882M ▲ $-28.938M ▼ 0% $-1.08 ▲ $0 ▲
Q2-2025 $0 $3.984M ▼ $-10.64M ▼ 0% $-3.06 ▲ $-10.535M ▼
Q1-2025 $0 ▼ $4.09M ▼ $-4.045M ▼ 0% ▼ $-4.63 ▼ $-4.008M ▼
Q4-2024 $90K ▲ $5.541M ▲ $2.767M ▲ 3.074K% ▲ $0.27 ▲ $2.769M ▲
Q3-2024 $0 $4.741M $-2.749M 0% $-211.39 $-2.811M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $204K ▼ $15.983M ▼ $27.584M ▲ $9K ▼
Q2-2025 $301K ▼ $31.826M ▲ $24.977M ▲ $6.849M ▼
Q1-2025 $1.173M ▼ $26.766M ▼ $16.476M ▼ $10.29M ▲
Q4-2024 $1.779M ▼ $27.875M ▼ $17.879M ▼ $9.996M ▲
Q3-2024 $2.3M $30.448M $26.039M $4.409M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-28.085M ▼ $-6.372M ▼ $-789K ▲ $7.063M ▲ $-97K ▲ $-6.372M ▼
Q2-2025 $-10.631M ▼ $-2.657M ▼ $-5.183M ▼ $6.969M ▲ $-871K ▼ $-2.657M ▼
Q1-2025 $-4.045M ▼ $-2.407M ▲ $0 $1.801M ▼ $-606K ▼ $-2.407M ▲
Q4-2024 $2.767M ▲ $-3.685M ▲ $0 $3.164M ▼ $-521K ▼ $-3.685M ▲
Q3-2024 $-2.749M $-6.444M $0 $6.941M $497K $-6.444M

Five-Year Company Overview

Income Statement

Income Statement Windtree is still a pure research-stage biotech with no product sales yet. Over the past several years it has consistently reported operating losses as it spends on development, but the absolute size of those losses is relatively small compared with larger biotech peers. Net losses have narrowed somewhat more recently, suggesting some cost control, project prioritization, or one‑time items helping the bottom line. Reported earnings per share figures look extremely volatile and heavily negative, but that is largely driven by repeated reverse stock splits and a very small share base, so the per‑share numbers are more a reflection of capital structure changes than of underlying business performance. Overall, the income statement is typical of an early-stage biotech: no revenue yet, ongoing research spending, and dependence on external funding while the pipeline matures.

Balance Sheet

Balance Sheet The balance sheet is very lean. Total assets are small and primarily financial rather than physical — mostly cash and related items, with very little in the way of property or equipment. Debt appears limited and has been reduced over time, which is a positive, but equity is also very thin, reflecting accumulated losses and a modest capital base. At one point, book equity nearly disappeared before recovering slightly, which underlines how tight the financial cushion has been. This leaves the company sensitive to setbacks and reliant on new capital raises, partnerships, or asset sales to support its programs. The long history of reverse stock splits hints at ongoing pressure to maintain listing standards and manage a low market capitalization.

Cash Flow

Cash Flow Cash flow from operations has been consistently negative, as expected for a company funding clinical trials without any commercial products. The cash outflow appears steady rather than exploding, which suggests disciplined spending and very limited overhead. Capital spending is essentially negligible, so almost all cash usage is tied to R&D and basic corporate costs, not to heavy infrastructure. Free cash flow is therefore negative and tracks operating cash burn closely. This pattern means Windtree’s future progress depends on its ability to periodically secure new funding or non‑dilutive cash (for example, from licensing or asset sales) rather than on internally generated cash. The modest scale of the burn helps, but the small starting cash balance keeps financial flexibility constrained.

Competitive Edge

Competitive Edge Windtree is competing in highly specialized, high‑stakes areas of medicine: acute heart failure and cardiogenic shock in adults, and severe breathing problems in premature infants. These are markets with significant unmet need, where better therapies can be very valuable and differentiation on safety and efficacy matters greatly. The company’s lead asset, istaroxime, has a mechanism of action that differs meaningfully from existing drugs, offering a potential safety and blood‑pressure advantage in very fragile heart patients. Its AEROSURF program aims to deliver surfactant to premature infants without invasive tubes, which could be attractive to neonatologists if clinical outcomes are strong. Windtree also has built a sizeable patent estate around its cardiovascular platform, which helps protect its position. On the other hand, it is a very small player competing ultimately against large pharmaceutical firms, and it will likely need partners or acquirers to fully commercialize its products. Clinical, regulatory, and execution risks remain high, and any delays or setbacks can quickly erode what is still an emerging competitive position.

Innovation and R&D

Innovation and R&D Innovation is the core of Windtree’s story. The company is focused on a novel dual‑mechanism heart drug (istaroxime) that aims to both strengthen heart contractions and improve relaxation between beats — a combination that could improve blood pressure and heart performance without the same rhythm risks as many older inotropes. Early‑stage data have been encouraging, especially around blood‑pressure support in cardiogenic shock. Beyond istaroxime, Windtree is working on a family of next‑generation SERCA2a activators, some of which could be developed in oral form for chronic heart failure, expanding the potential reach of its science. AEROSURF, its synthetic surfactant delivered via a proprietary aerosol system, represents a different but complementary innovation in neonatal care, targeting a less invasive standard of treatment. The company also briefly expanded into oncology with a novel kinase inhibitor platform, but is now exploring a sale of that program to refocus on cardiovascular assets and potentially raise non‑dilutive cash. Overall, Windtree’s R&D is scientifically ambitious and well‑protected by patents, but much of it remains in mid‑ or early‑stage development, so outcomes are inherently uncertain.

Summary

Windtree Therapeutics is a very small, clinical‑stage biotech with no product revenue yet, a narrow but potentially high‑impact pipeline, and a thin financial cushion. The financial statements show the classic profile of an early‑stage drug developer: steady operating losses, negative cash flow, limited assets, and dependence on external financing. The balance sheet and history of reverse splits point to a company that has had to work hard to stay funded and listed, leaving little room for prolonged setbacks. Against that financial fragility stands a portfolio of promising ideas: a first‑in‑class heart drug that may offer a safer way to support blood pressure in critically ill patients, a non‑invasive surfactant delivery system for premature infants, and a growing set of follow‑on compounds targeting heart failure. Strong intellectual property and focus on serious unmet needs are clear strengths, but the path forward still hinges on successful clinical trials, regulatory approvals, and the ability to secure partnerships or capital on acceptable terms. Overall, Windtree represents a high‑risk, high‑uncertainty profile typical of micro‑cap biotech, with long‑term potential tied closely to a few key clinical and strategic milestones.

NEWS

November 13, 2025 · 1:07 PM UTC

Windtree Therapeutics Announces It Will Receive $7.5 Million In Cash and Securities from the Recently Executed Termination Agreement with an Environmental Services Company

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November 13, 2025 · 9:00 AM UTC

Windtree Therapeutics Announces It Will Receive $7.5 Million In Cash and Securities from the Recently Executed Termination Agreement with an Environmental Services Company

Read more