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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549
______________________

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

Pursuant to Rule 13a-16 or 15d-16 of the
Securities Exchange Act of 1934

For the month of August 2025

Commission File Number: 001-36349

MediWound Ltd.
(Translation of registrant’s name into English)

42 Hayarkon Street

Yavne, 8122745 Israel

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

CONTENTS

Results of Operations and Financial Condition— Quarter and Six Months Ended June 30, 2025

On August 14, 2025, MediWound Ltd. (“MediWound” or the “Company”) issued a press release entitled “MediWound Reports Second Quarter 2025 Financial Results and Provides Company Updates,” in which MediWound reported its results of operations. A copy of that press release is attached to this Report of Foreign Private Issuer on Form 6-K (this “Form 6-K”) as Exhibit 99.1.

Attached hereto, as Exhibit 99.2 to this Form 6-K, is MediWound's financial statements, as of, and for the quarter and six months ended on, June 30, 2025.

Attached hereto as Exhibit 101 are the financial statements of MediWound as of, and for the quarter and six months ended on, June 30, 2025, formatted in XBRL (eXtensible Business Reporting Language), consisting of the sub-exhibits listed in the exhibit table below.

Exhibits

Exhibit
Number		Exhibit Description
99.1		Press release reporting MediWound’s financial results
99.2		Financial statements, as of, and for the quarter and six months ended on, June 30, 2025
EX-101.INS		XBRL Taxonomy Instance Document
EX-101.SCH		XBRL Taxonomy Extension Schema Document
EX-101.CAL		XBRL Taxonomy Calculation Linkbase Document
EX-101.DEF		XBRL Taxonomy Extension Definition Linkbase Document
EX-101.LAB		XBRL Taxonomy Label Linkbase Document
EX-101.PRE		XBRL Taxonomy Presentation Linkbase Document

Incorporation by Reference

The contents of this Report of Foreign Private Issuer on Form 6-K (including the information contained in Exhibits 99.1 and 99.2, but excluding quotes of senior management of the Company), are hereby incorporated by reference into the Company’s Registration Statements on Form S-8 filed with the SEC on April 28, 2014, March 24, 2016, March 19, 2018, March 25, 2019, February 25, 2020, May 5, 2021, August 9, 2022 , August 15, 2023, and March 19, 2025 (Registration Nos. No. 333-195517, 333-210375, 333-223767, 333-230487, 333-236635, 333-255784, 333-266697, 333-273997 and 333-285897, respectively) and on Form F-3 filed with the SEC on March 31, 2023, August 29, 2024 and March 19, 2025 (Registration Nos. 333-268297, 333-281843 and 333-285908, respectively).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: August 14, 2025

MEDIWOUND LTD.

By: /s/ Hani Luxenburg

Name: Hani Luxenburg

Title: Chief Financial Officer

EX-99.1 2 exhibit_99-1.htm EXHIBIT 99.1

Exhibit 99.1

MediWound Reports Second Quarter 2025 Financial Results and Provides Corporate Update

VALUE Phase III Trial of EscharEx® in Venous Leg Ulcers Continues to Enroll Patients

NexoBrid® Manufacturing Expansion on Track; Full Operational Capacity Expected by Year-End 2025

Additional Strategic Research Collaborations Established with Essity and Convatec

Second Quarter 2025 Revenue of $5.7 Million, Up 43% from Prior Quarter

Conference Call Today, August 14, 2025, at 8:30am Eastern Time

YAVNE, Israel, August 14, 2025 -- MediWound Ltd. (Nasdaq: MDWD), a global leader in next-generation enzymatic therapeutics for tissue repair, today announced financial results for the second quarter ended June 30, 2025, and provided a corporate update.

“We continue to execute across our clinical, commercial, and operational objectives,” said Ofer Gonen, Chief Executive Officer of MediWound. “The VALUE Phase III trial of EscharEx® is actively recruiting patients, and with the addition of Convatec and Essity to our clinical partnerships, we are now collaborating with all relevant leading global wound care companies. In the U.S., NexoBrid® is gaining commercial traction, and our manufacturing expansion remains on track to meet the anticipated growth in demand. The solid progress in the first half of 2025 reinforces our confidence in our long-term strategy and our commitment to value creation.

Second Quarter 2025 Highlights, Recent Developments, and Upcoming Milestones:

EscharEx®

•

Enrollment in the global VALUE Phase III study for the treatment of venous leg ulcers (VLUs) is ongoing. The trial aims to enroll 216 patients across 40 sites in the U.S. and Europe. Interim sample size assessment is planned for mid-2026, after 65% of patients complete treatment.

•

Established new collaborations with Essity and Convatec to support EscharEx trials. The VALUE Phase III VLU trial now includes JOBST®, a leading medical compression therapy brand, while the planned DFU trial will incorporate AQUACEL®, a market-leading wound dressing. These partnerships complement the existing ones with Solventum, Mölnlycke, Kerecis, and MIMEDX, reflecting strong industry recognition of EscharEx’s clinical value and potential.

•

Published a post-hoc analysis of new data from the EscharEx Phase II trial in Advances in Wound Care, a peer-reviewed journal, providing clinical evidence that wound bed preparation is a key predictor of healing in venous leg ulcers.

NexoBrid®

•

U.S. adoption continues to grow. Vericel, MediWound’s exclusive U.S. commercial partner, reported 52% year-over-year revenue growth for NexoBrid in the second quarter, supported by increases in both hospital unit orders and the number of ordering centers.

•

Commissioning of MediWound’s expanded manufacturing facility—engineered to increase NexoBrid production capacity six-fold—remains on track, with full operational readiness anticipated by year-end 2025. Regulatory review will determine commercial availability timelines.

•

As part of a BARDA-funded initiative, planning continues for future U.S.-based manufacturing to support global demand.

•

Received an additional $3.6 million in funding from the U.S. Department of Defense (DoD) to advance development of a room temperature-stable formulation of NexoBrid. The supplemental funding will support expanded CMC activities, enhancement of in-house manufacturing capabilities, and initial preparations for a clinical trial.

Second Quarter 2025 Financial Highlights

•

Revenue for the second quarter of 2025 increased to $5.7 million, compared to $5.1 million in the same period of 2024.

•

Gross profit totaled $1.3 million, or 23.5% of total revenue, compared to $0.4 million, or 8.8% of total revenue, in the prior-year period. The margin improvement reflects a more favorable revenue mix.

•

Research and development expenses were $3.5 million, compared to $1.9 million a year ago, driven by increased investment in the EscharEx VALUE Phase III trial and related clinical activities.

•

Selling, general and administrative expenses were $3.6 million, compared to $3.0 million in the second quarter of 2024, primarily due to higher share-based compensation expenses.

•

Operating loss was $5.7 million, compared to $4.5 million in the same period last year.

•

Net loss was $13.3 million, or $1.23 per share, compared to $6.3 million, or $0.68 per share, in the second quarter of 2024. The year-over-year increase was primarily driven by $6.6 million in non-cash financial expenses in the second quarter of 2025, related to the revaluation of warrants.

•

Non-GAAP Adjusted EBITDA loss was $4.5 million, compared to a loss of $3.4 million in the prior-year quarter.

Year-to-Date 2025 Financial Highlights

•

Revenue for the first half of 2025 was $9.7 million, compared to $10.0 million in the same period of 2024. The decrease primarily reflects lower BARDA-funded development services revenue as NexoBrid development nears completion.

•

Gross profit totaled $2.1 million, or 21.5% of total revenue, compared to $1.1 million, or 10.5% of total revenue, in the first half of 2024. The margin improvement reflects a more favorable revenue mix.

•

Research and development expenses were $6.4 million, compared to $3.4 million in the same period of 2024, reflecting increased investment in the EscharEx VALUE Phase III trial and related clinical activities.

•

Selling, general and administrative expenses were $6.6 million, compared to $5.9 million in the first half of 2024, primarily due to higher share-based compensation expenses.

•

Operating loss was $10.9 million, compared to $8.2 million in the same period of 2024.

•

Net loss was $14.0 million, or $1.30 per share, compared to $16.0 million, or $1.73 per share, in the first half of 2024.

•

Non-GAAP Adjusted EBITDA loss was $8.5 million, compared to a loss of $6.2 million in the same period of 2024.

Balance Sheet Highlights

As of June 30, 2025, MediWound had cash, cash equivalents, and short-term deposits of $32.9 million, compared to $43.6 million as of December 31, 2024. During the first half of 2025, the Company used $11.9 million to fund operations, including $2.3 million in capital expenditures primarily related to manufacturing scale-up. MediWound received $0.7 million in proceeds from the exercise of Series A warrants during the quarter, with an additional $1.8 million received after quarter-end.

Conference Call and Webcast

MediWound management will host a conference call for investors on Thursday, August 14, 2025, beginning at 8:30 a.m., Eastern Time to discuss these results and answer questions. Shareholders and other interested parties may participate in the conference call by dialing 1-844-676-8833 (in the U.S.), 1-80-921-2373 (Israel), or 1-412-634-6869 (outside the U.S. & Israel). The call will be available via webcast by clicking HERE or on the Events & Presentations page of Company’s website.

A replay of the call will be available on the Company’s website at www.mediwound.com

Non-IFRS Financial Measures

To supplement consolidated financial statements prepared and presented in accordance with IFRS, the Company has provided a supplementary non-IFRS measure to consider in evaluating the Company’s performance. Management uses Adjusted EBITDA, which it defines as earnings before interest, taxes, depreciation and amortization, impairment, one-time expenses, restructuring and share-based compensation expenses.

Although Adjusted EBITDA is not a measure of performance or liquidity calculated in accordance with IFRS, we believe the non-IFRS financial measures we present provide meaningful supplemental information regarding our operating results primarily because they exclude certain non-cash charges or items that we do not believe are reflective of our ongoing operating results when budgeting, planning and forecasting and determining compensation, and when assessing the performance of our business with our senior management. However, investors should not consider these measures in isolation or as substitutes for operating income, cash flows from operating activities or any other measure for determining the Company’s operating performance or liquidity that is calculated in accordance with IFRS. In addition, because Adjusted EBITDA is not calculated in accordance with IFRS, it may not necessarily be comparable to similarly titled measures employed by other companies. The non-IFRS measures included in this press release have been reconciled to the IFRS results in the tables below.

About MediWound

MediWound Ltd. (Nasdaq: MDWD) is a global biotechnology company focused on developing and commercializing enzymatic therapies for non-surgical tissue repair. The company’s FDA-approved biologic, NexoBrid®, is indicated for the enzymatic removal of eschar in thermal burns and is marketed in the U.S., European Union, Japan, and other international markets. MediWound is also advancing EscharEx®, a late-stage investigational therapy for the debridement of chronic wounds. EscharEx has demonstrated clinical advantages over the leading enzymatic debridement product and targets a substantial global market opportunity.

For more information visit www.mediwound.com and follow us on LinkedIn.

Cautionary Note Regarding Forward-Looking Statements

MediWound cautions you that all statements other than statements of historical fact included in this press release that address activities, events, or developments that we expect, believe, or anticipate will or may occur in the future are forward-looking statements. Although we believe that we have a reasonable basis for the forward-looking statements contained herein, they are based on current expectations about future events affecting us and are subject to risks, assumptions, uncertainties, and factors, all of which are difficult to predict and many of which are beyond our control. Actual results may differ materially from those expressed or implied by the forward-looking statements in this press release. These statements are often, but are not always, made through the use of words or phrases such as “anticipates,” “intends,” “estimates,” “plans,” “expects,” “continues,” “believe,” “guidance,” “outlook,” “target,” “future,” “potential,” “goals” and similar words or phrases, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may,” or similar expressions.

Specifically, this press release contains forward-looking statements concerning the anticipated progress, development, study design, expected data timing, objectives anticipated timelines, expectations and commercial potential of our products and product candidates, including EscharEx® and NexoBrid®. Among the factors that may cause results to be materially different from those stated herein are the inherent uncertainties associated with the uncertain, lengthy and expensive nature of the product development process; the timing and conduct of our studies of our products and product candidates, including the timing, progress and results of current and future clinical studies, and our research and development programs; the approval of regulatory submission by the FDA, the European Medicines Agency or by any other regulatory authority, our ability to obtain marketing approval of our products and product candidates in the U.S. or other markets; the clinical utility, potential advantages and timing or likelihood of regulatory filings and approvals of our products and products; our expectations regarding future growth, including our ability to develop new products; market acceptance of our products and product candidates; our ability to maintain adequate protection of our intellectual property; competition risks; the need for additional financing; the impact of government laws and regulations and the impact of the current global macroeconomic climate on our ability to source supplies for our operations or our ability or capacity to manufacture, sell and support the use of our products and product candidates in the future.

These and other significant factors are discussed in greater detail in MediWound’s annual report on Form 20-F for the year ended December 31, 2024, filed with the Securities and Exchange Commission (“SEC”) on March 19, 2025 and Quarterly Reports on Form 6-K and other filings with the SEC from time-to-time. These forward-looking statements reflect MediWound’s current views as of the date hereof and MediWound undertakes, and specifically disclaims, any obligation to update any of these forward-looking statements to reflect a change in their respective views or events or circumstances that occur after the date of this release except as required by law.

MediWound Contacts:

Hani Luxenburg

Chief Financial Officer

MediWound Ltd.

ir@mediwound.com

Daniel Ferry

Managing Director

LifeSci Advisors, LLC

daniel@lifesciadvisors.com

Media Contact:

Ellie Hanson
FINN Partners for MediWound

ellie.hanson@finnpartners.com

+1-929-588-2008

MediWound, Ltd.

Unaudited Condensed Consolidated Statements of Financial Position

U.S. dollars in thousands

	June 30,				December 31,
	2025		2024		2024
CURRENT ASSTS:
Cash and cash equivalents and short-term deposits		32,436		29,215		43,161
Trade and other receivable		6,800		4,888		6,310
Inventories		3,843		3,210		2,692
Total current assets		43,079		37,313		52,163

NON-CURRENT ASSETS:
Other receivables and long-term restricted bank deposits		490		691		439
Property, plant and equipment		15,724		12,308		14,132
Right of use assets		7,642		6,852		6,663
Intangible assets		66		132		99
Total non-current assets		23,922		19,983		21,333

Total assets		67,001		57,296		73,496

CURRENT LIABILITIES:
Current maturities of long-term liabilities		822		1,496		612
Warrants		18,992		14,902		17,092
Trade payables and accrued expenses		5,880		2,745		5,281
Other payables		3,377		3,468		3,556
Total current liabilities		29,071		22,611		26,541

NON- CURRENT LIABILITIES:
Grants received in advance		758		-		736
Liabilities in respect of IIA grants		8,504		8,009		8,149
Liabilities in respect of TEVA		-		1,962		-
Lease liabilities		8,070		6,355		6,513
Severance pay liability, net		479		490		404
Total non-current liabilities		17,811		16,816		15,802

Total liabilities		46,882		39,427		42,343
Shareholders' equity		20,119		17,869		31,153
Total liabilities and equity		67,001		57,296		73,496

MediWound, Ltd.

Unaudited Condensed Consolidated Statements of Profit or Loss and Other Comprehensive Income or Loss

U.S. dollars in thousands (except of share and per share data)

	Six months ended						Three months ended						Year ended
	June 30,						June 30,						December 31,
	2025			2024			2025			2024			2024
Total revenues		9,663			10,027			5,708			5,063			20,222
Cost of revenues		7,583			8,973			4,366			4,616			17,588
Gross profit		2,080			1,054			1,342			447			2,634

Research and development		6,377			3,368			3,491			1,898			8,878
Selling and marketing		2,749			2,403			1,462			1,224			4,936
General and administrative		3,891			3,501			2,105			1,809			8,202
Other expenses		4			-			-			-			18
Operating loss		(10,941	)		(8,218	)		(5,716	)		(4,484	)		(19,400	)

Financing expenses, net		(3,060	)		(7,794	)		(7,564	)		(1,823	)		(10,763	)
Taxes on income		(43	)		(22	)		(38	)		2			(61	)
Net loss		(14,044	)		(16,034	)		(13,318	)		(6,305	)		(30,224	)

Foreign currency translation adjustments		(10	)		10			(11	)		2			7
Total comprehensive loss		(14,054	)		(16,024	)		(13,329	)		(6,303	)		(30,217	)

Basic and diluted net loss per share		(1.30	)		(1.73	)		(1.23	)		(0.68	)		(3.03	)
Number of shares used in calculating basic and diluted loss per share		10,816,990			9,256,862			10,835,251			9,279,370			9,959,723

MediWound Ltd.

Unaudited Condensed Consolidated Statements of Cash Flows

U.S. dollars in thousands

	Six months ended						Three months ended						Year Ended
	June 30,						June 30,						December 31,
	2025			2024			2025			2024			2024
Cash flows from operating activities:
Net loss		(14,044	)		(16,034	)		(13,318	)		(6,305	)		(30,224	)
Adjustments to reconcile net loss to net cash used in operating activities:

Adjustments to profit and loss items:
Depreciation and amortization		752			725			394			357			1,483
Share-based compensation		1,706			1,270			862			758			3,138
Revaluation of warrants accounted at fair value		2,377			8,007			6,647			1,927			10,704
Revaluation of liabilities in respect of IIA grants		446			470			203			237			752
Revaluation of liabilities in respect of TEVA		-			206			-			99			770
Financing (income) expenses and exchange differences of lease liability		943			17			938			(11	)		487
Increase (decrease) in severance pay liability, net		75			48			48			13			(30	)
Other expenses		4			-			-			-			18
Financial income, net		(942	)		(918	)		(424	)		(405	)		(2,039	)
Unrealized foreign currency loss (gain)		(21	)		78			(6	)		11			47
		5,340			9,903			8,662			2,986			15,330
Changes in asset and liability items:
Decrease (increase) in trade receivables		(217	)		753			(1,671	)		876			(1,141	)
Decrease (increase) in inventories		(1,151	)		(345	)		(263	)		103			187

Decrease (increase) in other receivables		(341	)		(574	)		37			(459	)		120
Increase (decrease) in trade payables and accrued expenses		691			(1,900	)		794			(530	)		406

Increase in grants received in advance		-			-			-			-			1,181
Increase (decrease) in other payables		(144	)		(34	)		3			(294	)		517
		(1,162	)		(2,100	)		(1,100	)		(304	)		1,270
Net cash used in operating activities		(9,866	)		(8,231	)		(5,756	)		(3,623	)		(13,624	)

MediWound Ltd.

Unaudited Condensed Consolidated Statements of Cash Flows

U.S. dollars in thousands

	Six months ended						Three months ended						Year Ended
	June 30,						June 30,						December 31,
	2025			2024			2025			2024			2024
Cash flows from investing activities:
Purchase of property and equipment		(2,008	)		(4,275	)		(1,049	)		(3,016	)		(6,273	)
Interest received		585			1,127			319			522			2,252
Proceeds from (investment in) short-term bank deposits, net		2,985			4,209			5,635			5,339			(4,376	)
Net cash provided by (used in) investing activities		1,562			1,061			4,905			2,845			(8,397	)

Cash flows from financing activities:
Repayment of leases liabilities		(537	)		(458	)		(289	)		(214	)		(928	)
Proceeds from exercise of warrants and share options		838			610			838			111			1,210

Proceeds from issuance of shares		-			-			-			-			22,165
Repayment of IIA grants		(114	)		(120	)		-			-			(219	)
Repayment of liabilities in respect of TEVA		-			(834	)		-			-			(2,834	)
Net cash provided by (used in) financing activities		187			(802	)		549			(103	)		19,394

Exchange rate differences on cash and cash equivalent balances		21			(104	)		2			(15	)		(84	)
Decrease in cash and cash equivalents		(8,096	)		(8,076	)		(300	)		(896	)		(2,711	)
Balance of cash and cash equivalents at the beginning of the period		9,155			11,866			1,359			4,686			11,866
Balance of cash and cash equivalents at the end of the period		1,059			3,790			1,059			3,790			9,155

MediWound Ltd.

Adjusted EBITDA

U.S. dollars in thousands

	Six months ended						Three months ended						Year Ended
	June 30,						June 30,						December 31,
	2025			2024			2025			2024			2024
Net loss		(14,044	)		(16,034	)		(13,318	)		(6,305	)		(30,224	)
Adjustments:
Financing expenses, net		(3,060	)		(7,794	)		(7,564	)		(1,823	)		(10,763	)
Other expenses, net		(4	)		-			-			-			(18	)
Taxes on income		(43	)		(22	)		(38	)		2			(61	)
Depreciation and amortization		(752	)		(725	)		(394	)		(357	)		(1,483	)
Share-based compensation expenses		(1,706	)		(1,270	)		(862	)		(758	)		(3,138	)
Total adjustments		(5,565	)		(9,811	)		(8,858	)		(2,936	)		(15,463	)
Adjusted EBITDA		(8,479	)		(6,223	)		(4,460	)		(3,369	)		(14,761	)

Exhibit 99.2

MEDIWOUND LTD. AND ITS SUBSIDIARIES

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2025

IN U.S. DOLLARS IN THOUSANDS

UNAUDITED

INDEX

	Page

Unaudited Condensed Interim Consolidated Statements of Financial Position	F-2

Unaudited Condensed Interim Consolidated Statements of Profit or Loss and Other Comprehensive Income or Loss	F-3

Unaudited Condensed Interim Consolidated Statements of Changes in Shareholders’ Equity	F-4 – F-5

Unaudited Condensed Interim Consolidated Statements of Cash Flows	F-6 – F-7

Notes to Unaudited Condensed Interim Consolidated Financial Statements	F-8 – F-11

- - - - - - - - - - - - -

MEDIWOUND LTD. AND ITS SUBSIDIARIES

Unaudited Condensed Interim Consolidated Statements of Financial Position

U.S. dollars in thousands

	June 30,						December 31,
	2025			2024			2024

Cash and cash equivalents		1,059			3,790			9,155
Short-term bank deposits		31,377			25,425			34,006
Trade receivables		5,012			2,922			4,800
Inventories		3,843			3,210			2,692
Other receivables		1,788			1,966			1,510
Total current assets		43,079			37,313			52,163

Other receivables		37			238			-
Long-term restricted bank deposits		453			453			439
Property, plant and equipment		15,724			12,308			14,132
Right-of-use assets		7,642			6,852			6,663
Intangible assets		66			132			99
Total non-current assets		23,922			19,983			21,333

Total assets		67,001			57,296			73,496

Current maturities of long-term liabilities		822			1,496			612
Warrants		18,992			14,902			17,092
Trade payables and accrued expenses		5,880			2,745			5,281
Other payables		3,377			3,468			3,556
Total current liabilities		29,071			22,611			26,541

Grants received in advance		758			-			736
Liabilities in respect of IIA grants		8,504			8,009			8,149
Liabilities in respect of TEVA		-			1,962			-
Lease liabilities		8,070			6,355			6,513
Severance pay liability, net		479			490			404
Total non-current liabilities		17,811			16,816			15,802

Total liabilities		46,882			39,427			42,343

Shareholders' equity:
Ordinary shares of NIS 0.07 par value:
Authorized: 20,000,000 shares as of June 30, 2025; December 31, 2024 and June 30, 2024; Issued and Outstanding: 10,875,631 as of June 30, 2025; 10,793,057 as of December 31, 2024 and 9,286,252 as of June 30, 2024		216			186			215
Share premium		239,014			208,547			235,995
Foreign currency translation adjustments		(21	)		(8	)		(11	)
Accumulated deficit		(219,090	)		(190,856	)		(205,046	)
Total equity		20,119			17,869			31,153

Total liabilities and equity		67,001			57,296			73,496

The accompanying notes are an integral part of the interim financial statements.

F - 2

MEDIWOUND LTD. AND ITS SUBSIDIARIES

Unaudited Condensed Interim Consolidated Statements of Profit or Loss and Other Comprehensive Income or Loss

U.S. dollars in thousands (except of share and per share data)

	Six months ended June 30,						Three months ended June 30,						Year ended December 31,
	2025			2024			2025			2024			2024
Revenues from sale of products		3,162			3,202			1,754			1,506			6,832
Revenues from development services		6,314			6,727			3,874			3,504			13,135
Revenues from license agreements and royalties		187			98			80			53			255
Total revenues		9,663			10,027			5,708			5,063			20,222

Cost of revenues from sale of products		2,412			3,144			1,302			1,558			6,440
Cost of revenues from development services		5,156			5,821			3,056			3,055			11,128
Cost of revenues from license agreements and royalties		15			8			8			3			20
Total cost of revenues		7,583			8,973			4,366			4,616			17,588

Gross profit		2,080			1,054			1,342			447			2,634

Research and development		6,377			3,368			3,491			1,898			8,878
Selling and marketing		2,749			2,403			1,462			1,224			4,936
General and administrative		3,891			3,501			2,105			1,809			8,202
Other expenses		4			-			-			-			18
Total operating expenses		13,021			9,272			7,058			4,931			22,034

Operating loss		(10,941	)		(8,218	)		(5,716	)		(4,484	)		(19,400	)

Financial income		925			1,171			429			582			2,048
Financial expenses		(3,985	)		(8,965	)		(7,993	)		(2,405	)		(12,811	)
Financing expenses, net		(3,060	)		(7,794	)		(7,564	)		(1,823	)		(10,763	)

Loss before taxes on income		(14,001	)		(16,012	)		(13,280	)		(6,307	)		(30,163	)

Taxes on income		(43	)		(22	)		(38	)		2			(61	)
Net loss		(14,044	)		(16,034	)		(13,318	)		(6,305	)		(30,224	)

Other comprehensive income (loss):

Foreign currency translation adjustments		(10	)		10			(11	)		2			7

Total comprehensive loss		(14,054	)		(16,024	)		(13,329	)		(6,303	)		(30,217	)

Loss per share data:

Basic and diluted net loss per share		(1.30	)		(1.73	)		(1.23	)		(0.68	)		(3.03	)

Number of shares used in calculating basic and diluted loss per share		10,816,990			9,256,862			10,835,251			9,279,370			9,959,723

The accompanying notes are an integral part of the interim consolidated financial statements.

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MEDIWOUND LTD. AND ITS SUBSIDIARIES

Unaudited Condensed Interim Consolidated Statements of Changes in Shareholders’ Equity

U.S. dollars in thousands

	Share capital		Share premium		Foreign currency translation reserve			Accumulated deficit			Total equity
Balance as of April 1, 2025		215		236,839		(10	)		(205,772	)		31,272

Loss for the period		-		-		-			(13,318	)		(13,318	)
Other comprehensive loss		-		-		(11	)		-			(11	)
Total comprehensive loss		-		-		(11	)		(13,318	)		(13,329	)
Exercise of options and warrants		1		1,313		-			-			1,314
Share-based compensation		-		862		-			-			862

Balance as of June 30, 2025 (unaudited)		216		239,014		(21	)		(219,090	)		20,119

Balance as of April 1, 2024		185		207,575		(10	)		(184,551	)		23,199

Loss for the period		-		-		-			(6,305	)		(6,305	)
Other comprehensive income		-		-		2			-			2
Total comprehensive income (loss)		-		-		2			(6,305	)		(6,303	)
Exercise of options and warrants		1		214		-			-			215

Share-based compensation		-		758		-			-			758

Balance as of June 30, 2024 (unaudited)		186		208,547		(8	)		(190,856	)		17,869

The accompanying notes are an integral part of the interim consolidated financial statements.

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MEDIWOUND LTD. AND ITS SUBSIDIARIES

Unaudited Condensed Interim Consolidated Statements of Changes in Shareholders’ Equity

U.S. dollars in thousands

	Share capital		Share premium		Foreign currency translation reserve			Accumulated deficit			Total equity
Balance as of December 31, 2024 (audited)		215		235,995		(11	)		(205,046	)		31,153
Loss for the period		-		-		-			(14,044	)		(14,044	)
Other comprehensive loss						(10	)		-			(10	)
Total comprehensive loss		-		-		(10	)		(14,044	)		(14,054	)
Exercise of options and warrants		1		1,313		-			-			1,314
Share-based compensation		-		1,706		-			-			1,706
Balance as of June 30, 2025 (unaudited)		216		239,014		(21	)		(219,090	)		20,119

Balance as of December 31, 2023 (audited)		184		206,251		(18	)		(174,822	)		31,595
Loss for the period		-		-		-			(16,034	)		(16,034	)
Other comprehensive loss		-		-		10			-			10
Total comprehensive income (loss)		-		-		10			(16,034	)		(16,024	)
Exercise of options and warrants		2		1,026		-			-			1,028
Share-based compensation		-		1,270		-			-			1,270
Balance as of June 30, 2024 (unaudited)		186		208,547		(8	)		(190,856	)		17,869

Balance as of December 31, 2023 (audited)		184		206,251		(18	)		(174,822	)		31,595

Net loss		-		-		-			(30,224	)		(30,224	)
Other comprehensive income		-		-		7			-			7
Total comprehensive income (loss)		-		-		7			(30,224	)		(30,217	)
Exercise of options and warrants		3		2,132		-			-			2,135
Issuance of ordinary shares, net of issuance expenses		28		24,474		-			-			24,502
Share-based compensation		-		3,138		-			-			3,138
Balance as of December 31, 2024 (audited)		215		235,995		(11	)		(205,046	)		31,153

The accompanying notes are an integral part of the interim consolidated financial statements.

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MEDIWOUND LTD. AND ITS SUBSIDIARIES

Unaudited Condensed Interim Consolidated Statements of Cash Flows

U.S. dollars in thousands

	Six months ended June 30,						Three months ended June 30,						Year ended December 31,
	2025			2024			2025			2024			2024
Cash flows from operating activities:
Net loss		(14,044	)		(16,034	)		(13,318	)		(6,305	)		(30,224	)

Adjustments to reconcile net loss to net cash used in operating activities:

Adjustments to profit and loss items:
Depreciation and amortization		752			725			394			357			1,483
Share-based compensation		1,706			1,270			862			758			3,138
Revaluation of warrants accounted at fair value		2,377			8,007			6,647			1,927			10,704
Revaluation of liabilities in respect of IIA grants		446			470			203			237			752
Revaluation of liabilities in respect of TEVA		-			206			-			99			770
Financing (income) expenses and exchange differences of lease liability		943			17			938			(11	)		487
Increase (decrease) in severance pay liability, net		75			48			48			13			(30	)
Other expenses		4			-			-			-			18
Financial income, net		(942	)		(918	)		(424	)		(405	)		(2,039	)
Un-realized foreign currency loss (gain)		(21	)		78			(6	)		11			47
		5,340			9,903			8,662			2,986			15,330
Changes in asset and liability items:
Decrease (increase) in trade receivables		(217	)		753			(1,671	)		876			(1,141	)
Decrease (increase) in inventories		(1,151	)		(345	)		(263	)		103			187
Decrease (increase) in other receivables		(341	)		(574	)		37			(459	)		120
Increase (decrease) in trade payables and accrued expenses		691			(1,900	)		794			(530	)		406
Increase in grants received in advance		-			-			-			-			1,181
Increase (decrease) in other payables		(144	)		(34	)		3			(294	)		517
		(1,162	)		(2,100	)		(1,100	)		(304	)		1,270

Net cash used in operating activities		(9,866	)		(8,231	)		(5,756	)		(3,623	)		(13,624	)

The accompanying notes are an integral part of the interim consolidated financial statements.

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MEDIWOUND LTD. AND ITS SUBSIDIARIES

Unaudited Condensed Interim Consolidated Statements of Cash Flows

U.S. dollars in thousands

	Six months ended June 30,						Three months ended June 30,						Year ended December 31,
	2025			2024			2025			2024			2024

Cash flows from investing activities:

Purchase of property and equipment		(2,008	)		(4,275	)		(1,049	)		(3,016	)		(6,273	)
Interest received		585			1,127			319			522			2,252
Proceeds from (investment in) short-term bank deposits, net		2,985			4,209			5,635			5,339			(4,376	)

Net cash provided by (used in) investing activities		1,562			1,061			4,905			2,845			(8,397	)

Cash flows from financing activities:

Repayment of leases liabilities		(537	)		(458	)		(289	)		(214	)		(928	)
Proceeds from exercise of warrants and share options		838			610			838			111			1,210
Proceeds from issuance of shares		-			-			-			-			22,165
Repayment of IIA grants		(114	)		(120	)		-			-			(219	)
Repayment of liabilities in respect of TEVA		-			(834	)		-			-			(2,834	)

Net cash provided by (used in) financing activities		187			(802	)		549			(103	)		19,394

Exchange rate differences on cash and cash equivalent balances		21			(104	)		2			(15	)		(84	)

Decrease in cash and cash equivalents		(8,096	)		(8,076	)		(300	)		(896	)		(2,711	)

Balance of cash and cash equivalents at the beginning of the period		9,155			11,866			1,359			4,686			11,866

Balance of cash and cash equivalents at the end of the period		1,059			3,790			1,059			3,790			9,155

Supplement disclosure of non-cash transactions:
ROU asset, net, recognized with corresponding lease liability		1,254			365			1,080			-			479
Purchase of property and equipment in trade payables		(249	)		(142	)		(91	)		(43	)		(344	)

The accompanying notes are an integral part of the interim consolidated financial statements.

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MEDIWOUND LTD. AND ITS SUBSIDIARIES

Notes to Unaudited Condensed Interim Consolidated Financial Statements

U.S. dollars in thousands

Note 1:

General

Description of the Company and its operations:

MediWound Ltd. was incorporated in Israel in January 2000. The Company which is located in Yavne, Israel (The "Company" or "MediWound"), is a biopharmaceutical company that develops, manufactures and commercializes novel, cost effective, bio-therapeutic, non-surgical solutions for tissue repair and regeneration. The Company’s strategy leverages its breakthrough enzymatic technology platform into diversified portfolio of biotherapeutics across multiple indications to pioneer solutions for unmet medical needs. The Company’s current portfolio is focused on next-generation protein-based therapies for burn care, wound care and tissue repair.

The Company's first innovative biopharmaceutical product, Nexobrid, has received in December 2022, an approval from the U.S. Food and Drug Administration (“FDA”) and marketing approval in each country of India, Switzerland and Japan. In addition, it has a marketing authorization from the European Medicines Agency (“EMA”) and regulatory agencies in other international markets for removal of dead or damaged tissue, known as eschar, in adults with deep partial and/or full-thickness thermal burns.

The Company commercializes Nexobrid globally through multiple sales channels.

The Company sells Nexobrid to burn centers in the European Union, United Kingdom and Israel, primarily through its commercial organizations.

The Company has established local distribution channels in multiple international markets, including Asia Pacific, EMEA, CEE and LATAM, which local distributors are also responsible for obtaining local marketing authorization within the relevant territories.

In the United States, the Company entered into an exclusive license and supply agreements with Vericel Corporation (“Vericel”) to commercialize Nexobrid in North America. On September 21, 2023, the Company announced the U.S. commercial availability of Nexobrid for the removal of eschar in adults with deep partial and/or full-thickness thermal burns.

In August 2024, the Company announced that the FDA has approved a pediatric indication for NexoBrid allowing for eschar removal in pediatric patients aged newborn through eighteen with deep partial and/or full-thickness thermal burns. With this FDA approval, NexoBrid is now authorized for use in the U.S. for all age groups, aligning with its approvals in the European Union and Japan.

The Company’s second investigational next-generation enzymatic therapy product, EscharEx, a topical biological drug being developed for debridement of chronic and other hard-to-heal wounds.

In February 2025, the Company announced the initiation of VALUE, a global, pivotal Phase III trial evaluating EscharEx for the treatment of venous leg ulcers (VLUs).

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MEDIWOUND LTD. AND ITS SUBSIDIARIES

Notes to Unaudited Condensed Interim Consolidated Financial Statements

U.S. dollars in thousands

Note 1:	General (Cont.)

The Company's securities are listed for trading on NASDAQ since March 2014.

The Company has three wholly owned subsidiaries: MediWound Germany GmbH, acting as Europe (“EU”) marketing authorization holder and EU sales and marketing arm, MediWound UK Limited and MediWound US, Inc. which are currently inactive companies.

In October 2023, Israel was attacked by a terrorist organization and entered a state of war. As of the date of these consolidated financial statements, the war in Israel is ongoing and continues to evolve. The company’s headquarters, manufacturing and R&D facilities are located in Israel.

On June 13, 2025, Israel launched Operation “Rising Lion”, a direct military campaign targeting Iranian nuclear and military infrastructure in response to escalating threats posed by Iran’s long-range missile deployment and intelligence reports indicating imminent coordinated attacks. The United States joined Israel in this military action. A ceasefire between Israel and Iran was declared by the United States on June 24, 2025. Currently, activities in Israel remain largely unaffected. During the period ended June 30, 2025, the impact on the company’s results of operations and financial condition was immaterial.

BARDA Contracts:

In September 2015, the Company was awarded BARDA Contract for treatment of thermal burn injuries. This contract was amended multiple times to extend its term until September 2024 and its total value, up to a total amount of $175,000 as of the end of 2023. On May 11, 2024, the company signed an extension to the contracts with BARDA until September 2025.

As of June 30, 2025, the Company has recognized approximately $98,242 in total funding from BARDA under the first contract, and an additional $16,500 for procurement of Nexobrid for U.S. emergency preparedness, which were recorded at the net amount of approximately $10,500 following the split of gross profit agreement with Vericel for the initial BARDA procurement.

DOD and MTEC contracts:

On February 17, 2022, the Company was entered into a contract with the U.S. Department of Defense (DoD), through the Medical Technology Enterprise Consortium (MTEC), to develop Nexobrid as a non-surgical solution for field-care burn treatment for the U.S. Army. The contract provides funding up to $2,727.

During 2023, the DoD through MTEC awarded the Company additional funding of $9,117 in addition, the company was awarded directly through MTEC funding of $1,190, to advance the development of a new temperature stable formulation of Nexobrid. In May 2024 the Company was awarded additional funding of $1,557 from the DoD through MTEC. In April 2025 the Company was awarded additional funding of $937 from the DoD through MTEC. The total funding from the DoD and MTEC is $15,528.

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MEDIWOUND LTD. AND ITS SUBSIDIARIES

Notes to Unaudited Condensed Interim Consolidated Financial Statements

U.S. dollars in thousands

Note 1:	General (Cont.)

The accompanying consolidated financial statements have been prepared on a basis which assumes that the Company will continue as a going concern. From inception to June 30, 2025, the Company has incurred cash outflows from operations, losses from operations, and has an accumulated deficit of $219.1 million.

The Company believes that its existing cash and cash equivalents, and bank deposits of $32.9 million as of June 30, 2025, will be sufficient to fund its operations and capital expenditure for at least twelve months from the date of issuance of these consolidated financial statements.

Note 2:	Material Accounting Policies

Basis of preparation of the interim consolidated financial statements:

The interim condensed consolidated financial statements for the six and three months ended June 30, 2025, have been prepared in accordance with IAS 34 "Interim Financial Reporting".

These condensed consolidated interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting and do not include all of the information required for full annual financial statements. They should be read in conjunction with the financial statements as at and for the year ended December 31, 2024 (hereinafter – “the annual financial statements”). These condensed consolidated interim financial statements were authorized for issue by the Group’s Board of Directors on August 13, 2025.

Use of judgements and estimates:

In preparing these interim financial statements, management has made judgements and estimates about the future, including climate- related risks and opportunities, that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.

The significant judgments made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those described in the last annual financial statements.

Note 3:

Equity

On February 11, 2025, the Board of Directors of the Company approved the granting of 242,550 shares and 21,950 RSUs to employees, officers, and board members. The share options have an exercise price of $18.54 per share and will vest over a period of 1 to 4 years. The fair value of the options and RSUs granted at the grant date was $2,907.

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MEDIWOUND LTD. AND ITS SUBSIDIARIES

Notes to Unaudited Condensed Interim Consolidated Financial Statements

U.S. dollars in thousands

Note 3:	Equity (Cont.)

On May 25, 2025; 50,000 Series A warrants were exercised to the Company ordinary shares at an exercise price of $13.475 per ordinary share, in accordance with the terms of the Series A warrants.

The fair value of the warrants which are classified as current liabilities was measured by using the Black and Scholes model. The following inputs were used to determine the fair value:

Contractual period of warrants–1.41 years.

Expected volatility – 61.2%

Risk-free interest rate – 3.86%

Expected dividend yield – 0%.

	Jun-30						Dec-31
	2025			2024			2024

Balance as of January 1		17,092			7,296			7,296
Exercise of warrants		(477	)		(401	)		(908	)
Revaluation of warrants accounted at fair value		2,377			8,007			10,704
Balance at the end of the period		18,992			14,902			17,092

Note 4:

Subsequent events

In July 2025, a total of 132,143 Series A warrants were exercised into the Company’s ordinary shares at an exercise price of $13.475 per share, pursuant to the terms of the Series A warrants. The warrant exercises resulted in proceeds of $1,781. As of the date of this report, 2,341,114 Series A warrants remain outstanding and exercisable.

In July 2025 the Company was awarded additional funding of $2,715 from the DoD through MTEC. The total funding from the DoD and MTEC is $18,243.

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