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6-K 1 zk2534043.htm 6-K

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 November 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 ☐
 

 
EXPLANATORY NOTE

On November 20, 2025, MediWound Ltd. (the “Company”) issued a press release entitled “MediWound Reports Third Quarter 2025 Financial Results and Provides Corporate Update”. A copy of this press release is attached to this Form 6-K as Exhibit 99.1.

The contents of this Report of Foreign Private Issuer on Form 6-K (including the information contained in Exhibit 99.1, 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 15, 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: November 20, 2025
MEDIWOUND LTD.
 
By:      /s/ Hani Luxenburg
Name: Hani Luxenburg
Title:   Chief Financial Officer



EXHIBIT INDEX

The following exhibit is filed as part of this Form 6-K:

Exhibit Description

99.1

EX-99.1 2 exhibit_99-1.htm EXHIBIT 99.1
Exhibit 99.1

MediWound Reports Third Quarter 2025 Financial Results and Provides Corporate Update
 
Ongoing Enrollment Continues in VALUE Phase III Trial of EscharEx® in Venous Leg Ulcers
 
Commissioning Completed for Expanded NexoBrid® Facility; Full Operational Capacity Expected by Year-End 2025
 
Balance Sheet Strengthened with $30 Million Equity Financing
 
Third Quarter 2025 Revenue of $5.4 Million, Up 23% Year-over-Year
 
Conference Call Today, November 20, 2025, at 8:30 a.m. Eastern Time
 
YAVNE, Israel, November 20, 2025 -- MediWound Ltd. (Nasdaq: MDWD), a global leader in next-generation enzymatic therapeutics for tissue repair, today announced financial results for the third quarter ended September 30, 2025, and provided a corporate update.
 
“We continued to execute our growth strategy this quarter, advancing both our operational capabilities and our late-stage clinical programs,” said Ofer Gonen, Chief Executive Officer of MediWound. “Completion of commissioning for our expanded NexoBrid manufacturing facility marks a significant milestone that positions us to meet rising global demand. Enrollment in the VALUE Phase III trial of EscharEx is progressing under a robust study design aligned with endpoints where EscharEx demonstrated strong results in Phase II. With a strengthened balance sheet following our recent $30 million equity financing, we remain focused on driving revenue growth, advancing our late-stage pipeline, and delivering long-term value.”
 
Third Quarter 2025 Highlights, Recent Developments, and Upcoming Milestones
 
EscharEx®
 

 •
Enrollment continues to advance in VALUE, a global Phase III study of EscharEx in venous leg ulcers (VLUs), targeting 216 patients across approximately 40 sites in the U.S. and Europe, the majority of which are already active. The co-primary endpoints are the incidence of complete debridement and the facilitation of wound closure. A pre-specified interim sample-size assessment is planned after 65% of patients complete treatment.


•
Following constructive FDA feedback aligning on trial design and development strategy, the Company expects to initiate its clinical trial in diabetic foot ulcers (DFU) in the second half of 2026.


•
An updated market access and pricing assessment conducted by an independent global consulting firm estimated a peak sales opportunity of approximately $831 million for EscharEx. The estimate reflects updated clinical data and modeled health-economic considerations.
 
NexoBrid®
 

 •
U.S. adoption continues to expand, with Vericel reporting NexoBrid’s highest quarterly revenue since launch, up 38% year-over-year and 26% sequentially. Vericel reported broad utilization across more than 60 burn centers and plans to pursue a permanent CPT code, which would become effective in 2027.
 

 •
Commissioning of the expanded NexoBrid manufacturing facility has been completed. The facility is expected to reach full operational readiness by year-end 2025, increasing production capacity sixfold to
 



 •
support growing global demand. Market availability remains subject to the completion of regulatory reviews.
 

 •
The Therapeutic Goods Administration (TGA) approved NexoBrid for use in Australia for both adult and pediatric burn patients, expanding approved markets to 45 countries worldwide.

Corporate Development
 

 •
Raised $30 million in equity financing from healthcare-focused investors, providing capital to advance the Company’s development programs and commercialization initiatives.

Third Quarter 2025 Financial Highlights
 

 •
Revenue for the third quarter of 2025 was $5.4 million, compared to $4.4 million for the same period in 2024. The increase was primarily driven by higher development service revenue, reflecting additional contracts with the U.S. Department of Defense (DoD).


•
Gross profit was $0.9 million, or 16.5% of total revenue, compared to $0.7 million, or 15.5% of total revenue, in the prior-year period.


•
Research and development expenses were $3.5 million, compared to $2.5 million in the same period of 2024, driven by increased investment in the EscharEx VALUE Phase III trial and related clinical activities.


•
Selling, general and administrative expenses were $4.0 million, compared to $3.2 million in the same period of 2024, primarily due to increased marketing authorization holder expenses.


•
Operating loss was $6.5 million, compared to $5.1 million for the same period in 2024.


•
Net loss was $2.7 million, or $0.24 per share, compared to a net loss of $10.3 million, or $0.98 per share, in the third quarter of 2024. The reduction in net loss was primarily driven by non-cash financial income from the revaluation of warrants in the third quarter of 2025, compared to non-cash financial expenses from the revaluation of warrants in the same quarter last year.


•
Non-GAAP Adjusted EBITDA loss was $5.4 million, compared to a loss of $3.7 million in the prior-year quarter.
 
Year-to-Date 2025 Financial Highlights
 

 •
Revenue for the first nine months of 2025 was $15.1 million, compared to $14.4 million in the same period of 2024.


•
Gross profit was $3.0 million, or 19.7% of total revenue, compared to $1.7 million, or 12.0% of total revenue, in the first nine months of 2024. The margin improvement primarily reflects a more favorable revenue mix.


•
Research and development expenses were $9.8 million, compared to $5.9 million for the same period in 2024.


 

 •
Selling, general and administrative expenses were $10.6 million, compared to $9.1 million in the first nine months of 2024.


•
Operating loss was $17.5 million, compared to $13.3 million for the same period in 2024.


•
Net loss was $16.7 million, or $1.53 per share, compared to $26.3 million, or $2.72 per share, in the first nine months of 2024. The reduction in net loss was primarily driven by non-cash financial income from the revaluation of warrants in 2025, compared to non-cash financial expenses from the revaluation of warrants in the same period of 2024.


•
Non-GAAP Adjusted EBITDA loss was $13.9 million, compared to a loss of $9.9 million in the same period of 2024.
 
Balance Sheet Highlights
 
As of September 30, 2025, MediWound had $60 million in cash, cash equivalents, and short-term deposits, compared to $44 million as of December 31, 2024.
 
During the first nine months of 2025, the Company used $15.8 million in cash to fund operating activities.
 
MediWound strengthened its balance sheet through the completion of a $30.0 million registered direct offering and $3.5 million in proceeds from Series A warrant exercises.
 
Conference Call and Webcast
 
MediWound management will host a conference call for investors on Thursday, November 20, 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 the 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 pioneering enzymatic, non-surgical therapies for 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 United States, European Union, Japan, and additional international markets. MediWound’s late-stage pipeline product, EscharEx®, is an investigational therapy for the debridement of chronic wounds, with potential to become a new standard of care in wound management.
 
For more information, visit www.mediwound.com and follow us on LinkedIn and X (formerly Twitter).
 
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


MediWound, Ltd.
 
Unaudited Condensed Consolidated Statements of Financial Position
U.S. dollars in thousands
 
   
September 30,
    
December 31,
  
   
2025
    
2024
    
2024
  
CURRENT ASSTS:
                  
Cash and cash equivalents and short-term deposits
    
59,090
      
45,562
      
43,161
  
Trade and other receivable
    
6,038
      
5,304
      
6,310
  
Inventories
    
4,405
      
3,022
      
2,692
  
Total current assets
    
69,533
      
53,888
      
52,163
  
                         
NON-CURRENT ASSETS:
                        
Other receivables and long-term restricted bank deposits
    
465
      
484
      
439
  
Property, plant and equipment
    
16,715
      
13,453
      
14,132
  
Right of use assets
    
7,660
      
6,793
      
6,663
  
Intangible assets
    
50
      
116
      
99
  
Total non-current assets
    
24,890
      
20,846
      
21,333
  
                         
Total assets
    
94,423
      
74,734
      
73,496
  
                         
CURRENT LIABILITIES:
                        
Current maturities of long-term liabilities
    
1,057
      
726
      
612
  
Warrants
    
12,979
      
19,056
      
17,092
  
Trade payables and accrued expenses
    
8,510
      
3,131
      
5,281
  
Other payables
    
3,708
      
2,664
      
3,556
  
Total current liabilities
    
26,254
      
25,577
      
26,541
  
                         
NON- CURRENT LIABILITIES:
                        
Grants received in advance
    
758
      
-
      
736
  
Liabilities in respect of IIA grants
    
8,528
      
8,046
      
8,149
  
Lease liabilities
    
8,271
      
6,460
      
6,513
  
Severance pay liability, net
    
456
      
416
      
404
  
Total non-current liabilities
    
18,013
      
14,922
      
15,802
  
                         
Total liabilities
    
44,267
      
40,499
      
42,343
  
Shareholders' equity*
    
50,156
      
34,235
      
31,153
  
Total liabilities and equity
    
94,423
      
74,734
      
73,496
  

*Shareholders' equity:
 
Issued and Outstanding Ordinary shares of NIS 0.07 par value: 12,821,433 as of September 30, 2025; 10,793,057 as of December 31, 2024 and 10,790,036 as of September 30, 2024


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)
 
   
Nine months ended
    
Three months ended
    
Year ended
  
   
September 30,
    
September 30,
    
December 31,
  
   
2025
    
2024
    
2025
    
2024
    
2024
  
Total revenues
    
15,092
      
14,382
      
5,429
      
4,355
      
20,222
  
Cost of revenues
    
12,116
      
12,651
      
4,533
      
3,678
      
17,588
  
Gross profit
    
2,976
      
1,731
      
896
      
677
      
2,634
  
                                         
Research and development
    
9,842
      
5,892
      
3,465
      
2,524
      
8,878
  
Selling and marketing
    
4,385
      
3,466
      
1,636
      
1,063
      
4,936
  
General and administrative
    
6,211
      
5,672
      
2,320
      
2,171
      
8,202
  
Other expenses
    
4
      
-
      
-
      
-
      
18
  
Operating loss
    
(17,466
)
    
(13,299
)
    
(6,525
)
    
(5,081
)
    
(19,400
)
                                         
Financing income (expenses), net
    
866
      
(12,974
)
    
3,926
      
(5,180
)
    
(10,763
)
Taxes on income
    
(96
)
    
(43
)
    
(53
)
    
(21
)
    
(61
)
Net loss
    
(16,696
)
    
(26,316
)
    
(2,652
)
    
(10,282
)
    
(30,224
)
                                         
Foreign currency translation adjustments
    
(19
)
    
3
      
(9
)
    
(7
)
    
7
  
Total comprehensive loss
    
(16,715
)
    
(26,313
)
    
(2,661
)
    
(10,289
)
    
(30,217
)
                                         
Basic and diluted net loss per share
    
(1.53
)
    
(2.72
)
    
(0.24
)
    
(0.98
)
    
(3.03
)
Number of shares used in calculating basic and diluted loss per share
    
10,886,487
      
9,679,599
      
11,022,459
      
10,511,288
      
9,959,723
  



MediWound Ltd.
 
Unaudited Condensed Consolidated Statements of Cash Flows
U.S. dollars in thousands
 
   
Nine months ended
    
Three months ended
    
Year Ended
  
   
September 30,
    
September 30,
    
December 31,
  
   
2025
    
2024
    
2025
    
2024
    
2024
  
Cash flows from operating activities:
                              
Net loss
    
(16,696
)
    
(26,316
)
    
(2,652
)
    
(10,282
)
    
(30,224
)
Adjustments to reconcile net loss to net cash used in operating activities:
                                        
                                         
Adjustments to profit and loss items:
                                        
Depreciation and amortization
    
1,170
      
1,086
      
418
      
361
      
1,483
  
Share-based compensation
    
2,446
      
2,316
      
740
      
1,046
      
3,138
  
Revaluation of warrants accounted at fair value
    
(1,838
)
    
12,668
      
(4,215
)
    
4,661
      
10,704
  
Revaluation of liabilities in respect of IIA grants
    
704
      
711
      
258
      
241
      
752
  
Revaluation of liabilities in respect of TEVA
    
-
      
770
      
-
      
564
      
770
  
Financing expenses and exchange differences of lease liability
    
1,286
      
238
      
343
      
221
      
487
  
Increase (decrease) in severance pay liability, net
    
52
      
(46
)
    
(23
)
    
(94
)
    
(30
)
Other expenses
    
4
      
-
      
-
      
-
      
18
  
Financial income, net
    
(1,341
)
    
(1,486
)
    
(399
)
    
(568
)
    
(2,039
)
Unrealized foreign currency loss (gain)
    
(34
)
    
74
      
(13
)
    
(4
)
    
47
  
     
2,449
      
16,331
      
(2,891
)
    
6,428
      
15,330
  
Changes in asset and liability items:
                                        
Decrease (increase) in trade receivables
    
458
      
285
      
675
      
(468
)
    
(1,141
)
Decrease (increase) in inventories
    
(1,713
)
    
(161
)
    
(562
)
    
184
      
187
  
Decrease (increase) in other receivables
    
(239
)
    
(283
)
    
102
      
291
      
120
  
Increase (decrease) in trade payables and accrued expenses
    
2,409
      
(1,948
)
    
1,718
      
(48
)
    
406
  
Increase in grants received in advance
    
-
      
-
      
-
      
-
      
1,181
  
Increase in other payables
    
227
      
105
      
371
      
139
      
517
  
     
1,142
      
(2,002
)
    
2,304
      
98
      
1,270
  
Net cash used in operating activities
    
(13,105
)
    
(11,987
)
    
(3,239
)
    
(3,756
)
    
(13,624
)


MediWound Ltd.
 
Unaudited Condensed Consolidated Statements of Cash Flows
U.S. dollars in thousands
 
   
Nine months ended
    
Three months ended
    
Year Ended
  
   
September 30,
    
September 30,
    
December 31,
  
   
2025
    
2024
    
2025
    
2024
    
2024
  
Cash flows from investing activities:
                              
Purchase of property and equipment
    
(3,053
)
    
(5,467
)
    
(1,045
)
    
(1,192
)
    
(6,273
)
Interest received
    
1,409
      
1,588
      
824
      
461
      
2,252
  
Proceeds from (investment in) short-term bank deposits, net
    
7,585
      
(9,346
)
    
4,600
      
(13,555
)
    
(4,376
)
Net cash provided by (used in) investing activities
    
5,941
      
(13,225
)
    
4,379
      
(14,286
)
    
(8,397
)
                                         
Cash flows from financing activities:
                                        
Repayment of leases liabilities
    
(867
)
    
(686
)
    
(330
)
    
(228
)
    
(928
)
Proceeds from exercise of warrants and share options
    
3,624
      
1,210
      
2,786
      
600
      
1,210
  
Proceeds from issuance of shares, net
    
28,169
      
22,436
      
28,169
      
22,436
      
22,165
  
Repayment of IIA grants
    
(214
)
    
(219
)
    
(100
)
    
(99
)
    
(219
)
Repayment of liabilities in respect of TEVA
    
-
      
(2,834
)
    
-
      
(2,000
)
    
(2,834
)
Net cash provided by financing activities
    
30,712
      
19,907
      
30,525
      
20,709
      
19,394
  
                                         
Exchange rate differences on cash and cash equivalent balances
    
34
      
(86
)
    
13
      
18
      
(84
)
Increase (decrease) in cash and cash equivalents
    
23,582
      
(5,391
)
    
31,678
      
2,685
      
(2,711
)
Balance of cash and cash equivalents at the beginning of the period
    
9,155
      
11,866
      
1,059
      
3,790
      
11,866
  
Balance of cash and cash equivalents at the end of the period
    
32,737
      
6,475
      
32,737
      
6,475
      
9,155
  


MediWound Ltd.
 
Adjusted EBITDA
U.S. dollars in thousands
 
   
Nine months ended
    
Three months ended
    
Year Ended
  
   
September 30,
    
September 30,
    
December 31,
  
   
2025
    
2024
    
2025
    
2024
    
2024
  
Net loss
    
(16,696
)
    
(26,316
)
    
(2,652
)
    
(10,282
)
    
(30,224
)
Adjustments:
                                        
Financial income (expenses), net
    
866
      
(12,974
)
    
3,926
      
(5,180
)
    
(10,763
)
Other expenses
    
(4
)
    
-
      
-
      
-
      
(18
)
Taxes on income
    
(96
)
    
(43
)
    
(53
)
    
(21
)
    
(61
)
Depreciation and amortization
    
(1,170
)
    
(1,086
)
    
(418
)
    
(361
)
    
(1,483
)
Share-based compensation expenses
    
(2,446
)
    
(2,316
)
    
(740
)
    
(1,046
)
    
(3,138
)
Total adjustments
    
(2,850
)
    
(16,419
)
    
2,715
      
(6,608
)
    
(15,463
)
Adjusted EBITDA
    
(13,846
)
    
(9,897
)
    
(5,367
)
    
(3,674
)
    
(14,761
)