Monitor the final pricing and size of the offering once the prospectus supplement is completed. The preliminary revenue decline and cash burn rate suggest the company may need to raise additional capital beyond this offering to fund operations and the EscharEx Phase III trial.
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Executive Summary
MediWound filed a preliminary prospectus supplement for an underwritten public offering of ordinary shares, with size, price and discount to be determined. The filing also discloses preliminary Q3 2026 revenue of approximately $3.6 million, down 33% YoY from $5.4 million, and a cash burn from $53.6M to $28.4M year-to-date. The offering will dilute existing holders and comes amid declining revenue and uncertain U.S. government development services revenue.
Key Financial Metrics
Key Facts
- Preliminary Q3 2026 revenue approximately $3.6 million vs $5.4 million in Q3 2025, a 33% decline.
- Cash and equivalents fell to $28.4 million as of September 30, 2026 from $53.6 million at year-end 2025.
- Warrants to purchase 2.13 million shares at $13.475 expire November 27, 2026.
- The offering is a firm-commitment underwritten public offering of ordinary shares; size and price are not yet set.
- Underwriter is H.C. Wainwright & Co., with a 30-day option to purchase up to 15% additional shares.
- Company and insiders subject to a 60-day lock-up.
- Net proceeds to be used for working capital and general corporate purposes.
Financial Impact
Offering size not yet disclosed; preliminary Q3 revenue decline of $1.8M YoY; cash burn of $25.2M in first nine months of 2026.
Risk Factors
- Offering size and price not yet determined; dilution could be material relative to the $179M market cap.
- Revenue decline of 33% YoY driven by lower U.S. government development services revenue, which remains uncertain.
- Cash burn rate of approximately $25M in nine months implies limited runway without additional financing.
- Warrants expiring November 27, 2026 could add further dilution if exercised.
- Document contains text addressed to automated readers (preliminary prospectus supplement with placeholder amounts).
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B5 Filing (Primary) | 0001178913-26-004989 |
| Document: 0001178913-26-004989-index-headers.html | 0001178913-26-004989 |
| Document: 0001178913-26-004989-index.html | 0001178913-26-004989 |
| Document: 0001178913-26-004989.txt | 0001178913-26-004989 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Nov 5, 2026 today | 6-K | $14.00 | awaiting T+5 | awaiting T+5 | $13.69 (+2.21%) |
Nov 5, 2026 today | 424B5 | $13.30 | awaiting T+5 | awaiting T+5 | $13.69 (−2.97%) |
Nov 3, 2026 1d ago | 424B5 | $12.75 | awaiting T+5 | awaiting T+5 | $13.69 (−7.37%) |
Sep 22, 2026 6w ago | Press Release | $13.95 $13.80 | ▼ −1.08% | ▲ +0.11% | $13.69 (−1.86%) |
Jun 2, 2026 22w ago | Insider Cluster | $13.76 $14.30 | ▲ +3.92% | ▲ +6.89% | $13.69 (−0.51%) |
May 27, 2026 23w ago | Press Release | $14.33 $13.73 | ▲ +4.19% | ▲ +4.66% | $13.69 (+4.47%) |
May 7, 2026 26w ago | Press Release | $17.27 $16.25 | ▼ −5.91% | ▼ −7.41% | $13.69 (−20.73%) |
Mar 30, 2026 31w ago | 6-K | $16.11 $17.27 | ▲ +7.20% | ▲ +3.26% | $13.69 (−15.02%) |
Mar 5, 2026 34w ago | Press Release | $17.03 $16.58 | ▼ −2.64% | ▼ −1.11% | $13.69 (−19.61%) |
Mar 5, 2026 35w ago | Press Release | $17.45 $16.58 | ▲ +4.99% | ▲ +2.75% | $13.69 (+21.55%) |
US Market Status
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