Mediwound Ltd. · NASDAQ:MDWD
Mediwound — Q4 2025 Earnings Presentation
29 slides from Mediwound's earnings presentation, Mar 5, 2026
Slide 1: Next-Generation Enzymatic Therapeutics for Non-Surgical Tissue Repair
Next-Generation Enzymatic Therapeutics for Non-Surgical Tissue Repair March 2026 I Nasdaq: MDWD
Slide 2: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act and other securities laws, including but not limited to the statements related to the commercial potential of our products a
Slide 3: MediWound Company Highlights
MediWound Company Highlights Multibillion dollar Validated enzymatic Strategic global commercial opportunity technology platform collaborations 14 successful clinical trials Vericel, Mölnlycke, Kaken, BARDA, DoW, NexoBrid® 150+ peer-reviewed publications PolyMedics, Solventum, Essity, Convatec, Esch
Slide 4: Core Platform – Enzymatic Biologics for Tissue Repair
Core Platform – Enzymatic Biologics for Tissue Repair High-barrier, proprietary manufacturing process Raw material Sourcing Protein (pineapple stem) extraction Purification, enrichment, Complex mixture of stabilization proteolytic enzymes 4
Slide 5: Multi-Billion Dollar Portfolio
Multi-Billion Dollar Portfolio NexoBrid® EscharEx® Disruptive therapy for burn care Investigational Next-Gen enzymatic therapy for wound care Indication: Eschar removal in deep partial and full-thickness Targeted Indication: Debridement and facilitation of wound closure for thermal burns chronic/har
Slide 6: Product Pipeline
Product Pipeline Indication R&D Phase 1 Phase 2 Phase 3 Registration Marketed Adult burn eschar removal Approved Pediatric burn eschar removal Approved Collaborations: Battlefield burn eschar removal DoW1 funded Blast injuries and friction burns BARDA2 funded VLU debridement & facilitation of wound
Slide 7: Value Creating Milestones
Value Creating Milestones 2025 2026 U.S. facility: Government-related Blast injuries planning and design agreements trial initiation Expanded facility Manufacturing commissioning complete capacity increase VLU Phase 3 Head-to-head vs. PK study VLU Phase 3 initiation SOC initiation initiation interim
Slide 8: Financial Highlights
Financial Highlights BALANCE SHEET REVENUE EQUITY $54M in cash1 2025 revenue of $17M Outstanding shares: 12.8M NexoBrid® is profitable Fully diluted: 16.5M No debt Scale-up will potentially increase gross margin to 65% $120M+ received from BARDA $18M+ funded by DoD • Josh Jennings, MD – TD Cowen • S
Slide 9: Projected Revenue Growth Drivers
Projected Revenue Growth Drivers Execution milestones Target revenue ($M) 60.0 50-551,2 2025 2026 2027 2028 50.0 40.0 Commissioning Regulatory 32-351 Expanded facility 30.0 24-261 VALUE Phase 3 FDA/EMA 20.0 17 Commercial readiness/ execution 10.0 0.0 2025 2026 (E) 2027 (E) 2028 (E) BARDA/DoW NexoBri
Slide 10: Early, effective and selective non-surgical eschar removal for severe burns
Early, effective and selective non-surgical eschar removal for severe burns (8.8% concentration) Validated & commercialized Approved in 40+ countries including US, EU, JP; 16,000+ patients treated to date
Slide 11: Eschar Removal - Critical First Step in Burn Care
Eschar Removal - Critical First Step in Burn Care Removal of non-viable tissue is Surgical removal of eschar is critical for wound healing1 traumatic & non-selective2,3 Eschar Prevents infection Stops deterioration Reveals tissue for Loss of healthy tissue Challenging Requires surgical team, and sep
Slide 12: NexoBrid® - Non-Surgical, Selective, Effective
NexoBrid® - Non-Surgical, Selective, Effective Indication: Eschar removal of deep partial-thickness and/or full-thickness thermal burns Commercial availability: US (Vericel), Japan (Kaken), EU (direct, and PMI), Australia (Balance) Government support: $138M received from BARDA & DoW Contracts ▪ Easy
Slide 13: Phase 3 Studies Demonstrated Superiority Over SOC
Phase 3 Studies Demonstrated Superiority Over SOC1 Incidence of complete Time to complete Incidence of surgical Blood loss eschar removal eschar removal eschar removal (days) 815ml 814.51ml 93.3% 72% 100% p<0.0001 p<0.0001 p <0.0001 p<0.0001 50% 4.0% 4% 14ml 0% 0 10 20 30 40 NexoBrid N=75 SOC N=75 N
Slide 14: Next-Generation Enzymatic Debridement and Facilitation of Wound Healing for Chronic Wounds
Next-Generation Enzymatic Debridement and Facilitation of Wound Healing for Chronic Wounds (5% concentration) Superior to SOC - Clinically de-risked - validated technology $2.5B+ TAM opportunity aims to set a new bar for efficacy and successful Phase 2 trials
Slide 15: EscharEx® Targets Lower Extremity Chronic Ulcers
EscharEx® Targets Lower Extremity Chronic Ulcers Venous leg ulcers Diabetic foot ulcers (VLU) (DFU) Underlying pathology Chronic venous insufficiency Diabetes (Type I/II) Affected area Lower leg or ankle Mostly bottom of the foot Ulcer characteristics Large, shallow ulcers; moderate/severe pain Smal
Slide 16: Current Debridement Treatments are Sub-Optimal
Current Debridement Treatments are Sub-Optimal Modalities by efficacy and complexity Modalities by ulcer type (U.S.)1 100% 2% 3% 3% Other Surgical EscharEx® 3% 15% 7% 3% Mechanical Only Ultrasonic 80% 1% 4% 10% 5% Non-sharp Combo 5% 9% (without Enzymatic) Biological 60% 1% Sharp + Autolytic 11% Effi
Slide 17: EscharEx® Achieves Enzymatic Debridement within Days
EscharEx® Achieves Enzymatic Debridement within Days Target Indications: Rapid debridement and facilitation of wound closure via wound bed preparation1 for chronic and hard-to-heal wounds Status: Investigational drug; Phase 3 trial ▪ Debrides chronic ulcers within 4-8 daily administrations2 ▪ Design
Slide 18: Three Phase 2 Studies Show Robust and Consistent Results
Three Phase 2 Studies Show Robust and Consistent Results WEEKLY SCREENING DAILY FOLLOWUP NON-SURGICAL SOC 2w 14w EscharEx n=46 RANDOMIZATION ChronEx1 Placebo n=43 ✓ Debridement VLU ✓ Wound Bed Preparation SOC n=30 ✓ Debridement ✓ Wound Bed Preparation PharmEx2 EscharEx n=12 ✓ Wound size reduction VL
Slide 19: Phase 2 MW-EX01 Trial: EscharEx® Effective in Both VLU and DFU
Phase 2 MW-EX01 Trial: EscharEx® Effective in Both VLU and DFU Incidence of complete debridement within 2 weeks (VLU, DFU, Traumatic ulcers) 93% of the patients who 55% completed debridement with EscharEx®, achieved full 29% debridement within a week p = 0.04 (4-5 daily applications) EscharEx Placeb
Slide 20: Phase 2 ChronEx Trial in VLU: Endpoints Significantly Met
Phase 2 ChronEx Trial in VLU: Endpoints Significantly Met Complete debridement within 2 weeks Time to wound bed prepared (primary endpoint) (complete debridement + healthy granulation tissue) 63% p < 0.001 p = 0.004 30% 13% p = 0.011 p = 0.004 EscharEx® Placebo NSSOC n = 46 n = 43 n = 30 EscharEx 63
Slide 21: Phase 2 PharmEx Trial: EscharEx® Surpasses Traditional Debridement
Phase 2 PharmEx Trial: EscharEx® Surpasses Traditional Debridement 70% 64% 35% 100% Complete debridement achieved Bioburden reduced Wound size reduced by end Biofilm substantially reduced within 8 applications by end of treatment of two-week follow-up for all patients positive for (avg 3.9 applicati
Slide 22: EscharEx® Well-Positioned to Become Market Leader
EscharEx® Well-Positioned to Become Market Leader EscharEx® SANTYL Approved in 1965; $372M annual revenues (2023) Stage Investigational drug - Phase 3 Existing reimbursement code1 MoA2 Mixture of enzymes; multiple targets of action Collagenase; single target of action Debridement, promotion of healt
Slide 23: Head-to-Head Data Shows EscharEx® Superiority vs. SANTYL
Head-to-Head Data Shows EscharEx® Superiority vs. SANTYL1 Incidence of complete Time to achieve WBP Time to wound closure Patient-reported pain debridement in 2 weeks p=0.05 p=0.014 p=0.001 1. Dove et al., 2025; Wounds 23
Slide 24: VLU VALUE Phase 3 Trial
VLU VALUE Phase 3 Trial STUDY DESIGN ENDPOINTS A global (US, EU, ROW), randomized, double blind, adaptive design study in VLU patients Co-Primary: Incidence of complete debridement Two arms: EscharEx vs. placebo, 1:1 ratio Facilitation of wound closure STUDY OBJECTIVES Sample size: 216 VLU patients
Slide 25: DFU Phase 2 Trial
DFU Phase 2 Trial STUDY DESIGN ENDPOINTS A multicenter, prospective, randomized, double blind, adaptive design study in DFU patients Primary: Time to complete debridement STUDY Two arms: EscharEx vs. placebo, 1:1 ratio Secondary: Incidence of complete debridement OBJECTIVES Sample size: 50 DFU patie
Slide 26: Primary Research: EscharEx® to Transform the Market
Primary Research: EscharEx® to Transform the Market All care settings report strong drivers for adoption1 EscharEx draws share across all debridement modalities1,5 SANTYL 2 18% 30% EscharEx 3 4 Ease of use Reduced treatment duration Reduction readmission risk Accelerated wound healing Reimbursement
Slide 27: $831M Projected Peak Sales in $2.5B+ TAM in U.S.
$831M Projected Peak Sales in $2.5B+ TAM in U.S. DFU & VLU prevalence Estimated 2028 total patient population 2.42M DFU and 1.68M VLU, (4.10M total)1 ~4.10M DFU: 2.42M VLU:1.68M DFU & VLU patients that require debridement ~2.98M Percent of patients undergoing debridement quantified through survey an
Slide 28: Experienced Leadership Team
Experienced Leadership Team Nachum (Homi) Shamir Ofer Gonen Dr. Shmulik Hess Dr. Ety Klinger Barry Wolfenson Hani Luxenburg Dr. Robert J. Snyder Chairman CEO COO & CCO Chief Medical Officer EVP Strategy & Corp Dev. CFO SVP Global Medical Affairs 28
Slide 29: Strategic Timeline
Strategic Timeline NexoBrid EscharEx Phase 3 interim EscharEx Phase 3 EscharEx $17M revenue analysis & full enrollment results FDA approval EscharEx Phase 3 Expanded NexoBrid facility NexoBrid $50-55M revenue initiation approval $32-35M revenue driven by EscharEx Strategic collaborations BARDA/DoW c