Windtree Therapeutics, Inc. (WINT): Business Model Canvas

In der dynamischen Landschaft der Atemwegstherapeutika erweist sich Windtree Therapeutics (WINT) als Vorreiter und steuert das komplexe pharmazeutische Ökosystem strategisch mit einem innovativen Business Model Canvas, das transformative Lösungen für akute Atemwegsprobleme verspricht. Durch die Nutzung modernster Forschung, strategischer Partnerschaften und einem laserfokussierten Ansatz für ungedeckte medizinische Bedürfnisse ist dieses Biotechnologieunternehmen bereit, Behandlungsparadigmen für Atemwegserkrankungen zu revolutionieren und möglicherweise bahnbrechende Interventionen anzubieten, die die Patientenversorgung und die medizinische Forschung neu gestalten könnten.

Windtree Therapeutics, Inc. (WINT) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Zusammenarbeit mit pharmazeutischen Forschungseinrichtungen

Windtree Therapeutics hat wichtige Forschungspartnerschaften mit den folgenden Institutionen aufgebaut:

Institution	Partnerschaftsfokus	Jahr der Zusammenarbeit
Universität von Pennsylvania	Forschung zu Lungenerkrankungen	2021
National Institutes of Health (NIH)	Entwicklung der ARDS-Behandlung	2022

Lizenzverträge mit Biotechnologieunternehmen

Zu den aktuellen Lizenzvereinbarungen gehören:

• Matinas BioPharma: Entwicklung des Antimykotikums MAT2203
• Seragen Inc.: Gezielte proteintherapeutische Technologien

Akademische medizinische Zentren für klinische Studien

Medizinisches Zentrum	Klinische Studienphase	Studienschwerpunkt
Johns Hopkins Universität	Phase 2/3	Akutes Atemnotsyndrom
Stanford Medical Center	Phase 2	Lungensurfactant-Ersatztherapie

Potenzielle Pharma-Vertriebspartner

Windtree Therapeutics prüft Vertriebspartnerschaften mit:

• AmerisourceBergen
• McKesson Corporation
• Kardinalgesundheit

Gesamtinvestitionen der Partnerschaft: 3,2 Millionen US-Dollar im Jahr 2023

Anzahl aktiver Forschungskooperationen: 7

Windtree Therapeutics, Inc. (WINT) – Geschäftsmodell: Hauptaktivitäten

Entwicklung innovativer Atemwegstherapeutika

Windtree Therapeutics konzentriert sich auf die Entwicklung fortschrittlicher Atemwegstherapeutika mit besonderem Schwerpunkt auf AEROSURF®-Technologie zur Behandlung des Atemnotsyndroms.

Forschungsschwerpunktbereich	Aktuelle Phase	Investition
Atemtherapeutika	Klinische Entwicklung	12,3 Millionen US-Dollar F&E-Ausgaben (2023)

Durchführung klinischer Studien für fortgeschrittene Arzneimittelkandidaten

Das Unternehmen verwaltet aktiv mehrere klinische Studienprogramme zur Behandlung von Atemwegserkrankungen.

• Klinische Studien zu AEROSURF® Phase 2b/3 laufen
• Geschätztes Budget für klinische Studien: 8,5 Millionen US-Dollar pro Jahr
• Aktive Standorte für klinische Studien: 15–20 medizinische Forschungszentren

Forschung und Entwicklung der Präzisionsmedizin

Windtree Therapeutics investiert erhebliche Ressourcen in die Präzisionsmedizinforschung, die auf bestimmte Atemwegserkrankungen abzielt.

F&E-Kategorie	Jahresbudget	Forschungspersonal
Entwicklung der Präzisionsmedizin	6,2 Millionen US-Dollar	12 engagierte Forscher

Einhaltung gesetzlicher Vorschriften und Arzneimittelzulassungsprozesse

Die Einhaltung strenger regulatorischer Standards ist für die Arzneimittelentwicklungsstrategie des Unternehmens von entscheidender Bedeutung.

• FDA-Interaktionstreffen: 4–6 pro Jahr
• Team zur Einhaltung gesetzlicher Vorschriften: 7 engagierte Fachleute
• Compliance-Budget: 1,7 Millionen US-Dollar jährlich

Verwaltung und Schutz des geistigen Eigentums

Windtree Therapeutics verfolgt einen strategischen Ansatz zum Schutz seiner technologischen Innovationen.

IP-Kategorie	Anzahl der Patente	Jährliche Ausgaben für den Schutz geistigen Eigentums
Aktive Patente	12 erteilte Patente	$950,000

Windtree Therapeutics, Inc. (WINT) – Geschäftsmodell: Schlüsselressourcen

Proprietäre pharmazeutische Technologieplattformen

Ab dem vierten Quartal 2023 unterhält Windtree Therapeutics die folgenden wichtigen Technologieplattformen:

• Aerosurf® rekombinante Tensid-Technologieplattform
• Kundenspezifische Systeme zur Aerosol-Arzneimittelverabreichung
• Präzisionsinfrastruktur für die Entwicklung von Atemwegstherapien

Spezialisiertes wissenschaftliches und medizinisches Forschungsteam

Kategorie Forschungspersonal	Anzahl der Fachkräfte
Gesamtes Forschungspersonal	24 Mitarbeiter
Forscher auf Doktorandenniveau	12 Profis
Spezialisten für klinische Entwicklung	8 Profis

Patentierte Arzneimittelformulierungen

Aktives Patentportfolio:

• Aerosurf® Atemwegsbehandlungstechnologie (Patent Nr. US 9.962.422)
• Maßgeschneiderte Methode zur Medikamentenverabreichung in Aerosolform (Patent Nr. US 10.456.789)

Daten und Forschungsinfrastruktur für klinische Studien

Klinische Studienmetrik	Aktueller Status
Gesamtzahl der abgeschlossenen klinischen Studien	7 Versuche
Laufende klinische Studien	3 aktive Studien
Gesamtzahl der Patienteneinschreibungen	412 Patienten

Portfolio für geistiges Eigentum

Aufschlüsselung der IP-Assets:

• Gesamtzahl der aktiven Patente: 16
• Patentgerichte: Vereinigte Staaten, Europäische Union, Japan
• Patentablauf: 2028–2035

Windtree Therapeutics, Inc. (WINT) – Geschäftsmodell: Wertversprechen

Fortschrittliche Behandlungen für akute Atemwegserkrankungen

Windtree Therapeutics konzentriert sich auf die Entwicklung innovativer Atemwegstherapien mit spezifischen Produktpipeline-Details:

Produkt	Zielbedingung	Entwicklungsphase	Potenzieller Marktwert
AEROSURF	Atemnotsyndrom	Klinische Studien der Phase 3	750 Millionen US-Dollar potenzieller Markt
WINDTREE-COVID	COVID-19-Behandlung	Präklinische Forschung	500 Millionen US-Dollar potenzieller Markt

Innovative therapeutische Lösungen für ungedeckte medizinische Bedürfnisse

Zu den wichtigsten therapeutischen Schwerpunkten gehören:

• Seltene Lungenerkrankungen
• Akute Atemwegserkrankungen
• Atemwegserkrankungen bei Kindern

Mögliche bahnbrechende Behandlungen für COVID-19 und Atemwegserkrankungen

Forschungsinvestitionskennzahlen:

Forschungskategorie	Jährliche Investition	Forschungspersonal
COVID-19-Therapeutika	3,2 Millionen US-Dollar	12 engagierte Forscher
Forschung zu Atemwegserkrankungen	5,7 Millionen US-Dollar	18 spezialisierte Forscher

Personalisierte therapeutische Ansätze

Die Strategie der Präzisionsmedizin konzentriert sich auf:

• Gezielte Mechanismen zur Arzneimittelabgabe
• Patientenspezifische Behandlungsprotokolle
• Individualisierte Atemwegsintervention

Kostengünstige medizinische Interventionen

Kennzahlen zur Kosteneffizienz:

Produkt	Geschätzte Behandlungskosten	Mögliche Einsparungen im Gesundheitswesen
AEROSURF	1.200 $ pro Behandlung	4.500 $ pro Patient
COVID-19-Therapie	850 $ pro Behandlungszyklus	Reduzierung der Krankenhausaufenthalte um 3.200 US-Dollar

Windtree Therapeutics, Inc. (WINT) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit Gesundheitsdienstleistern

Seit dem 4. Quartal 2023 unterhält Windtree Therapeutics direkte Kooperationsstrategien mit etwa 127 spezialisierten Fachkräften für Pneumologie und Intensivmedizin in den gesamten Vereinigten Staaten.

Kategorie „Engagement“.	Anzahl der medizinischen Fachkräfte	Interaktionshäufigkeit
Fachärzte für Pneumologie	87	Vierteljährlich
Intensivmediziner	40	Halbjährlich

Patientenunterstützungs- und Aufklärungsprogramme

Windtree Therapeutics hat gezielte Initiativen zur Patientenunterstützung entwickelt, die sich auf die Behandlung von Atemwegserkrankungen konzentrieren.

• Verteilte Patientenaufklärungsmaterialien: 3.456 im Jahr 2023
• Zugriff auf Online-Supportressourcen: 2.187 einzelne Benutzer
• Interaktionen mit der Patienten-Helpline: insgesamt 1.642 Anrufe

Verbundforschungspartnerschaften

Das Unternehmen unterhält 5 aktive Forschungskooperationen mit akademischen und medizinischen Forschungseinrichtungen.

Partnerinstitution	Forschungsschwerpunkt	Dauer der Zusammenarbeit
Stanford-Universität	Akute Lungenverletzung	2021-2024
Johns Hopkins	Atemtherapeutika	2022-2025

Interaktionen bei medizinischen Konferenzen und Symposien

Im Jahr 2023 nahm Windtree Therapeutics an sieben großen medizinischen Konferenzen teil.

• Gesamtzahl der Konferenzvorträge: 12
• Wissenschaftliche Posterpräsentationen: 5
• Wichtigste Engagements von Meinungsführern: 18

Digitale Kommunikationsplattformen für medizinische Fachkräfte

Kennzahlen zum digitalen Engagement für medizinisches Fachpersonal im Jahr 2023:

Plattform	Registrierte Benutzer	Monatlich aktive Benutzer
Professionelles Online-Portal	673	412
Medizinisches Forschungsnetzwerk	289	176

Windtree Therapeutics, Inc. (WINT) – Geschäftsmodell: Kanäle

Direktverkauf an Krankenhäuser und Gesundheitseinrichtungen

Im vierten Quartal 2023 meldete Windtree Therapeutics Direktvertriebsengagements mit 37 spezialisierten medizinischen Zentren für Lungen- und Intensivmedizin in den Vereinigten Staaten.

Kanaltyp	Anzahl der institutionellen Kontakte	Geografische Abdeckung
Krankenhäuser	37	Vereinigte Staaten
Spezialisierte medizinische Zentren	22	Konzentrieren Sie sich auf die Lungenversorgung

Präsentationen auf medizinischen Konferenzen

Im Jahr 2023 nahm Windtree Therapeutics an sechs großen medizinischen Konferenzen teil und präsentierte Forschungsergebnisse zu seiner Atemtherapie-Pipeline.

• Konferenz der American Thoracic Society
• Internationaler Kongress der European Respiratory Society
• Gipfeltreffen der International Society for Respiratory Care

Wissenschaftliche Online-Veröffentlichungen

Das Unternehmen veröffentlichte im Jahr 2023 vier peer-reviewte Forschungsartikel mit einer kumulativen Zitierauswirkung von 12,5.

Pharmazeutische Vertriebsnetzwerke

Windtree Therapeutics unterhält Partnerschaften mit drei nationalen Pharmavertriebsnetzwerken.

Händler	Abdeckung	Vertragsstatus
AmerisourceBergen	National	Aktiv
Kardinalgesundheit	National	Aktiv
McKesson Corporation	National	Aktiv

Plattformen für digitales Marketing und medizinische Kommunikation

Ab 2024 nutzt Windtree Therapeutics sieben digitale Kommunikationskanäle für die Einbindung medizinischer Fachkräfte.

• LinkedIn Professional Network
• Doximity-Arztplattform
• Professionelles WebMD-Portal
• Medscape Medical Network

Windtree Therapeutics, Inc. (WINT) – Geschäftsmodell: Kundensegmente

Spezialisten für Lungen- und Atemwegserkrankungen

Zielmarktgröße: 39.500 Pneumologen in den Vereinigten Staaten ab 2023

Spezialtyp	Anzahl der Spezialisten	Jährliches Verschreibungspotenzial
Erwachsene Pneumologen	32,700	4,2 Millionen US-Dollar potenzieller Jahresumsatz
Pädiatrische Pneumologen	6,800	1,8 Millionen US-Dollar potenzieller Jahresumsatz

Krankenhaussysteme und Gesundheitsnetzwerke

Zielmarktreichweite: 6.090 Krankenhäuser in den Vereinigten Staaten

• Große Krankenhausnetzwerke mit mehr als 500 Betten: 412 Einrichtungen
• Mittelgroße Krankenhausnetze (100–499 Betten): 1.873 Einrichtungen
• Spezialisierte Beatmungszentren: 287 Zentren

Forschungseinrichtungen

Forschungskooperationspotenzial: 1.245 Atemwegsforschungseinrichtungen

Institutionstyp	Anzahl der Institutionen
Akademische medizinische Zentren	378
Unabhängige Forschungsinstitute	612
Staatliche Forschungseinrichtungen	255

Pharmazeutische Beschaffungsabteilungen

Beschaffungsmarktsegmente

• Gruppeneinkaufsorganisationen (GPOs): 32 große Netzwerke
• Vertriebsnetze im Gesundheitswesen: 17 Primärnetze
• Pharmazeutische Einkaufskonsortien: 45 aktive Gruppen

Patienten mit Atemwegserkrankungen

Demografische Daten der Patientenpopulation

Atemwegserkrankung	Gesamtzahl der Patienten in den USA	Potenzieller Behandlungsmarkt
Akutes Atemnotsyndrom	190.000 Fälle pro Jahr	620 Millionen US-Dollar potenzieller Markt
Bronchopulmonale Dysplasie	60.000 pädiatrische Fälle pro Jahr	215 Millionen US-Dollar potenzieller Markt

Windtree Therapeutics, Inc. (WINT) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Basierend auf dem Finanzbericht für das dritte Quartal 2023 meldete Windtree Therapeutics Forschungs- und Entwicklungskosten in Höhe von 2,8 Millionen US-Dollar für das Quartal.

Geschäftsjahr	F&E-Ausgaben
2022	11,2 Millionen US-Dollar
2023 (geplant)	10,5 Millionen Dollar

Investitionen in klinische Studien

Die Kosten für klinische Studien für das AEROSURF®-Programm und andere Pipeline-Entwicklungen beliefen sich im Jahr 2022 auf insgesamt etwa 4,3 Millionen US-Dollar.

• Klinische Studien der Phase 2/3 zur Behandlung des Respiratory Syncytial Virus (RSV).
• Laufende Studien für Programme zur akuten Lungenschädigung

Kosten für die Einhaltung gesetzlicher Vorschriften

Die jährlichen Kosten für die Einhaltung gesetzlicher Vorschriften werden auf 750.000 bis 1 Million US-Dollar geschätzt.

Compliance-Kategorie	Geschätzte jährliche Kosten
FDA-Einreichungsgebühren	$350,000
Externe Compliance-Beratung	$250,000
Internes Compliance-Management	$400,000

Aufrechterhaltung des geistigen Eigentums

Jährliche Kosten für die Aufrechterhaltung des geistigen Eigentums: 250.000 bis 300.000 US-Dollar.

• Gebühren für die Anmeldung und Verlängerung von Patenten
• Rechtliche Unterstützung für den IP-Schutz

Verwaltungs- und Betriebsaufwand

Die gesamten Verwaltungs- und Betriebskosten für 2022 beliefen sich auf 5,6 Millionen US-Dollar.

Ausgabenkategorie	Jährliche Kosten
Personalkosten	3,2 Millionen US-Dollar
Büro- und Einrichtungskosten	1,1 Millionen US-Dollar
Technologie und Infrastruktur	$800,000
Marketing und Geschäftsentwicklung	$500,000

Windtree Therapeutics, Inc. (WINT) – Geschäftsmodell: Einnahmequellen

Mögliche pharmazeutische Lizenzvereinbarungen

Im vierten Quartal 2023 verfügt Windtree Therapeutics über keine aktiven Lizenzvereinbarungen, die Einnahmen generieren. Der potenzielle Gesamtlizenzwert bleibt bei 0 $.

Zukünftige Arzneimittelkommerzialisierung

Arzneimittelkandidat	Potenzieller Marktwert	Geschätzter Zeitplan für die Kommerzialisierung
AEROSURF	500 Millionen US-Dollar potenzieller Markt	Die FDA-Zulassung steht noch aus
COVID-19-Behandlung	0 $ aktueller Umsatz	Forschungsphase

Forschungsstipendien und Verbundfinanzierung

Gesamte Forschungsstipendien für 2023: 0 $

Mögliche Meilensteinzahlungen aus Partnerschaften

• Keine bestätigten Meilensteinzahlungen ab Q4 2023
• Möglicher Meilensteinwert: Nicht bekannt gegeben

Voraussichtliche Produktverkäufe

Aktuelle Produktverkäufe: 0 $

Produkt	Voraussichtlicher Jahresumsatz	Regulierungsstatus
AEROSURF	Geschätzte 50-100 Millionen US-Dollar	Noch nicht genehmigt

Windtree Therapeutics, Inc. (WINT) - Canvas Business Model: Value Propositions

You're looking at the core reasons why a stakeholder would invest time or capital into Windtree Therapeutics, Inc. (WINT) right now, late in 2025. The value proposition hinges on a dual-track approach: advancing novel drug candidates while immediately pivoting to revenue generation through strategic deals.

Novel, Dual-Mechanism Therapy (Istaroxime) for Acute Heart Failure/Shock

The primary biotech value driver is istaroxime, an investigational therapy for acute decompensated heart failure (ADHF) and early cardiogenic shock. This compound offers a novel, first-in-class approach by targeting two mechanisms: increasing myocardial contractility via Na+/K+- ATPase inhibition and facilitating relaxation through SERCA2a calcium pump activation. Istaroxime has been studied across multiple positive Phase 2 trials.

Here's a quick look at where this asset stands as we approach the end of 2025:

Metric	Value/Status
Current Clinical Phase (ADHF)	Phase II
Phase II to Phase III PTSR Benchmark (Indication)	60%
SEISMiC C Trial Interim Analysis Subjects	First 20 subjects
Regulatory Interaction Target for Phase 3	2025
Japanese Patent Expiration Year (Istaroxime)	2039

Data from these Phase 2 studies show intravenous istaroxime significantly improves cardiac function and blood pressure without increasing heart rate or the incidence of clinically significant cardiac rhythm disturbances. The interim analysis of the first 20 subjects in the SCAI Stage C study identified no new safety concerns.

Non-Invasive Surfactant Delivery (AEROSURF) for Premature Infants

The second therapeutic pillar involves AEROSURF, a lucinactant for inhalation, aimed at treating respiratory distress syndrome (RDS) in premature infants. This program is currently operating under a global license agreement.

• Potential milestone payments under the license agreement could total up to $78.9 million.
• The agreement also includes low double-digit royalties on net sales.

Near-Term Revenue and Value Creation via Strategic Acquisitions

In January 2025, Windtree Therapeutics, Inc. launched a new corporate strategy to become a revenue-generating entity by acquiring small companies with FDA-approved products. This is designed to create near-term value while the pipeline progresses. The company recently signed a letter of intent to acquire CommLoan, Inc., a commercial mortgage lending marketplace.

The financial context surrounding this pivot is important:

Financial Metric (As of March 31, 2025)	Amount
Net Loss Attributable to Common Stockholders (Q1 2025)	$5.0 million
Cash and Cash Equivalents (As of March 31, 2025)	$1.2 million
Current Liabilities (As of March 31, 2025)	$6.5 million
Negative EBITDA (Context of Acquisition Challenges)	$15.34 million
Current Ratio (Context of Acquisition Challenges)	0.33

Also, leveraging a firm partnership in China, Windtree Therapeutics, Inc. is helping a biopharmaceutical company lower its production costs by almost 65%, with revenues anticipated to start by the end of 2026.

Potential to Reduce Intubation Risk in Neonatal Respiratory Distress Syndrome

The AEROSURF program directly addresses the need for better treatments for RDS in premature infants. While specific risk reduction statistics aren't in the latest filings, the value proposition is tied to the potential for a non-invasive delivery method for surfactant replacement therapy. This contrasts with standard treatments and aims to avoid the risks associated with mechanical ventilation and intubation.

• AEROSURF is a lucinactant for inhalation.
• It is covered under the license agreement with potential milestone payments up to $78.9 million.

Finance: draft 13-week cash view by Friday.

Windtree Therapeutics, Inc. (WINT) - Canvas Business Model: Customer Relationships

High-touch, collaborative relationships with key licensing partners.

Windtree Therapeutics, Inc. maintains an active licensing business model with partnership out-licenses currently in place, centered on advancing its proprietary therapies.

The primary relationship involves a global license agreement, amended and restated in August 2022, covering treatments including SURFAXIN, lyophilized lucinactant, and AEROSURF.

This collaboration is structured around performance incentives, which are a key component of the relationship management.

Relationship Metric	Value/Detail
Potential Milestone Payments	Up to $78.9 million
Royalty Structure	Low double-digit royalties
Key Communication Event (Late 2025)	Announcement of potential license agreement payments (November 17, 2025)
Last Reported Financing Event (Investor Related)	Private placement gross proceeds of approximately $2.6 million (April/May 2025)

The company's focus on advancing istaroxime in cardiogenic shock, following positive primary endpoint data, requires close alignment with the licensee on development pathways.

Transactional and platform-based service for commercial lending clients.

The strategic pivot announced in late 2025 introduced a new customer relationship dynamic through the signing of a letter of intent on December 3, 2025, to acquire CommLoan, Inc.

CommLoan operates a commercial mortgage lending marketplace through its proprietary platform, CUPID, which connects borrowers and originators with lenders nationwide, indicating a platform-based, transactional relationship model for its end-users.

Windtree Therapeutics, Inc. provided bridge financing to CommLoan during the transition period following the letter of intent.

The relationship with CommLoan is immediately operationalized by this bridge financing, which is a near-term obligation whose size and terms are undisclosed, but it signals an intent to integrate a revenue-generating fintech business.

Direct communication with investors on clinical and strategic pivots.

Communication with investors is critical, especially given the company's financial position, which included a net loss attributable to common stockholders of $5.0 million on 1,088,564 weighted-average common shares outstanding for the fiscal quarter ended March 31, 2025.

The CEO, Jed Latkin, directly communicates the strategic rationale for diversification, such as the CommLoan acquisition, to the investment community.

Investor engagement is characterized by capital-raising activities and updates on the core biotech pipeline.

• Financing Activity 1: Private placement gross proceeds of approximately $2.6 million closed in April 2025 and May 2025.
• Financing Activity 2: Issuance of senior convertible promissory notes on November 25, 2025, totaling an aggregate principal amount of $857,142.86.
• Note Terms: The 2026 Notes bear interest at 10% per annum.
• Q1 2025 Cash Position: Cash and cash equivalents reported as $1.2 million as of March 31, 2025.
• Strategic Update: Announcement of potential license agreement payments in November 2025.

The company's stock traded near its 52-week low of $0.04 with a market capitalization of approximately $1.55 million as of early December 2025.

Windtree Therapeutics, Inc. (WINT) - Canvas Business Model: Channels

You're looking at how Windtree Therapeutics, Inc. (WINT) plans to get its value proposition-both pipeline assets and newly acquired revenue streams-out to the world as of late 2025. The channels strategy has clearly shifted from purely biotech partnerships to a more diversified, revenue-focused approach following the Nasdaq delisting in August 2025.

Direct out-licensing agreements with global pharmaceutical companies

The traditional biotech channel remains active, focusing on non-dilutive cash generation from existing and renewed agreements. The amended and restated global license agreement, originally from August 2022, covers acute pulmonary treatments like SURFAXIN, lyophilized lucinactant, and AEROSURF. This deal is structured to potentially deliver up to $78.9 million in milestone payments, plus up to low double-digit royalties on sales. That's a significant upside if the licensee hits commercial targets.

Also, remember the regional partnership with Lee's Pharmaceutical for Greater China, which was valued at up to $138 million in milestones plus royalties, with a Phase 3 trial for istaroxime planned for the first half of 2025. Anyway, the focus now is on realizing these potential payments.

Here's a quick look at the potential financial upside tied to these licensing channels as of late 2025:

Agreement/Asset	Potential Milestone Payments	Royalty Structure	Status/Note
Global Acute Pulmonary License (Amended)	Up to $78.9 million	Up to low double-digit percentage	Payments for renewed development work
Lee's Pharma (Greater China)	Up to $138 million	Royalties (structure not specified)	Phase 3 for istaroxime planned for 1H 2025
Environmental Services Termination	$7.5 million (Cash and Securities)	N/A	Received from a recently executed termination agreement

Still, the company is also realizing cash from other settlements; they announced receiving $7.5 million in cash and securities from a termination agreement with an environmental services company in November 2025.

Acquired digital marketplace for commercial real estate lending

This is the big strategic pivot for Windtree Therapeutics, Inc. On December 3, 2025, the company announced signing a letter of intent to acquire CommLoan, Inc. This move is designed to add a revenue-generating fintech division to the business, moving away from being solely dependent on R&D milestones. CommLoan operates a commercial mortgage lending marketplace using its proprietary platform, CUPID™. The financial terms of this acquisition weren't disclosed, but the intent is clear: use technology to streamline lending and generate immediate revenue.

CommLoan connects borrowers and originators with hundreds of active lenders nationwide across various property types, including multifamily, retail, office, industrial, healthcare, and SBA financing. They tout a massive proprietary database that management believes creates a significant competitive moat. Windtree provided bridge financing to CommLoan during the transition period following the LOI.

Global clinical trial network (U.S., Europe, Latin America) for data generation

The clinical development channel, historically the primary way to generate value for licensing, has seen significant restructuring. The focus was on istaroxime for cardiogenic shock. Windtree had been enrolling subjects in the SEISMiC C (SCAI Stage C) Phase 2 study, with an interim analysis planned for Q3 2025 on the first 20 subjects. However, reports indicate this specific trial was terminated, narrowing near-term clinical optionality.

This shift is reflected in the financials. The Istaroxime drug candidate was subject to a $16.1 million impairment of intangible assets in Q3 2025, reducing its recorded value to $6.2 million from $22.3 million at the end of 2024. Research and development expense for Q3 2025 was $1.9 million, down from prior periods due to focusing resources.

• SEISMiC C (SCAI Stage C) Phase 2 study enrollment ongoing as of Q1 2025.
• Interim analysis for the first 20 subjects planned for Q3 2025.
• The SEISMiC C trial was ultimately terminated.
• Istaroxime asset value dropped to $6.2 million post-impairment in Q3 2025.
• R&D expense for Q3 2025 was $1.9 million.

Finance: draft the pro-forma cash flow statement incorporating the CommLoan acquisition bridge financing by Friday.

Windtree Therapeutics, Inc. (WINT) - Canvas Business Model: Customer Segments

You're looking at a company in a significant pivot, moving from a pure R&D focus to a revenue-generating model through acquisitions and existing licensing structures. This means the customer segments are now split between traditional biotech partners, real estate/fintech users, and the ultimate patients for their drug pipeline.

Global pharmaceutical and biotech companies for licensing deals.

Windtree Therapeutics, Inc. has existing partnership structures that define this segment. The customer here is the licensee funding development and commercialization. One key relationship involves a regional license with Lee's Pharmaceutical for greater China, tied to a deal potentially worth up to $138 million in milestones plus royalties. Another is the amended global license agreement from August 2022 for the acute pulmonary franchise, which could yield up to $78.9 million in milestones plus low double digit royalties. Furthermore, through a partnership in China, Windtree Therapeutics, Inc. is helping a biopharmaceutical company lower its production costs by almost 65%.

Here's a quick look at the potential value tied to these licensing relationships:

License/Asset Category	Potential Milestone Value (USD)	Royalty Structure	Geographic Focus/Product
Acute Pulmonary Franchise	Up to $78.9 million	Up to low double digit royalties	Global (SURFAXIN®, AEROSURF®)
Istaroxime/SERCA2a/Rostafuroxin	Up to $138 million	Royalties	Greater China (Lee's Pharmaceutical)

The company anticipates this partnership structure should start generating revenues by the end of 2026.

Hospitals and Intensive Care Units (ICUs) treating cardiogenic shock.

This segment represents the end-user for their lead drug candidate, istaroxime, which is being developed for acute heart failure and associated cardiogenic shock. The immediate customer base is the clinical sites participating in the ongoing Phase 2 study. The company planned an interim analysis of the first 20 subjects enrolled in the SCAI Stage C study in Q3 2025. The goal of completing this study is to advance the program to Phase 3.

Commercial real estate borrowers and lenders using the acquired platform.

This segment emerged as part of the new corporate strategy to become revenue generating. The initial step involved gaining the rights to purchase a 436 unit, multifamily residential property in Houston, Texas, expected to contribute consistent rental revenue. More recently, as of December 3, 2025, Windtree Therapeutics, Inc. signed a letter of intent to acquire CommLoan, Inc., a commercial tech finance company. CommLoan's platform serves borrowers and originators by connecting them with hundreds of active lenders nationwide across various property types.

The customer base for the acquired fintech platform includes:

• Borrowers seeking commercial real estate financing.
• Lenders active in the middle market loan space.
• Users of the proprietary CUPID™ platform for comparing rates and terms.

Neonatologists and premature infants with respiratory distress syndrome.

This segment is tied to the licensed acute pulmonary franchise, which includes treatments like SURFAXIN®, lyophilized lucinactant, and AEROSURF® (a drug and device combination). The target patient population is premature infants suffering from respiratory distress syndrome (RDS). The direct customer is the licensee who is responsible for the development and commercialization of these treatments.

Finance: review the cash runway against the Q3 2025 current liabilities of $21.9 million by next Tuesday.

Windtree Therapeutics, Inc. (WINT) - Canvas Business Model: Cost Structure

You're looking at the cost side of Windtree Therapeutics, Inc. (WINT) and it's clear the burn rate is dominated by development activities, even with the pivot toward revenue generation. The core cost structure, as of late 2025, reflects a company still heavily invested in its pipeline while trying to manage overhead.

Research & Development (R&D) expenses were a significant, fixed-looking cost in the first part of the year. For the first quarter of 2025, R&D expenses totaled $2.3 million. This spending primarily covered the continued development of istaroxime, including costs associated with the SEISMiC C trial during that period. Honestly, for a clinical-stage biotech, this is where the bulk of the cash goes before any product revenue hits.

General and administrative (G&A) expenses showed some discipline early on. In Q1 2025, G&A costs were $1.8 million, which was actually a decrease from $2.1 million in the comparable quarter of 2024. That reduction came from lower professional fees, particularly legal costs, and a slight dip in non-cash stock-based compensation expense. Still, managing G&A is crucial when liquidity is tight.

The overall expense profile shifts dramatically when you factor in non-recurring, non-cash charges, which is a key feature of this cost structure. The third quarter of 2025 brought a massive write-down. Here's a look at how the operating expenses stacked up across the year's reported quarters:

Expense Category	Q1 2025 Amount (Millions USD)	Q3 2025 Amount (Millions USD)
Research & Development (R&D)	2.3	1.9
General & Administrative (G&A)	1.8	1.9
Total Operating Expenses (Excl. Impairment)	4.1	3.8
Non-Cash Impairment of Intangible Assets	Not Reported	16.1
Total Reported Operating Expenses (Including Impairment)	Not Applicable	19.9

Costs related to strategic acquisitions and corporate diversification represent a different kind of outlay. Windtree Therapeutics, Inc. initiated a new strategy to become a revenue-generating company by seeking to acquire FDA-approved assets. This involved entering into an initial strategic transaction for the right to buy a revenue-generating multifamily residential property, which is a departure from pure drug development costs.

The most significant single cost event in the latter half of 2025 was the significant non-cash impairment of intangible assets. In Q3 2025, the company recorded a $16.130 million impairment. This write-down heavily impacted the period's operating expenses and net loss, primarily stemming from the Istaroxime drug candidate's recorded value being marked down.

The major components driving the cost structure, especially in the third quarter, can be summarized like this:

• R&D Investment: Continued spending on the istaroxime program, though enrollment in the SEISMiC C trial was terminated.
• Strategic Transaction Costs: Capital allocated or committed for acquiring revenue-generating assets, like the multifamily property right.
• Asset Devaluation: The $16.130 million non-cash charge, reflecting a reassessment of the future economic benefit of intangible assets.
• Operational Overhead: Baseline G&A spending, which management managed to reduce in Q1 2025 to $1.8 million.

Finance: draft 13-week cash view by Friday.

Windtree Therapeutics, Inc. (WINT) - Canvas Business Model: Revenue Streams

You're looking at the current revenue streams for Windtree Therapeutics, Inc. as of late 2025. The business model is clearly pivoting, moving toward generating cash flow from non-biotech assets while retaining future upside from its core drug pipeline. Honestly, the near-term focus is on these non-dilutive cash events.

The potential revenue from Windtree Therapeutics, Inc.'s licensing agreements remains a significant, though contingent, part of the financial picture. These streams are structured to provide non-dilutive capital if development milestones are hit by the partners.

Here's a quick look at the key potential and realized financial figures driving the Revenue Streams block:

Revenue Stream Component	Maximum Potential/Reported Amount (USD)	Status/Context
Istaroxime Licensee Milestones	$138,000,000	Potential milestone payments
Acute Pulmonary Licensee Milestones	$78,900,000	Potential milestone payments plus low double-digit royalties
Asset Monetization (Termination Agreement)	$7,500,000	Cash and securities received November 2025
Q3 2025 Financial Performance	($28,085)	Reported Net Loss

The shift toward operating revenue is evident in the recent strategic moves. Windtree Therapeutics, Inc. signed a letter of intent on December 3, 2025, to acquire CommLoan, Inc., which is explicitly described as a revenue-generating fintech firm focused on commercial real estate loan origination.

This acquisition signals a tangible, near-term revenue component, separate from the long-term drug development milestones. You should monitor the closing of this deal for the first reported revenue contribution from this segment.

The potential revenue from the pharmaceutical side is broken down into specific asset classes:

• Potential milestone and royalty payments from the istaroxime licensee, totaling up to $138 million.
• Milestone payments from the acute pulmonary licensee, which could reach up to $78.9 million, in addition to low double-digit royalties on products like SURFAXIN, lyophilized lucinactant, and AEROSURF.

To be fair, the near-term financial reality for Windtree Therapeutics, Inc. is reflected in its operating results. The company reported a net loss of $28,085 for the third quarter of 2025. This loss occurred while the company was actively executing its strategy to become a revenue-generating entity.

Also, a concrete, realized cash event occurred in November 2025. Windtree Therapeutics, Inc. executed a termination agreement with an environmental services company, resulting in the receipt of $7.5 million in cash and securities. This is a direct, non-dilutive cash inflow that supports current operations while the larger licensing deals mature.

The key revenue drivers you need to track are:

• The closing and subsequent revenue recognition from the CommLoan, Inc. acquisition.
• Any near-term milestone achievement from the acute pulmonary license agreement, potentially triggering payments up to $78.9 million.
• The status of the istaroxime development program, as milestones up to $138 million hinge on its progress with a partner.

Finance: draft 13-week cash view by Friday.