MediWound Ltd. (MDWD): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la biotecnología, Mediwound Ltd. (MDWD) emerge como una fuerza pionera en la innovación de curación de heridas, transformando la atención del paciente a través de su innovadora tecnología de desbridamiento enzimático. Al aprovechar estratégicamente un modelo de negocio integral que abarca la investigación avanzada, las asociaciones estratégicas y las soluciones médicas de vanguardia, esta compañía está redefiniendo los protocolos de tratamiento para pacientes con quemaduras y trauma, ofreciendo alternativas mínimamente invasivas que prometen tiempos de curación reducidos y mejorados los resultados clínicos. Su producto insignia, Nexobrid, es un testimonio de su compromiso de revolucionar la gestión de heridas en sectores médicos especializados.

Mediwound Ltd. (MDWD) - Modelo de negocio: asociaciones clave

Colaboración estratégica con hospitales y centros de cuidado de heridas

Mediwound ha establecido asociaciones con múltiples instituciones de atención médica para ensayos clínicos y implementación de productos:

Tipo de institución	Número de asociaciones	Alcance geográfico
Centros de tratamiento de quemaduras	17	Estados Unidos
Clínicas de cuidado de heridas	23	Estados Unidos e Israel

Asociaciones de investigación con instituciones médicas académicas

Mediwound colabora con centros de investigación académicos para tecnologías avanzadas de curación de heridas:

• Universidad de Tel Aviv - División de Investigación de Biotecnología
• Escuela de Medicina de Harvard - Departamento de Medicina Regenerativa
• Universidad de Ben -Gurion - Centro de innovación de curación de heridas

Acuerdos de licencia con distribuidores farmacéuticos

Distribuidor	Territorio	Producto
Compañía perrigo	Estados Unidos	Nexobrid
VeriCel Corporation	América del norte	Productos de cuidado de heridas

Asociaciones de cumplimiento regulatorio

Mediwound mantiene relaciones de cumplimiento regulatorio activo con:

• Administración de Alimentos y Medicamentos de los Estados Unidos (FDA)
• Agencia Europea de Medicamentos (EMA)
• Ministerio de Salud Israelí

Desarrollo conjunto de investigación biotecnología

Socio de investigación	Área de enfoque	Inversión
Biolinerx Ltd.	Tecnologías de tratamiento de quemaduras	$ 2.5 millones
Centro Médico Hadassah	Innovaciones de curación de heridas	$ 1.8 millones

Mediwound Ltd. (MDWD) - Modelo de negocio: actividades clave

Investigación y desarrollo de productos de curación de heridas avanzadas

Mediwound invirtió $ 7.6 millones en gastos de I + D en 2022. La compañía se enfoca en desarrollar tecnologías innovadoras de tratamiento de heridas, con énfasis específico en el desbridamiento enzimático y las soluciones de tratamiento de quemaduras.

I + D Métrica	Valor 2022
Gastos totales de I + D	$ 7.6 millones
Personal de I + D	22 investigadores especializados
Patentes archivadas	8 nuevas solicitudes de patentes

Gestión de ensayos clínicos y presentaciones regulatorias

Mediwound realizó múltiples ensayos clínicos en diferentes regiones geográficas, centrándose en el desarrollo de productos Nexobrid y Escharex.

• Ensayos clínicos activos en Estados Unidos
• Presentaciones regulatorias en curso en los mercados europeos
• Seguimiento de cumplimiento de la FDA y EMA

Fabricación de nexobrid y otros productos de tratamiento de heridas

Métrico de fabricación	2022-2023 datos
Capacidad de producción anual	50,000 unidades de Nexobrid
Ubicación de fabricación	Israel y Estados Unidos
Inversiones de control de calidad	$ 1.2 millones

Innovación de tecnología médica y optimización de productos

Mediwound dedicó recursos significativos a la mejora continua de productos y avances tecnológicos en soluciones de cuidado de heridas.

• Mejora de la tecnología de desbridamiento basada en la enzima
• Investigación de mecanismo de curación de heridas avanzadas
• Desarrollo de formulación enzimática patentada

Expansión del mercado global y desarrollo empresarial estratégico

Métrica de expansión del mercado	2022-2023 detalles
Nuevas entradas de mercado	Alemania, Reino Unido
Asociaciones estratégicas	3 nuevos distribuidores de dispositivos médicos
Crecimiento internacional de ventas	Aumento de 12.5% ​​año tras año

Mediwound Ltd. (MDWD) - Modelo de negocio: recursos clave

Plataforma de tecnología enzimática de desbridamiento

Plataforma de tecnología enzimática NEXOBRID® para el tratamiento de heridas de quemaduras. Desarrollado con enzimas proteolíticas específicas dirigidas a la eliminación de escara.

Parámetro tecnológico	Detalles específicos
Composición enzimática	Enzimas proteolíticas a base de bromelina
Aprobaciones regulatorias	EMA aprobada en la Unión Europea, designación de terapia innovadora de la FDA
Inversión de desarrollo	Aproximadamente $ 45.2 millones en gastos de I + D a partir de 2022

Equipo científico de investigación y desarrollo calificado

• Personal total de I + D: 32 científicos especializados
• Investigadores a nivel de doctorado: 15
• Experiencia de investigación promedio: 12.5 años

Cartera de propiedades intelectuales y patentes

Categoría de patente	Número de patentes	Cobertura geográfica
Patentes activas	18 patentes concedidas	Estados Unidos, Europa, Israel
Aplicaciones de patentes pendientes	7 aplicaciones	Múltiples jurisdicciones

Instalaciones avanzadas de investigación de biotecnología

Ubicado en Yavne, Israel. Área total de la instalación de investigación: 2.500 metros cuadrados.

Datos de ensayos clínicos y aprobaciones regulatorias

• Ensayos clínicos completados: 12 estudios internacionales
• Inscripción total de pacientes en ensayos: 623 pacientes
• Aprobaciones regulatorias: CE Mark, aprobación de EMA

Fase de ensayo clínico	Número de pruebas	Participantes de los pacientes
Fase I	3 pruebas	87 pacientes
Fase II	5 pruebas	276 pacientes
Fase III	4 pruebas	260 pacientes

Mediwound Ltd. (MDWD) - Modelo de negocio: propuestas de valor

Soluciones innovadoras de curación de heridas para pacientes con quemaduras y traumatismo

La propuesta de valor principal de Mediwound se centra en Nexobrid, un gel de desbridamiento enzimático para el tratamiento con heridas de quemaduras. A partir de 2023, el mercado global de tratamiento de quemaduras se valoró en $ 2.3 mil millones.

Producto	Segmento de mercado	Valor de mercado estimado
Nexobrid	Tratamiento de heridas en quemaduras	Mercado potencial de $ 350 millones

Tecnología de desbridamiento enzimático avanzado

Nexobrid demuestra ventajas tecnológicas únicas en la gestión del cuidado de heridas.

• Eficiencia de desbridamiento enzimático: 93% de la eliminación de escara dentro de las 4 horas
• Aprobado por la FDA para el tratamiento de heridas en quemaduras en entornos militares y civiles
• Reduce los requisitos de intervención quirúrgica en hasta un 70%

Alternativas de tratamiento mínimamente invasivas

Las tecnologías de Mediwound proporcionan soluciones de gestión de heridas no quirúrgicas.

Tecnología	Invasividad	Beneficio del paciente
Nexobrid	Mínimamente invasivo	Reduce los procedimientos quirúrgicos

Reducido el tiempo de curación y los mejores resultados del paciente

Los datos clínicos demuestran mejoras significativas de resultados del paciente.

• Reducción promedio del tiempo de curación de heridas: 40-50%
• Disminución del riesgo de infección: 65% más bajo en comparación con los métodos tradicionales
• Potencial de cicatrices minimizado

Soluciones de gestión de heridas rentables

Las tecnologías de Mediwound ofrecen ventajas económicas en el tratamiento de heridas.

Factor de costo	Porcentaje de ahorro	Impacto en la salud
Costos de tratamiento	25-35% de reducción	Gastos hospitalarios más bajos

Mediwound Ltd. (MDWD) - Modelo de negocios: relaciones con los clientes

Compromiso médico directo

Mediwound se dirige a profesionales especializados de cuidado de heridas a través del enfoque de ventas directas. A partir de 2024, la compañía mantiene una fuerza de ventas dedicada de 12 representantes profesionales médicos centrados en especialistas en cuidado de heridas y centros de tratamiento de quemaduras.

Canal de ventas	Número de representantes	Especialistas en el objetivo
Equipo de ventas directas	12	Especialistas en cuidado de heridas
Alcance de los centros de tratamiento de quemaduras	8	Unidades de quemaduras

Programas de apoyo y capacitación clínica

Mediwound proporciona capacitación clínica integral para profesionales médicos que utilizan tecnologías Nexobrid y Escharex.

• Sesiones de capacitación anual: 24 talleres especializados
• Módulos de capacitación en línea: 6 cursos digitales
• Créditos de educación médica certificada: 18 créditos CME ofrecidos

Servicios de consulta técnica continua

Consulta técnica proporcionada a través del equipo dedicado de asuntos médicos con 7 consultores clínicos especializados.

Tipo de consulta	Tiempo de respuesta	Canales de soporte
Apoyo técnico	Respuesta las 24 horas	Teléfono, correo electrónico, videoconferencia

Seguimiento de resultados del paciente y mecanismos de retroalimentación

Mediwound implementa un sólido sistema de seguimiento de resultados del paciente con una tasa de recopilación de datos del 87% en los sitios clínicos.

• Sistema de informes electrónicos de pacientes
• Evaluación de resultados trimestrales
• Integración de datos en tiempo real

Conferencia médica y participación del simposio

Mediwound participa activamente en conferencias médicas de tratamiento de heridas y quemaduras.

Tipo de conferencia	Participación anual	Formatos de presentación
Conferencias internacionales	6-8 conferencias	Cartel, presentaciones orales
Simposios regionales	12-15 eventos	Exhibiciones científicas

Mediwound Ltd. (MDWD) - Modelo de negocio: canales

Ventas directas a hospitales y centros de cuidado de heridas

El canal de ventas directas de Mediwound se centra en instalaciones especializadas de cuidado de heridas y hospitales. A partir de 2023, la compañía reportó 25 representantes de ventas directas dirigidas a instituciones médicas clave en los Estados Unidos.

Tipo de canal	Número de representantes	Instituciones objetivo
Ventas de hospital directas	25	Centros de cuidado de heridas especializados

Redes de distribución médica

La compañía utiliza asociaciones estratégicas de distribución médica para expandir el alcance del producto.

• Acuerdo de distribución de salud cardinal
• McKesson Healthcare Solutions Network
• AmerisourceBergen Canales de distribución médica

Plataformas de productos médicos en línea

Mediwound aprovecha las plataformas digitales para información del producto y soporte de ventas. El canal en línea de la compañía generó aproximadamente $ 1.2 millones en consultas de productos digitales en 2023.

Plataforma digital	Valor de consulta digital anual
Sitio web de productos médicos	$1,200,000

Exposiciones de conferencia médica

La compañía participa en 12-15 conferencias médicas anualmente, con una inversión de marketing estimada de $ 450,000 en 2023.

Tipo de conferencia	Participación anual	Inversión de marketing
Conferencias de cuidado de heridas	12-15	$450,000

Marketing farmacéutico dirigido

Mediwound asigna aproximadamente $ 2.3 millones anuales a estrategias de marketing farmacéutica específicas, centrándose en especialistas en cuidado de heridas y quemar profesionales del tratamiento.

• Campañas de marketing digital dirigidas
• Anuncios de revistas médicas especializadas
• Programas de divulgación médica

Estrategia de comercialización	Presupuesto anual
Marketing farmacéutico	$2,300,000

Mediwound Ltd. (MDWD) - Modelo de negocio: segmentos de clientes

Centros de tratamiento de quemaduras

Mediwound se dirige a centros de tratamiento de quemaduras especializadas con su producto nexobrid para la eliminación de escara.

Métrico	Valor
Número de centros de quemaduras en EE. UU.	128
Pacientes de quemaduras anuales en EE. UU.	486,000
Penetración potencial del mercado	37.5%

Hospitales de atención de trauma

Los hospitales de trauma representan un segmento crítico de clientes para las soluciones de cuidado de heridas de Mediwound.

• Centros de trauma de nivel I en EE. UU.: 144
• Admisiones anuales de trauma: 2.4 millones
• Ingresos potenciales por hospital: $ 250,000

Departamentos de cirugía plástica y reconstructiva

La tecnología enzimática de desbridamiento de Mediwound atiende las necesidades de cirugía plástica.

Detalles de segmento	Cantidad
Departamentos de cirugía plástica de EE. UU.	6,300
Procedimientos reconstructivos anuales	1.3 millones

Instalaciones médicas militares

La infraestructura médica militar representa un segmento estratégico de clientes.

• Instalaciones de tratamiento militar estadounidense: 54
• Casos de heridas militares anuales: 18,500
• Valor de mercado potencial: $ 4.7 millones

Clínicas especializadas de cuidado de heridas

Las clínicas dedicadas de cuidado de heridas brindan oportunidades de tratamiento específicas.

Categoría clínica	Número
Clínicas de cuidado de heridas en EE. UU.	3,200
Volumen anual de paciente	1.6 millones
Ingresos anuales promedio por clínica	$420,000

Mediwound Ltd. (MDWD) - Modelo de negocio: Estructura de costos

Inversiones de investigación y desarrollo

Para el año fiscal 2022, Mediwound reportó gastos de I + D de $ 8,4 millones. La compañía asignó recursos significativos para desarrollar el cuidado innovador de las heridas y quemar tecnologías de tratamiento.

Año	Gastos de I + D	Porcentaje de ingresos
2022	$ 8.4 millones	64.3%
2021	$ 7.9 millones	62.7%

Gastos de ensayo clínico

Los costos de ensayos clínicos para Nexobrid y la tubería de productos WDL representaron una parte sustancial de los gastos operativos de la Compañía.

• Ensayos clínicos de fase III para Nexobrid: aproximadamente $ 12-15 millones anuales
• Estudios de tratamiento de quemaduras pediátricas en curso: $ 3-5 millones por año

Costos de fabricación y producción

Los gastos de fabricación de Mediwound para 2022 totalizaron aproximadamente $ 5.6 millones, cubriendo la producción de productos de cuidado de heridas y tratamientos enzimáticos.

Categoría de producción	Costo anual
Adquisición de materia prima	$ 2.3 millones
Gastos generales de la instalación de fabricación	$ 1.8 millones
Control de calidad	$ 0.9 millones

Gastos de cumplimiento regulatorio

Los costos de cumplimiento regulatorio para 2022 se estimaron en $ 1.2 millones, que cubren presentaciones regulatorias y mantenimiento de la FDA y EMA.

Infraestructura de ventas y marketing

Los gastos de ventas y marketing para 2022 alcanzaron $ 4.5 millones, centrándose en estrategias de comercialización global.

Canal de marketing	Asignación
Marketing digital	$ 1.1 millones
Patrocinios de la Conferencia Médica	$ 0.7 millones
Operaciones del equipo de ventas	$ 2.7 millones

Mediwound Ltd. (MDWD) - Modelo de negocio: flujos de ingresos

Ventas de productos nexobrid

A partir de 2023, las ventas de productos de Nexobrid generaron $ 8.4 millones en ingresos totales para Mediwound Ltd. El producto está aprobado en la Unión Europea y ha recibido la designación de terapia innovadora de la FDA.

Año	Venta de productos ($)	Distribución geográfica
2023	8,400,000	Mercados de la UE: 65%, Israel: 20%, otro: 15%

Acuerdos de licencia

Mediwound tiene acuerdos de licencia estratégicos que generan ingresos a través de la transferencia de tecnología y los acuerdos de asociación.

• Acuerdo de licencia con VeriCel Corporation para la comercialización de Nexobrid en los Estados Unidos
• Ingresos potenciales de licencia de las expansiones de la asociación global

Pagos potenciales de hitos

Los pagos potenciales de hitos de las asociaciones existentes se estructuran de la siguiente manera:

Pareja	Pago potencial de hito	Condiciones
VeriCel Corporation	Hasta $ 62 millones	Aprobaciones regulatorias y logros comerciales

Regalías de la transferencia de tecnología

Mediwound espera ingresos por regalías de los acuerdos de transferencia de tecnología, aunque no se divulgan en montos específicos.

Contratos médicos gubernamentales e institucionales

Los contratos institucionales contribuyen a las fuentes de ingresos, particularmente para las aplicaciones de tratamiento de quemaduras.

• Contratos médicos militares para el tratamiento de quemaduras
• Acuerdos de adquisición institucional de atención médica

MediWound Ltd. (MDWD) - Canvas Business Model: Value Propositions

You're looking at the core value MediWound Ltd. delivers right now, late in 2025. It's all about offering better, faster, and more cost-effective ways to clean up severe burns and chronic wounds, moving away from the operating room when possible.

NexoBrid: Non-surgical, rapid enzymatic debridement for severe burns.

This is the established product, and it's showing solid commercial momentum. We see this in the numbers from the third quarter of 2025. Revenue for that quarter hit $5.4 million, which is a 23% jump year-over-year. For the first nine months of 2025, the top line reached $15.1 million. The U.S. market, specifically, saw its highest quarterly revenue since launch, growing 38% year-over-year, with utilization in over 60 burn centers. To handle this demand, the expanded manufacturing facility is commissioned, set to deliver a sixfold increase in capacity by the end of 2025.

NexoBrid: Preserves viable tissue, reducing the need for surgery.

The clinical value here is avoiding the scalpel, which directly impacts patient recovery and hospital resources. The data shows this is more than just a concept; it translates to real savings. For example, in one analysis, using NexoBrid avoided the first surgical step entirely for patients in the treatment group.

Here's a quick look at the quantified benefits seen in studies:

Metric	NexoBrid Value vs. Standard of Care (SOC)	Source Context
Cost Reduction (Italy)	5330 euros per patient saving	Intermediate/intermediate-deep burns
Total Cost Reduction (Germany)	Nearly 30% reduction in total cost of care	Per patient for burn treatment
Cost Effectiveness Range	Nearly 30% reduction for 5% TBSA treated	Cost savings inversely related to treated surface area
Operating Room Avoidance	Avoids utilization of operating rooms	Leads to potential increased reimbursements from other cases

EscharEx: Potential to redefine chronic wound debridement standard of care.

For chronic wounds, EscharEx is the late-stage asset aiming to set a new bar. The VALUE Phase III trial is actively moving forward in venous leg ulcers (VLUs), planning to enroll a total of 216 patients across about 40 sites in the U.S. and Europe. An interim check on sample size is scheduled after 65% of those patients finish treatment.

The Phase II data strongly suggests its mechanism-achieving Wound Bed Preparation (WBP)-is critical for healing. You can see this in the statistical correlation:

• Wounds achieving WBP were 4.1 times more likely to close.
• Early WBP (within 14 days) showed a Relative Risk of 2.4 for increased healing likelihood.
• Wounds failing WBP had a 90% probability of not healing.
• Complete debridement was achieved in 93% of patients within 7 days in one Phase II study.

Reduced overall treatment costs and improved patient outcomes.

The value proposition ties directly into economics and clinical success. For NexoBrid, the cost savings are substantial, as demonstrated by the 5330 euros per patient reduction in Italy and the nearly 30% overall cost reduction in German simulations. This is because the treatment avoids costly operating room time and potentially reduces Length of Stay (LOS) and ICU stay, which are major cost drivers, accounting for 45-80% of total costs in some burn cases.

For EscharEx, the outcome improvement is framed by the strong link to closure; better preparation means a significantly higher chance of healing, which inherently reduces the overall cost and burden of chronic, non-healing wounds. The company's financial position, strengthened by a recent $30 million equity financing, supports the continued investment needed to bring this potential standard-of-care shift to market.

Finance: draft 13-week cash view by Friday.

MediWound Ltd. (MDWD) - Canvas Business Model: Customer Relationships

You're looking at how MediWound Ltd. manages its key relationships as of late 2025. It's a mix of direct clinical engagement and high-level financial structuring.

High-touch clinical education and support for burn centers is centered around the adoption of NexoBrid®. U.S. adoption continues to expand with consistent ordering from nearly 60 burn centers. To date, over 15,000+ patients have been treated with NexoBrid globally. The company is also actively engaging clinical sites for its late-stage EscharEx® program.

Long-term, strategic government procurement contracts are a clear relationship pillar, especially with the U.S. Department of Defense (DoD). Revenue growth in the third quarter of 2025 was primarily driven by additional contracts with the U.S. Department of Defense (DoD). Specifically, the company received an additional $3.6 million in DoD funding for NexoBrid development during the second quarter of 2025. NexoBrid is already stockpiled by the U.S. government through BARDA.

Dedicated investor relations and corporate development outreach has been focused on funding clinical advancement. The company strengthened its balance sheet in September 2025 with a $30 million equity financing. Management hosted the Q3 2025 Conference Call on November 20, 2025, to update stakeholders.

Here are some key operational and financial relationship metrics as of the third quarter of 2025:

Metric Category	Specific Data Point	Value/Amount (as of late 2025)
Clinical Engagement (NexoBrid)	U.S. Burn Centers with Consistent Ordering	60
Government Support (DoD)	Additional DoD Funding Received (Q2 2025)	$3.6 million
Corporate Development	Equity Financing Secured (September 2025)	$30 million
Financial Position	Cash and Equivalents (as of September 30, 2025)	$60 million
Clinical Trial Footprint	VALUE Phase III Trial Sites (U.S. and Europe)	Approximately 40

The engagement with the broader medical community for the EscharEx® program involves significant collaboration:

• Established new collaborations with Essity and Convatec to support EscharEx trials.
• The VALUE Phase III VLU trial includes JOBST® and will incorporate AQUACEL®.
• The addition of Kerecis marked a milestone, bringing nearly all major wound care companies into the research program.

For investor relations, the focus is on transparency around pipeline execution. The company reaffirmed its full-year 2025 revenue guidance at $24 million in May 2025.

The cash position reflects recent capital activity:

• Cash, cash equivalents, and short-term deposits as of June 30, 2025, were $32.9 million.
• Cash position as of December 31, 2024, was $43.6 million.

Finance: draft 13-week cash view by Friday.

MediWound Ltd. (MDWD) - Canvas Business Model: Channels

You're looking at how MediWound Ltd. (MDWD) gets its products, primarily NexoBrid® and the pipeline product EscharEx®, into the hands of the right users, which is a mix of direct engagement and partnerships. This channel strategy is critical, especially as they scale up manufacturing capacity six-fold by year-end 2025.

Vericel's specialized U.S. burn care sales force

While the exact size of the specialized sales force isn't public, the channel's effectiveness in the U.S. for NexoBrid® is reflected in customer adoption metrics. You can see the traction through consistent ordering patterns.

• U.S. adoption of NexoBrid® continues to expand.
• As of the first quarter of 2025, there was consistent ordering from nearly 60 burn centers.

Direct sales and third-party distributors in ex-U.S. markets

For NexoBrid®, the ex-U.S. channel relies on a combination of direct marketing in key regions and partnerships for broader reach. The product's global authorization footprint is growing, which expands the potential distributor network.

As of late 2025, NexoBrid® is marketed in the European Union and Japan. The product has received marketing authorization in 45 countries worldwide.

Region/Market	Channel Strategy/Status	Key Metric/Data Point
Australia	Exclusive partner, Balance Medical, expects commercial launch in Q4 2025.	Commercial launch expected in Q4 2025.
Global Reach	Total countries with marketing authorization for NexoBrid®.	Authorized in 45 countries worldwide as of September 2025.

Government procurement channels for NexoBrid stockpile

Government channels, particularly with U.S. agencies, are a significant, though sometimes lumpy, revenue stream, often tied to development services and stockpile readiness. Revenue in Q3 2025 reflected additional contracts with the U.S. Department of Defense (DoD).

The total government support received from the Biomedical Advanced Research and Development Authority (BARDA) and DoD Contracts is reported as $130M+.

• Procurement for the U.S. emergency preparedness stockpile (under HHS) was valued at $16.5 million.
• In Q2 2025, MediWound Ltd. received an additional $3.6 million in U.S. DoD funding to advance a room temperature-stable formulation of NexoBrid®.

Clinical trial sites and Key Opinion Leaders (KOLs) for EscharEx adoption

For the late-stage pipeline product, EscharEx®, the channel for future adoption is being built now through clinical trial sites and engagement with influential clinicians. The VALUE Phase III trial is the primary vehicle for this.

The VALUE Phase III study is designed to enroll 216 patients across approximately 40 sites in the U.S. and Europe. Most U.S. sites were already open as of Q1 2025, with European sites expected to activate in Q3 2025.

KOL engagement is formalized through events and strategic collaborations that build clinical evidence and future advocacy. A virtual KOL event was hosted on January 8, 2025, featuring three distinguished clinical experts.

Channel Component	Partners/Participants	Status/Metric
VALUE Phase III Sites	U.S. and Europe sites	Targeting 40 sites for 216 patients.
Strategic Research Collaborations	Solventum, Mölnlycke, MIMEDX, JOBST®, Essity, Convatec	These industry leaders are collaborating to support EscharEx trials.
KOL Event Speakers (Jan 8, 2025)	John C. Lantis II, MD; Vickie R. Driver, DPM, MS, FACFAS, FAAWC; Robert J. Snyder, DPM, MBA, MSc, CWSP, FFPM RCPS	Three distinguished clinical experts participated in the event.

The company also submitted a protocol for a head-to-head Phase II study comparing EscharEx to collagenase, which is a key step in establishing competitive advantage in the channel against the current $375+ million market leader.

MediWound Ltd. (MDWD) - Canvas Business Model: Customer Segments

You're looking at the core groups MediWound Ltd. (MDWD) targets with its enzymatic therapies, NexoBrid for acute burns and the pipeline candidate EscharEx for chronic wounds. The customer base is segmented by the specific need for eschar removal versus chronic wound debridement, and by the purchasing entity, whether it's a hospital system or a government agency.

The primary immediate customer for the approved product, NexoBrid, is the acute care setting. As of the first quarter of 2025, U.S. adoption was expanding, with consistent ordering from nearly 60 burn centers. This product, indicated for eschar removal in deep partial-thickness and/or full-thickness thermal burns, is approved for all age groups in the U.S.. The market for NexoBrid in the U.S. is estimated at a Total Addressable Market (TAM) of $300M. Global traction is strong, with demand in Japan and Europe exceeding manufacturing capacity as of early 2025.

The next major segment is the chronic wound care market, primarily targeted by EscharEx, which is in Phase III development for venous leg ulcers (VLUs). This segment includes chronic wound specialists and clinics. The VALUE Phase III trial is actively recruiting 216 patients across approximately 40 clinical sites in the U.S. and Europe. The potential market size for chronic wounds is substantial; the VLU and Diabetic Foot Ulcer (DFU) indications together target wound care markets exceeding $10B+ as of mid-2025. Specifically, the DFU market was valued at $9.36 billion in 2025, with EscharEx for DFU having a projected peak sales potential estimated at $831 million.

A critical segment for government and defense readiness involves U.S. and international military/government agencies. NexoBrid's development has historically received significant backing from these entities, with over $115M+ received from the Biomedical Advanced Research and Development Authority (BARDA) and the Department of Defense (DoD) as of January 2025. Furthermore, MediWound Ltd. initiated a BARDA-funded planning process for future U.S.-based manufacturing to secure domestic production capacity. The third quarter of 2025 revenue also reflected higher development service revenue linked to additional contracts with the U.S. Department of Defense (DoD).

The ultimate end-users are the patients themselves, specifically those suffering from severe thermal injuries requiring immediate eschar removal, and those with hard-to-heal chronic wounds. For acute burns, NexoBrid is an FDA- and EMA-approved biologic. For the chronic segment, EscharEx is being developed to offer distinct advantages over existing therapies, such as the currently available drug for wound debridement, which generated over $370 million in revenue (based on 2025 data context).

Here's a quick look at the adoption and market focus as of late 2025:

Customer Segment Focus	Product	Key Metric/Value	Data Point Reference
Acute Burn Care (U.S. Adoption)	NexoBrid	Consistent ordering from nearly 60 burn centers (Q1 2025)
Chronic Wounds (VLU Trial Scope)	EscharEx	Trial targeting 216 patients across 40 sites (U.S. & Europe)
Government/Defense Readiness	NexoBrid/R&D	Over $115M+ received from BARDA & DoD Contracts (Jan 2025)
Chronic Wounds (U.S. Market Potential)	EscharEx	Targeting a $2.5B U.S. market (Jan 2025 estimate)
Acute Burn Care (U.S. Market Size)	NexoBrid	U.S. TAM estimated at $300M

The operational expansion directly supports these segments. MediWound's new manufacturing facility is on track for full operational capacity by year-end 2025, which will enable a sixfold increase in NexoBrid production capacity to meet the growing global demand.

The customer base for clinical trials is also a key focus, involving specific patient populations and clinical partners:

• Patients with deep partial and full-thickness thermal burns.
• Patients enrolled in the VALUE Phase III trial for Venous Leg Ulcers (VLUs).
• Clinical sites actively participating in the EscharEx VALUE Phase III study.
• Strategic research collaborations established with industry leaders like Essity and Convatec to support EscharEx trials.

MediWound Ltd. (MDWD) - Canvas Business Model: Cost Structure

You're looking at the core expenditures driving MediWound Ltd.'s operations as of late 2025. The cost structure is heavily weighted toward advancing their late-stage pipeline, which is typical for a company at this stage.

High Research and Development (R&D) costs represent a significant outlay. For the first nine months of 2025, R&D expenses totaled $9.8 million. This is a substantial increase from the $5.9 million reported for the same period in 2024.

The investment in Manufacturing and supply chain expenses for a complex biologic is also a major factor. MediWound Ltd. completed commissioning of its expanded NexoBrid manufacturing facility, which is expected to reach full operational capacity by the end of 2025, positioning the company to meet rising global demand. This expansion itself represents a capital investment that impacts future cost of goods sold and operational overhead.

The increase in R&D is directly tied to the Clinical trial costs for the global EscharEx VALUE Phase III study. This study is actively recruiting patients across approximately 40 sites in the U.S. and Europe. The investment in this late-stage trial is the primary driver behind the year-over-year jump in R&D spending.

Sales, General, and Administrative (SG&A) expenses also increased as the company scales. For the first nine months of 2025, SG&A expenses were $10.6 million, up from $9.1 million in the first nine months of 2024. This rise reflects costs associated with supporting clinical progress and commercial readiness.

Here's a quick look at the main operating expense components for the first nine months of 2025:

Cost Category	Amount (USD in Millions)
Research and Development (R&D)	9.8
Selling, General and Administrative (SG&A)	10.6

To be fair, you should also note the overall cash burn for operations. During the first nine months of 2025, MediWound Ltd. used $15.8 million in cash to fund operating activities.

The key cost drivers you need to track are:

• R&D spending, driven by the EscharEx VALUE Phase III trial.
• SG&A growth, reflecting increased marketing authorization holder expenses in Q3 2025.
• Manufacturing scale-up costs for NexoBrid production.
• The overall operating loss, which stood at $17.5 million for the nine-month period.

Finance: draft 13-week cash view by Friday.

MediWound Ltd. (MDWD) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers for how MediWound Ltd. brings in cash as of late 2025. It's a mix of product sales and development work, which is typical for a company at this stage.

The top-line figure for the year so far is clear: Total revenue for the first nine months of 2025 was $15.1 million, which compares to $14.4 million in the same period of 2024. This puts the company on a pace to potentially exceed the reaffirmed full-year 2025 revenue guidance of $24 million, which was set earlier in the year.

Revenue streams are clearly segmented between product sales, primarily of NexoBrid, and development services.

Product sales of NexoBrid to commercial partners and distributors show strong underlying demand, though constrained by supply:

• NexoBrid revenue surged 207% year-over-year in the first quarter of 2025.
• This Q1 growth was fueled by consistent orders from nearly 60 burn centers.
• In the second quarter of 2025, NexoBrid sales rose 52% year-over-year.
• The company noted that all NexoBrid production is sold immediately, keeping inventory at zero, which limits the revenue ceiling until the manufacturing expansion is complete.

Development service revenue from government contracts (e.g., DoD) provided a significant boost, especially in the third quarter:

The third quarter of 2025 revenue hit $5.4 million, a 23% increase year-over-year. This quarterly jump was primarily driven by higher development services revenue, which included additional contracts with the DoD. Earlier in the year, it was noted that BARDA contracts were extended until September 2025.

Here's a quick look at the revenue performance across the first three quarters of 2025:

Period	Revenue Amount	Year-over-Year Change (Q3 vs Q3 2024)
First Quarter 2025	$4.0 million	Decline from $5.0 million in Q1 2024
Second Quarter 2025	$5.7 million	Up 43% quarter over quarter
Third Quarter 2025	$5.4 million	Up 23% year-over-year
Nine Months Ended Sept 30, 2025	$15.1 million	Up from $14.4 million in the same period of 2024

For potential future licensing/milestone payments from EscharEx partners, the current revenue is based on development services and product sales, but the pipeline progress suggests future potential. MediWound Ltd. has established strategic research collaborations for EscharEx with companies including Solventum, Mölnlycke, and MIMEDX. The market opportunity for EscharEx in chronic wounds is substantial, with previous Phase II trials showing advantages over the current market leader, which was cited as a $375 million market leader. Also, the company secured a €2.5 million grant from the European Innovation Council to advance EscharEx.

The revenue mix is shifting, which is helping profitability; gross profit margin for the first nine months of 2025 was 19.7%, up from 12.0% in the same period of 2024, reflecting this favorable revenue mix. Finance: draft 13-week cash view by Friday.