MediWound Ltd. (MDWD): Business Model Canvas [Dec-2025 Updated]

You're trying to map out the true financial engine of MediWound Ltd. right now, and honestly, the model is a clear, high-stakes pivot: commercializing the approved burn treatment, NexoBrid, while pouring capital into the next potential blockbuster, EscharEx. As of late 2025, they are managing a tightrope walk, balancing $15.1 million in revenue over the first nine months against significant R&D-like the $9.8 million spent on EscharEx trials-all while sitting on a $60 million cash position. This Business Model Canvas cuts through the noise to show you exactly how MediWound Ltd. is structuring this dual strategy, from their key partnerships with the DoD to their specialized sales channels, so you can see the near-term risks and the long-term potential. Keep reading below for the precise breakdown of all nine building blocks.

MediWound Ltd. (MDWD) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that allow MediWound Ltd. (MDWD) to move its products from the lab to the patient, especially as of late 2025. These aren't just casual agreements; they are critical for both NexoBrid's established market and EscharEx's late-stage push.

Exclusive U.S. Commercialization for NexoBrid

The commercialization in North America is handled exclusively by Vericel Corporation. MediWound focuses on manufacturing and supply, while Vericel drives the U.S. market penetration. The FDA approval for NexoBrid in adults occurred on December 28, 2022. This triggered a $7.5 million regulatory milestone payment to MediWound from Vericel in February 2023.

The financial structure of this partnership involves significant upside potential for MediWound based on performance:

Vericel, MediWound Ltd. (MDWD)'s exclusive U.S. commercial partner, reported 52% year-over-year revenue growth for NexoBrid in the second quarter of 2025. Vericel plans to pursue a permanent CPT code, which is anticipated to become effective in 2027. The U.S. addressable market for NexoBrid was previously estimated at $300 million annually.

U.S. Government Funding and Procurement

The development and procurement of NexoBrid have seen substantial backing from U.S. government agencies, primarily the Biomedical Advanced Research and Development Authority (BARDA), often in collaboration with the Department of Defense (DoD). The total non-dilutive funding received under the BARDA contract is valued at up to $132 million. This funding supported development activities, including the pivotal U.S. Phase 3 clinical study (DETECT) and procurement commitments.

The relationship remains active in 2025:

• The third quarter of 2025 revenue increase of 23% year-over-year reflected higher development service revenue, driven by additional contracts with the DoD.
• A future BARDA Request for Proposal (RFP) is expected in the fourth quarter of 2025, potentially including programs for stockpiling NexoBrid.
• BARDA has also supported the development of a health economic model to evaluate cost savings for market adoption in the United States.

Strategic Clinical Partners for EscharEx Trials

MediWound Ltd. (MDWD) is collaborating with major wound care companies to advance EscharEx, which is currently in the global VALUE Phase III trial for venous leg ulcers (VLUs). The company has established strategic research collaborations with nearly all relevant leading global wound care companies.

Key partners involved in the EscharEx clinical programs include:

• Essity and Convatec were added as new strategic research collaborations to support EscharEx trials.
• The VALUE Phase III VLU trial involves 216 patients across approximately 40 sites in the U.S. and Europe.
• The planned Diabetic Foot Ulcer (DFU) trial is set to incorporate AQUACEL, a market-leading wound dressing.
• The VALUE trial also includes JOBST, a leading medical compression therapy brand.

An interim sample size assessment for the VALUE trial is anticipated in mid-2026, which will occur after 65% of patients complete treatment.

Global Distributors for NexoBrid Sales

NexoBrid has achieved market authorization in 45 countries worldwide as of September 2025. The product is approved for use in over 40 countries, including the United States, the European Union, and Japan.

Distribution is managed through local agreements, covering key regions:

MediWound retains commercial rights in all non-North American territories.

MediWound Ltd. (MDWD) - Canvas Business Model: Key Activities

You're looking at the core engine driving MediWound Ltd.'s value right now-the hands-on work that turns science into potential revenue. It's all about execution on the clinic and the factory floor.

Research and development for EscharEx Phase III VLU trial

The biggest R&D spend is clearly focused on the EscharEx VALUE Phase III trial for venous leg ulcers (VLUs). You saw Research and Development expenses hit $2.9 million in the first quarter of 2025 and then $3.5 million in the third quarter of 2025, showing that investment ramped up as the trial progressed.

The trial is a global effort, designed to enroll 216 patients across approximately 40 clinical sites in the U.S. and Europe. Most U.S. sites were open, with the majority of European sites expected to activate in the third quarter of 2025. The key checkpoint is an interim sample size assessment after 65% of patients complete treatment, with results anticipated in mid-2026.

MediWound Ltd. is also advancing other R&D activities:

• Protocol submitted to the U.S. Food and Drug Administration (FDA) for a head-to-head Phase II study comparing EscharEx to collagenase.
• Secured a €2.5 million grant component from the European Innovation Council (EIC) Accelerator to support clinical and regulatory advancement of EscharEx for diabetic foot ulcers (DFUs).

Manufacturing and quality control of the NexoBrid biologic

Manufacturing is a critical activity, especially with demand outpacing supply for NexoBrid. The commissioning for the expanded facility is done, which is a huge operational win. Full operational capacity is targeted by year-end 2025, which will support a sixfold increase in production capacity.

The commercial success of the existing product shows the quality control is holding up under pressure. NexoBrid revenue surged 207% year-over-year in the first quarter of 2025, driven by consistent ordering from nearly 60 burn centers. For the U.S. market specifically, the partner reported a 52% year-over-year revenue increase in the second quarter of 2025.

The company also secured additional non-dilutive funding to support future manufacturing efforts:

Global regulatory submissions and compliance (FDA, EMA)

Regulatory compliance dictates when new products hit the market. For EscharEx, commercial availability is anticipated in 2026, contingent on securing approvals from both the FDA and the European Medicines Agency (EMA). The timeline suggests EMA approval by mid-2026 and FDA approval in the second half of 2026.

For the already-approved NexoBrid, the global expansion continues:

• Australia's Therapeutic Goods Administration (TGA) granted marketing authorization on September 25, 2025.
• This approval made Australia the 45th country to approve NexoBrid.

Managing strategic commercial and clinical partnerships

MediWound Ltd. relies heavily on managing a network of industry partners to validate and commercialize its pipeline. By the second quarter of 2025, the company announced collaborations with Essity and Convatec, meaning they were working with all relevant leading global wound care companies for the EscharEx trials.

These partnerships are material to revenue and clinical design. For instance, Q3 2025 revenue of $5.4 million was up 23% year-over-year, reflecting additional contracts with the U.S. Department of Defense (DoD). The VALUE Phase III trial includes a collaboration with Kerecis, which will provide its MariGen Fish-Skin graft during the wound healing phase.

A look at a key historical partnership investment shows the level of external commitment:

The company used $5.1 million to fund operations in Q1 2025 and $15.8 million in cash for operating activities during the first nine months of 2025.

MediWound Ltd. (MDWD) - Canvas Business Model: Key Resources

You're looking at the core assets MediWound Ltd. (MDWD) relies on to execute its business plan as of late 2025. These aren't just line items; they are the foundation of their value proposition.

The FDA-approved biologic NexoBrid for burn eschar removal is a major asset. This topically administered, biological orphan drug is approved for the enzymatic removal of eschar in patients with deep partial- and full-thickness thermal burns. NexoBrid is currently approved for use in adults and pediatric patients across more than 40 countries, including the United States, European Union, and Japan.

The company's proprietary enzymatic technology platform underpins its product line, which includes NexoBrid and the late-stage candidate EscharEx®. This technology selectively removes non-viable tissue while preserving viable tissue. The focus remains on advancing EscharEx through its VALUE Phase III trial in venous leg ulcers.

Operational capacity is a key resource that has seen significant recent investment. MediWound Ltd. (MDWD) successfully completed the commissioning of its expanded GMP manufacturing facility in Yavne, Israel, on November 3, 2025. This expansion is engineered to increase production capacity for NexoBrid by approximately sixfold. Full operational readiness for this increased capacity is expected by year-end 2025, positioning the company to meet rising global demand.

To give you a clearer picture of the financial underpinning supporting these operational milestones, here are some key figures as of the third quarter of 2025:

The balance sheet strength is a direct result of recent capital activity. As of September 30, 2025, MediWound Ltd. (MDWD) held $60 million in cash, cash equivalents, and short-term deposits, a notable increase from the $44 million reported at the end of 2024. This liquidity was bolstered by a recent registered direct offering that brought in approximately $30 million in gross proceeds. Still, you should note that the company used $15.8 million in cash to fund operating activities during the first nine months of 2025.

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:

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:

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.

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.

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:

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:

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:

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.