WINT earnings analysis
What we found in WINT's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Windtree reported a Q3 2025 net loss of $(28,085) (thousands) and a net loss attributable to common stockholders of $(28,938), driving diluted loss per share to $(1.08) versus $(211.38) in Q3 2024. The quarter included a $16,130 impairment charge to intangible assets that reduced intangible assets from $24,130 to $8,000 and materially increased total current liabilities to $21,901 (from $5,717) while cash and cash equivalents fell to $204 (thousands). Operating cash flow for the nine months was an outflow of $11,436 (thousands), partially offset by financing proceeds (ELOC net proceeds $15,849).
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- EPS materially less negative vs prior-year calculation
- Diluted loss per share narrowed to $(1.08) in Q3 2025 from $(211.38) in Q3 2024 (weighted average shares increased to 26,675,559 from 17,740).
- New note receivable added to current assets
- Note receivable, net of $5,803 (thousands) appears on the September 30, 2025 balance sheet, raising total current assets to $7,205 (thousands) from $2,574 (thousands) at December 31, 2024.
- Financing activity provided near-term liquidity
- Proceeds from the ELOC Purchase Agreement, net were $15,849 (thousands) in the nine months ended September 30, 2025 and proceeds from convertible notes were $4,303 (thousands).
- Operational pivot / commercial sourcing deal
- Company became the manufacturing sourcing agent for Phexxi® in March 2025 and signed a manufacturing deal in June 2025 (noted as strategic driver for revenue generation).
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Large intangible asset impairment
- Impairment of intangible assets of $16,130 (thousands) was recorded in the quarter, reducing intangible assets from $24,130 (thousands) at December 31, 2024 to $8,000 (thousands) at September 30, 2025.
- Severely constrained cash balance
- Cash and cash equivalents declined to $204 (thousands) at September 30, 2025 from $1,779 (thousands) at December 31, 2024 (cash, cash equivalents and restricted cash fell from $1,788 to $214, a decrease of $1,574 (thousands)).
- Current liabilities spiked
- Total current liabilities increased to $21,901 (thousands) at September 30, 2025 from $5,717 (thousands) at December 31, 2024, driven by ELOC commitment note payable of $9,443 (thousands), derivative liability related to the ELOC of $5,089 (thousands) and new convertible notes payable of $2,590 (thousands).
- Continued operating cash burn
- Net cash used in operating activities for the nine months ended September 30, 2025 was $11,436 (thousands) (vs $11,717 (thousands) in prior nine-month period).
- Nasdaq delisting risk realized
- Company was notified on August 19, 2025 that Nasdaq determined to delist the common stock; the Company began trading on the OTC market on August 22, 2025 (MD&A/Note 1 disclosure).
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-1.08
What they said about what is next.
The MD&A contains forward-looking strategy (e.g., intends to become revenue-generating via acquisitions and manufacturing/licensing deals and to pursue Phase 3 development with Lee’s), but provides no numeric revenue or EPS guidance. Management states plans to pursue acquisitions and licensing and notes reliance on financing; specific quantitative outlook deferred to future communications.
The filing reads worse than the one before it.
What came before.
- 10-Q · August 19, 2025
- Windtree reported a Q2 net loss of $10,631,000 (Q2 2024: $12,024,000) and loss per common share of $(3.06). Operating expenses fell materially as R&D dropped to $2,182,000 (Q2 2024: $9,863,000) while G&A was $1,802,000.…
- 10-Q · May 15, 2025
- Windtree reported a net loss of $4.045 million for Q1 2025 (net loss attributable to common stockholders of $5.043 million) and EPS of $(4.63), a sharp deterioration from Q1 2024 when the company reported net income of…
- 10-K · April 15, 2025
- Windtree positions itself as a biotech focused on cardiovascular and oncology programs while pivoting (January 2025) to a revenue-generating parent-company model via acquisitions of small companies with FDA‑approved…
- 10-Q · November 26, 2024
- Windtree reported no product revenue and continued R&D and G&A spend, recording a three-month net loss of $2.749 million (net loss attributable to common stockholders $3.750 million) and basic/diluted loss per share of…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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