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.…
Earnings analysis · 10-Q
WINT earnings analysis
Filed November 19, 2025 · Our reading of the company's report
The latest report
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…
Read full summary
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).
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-1.08
What stood out
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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).
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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.
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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).
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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).
What to watch
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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.
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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)).
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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).
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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).
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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).
Management's outlook
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.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.