Windtree Therapeutics Reports $2.7 Million Net Loss in Q3 2024, Improved from Previous Year

Windtree Therapeutics, Inc. reported a net loss of $2.7 million for the third quarter of 2024, a decrease from the $4.4 million loss recorded in the same period of the previous year. For the nine months ending September 30, 2024, the company’s net loss was $4.6 million, significantly improved from a loss of $15.1 million during the same timeframe in 2023. The reduction in losses is attributed to a $14.6 million gain on debt extinguishment and a decrease in operating expenses, which totaled $20.6 million for the nine months ended September 30, 2024, compared to $15.6 million for the same period in 2023.

The company’s research and development expenses for the third quarter were $1.97 million, slightly down from $2.11 million in the prior year. However, for the nine-month period, R&D expenses surged to $14.08 million, primarily due to $7.5 million in non-cash expenses related to the acquisition of in-process research and development from Varian Biopharmaceuticals. General and administrative expenses increased to $2.77 million in the third quarter from $2.58 million in the previous year, reflecting higher professional fees associated with recent private placements.

In terms of strategic developments, Windtree Therapeutics has made significant strides in its clinical programs, particularly with its lead product candidate, istaroxime, which is being developed for acute heart failure and cardiogenic shock. The company announced positive topline results from its Phase 2b SEISMiC Extension Study, indicating that istaroxime significantly improves cardiac function and blood pressure without increasing heart rate. Additionally, the company has initiated a new study, the SEISMiC C Study, to evaluate istaroxime in patients with more severe cardiogenic shock.

Operationally, Windtree Therapeutics has been active in securing funding to support its development programs. The company entered into an equity line of credit agreement in June 2024, allowing it to sell up to $35 million in common stock. As of September 30, 2024, Windtree had cash and cash equivalents of $2.3 million, with current liabilities totaling $14.4 million, including an $8.6 million warrant liability. The company has indicated that it will need to secure additional capital to continue its operations beyond January 2025, raising concerns about its ability to continue as a going concern.

Looking ahead, Windtree Therapeutics plans to pursue additional financing through public or private offerings and strategic partnerships to support its clinical trials and operational needs. The company remains focused on advancing its product candidates while navigating the challenges of funding and market conditions.