Windtree Therapeutics Inc (NASDAQ: WINT) is a clinical-stage biopharmaceutical company that develops drug candidates for acute cardiovascular and respiratory conditions. The company generates no product revenue, funding operations through equity issuances, an equity line of credit, and licensing arrangements with partners. As of the 10-K filed April 15, 2025, Windtree's pipeline includes istaroxime, a drug candidate for acute heart failure, and rostafuroxin, a candidate for hypertension, with the rostafuroxin program carrying a $1.8 million fair value as of December 1, 2024 after a $1.1 million impairment charge reflecting difficulties securing development funding. The company has licensing agreements with Lee's Pharmaceutical (HK) Ltd. and has historical agreements with Philip Morris Products S.A. and Laboratorios del Dr. Esteve S.A. Windtree operates with no commercial products on the market and relies on external capital, exposing stockholders to material dilution risk. As of FY2024, the company sold 0.2 million shares under a $35 million equity line of credit for net proceeds of $9.0 million.

Revenue model

No product revenue as of FY2024. Windtree funds operations through equity offerings, a $35 million equity line of credit established June 2024, warrant exercises, and licensing arrangements. The company sold 0.2 million common shares under the equity line for $9.0 million net proceeds in FY2024.

Products and services

Istaroxime: clinical-stage intravenous drug candidate for acute heart failure. Rostafuroxin: clinical-stage oral drug candidate for hypertension, with IPR&D fair value of approximately $1.8 million as of December 1, 2024 following a $1.1 million impairment charge.

Customers and end markets

No commercial customers as of FY2024. Target end markets are hospital-based acute cardiovascular care and hypertension treatment. Licensing partners include Lee's Pharmaceutical (HK) Ltd. and historical partners Laboratorios del Dr. Esteve S.A.

Value-chain role

Pre-commercial drug developer. Windtree in-licenses, develops, and seeks to out-license or commercialize drug candidates. It relies on third-party contract organizations for clinical execution and has sublicense and supply agreements with partners.

Geographic exposure

U.S.-incorporated and SEC-reporting entity. Licensing agreements extend to international partners including Lee's Pharmaceutical (HK) Ltd. and historical European partner Laboratorios del Dr. Esteve S.A. No disclosed commercial geographic revenue split.

Source: SEC 10-K, filed 2025-04-15

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