Windtree Therapeutics (WINT) investor relations material

Executive summary

• Net loss of $28.1 million for Q3 2025 and $42.8 million for the nine months ended September 30, 2025, with an accumulated deficit of $889.4 million as of quarter end.

• Delisting from Nasdaq in August 2025 due to noncompliance with minimum bid price requirements; shares now trade on OTCID.

• Shifted corporate strategy in January 2025 to focus on revenue generation through acquisitions of small companies with FDA-approved products, while continuing to seek partnerships for its cardiovascular and oncology pipeline.

• Terminated the SEISMIC C clinical trial for istaroxime in severe cardiogenic shock due to resource constraints; focus shifted to less severe heart failure patients in partnership with Lee's Pharmaceutical.

Financial highlights

• Q3 2025 operating loss was $19.9 million, up from $4.7 million in Q3 2024, primarily due to a $16.1 million impairment of intangible assets.

• Research and development expenses for the nine months ended September 30, 2025, were $6.3 million, down from $14.1 million in the prior year period.

• General and administrative expenses for the nine months ended September 30, 2025, were $5.5 million, down from $6.5 million in the prior year period.

• Net cash used in operating activities was $11.4 million for the nine months ended September 30, 2025.

• Cash and cash equivalents were $0.2 million as of September 30, 2025, with current liabilities of $21.9 million.

Outlook and guidance

• Management believes available resources are sufficient to fund operations through December 2025, but not for 12 months from the report date, raising substantial doubt about going concern.

• Plans to secure additional capital through public or private offerings, convertible debt, or strategic transactions, but none are committed.