MediWound's EscharEx Nears Pivotal 1Q27 Readouts; NexoBrid MSA Reshapes 2026 Revenue Mix
Quarter in focus
MediWound reported a Q2 2026 that looks optically weak — revenue of $3.1M vs. $5.7M a year ago — but the drop is entirely a timing artifact. As CFO Hani Luxenburg put it, “the decrease primarily reflected the timing of BARDA funded development revenue” — Hani Luxenburg, CFO · 2026-08-13. The real story sits in the pipeline and the balance sheet: the EscharEx Phase III VALUE trial is approaching prespecified milestones, and a freshly signed Master Service Agreement (MSA) with Vericel, plus ongoing Department of War funding, is expected to drive a substantial second-half step-up in revenue. Management reaffirmed full-year 2026 guidance of $24M–$26M, implying the bulk of revenue lands in 2H, driven less by product sales and more by development services and government contracts.
EscharEx: enrollment on track, market view expands
Ofer Gonen reiterated that the VALUE study remains the company's top priority, targeting 216 patients across ~40 sites in the U.S., Europe, and Israel. Two key milestones are expected by the end of 1Q27: the prespecified interim sample size reassessment and completion of enrollment. “We do not need any improvement or changes in trends. We are on track” — Ofer Gonen, CEO · 2026-08-13, he said, responding to analyst questions about whether the timeline assumes accelerated enrollment. On site activation, he added, “we are something like very close to have them all recruiting” — Ofer Gonen, CEO · 2026-08-13, with less than 10% remaining to reach the target.
The clinical program is broadening in parallel. An updated U.S. market assessment from an independent global consulting firm now includes pressure ulcers in addition to venous leg ulcers and diabetic foot ulcers, lifting estimated annual peak sales to $1.05B. This supports the thesis that EscharEx, with its rapid nonsurgical debridement profile, addresses a far larger market than the legacy enzymatic debridement segment. An investigator-initiated trial in pressure ulcers is expected to begin in Q4 2026, and a Phase II DFU study is slated to initiate around the same time, with a head-to-head trial against collagenase also in the works.
NexoBrid: Vericel MSA and government funding
The NexoBrid commercial trajectory continues to strengthen — Vericel reported its strongest quarter since launch, with roughly 80 burn centers having ordered the product. More importantly, the new MSA with Vericel, following Vericel's 10-year BARDA contract valued at up to $197M, introduces a recurring revenue stream from development activities. Ofer Gonen explained: “we expect to initiate additional development programs under the MSA in the near term” — Ofer Gonen, CEO · 2026-08-13. The first program, focused on blast and friction-related injuries, is already underway, and the company expects to begin recognizing revenue from the MSA in 2H 2026. This sits alongside the Department of War's nondilutive funding for a room-temperature stable NexoBrid formulation, with a total program budget of $18.3M. Together, these catalysts fundamentally shift the company's revenue profile toward Vericel MSA activities and government contracts, reducing dependence on manufacturing capacity for growth.
During the second quarter, we made meaningful progress against our strategic priorities, advancing EscharEx and expanding the commercial and the development opportunities for NexoBrid.
Manufacturing timeline and competitive landscape
The expanded NexoBrid manufacturing facility remains a critical dependency. Management reiterated that EMA pre-audit modifications are operational in nature and expected to be complete by the end of Q4 2026, with commercial supply from the expanded facility anticipated in 2H 2027. Ofer Gonen clarified: “we have a delay. We reported this last quarter, but we are currently on track” — Ofer Gonen, CEO · 2026-08-13. Hani Luxenburg added that the facility timeline will not have a material impact on 2026 revenue guidance, as “a meaningful portion of the revenue we expect in the second half is associated with government-funded development activity and product supply under existing agreements” — Hani Luxenburg, CFO · 2026-08-13 rather than commercial supply from the facility.
On the competitive front, Barry Wolfenson addressed Smith & Nephew’s second-generation SANTYL commentary, downplaying near-term threat: “EscharEx is already in Phase III in chronic wounds, and that gives us what we believe to be a substantial clinical lead” — Barry Wolfenson, Chief Commercial Officer · 2026-08-13. He also noted that pressure ulcers, now included in the market assessment, further expand the opportunity, with peak sales exceeding $1B. This broader care market positioning underscores why the company’s collaboration network now spans essentially all major advanced wound care players.
Prior quarters context
The shift to a 2H-weighted revenue model and the pressure ulcer expansion are not entirely new. In the May 2026 call, CEO Ofer Gonen noted the enrollment pace had been slower than anticipated but expected completion by end of 2027 (later revised). He said, “we are around nearing the end” — Ofer Gonen, Chief Executive Officer or Senior Executive · 2026-05-27 of the enrollment challenge. And in the March 2026 call, when discussing pressure ulcers, he commented, “EscharEx works on burns, it works on wounds, it does not care which type of wounds it is applied on” — Ofer Gonen, Chief Executive Officer · 2026-03-05. Those prior themes are now crystallizing into formal milestones and revenue recognition.
The key changes this quarter are concrete: the MSA is signed, the first development program is underway, the updated market assessment adds a third indication, and the company reaffirmed guidance while flagging that most revenue will land in 2H. The market will be watching for interim VALUE data and enrollment completion updates in early 2027, along with any incremental MSA development program announcements. MediWound is now a more diversified chronic-wound and burn-care play, with a clear path to a potential blockbuster EscharEx and a government-backed NexoBrid franchise.