Financial Results and Business Updates from Windtree Therapeutics, Inc. for the Fourth Quarter and Fiscal Year Ended December 31, 2023

Windtree Therapeutics, a biotechnology company focused on innovative therapies for critical conditions, has reported its financial results for the fourth quarter and fiscal year ended December 31, 2023. The company’s CEO, Craig Fraser, highlighted the productive period with advancements in clinical programs, acquisitions, and partnerships.

One of the key updates from Windtree is the acquisition of a novel oncology preclinical atypical protein kinase C iota inhibitor platform from Varian Biopharmaceuticals. This acquisition is part of the company’s portfolio optimization strategy and marks a potentially transformative step for Windtree. Additionally, the company plans to read out data from ongoing Phase 2 istaroxime trials in cardiogenic shock and support a Phase 3 program in acute heart failure.

Dr. Steve Simonson, Chief Medical Officer of Windtree, discussed the progress made by the R&D and clinical team, including advancements in the istaroxime program and the integration of the newly acquired aPKCi inhibitor into the preclinical portfolio. The company plans to focus on developing a comprehensive development plan for the aPKCi inhibitor platform, targeting malignancies with unmet needs.

In terms of financial results, Windtree reported an operating loss of $5.0 million for the fourth quarter of 2023, compared to $10.8 million in the same period in 2022. The company’s net loss for the quarter was $5.2 million. For the full year 2023, Windtree reported an operating loss of $20.6 million and a net loss of $20.3 million.

As of December 31, 2023, Windtree had cash and cash equivalents of $4.3 million and current liabilities of $4.0 million. The company completed a $1.5 million convertible note bridge financing in April 2024, providing resources to fund operations through April 2024.

Overall, Windtree Therapeutics continues to make significant strides in advancing its pipeline of innovative therapies and strengthening its position in the biotechnology industry. With key acquisitions, partnerships, and clinical advancements, the company is poised for continued growth and success in the future.