MediWound Ltd. Files 20-F Annual Report for Fiscal Year Ended December 31, 2023

TL;DR

<b>MediWound Ltd. has filed its 20-F annual report, detailing board and executive changes in 2023 and financial events from 2022.</b>

AI Summary

MediWound Ltd. (MDWD) filed a Foreign Annual Report (20-F) with the SEC on March 21, 2024. MediWound Ltd. filed its 20-F annual report for the fiscal year ending December 31, 2023. The company's board saw changes in 2023, with three members leaving and one joining, resulting in a total of five members. Key officer positions also experienced changes, with two officers replaced in 2023, bringing the total to six officers. The filing mentions a one-time bonus payment of $120 to the Chief Medical Officer in December 2022 upon US marketing approval. One-time expenses of $309 were recorded for the year ended December 31, 2022, related to management changes.

Why It Matters

For investors and stakeholders tracking MediWound Ltd., this filing contains several important signals. The report provides insights into the company's governance structure and executive team stability through the disclosed board and officer changes. Information on one-time expenses and bonus payments offers a glimpse into specific financial events impacting the company's profit and loss in recent years.

Risk Assessment

Risk Level: medium — MediWound Ltd. shows moderate risk based on this filing. The filing is a standard annual report (20-F) which typically contains a mix of operational, financial, and governance information, requiring careful review for specific risks and financial details.

Analyst Insight

Review the full 20-F filing for detailed financial statements, risk factors, and management discussion to assess MediWound Ltd.'s performance and outlook.

Key Numbers

• 2023 — Year of Board Changes (Three members left, one joined.)
• 5 — Total Board Members (End of 2023) (After changes in 2023.)
• 2023 — Year of Key Officer Replacements (Two key officers were replaced.)
• 6 — Total Key Officers (End of 2023) (After replacements.)
• $120 — CMO Bonus Payment (Recorded in December 2022.)
• $309 — One-time Expenses (2022) (Associated with management changes.)
• 6.26%-6.55% — USD Deposit Interest Rate (2023) (For periods of 91-365 days.)
• $326 — Write-down Amount (Included in expenses.)

Key Players & Entities

• MediWound Ltd. (company) — Filer name
• 20-F (regulator) — Form type
• December 31, 2023 (date) — Conformed period of report
• March 21, 2024 (date) — Filed as of date
• Chief Medical Officer (person) — Position receiving bonus
• $120 (dollar_amount) — One-time bonus payment
• $309 (dollar_amount) — One-time expenses in 2022
• Vericel (company) — Mentioned in License Agreement

FAQ

Risk Factors

• Management Changes [medium — operational]: The company experienced significant changes in its board and key officer positions during 2023.

Key Dates

• 2023-12-31: Fiscal Year End — Reporting period for the 20-F filing.
• 2024-03-21: Filing Date — Date the 20-F was submitted to the SEC.

Filing Documents

• zk2431143.htm (20-F) — 3485KB
• exhibit_1-1.htm (EX-1.1) — 249KB
• exhibit_2-1.htm (EX-2.1) — 42KB
• exhibit_4-14.htm (EX-4.14) — 119KB
• exhibit_4-23.htm (EX-4.23) — 115KB
• exhibit_12-1.htm (EX-12.1) — 9KB
• exhibit_12-2.htm (EX-12.2) — 9KB
• exhibit_13-1.htm (EX-13.1) — 3KB
• exhibit_13-2.htm (EX-13.2) — 3KB
• exhibit_15-1.htm (EX-15.1) — 3KB
• exhibit_97-1.htm (EX-97.1) — 30KB
• mdwd_img01.jpg (GRAPHIC) — 4KB
• image0.jpg (GRAPHIC) — 349KB
• image1.jpg (GRAPHIC) — 301KB
• image2.jpg (GRAPHIC) — 632KB
• image3.jpg (GRAPHIC) — 745KB
• image4.jpg (GRAPHIC) — 667KB
• 0001178913-24-001020.txt (&nbsp;) — 21416KB
• mdwd-20231231.xsd (EX-101.SCH) — 134KB
• mdwd-20231231_cal.xml (EX-101.CAL) — 71KB
• mdwd-20231231_def.xml (EX-101.DEF) — 276KB
• mdwd-20231231_lab.xml (EX-101.LAB) — 1027KB
• mdwd-20231231_pre.xml (EX-101.PRE) — 477KB
• zk2431143_htm.xml (XML) — 2963KB

Item 18

Item 17 Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No MEDIWOUND LTD. FORM 20-F ANNUAL REPORT FOR THE FISCAL YEAR ENDED DECEMBER 31, 2023 TABLE OF CONTENTS INTRODUCTION i SPECIAL NOTE REGARDING FORWARD-LOOKING i PART I

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT

Item 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 1

OFFER STATISTICS AND EXPECTED TIMETABLE

Item 2. OFFER STATISTICS AND EXPECTED TIMETABLE 1

KEY INFORMATION

Item 3. KEY INFORMATION 1

INFORMATION ON THE COMPANY

Item 4. INFORMATION ON THE COMPANY 37

UNRESOLVED STAFF COMMENTS

Item 4A. UNRESOLVED STAFF COMMENTS 76

OPERATING AND FINANCIAL

Item 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 76

DIRECTORS, SENIOR MANAGEMENT AND

Item 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 90

MAJOR SHAREHOLDERS AND RELATED PARTY

Item 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 108

FINANCIAL INFORMATION

Item 8. FINANCIAL INFORMATION 113

THE OFFER AND LISTING

Item 9. THE OFFER AND LISTING 114

ADDITIONAL INFORMATION

Item 10. ADDITIONAL INFORMATION 114

QUANTITATIVE AND QUALITATIVE DISCLOSURES

Item 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 123

DESCRIPTION OF SECURITIES OTHER

Item 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 124 PART II

DEFAULTS, DIVIDEND ARREARAGES AND

Item 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 124

MATERIAL MODIFICATIONS TO THE RIGHTS

Item 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 124

CONTROLS AND PROCEDURES

Item 15. CONTROLS AND PROCEDURES 124

AUDIT COMMITTEE FINANCIAL

Item 16A. AUDIT COMMITTEE FINANCIAL EXPERT 124

CODE OF ETHICS

Item 16B. CODE OF ETHICS 125

PRINCIPAL ACCOUNTANT

Item 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 125

EXEMPTIONS FROM THE LISTING STANDARDS

Item 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 125

PURCHASES OF EQUITY SECURITIES

Item 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 125

CHANGE IN REGISTRANT'S CERTIFYING

Item 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 125

CORPORATE GOVERNANCE

Item 16G. CORPORATE GOVERNANCE 126

MINE SAFETY DISCLOSURE

Item 16H. MINE SAFETY DISCLOSURE 126

DISCLOSURE REGARDING FOREIGN

Item 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 126 Item 16J. INSIDER TRADING POLICIE S 126 Item 16K. CYBERSECURITY 126 PART III

FINANCIAL STATEMENTS

Item 17. FINANCIAL STATEMENTS 128

FINANCIAL STATEMENTS

Item 18. FINANCIAL STATEMENTS 128

EXHIBITS

Item 19. EXHIBITS 128

SIGNATURES

SIGNATURES 131 INTRODUCTION In this annual report, the terms "MediWound," "we," "us," "our" and "the company" refer to MediWound Ltd. and its subsidiaries. This annual report includes other statistical, market and industry data and forecasts which we obtained from publicly available information and independent industry publications and reports that we believe to be reliable sources. These publicly available industry publications and reports generally state that they obtain their information from sources that they believe to be reliable, but they do not guarantee the accuracy or completeness of the information. Although we believe that these sources are reliable, we have not independently verified the information contained in such publications. Certain estimates and forecasts involve uncertainties and risks and are subject to change based on various factors, including those discussed under the headings "Special Note Regarding Forward-Looking Statements" and "ITEM 3.D. Risk Factors" in this annual report. Throughout this annual report, we refer to various trademarks, service marks and trade names that we use in our business. Solely for convenience, the trademarks, service marks and trade names are referred to herein without the use of and symbols. However, the omission of such symbols are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensors to these trademarks, service marks and trade names. The "MediWound" design logo, "MediWound," "NexoBrid," "EscharEx" and other trademarks or service marks of MediWound Ltd. appearing in this annual report are the property of MediWound Ltd. We have several other trademarks, service marks and pending applications relating to our solutions. Other trademarks and service marks appearing in this annual report are the property of their respective holders. Our use or display of other companies' trademarks, service marks or trad

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

Item 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS Not applicable.

OFFER STATISTICS AND EXPECTED TIMETABLE

Item 2. OFFER STATISTICS AND EXPECTED TIMETABLE Not applicable.

KEY INFORMATION

Item 3. KEY INFORMATION A. [Reserved] B. Capitalization and Indebtedness Not applicable. C. Reasons for the Offer and Use of Proceeds Not applicable. D.

Risk Factors

Risk Factors Our business faces significant risks. You should carefully consider all of the information set forth in this annual report and in our other filings with the United States Securities and Exchange Commission (the "SEC"), including the following risk factors which we face and which are faced by our industry. Our business, financial condition and results of operations could be materially and adversely affected by any of these risks. In that event, the trading price of our ordinary shares would likely decline and you might lose all or part of your investment. This report also contains forward-looking statements that involve risks and uncertainties. Our results could materially differ from those anticipated in these forward-looking filings. See "Special Note Regarding Forward-Looking Statements" on page i. 1 Risks Related to Development, Clinical Testing and Regulatory Approval Product development is a lengthy and expensive process, with an uncertain outcome. We intend to develop and commercialize pipeline product candidates based on our patented enzymatic technology platform for (i) marketing authorization of EscharEx in the U.S. and other jurisdictions, (ii) NexoBrid in the U.S. for children and for all ages in other jurisdictions and (iii) our other pipeline products in variety of jurisdictions across the world. However, before obtaining regulatory approval for the sale of our pipeline product candidates in any jurisdiction, we must conduct, at our own expense, clinical studies to demonstrate that the products are safe and effective. Preclinical and clinical testing is expensive, is difficult to design and implement, can take many years to complete and is uncertain as to outcome. A failure of one or more of our clinical trials can occur at any stage of testing. We may experience numerous unforeseen events during, or

View Full Filing

View this 20-F filing on SEC EDGAR