Windtree Therapeutics Files 10-Q for Q1 2024

TL;DR

<b>Windtree Therapeutics reported minimal revenue and a net loss of $5.0 million for Q1 2024, alongside a recent reverse stock split.</b>

AI Summary

WINDTREE THERAPEUTICS INC /DE/ (WINTW) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. Revenue for the three months ended March 31, 2024, was $0.001 million. Net loss for the three months ended March 31, 2024, was $5.0 million. Total assets as of March 31, 2024, were $0.51 million. Total debt as of March 31, 2024, was $0.33 million. The company completed a 1-for-44 reverse stock split on April 19, 2024.

Why It Matters

For investors and stakeholders tracking WINDTREE THERAPEUTICS INC /DE/, this filing contains several important signals. The company's minimal revenue and significant net loss indicate ongoing financial challenges and a need for substantial funding or revenue generation. The recent reverse stock split suggests an effort to increase the stock price, potentially to meet exchange listing requirements or attract investors, but it does not fundamentally alter the company's financial performance.

Risk Assessment

Risk Level: high — WINDTREE THERAPEUTICS INC /DE/ shows elevated risk based on this filing. The company reported minimal revenue ($0.001 million) and a net loss of $5.0 million for the quarter, indicating a high risk of continued financial distress and potential need for further financing.

Analyst Insight

Monitor future filings for signs of revenue growth or successful fundraising to address the company's significant net loss.

Financial Highlights

debt To Equity

0.65

revenue

0.001

operating Margin

N/A

total Assets

510,181

total Debt

333,145

net Income

-5,000,000

eps

N/A

gross Margin

N/A

cash Position

N/A

revenue Growth

N/A

Key Numbers

• 0.001 — Revenue (Q1 2024) (three months ended March 31, 2024)
• 5,000,000 — Net Loss (Q1 2024) (three months ended March 31, 2024)
• 510,181 — Total Assets (Mar 31, 2024) (as of March 31, 2024)
• 333,145 — Total Debt (Mar 31, 2024) (as of March 31, 2024)
• 1-for-44 — Reverse Stock Split Ratio (effective April 19, 2024)

Key Players & Entities

• Windtree Therapeutics Inc (company) — FILER
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-15 (date) — FILED AS OF DATE
• $0.001 million (dollar_amount) — Revenue for the three months ended March 31, 2024
• $5.0 million (dollar_amount) — Net loss for the three months ended March 31, 2024
• $0.51 million (dollar_amount) — Total assets as of March 31, 2024
• $0.33 million (dollar_amount) — Total debt as of March 31, 2024
• April 19, 2024 (date) — reverse stock split

FAQ

Risk Factors

• Going Concern [high — financial]: The company's recurring losses and limited revenue raise substantial doubt about its ability to continue as a going concern.

Industry Context

Windtree Therapeutics operates in the biotechnology sector, focusing on developing therapies. This sector is characterized by high R&D costs, long development cycles, and significant regulatory hurdles.

Regulatory Implications

As a biotechnology company, Windtree Therapeutics is subject to FDA regulations for drug development and approval, as well as SEC regulations for financial reporting.

What Investors Should Do

1. Analyze the company's cash burn rate and runway in subsequent filings.
2. Investigate the strategic rationale and potential impact of the reverse stock split on shareholder value and market perception.
3. Monitor for any new clinical trial updates or partnership announcements that could drive future revenue.

Key Dates

• 2024-04-19: Reverse Stock Split — Company implemented a 1-for-44 reverse stock split.
• 2024-03-31: End of Q1 2024 — Reporting period for the 10-Q.
• 2024-05-15: Filing Date — Date the 10-Q was filed with the SEC.

Year-Over-Year Comparison

This filing covers the first quarter of 2024. Specific comparative figures from the prior year's quarter are not detailed in the provided header information.

Key Financial Figures

• $0.001 — nge on which registered Common Stock, $0.001 par value WINT The Nasdaq Capital M

Filing Documents

• wint20240331_10q.htm (10-Q) — 904KB
• ex_674656.htm (EX-10.1) — 73KB
• ex_674657.htm (EX-10.2) — 30KB
• ex_657129.htm (EX-31.1) — 15KB
• ex_657131.htm (EX-32.1) — 7KB
• 0001437749-24-017124.txt (&nbsp;) — 4779KB
• wint-20240331.xsd (EX-101.SCH) — 47KB
• wint-20240331_cal.xml (EX-101.CAL) — 25KB
• wint-20240331_def.xml (EX-101.DEF) — 351KB
• wint-20240331_lab.xml (EX-101.LAB) — 286KB
• wint-20240331_pre.xml (EX-101.PRE) — 367KB
• wint20240331_10q_htm.xml (XML) — 521KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Page Item 1.

Financial Statements

Financial Statements 4 CONDENSED CONSOLIDATED BALANCE SHEETS 4 As of March 31, 2024 (unaudited) and December 31, 2023 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) 5 For the Three Months Ended March 31, 2024 and 2023 CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (unaudited) For the Three Months Ended March 31, 2024 and 2023 6 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) 7 For the Three Months Ended March 31, 2024 and 2023 Notes to Condensed Consolidated Financial Statements (unaudited) 8 Item 2. Management ' s Discussion and Analysis of Financial Condition and Results of Operations 21 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 28 Item 4.

Controls and Procedures

Controls and Procedures 28

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 29 Item 1A.

Risk Factors

Risk Factors 29 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 29 Item 3. Defaults Upon Senior Securities 29 Item 4. Mine Safety Disclosures 29 Item 5. Other Information 29 Item 6. Exhibits 31

Signatures

Signatures 32 1 Table of Contents Unless the context otherwise requires, all references to "we," "us," "our," and the "Company" include Windtree Therapeutics, Inc., and its consolidated subsidiaries.

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. These forward-looking statements provide our current expectations or forecasts of future events and financial performance and may be identified by the use of forward-looking terminology, including such terms as "believes," "estimates," "anticipates," "expects," "plans," "intends," "may," "will," "should," "could," "targets," "projects," "contemplates," "predicts," "potential" or "continues" or, in each case, their negative, or other variations or comparable terminology, though the absence of these words does not necessarily mean that a statement is not forward-looking. We intend that all forward-looking statements be subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to many risks and uncertainties that could cause actual results to differ materially from any future results expressed or implied by the forward-looking statements. We caution you therefore against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Examples of such risks and uncertainties, which potentially could have a material adverse effect on our development programs, business and/or operations, include, but are not limited to the following: our estimates regarding future results of operations, financial position, research and development costs, capital requirements, and our needs for additional financing; how long we can continue to fund our operations with our existing cash and cash equivalents; changes in market conditions, general economic conditions, and the banking sector, and potential constraints in accessing capital o

Financial Statements

ITEM 1. Financial Statements WINDTREE THERAPEUTICS, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands, except share and per share data) March 31, 2024 December 31, 2023 (Unaudited) ASSETS Current Assets: Cash and cash equivalents $ 2,547 $ 4,319 Prepaid expenses and other current assets 792 1,060 Total current assets 3,339 5,379 Property and equipment, net 162 183 Restricted cash 9 150 Operating lease right-of-use assets 1,343 1,444 Intangible assets 25,250 25,250 Total assets $ 30,103 $ 32,406 LIABILITIES & STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 1,689 $ 809 Accrued expenses 2,125 1,618 Operating lease liabilities - current portion 446 436 Loans payable - 233 Other current liabilities 725 900 Total current liabilities 4,985 3,996 Operating lease liabilities - non-current portion 1,038 1,161 Restructured debt liability - contingent milestone payments - 15,000 Other liabilities 3,800 3,800 Deferred tax liabilities 4,859 5,058 Total liabilities 14,682 29,015 Stockholders' Equity: Preferred stock, $ 0.001 par value; 5,000,000 shares authorized; 0 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively - - Common stock, $ 0.001 par value; 120,000,000 shares authorized; 510,181 and 333,145 shares issued at March 31, 2024 and December 31, 2023, respectively; 510,180 and 333,144 shares outstanding at March 31, 2024 and December 31, 2023, respectively 1 - Additional paid-in capital 853,078 851,268 Accumulated deficit ( 834,604 ) ( 844,823 ) Treasury stock (at cost); 1 share ( 3,054 ) ( 3,054 ) Total stockholders' equity 15,421 3,391 Total liabilities & stockholders' equity $ 30,103 $ 32,406 See notes to condensed consolidated financial statements 4 Table of Contents WINDTREE THERAPEUTICS, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations (Unaudited

View Full Filing

View this 10-Q filing on SEC EDGAR