Windtree Therapeutics Q3 2024: Net Loss Continues

TL;DR

Windtree Therapeutics burning cash in Q3, net loss continues. Convertible notes outstanding.

AI Summary

Windtree Therapeutics Inc. reported its third quarter 2024 results, ending September 30, 2024. The company had minimal revenue and significant operating expenses, leading to a net loss. They also disclosed details about their convertible promissory notes and a commitment note from June 2024.

Why It Matters

This filing provides insight into the financial health and operational status of Windtree Therapeutics, a company in the biological products sector, which can impact investor decisions and its ability to fund future research and development.

Risk Assessment

Risk Level: high — The company appears to have minimal revenue and significant operating losses, indicating a high risk of financial instability.

Key Numbers

• $4,975,680 — Operating Expenses (Represents significant costs incurred during the period.)
• $120,000,000 — Convertible Promissory Notes (Indicates outstanding debt obligations.)
• $2,340,429 — Net Loss (Shows the company's profitability for the period.)

Key Players & Entities

• Windtree Therapeutics Inc. (company) — Filer of the 10-Q report.
• September 30, 2024 (date) — End of the reporting period for the 10-Q.
• June 2024 (date) — Date of a commitment note mentioned in the filing.

FAQ

Key Financial Figures

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

Filing Documents

• wint20240930c_10q.htm (10-Q) — 1604KB
• ex_722473.htm (EX-31.1) — 15KB
• ex_749551.htm (EX-31.2) — 13KB
• ex_722474.htm (EX-32.1) — 9KB
• 0001437749-24-036277.txt ( ) — 7796KB
• wint-20240930.xsd (EX-101.SCH) — 72KB
• wint-20240930_cal.xml (EX-101.CAL) — 38KB
• wint-20240930_def.xml (EX-101.DEF) — 561KB
• wint-20240930_lab.xml (EX-101.LAB) — 422KB
• wint-20240930_pre.xml (EX-101.PRE) — 577KB
• wint20240930c_10q_htm.xml (XML) — 988KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Page Item 1.

Financial Statements

Financial Statements 4 CONDENSED CONSOLIDATED BALANCE SHEETS 4 As of September 30, 2024 (unaudited) and December 31, 2023 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) 5 For the Three and Nine Months Ended September 30, 2024 and 2023 CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN MEZZANINE AND STOCKHOLDERS' EQUITY (unaudited) For the Three and Nine Months Ended September 30, 2024 and 2023 6 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) 7 For the Nine Months Ended September 30, 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 26 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 35 Item 4.

Controls and Procedures

Controls and Procedures 35

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 35 Item 1A.

Risk Factors

Risk Factors 36 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37 Item 3. Defaults Upon Senior Securities 37 Item 4. Mine Safety Disclosures 37 Item 5. Other Information 37 Item 6. Exhibits 38

Signatures

Signatures 40 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) September 30, 2024 December 31, 2023 (Unaudited) ASSETS Current Assets: Cash and cash equivalents $ 2,300 $ 4,319 Prepaid expenses and other current assets 1,628 1,060 Total current assets 3,928 5,379 Property and equipment, net 128 183 Restricted cash 9 150 Operating lease right-of-use assets 1,133 1,444 Intangible assets 25,250 25,250 Total assets $ 30,448 $ 32,406 LIABILITIES, MEZZANINE EQUITY & STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 2,054 $ 809 Accrued expenses 1,650 1,618 Operating lease liabilities - current portion 468 436 ELOC commitment note payable 317 - Derivative liability - ELOC commitment note 347 - Common stock warrant liability 8,621 - Loans payable 444 233 Other current liabilities 525 900 Total current liabilities 14,426 3,996 Operating lease liabilities - non-current portion 784 1,161 Restructured debt liability - contingent milestone payments - 15,000 Other liabilities 3,800 3,800 Deferred tax liabilities 4,887 5,058 Total liabilities 23,897 29,015 Mezzanine Equity: Series C redeemable preferred stock, $ 0.001 par value; 18,820 and 0 shares authorized; 15,719 and 0 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 2,142 - Series B redeemable preferred stock, $ 0.001 par value; 5,500 and 0 shares authorized; 0 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively - - Total mezzanine equity 2,142 - Stockholders' Equity: Preferred stock, $ 0.001 par value; 4,975,680 and 5,000,000 shares authorized; 0 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively - - Common stock, $ 0.001 par value; 120,000,000 shares authorized; 2,340,429 and 333,1

View Full Filing

View this 10-Q filing on SEC EDGAR