Exhibit 99.2
MEDIWOUND LTD. AND ITS SUBSIDIARIES
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
AS OF JUNE 30, 2026
IN U.S. DOLLARS IN THOUSANDS
UNAUDITED
INDEX
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MEDIWOUND LTD. AND ITS SUBSIDIARIES
Unaudited Condensed Interim Consolidated Statements of Financial Position
U.S. dollars in thousands
| June 30, | December 31, | |||||||||||
| 2026 | 2025 | 2025 | ||||||||||
| Cash and cash equivalents | ||||||||||||
| Short-term bank deposits | ||||||||||||
| Trade receivables | ||||||||||||
| Inventories | ||||||||||||
| Other receivables | ||||||||||||
| Total current assets | ||||||||||||
| Other receivables | ||||||||||||
| Long-term restricted bank deposits | ||||||||||||
| Property, plant and equipment | ||||||||||||
| Right-of-use assets | ||||||||||||
| Intangible assets | ||||||||||||
| Total non-current assets | ||||||||||||
| Total assets | ||||||||||||
| Current maturities of long-term liabilities | ||||||||||||
| Warrants | ||||||||||||
| Trade payables and accrued expenses | ||||||||||||
| Other payables | ||||||||||||
| Total current liabilities | ||||||||||||
| Grants received in advance | ||||||||||||
| Liabilities in respect of IIA grants | ||||||||||||
| Lease liabilities | ||||||||||||
| Severance pay liability, net | ||||||||||||
| Total non-current liabilities | ||||||||||||
| Total liabilities | ||||||||||||
| Shareholders' equity: | ||||||||||||
| Ordinary shares of NIS |
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| Authorized: |
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| Share premium | ||||||||||||
| Foreign currency translation adjustments | ( |
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| Accumulated deficit | ( |
) | ( |
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| Total equity | ||||||||||||
| Total liabilities and equity | ||||||||||||
The accompanying notes are an integral part of the interim financial statements.
F - 2
MEDIWOUND LTD. AND ITS SUBSIDIARIES
Unaudited Condensed Interim Consolidated Statements of Profit or Loss and Other Comprehensive Income or Loss
U.S. dollars in thousands (except for share and per share data)
|
Six months ended June 30, |
Three months ended June 30, |
Year ended December 31, |
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| 2026 | 2025 | 2026 | 2025 | 2025 | ||||||||||||||||
| Revenues from sale of products | ||||||||||||||||||||
| Revenues from development services | ||||||||||||||||||||
| Revenues from license agreements and royalties | ||||||||||||||||||||
| Total revenues | ||||||||||||||||||||
| Cost of revenues from sale of products | ||||||||||||||||||||
| Cost of revenues from development services | ||||||||||||||||||||
| Cost of revenues from license agreements and royalties | ||||||||||||||||||||
| Total cost of revenues | ||||||||||||||||||||
| Gross profit | ||||||||||||||||||||
| Research and development | ||||||||||||||||||||
| Selling and marketing | ||||||||||||||||||||
| General and administrative | ||||||||||||||||||||
| Other expenses (income) | ( |
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| Total operating expenses | ||||||||||||||||||||
| Operating loss | ( |
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| Financial income | ||||||||||||||||||||
| Financial expenses | ( |
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| Financing income (expenses), net | ( |
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| Loss before taxes on income | ( |
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| Taxes on income | ( |
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| Net loss | ( |
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| Other comprehensive income (loss): | ||||||||||||||||||||
| Foreign currency translation adjustments | ( |
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| Total comprehensive loss | ( |
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| Loss per share data: | ||||||||||||||||||||
| Basic net loss per share | ( |
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| Diluted net loss per share | ( |
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| Number of shares used in calculating basic loss per share | ||||||||||||||||||||
| Number of shares used in calculating diluted loss per share | ||||||||||||||||||||
The accompanying notes are an integral part of the interim consolidated financial statements.
F - 3
MEDIWOUND LTD. AND ITS SUBSIDIARIES
Unaudited Condensed Interim Consolidated Statements of Changes in Shareholders’ Equity
U.S. dollars in thousands
| Share capital | Share premium | Foreign currency translation reserve |
Accumulated deficit |
Total equity |
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| Balance as of April 1, 2026 | ( |
) | ( |
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| Loss for the period | ( |
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| Other comprehensive income | ||||||||||||||||||||
| Total comprehensive loss | ( |
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| Exercise of options and warrants | ||||||||||||||||||||
| Share-based compensation | ||||||||||||||||||||
| Balance as of June 30, 2026 (unaudited) | ( |
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| Balance as of April 1, 2025 | ( |
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| Loss for the period | ( |
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| Other comprehensive loss | ( |
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| Total comprehensive loss | ( |
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| Exercise of options and warrants | ||||||||||||||||||||
| Share-based compensation | ||||||||||||||||||||
| Balance as of June 30, 2025 (unaudited) | ( |
) | ( |
) | ||||||||||||||||
The accompanying notes are an integral part of the interim consolidated financial statements.
F - 4
MEDIWOUND LTD. AND ITS SUBSIDIARIES
Unaudited Condensed Interim Consolidated Statements of Changes in Shareholders’ Equity
U.S. dollars in thousands
| Share capital | Share premium | Foreign currency translation reserve |
Accumulated deficit |
Total equity |
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| Balance as of December 31, 2025 (audited) | ( |
) | ( |
) | ||||||||||||||||
| Loss for the period | ( |
) | ( |
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| Other comprehensive income | ||||||||||||||||||||
| Total comprehensive loss | ( |
) | ( |
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| Exercise of options and warrants | ||||||||||||||||||||
| Share-based compensation | ||||||||||||||||||||
| Balance as of June 30, 2026 (unaudited) | ( |
) | ( |
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| Balance as of December 31, 2024 (audited) | ( |
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| Loss for the period | ( |
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| Other comprehensive loss | ( |
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| Total comprehensive loss | - | ( |
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| Exercise of options and warrants | ||||||||||||||||||||
| Share-based compensation | ||||||||||||||||||||
| Balance as of June 30, 2025 (unaudited) | ( |
) | ( |
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| Balance as of December 31, 2024 (audited) | ( |
) | ( |
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| Loss for the period | ( |
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| Other comprehensive loss | ( |
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| Total comprehensive loss | ( |
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| Exercise of options and warrants | ||||||||||||||||||||
| Issuance of ordinary shares, net of issuance expenses | ||||||||||||||||||||
| Share-based compensation | ||||||||||||||||||||
| Balance as of December 31, 2025 (audited) | ( |
) | ( |
) | ||||||||||||||||
The accompanying notes are an integral part of the interim consolidated financial statements.
F - 5
MEDIWOUND LTD. AND ITS SUBSIDIARIES
Unaudited Condensed Interim Consolidated Statements of Cash Flows
U.S. dollars in thousands
|
Six months ended June 30, |
Three months ended June 30, |
Year ended December 31, |
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| 2026 | 2025 | 2026 | 2025 | 2025 | ||||||||||||||||
| Cash flows from operating activities: | ||||||||||||||||||||
| Net loss | ( |
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| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||||||||||
| Adjustments to profit and loss items: | ||||||||||||||||||||
| Depreciation and amortization | ||||||||||||||||||||
| Share-based compensation | ||||||||||||||||||||
| Revaluation of warrants accounted at fair value | ( |
) | ( |
) | ( |
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| Revaluation of liabilities in respect of IIA grants | ||||||||||||||||||||
| Financing expenses and exchange differences of lease liability | ||||||||||||||||||||
| Increase (decrease) in severance pay liability, net | ( |
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| Other expenses (income) | ( |
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| Financial income, net | ( |
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| Un-realized foreign currency gain | ( |
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| ( |
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| Changes in asset and liability items: | ||||||||||||||||||||
| Decrease (increase) in trade receivables | ( |
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| Decrease (increase) in inventories | ( |
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| Decrease (increase) in other receivables | ( |
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| Increase (decrease) in trade payables and accrued expenses | ( |
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| Increase in grants received in advance | ||||||||||||||||||||
| Increase (decrease) in other payables | ( |
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| ( |
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| Net cash used in operating activities | ( |
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The accompanying notes are an integral part of the interim consolidated financial statements.
F - 6
MEDIWOUND LTD. AND ITS SUBSIDIARIES
Unaudited Condensed Interim Consolidated Statements of Cash Flows
U.S. dollars in thousands
|
Six months ended June 30, |
Three months ended June 30, |
Year ended December 31, |
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| 2026 | 2025 | 2026 | 2025 | 2025 | ||||||||||||||||
| Cash flows from investing activities: | ||||||||||||||||||||
| Purchase of property and equipment | ( |
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| Interest received | ||||||||||||||||||||
| Proceeds from (investment in) short-term bank deposits, net | ( |
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| Net cash provided by (used in) investing activities | ( |
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| Cash flows from financing activities: | ||||||||||||||||||||
| Repayment of lease liabilities | ( |
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| Proceeds from exercise of warrants and share options | ||||||||||||||||||||
| Proceeds from issuance of shares | ||||||||||||||||||||
| Repayment of IIA grants | ( |
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| Net cash provided by (used in) financing activities | ( |
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| Exchange rate differences on cash and cash equivalent balances | ||||||||||||||||||||
| Decrease in cash and cash equivalents | ( |
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| Balance of cash and cash equivalents at the beginning of the period | ||||||||||||||||||||
| Balance of cash and cash equivalents at the end of the period | ||||||||||||||||||||
| Supplemental disclosure of non-cash transactions: | ||||||||||||||||||||
| ROU asset, net, recognized with corresponding lease liability | ||||||||||||||||||||
| Purchase of property and equipment in trade payables | ( |
) | ( |
) | ( |
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The accompanying notes are an integral part of the interim consolidated financial statements.
F - 7
MEDIWOUND LTD. AND ITS SUBSIDIARIES
Notes to Unaudited Condensed Interim Consolidated Financial Statements
U.S. dollars in thousands
Note 1: General
| a. | Description of the Company and its operations: |
MediWound Ltd. was incorporated in Israel in January 2000. The Company which is located in Yavne, Israel (the "Company" or "MediWound"), is a biopharmaceutical company that develops, manufactures and commercializes novel, cost effective, bio-therapeutic, non-surgical solutions for tissue repair and regeneration. The Company’s strategy leverages its breakthrough enzymatic technology platform into a diversified portfolio of biotherapeutics across multiple indications to pioneer solutions for unmet medical needs. The Company’s current portfolio is focused on next-generation protein-based therapies for burn care, wound care and tissue repair.
The Company's first innovative biopharmaceutical product, NexoBrid, has received in December 2022, an approval from the U.S. Food and Drug Administration (“FDA”) and marketing approval in each country of India, Switzerland and Japan. In addition, it has a marketing authorization from the European Medicines Agency (“EMA”) and regulatory agencies in other international markets for removal of dead or damaged tissue, known as eschar, in adults with deep partial and/or full-thickness thermal burns.
The Company commercializes NexoBrid globally through multiple sales channels.
The Company sells NexoBrid to burn centers in the European Union, United Kingdom and Israel, primarily through its commercial organizations.
The Company has established local distribution channels in multiple international markets, including Asia Pacific, EMEA, CEE and LATAM, which local distributors are also responsible for obtaining local marketing authorization within the relevant territories.
In the United States, the Company entered into exclusive license and supply agreements with Vericel Corporation (“Vericel”) to commercialize NexoBrid in North America. On September 21, 2023, the Company announced the U.S. commercial availability of NexoBrid for the removal of eschar in adults with deep partial and/or full-thickness thermal burns.
In August 2024, the Company announced that the FDA has approved a pediatric indication for NexoBrid allowing for eschar removal in pediatric patients aged newborn through eighteen with deep partial and/or full-thickness thermal burns. With this FDA approval, NexoBrid is now authorized for use in the U.S. for all age groups, aligning with its approvals in the European Union and Japan.
The Company’s second investigational next-generation enzymatic therapy product, EscharEx, is a topical biological drug being developed for debridement of chronic and other hard-to-heal wounds.
In February 2025, the Company announced the initiation of VALUE, a global, pivotal Phase III trial evaluating EscharEx for the treatment of venous leg ulcers (VLUs).
MEDIWOUND LTD. AND ITS SUBSIDIARIES
Notes to Unaudited Condensed Interim Consolidated Financial Statements
| Note 1: General (Cont.) | |
| b. | The Company's securities are listed for trading on NASDAQ since March 2014. |
| c. | The Company has three wholly owned subsidiaries: MediWound Germany GmbH, acting as Europe (“EU”) marketing authorization holder and EU sales and marketing arm, MediWound UK Limited and MediWound US, Inc. which are currently inactive companies. |
| d. | BARDA Contracts: |
In September 2015, the Company was awarded a Biomedical Advanced Research and Developments Authority (“BARDA”) contract for treatment of thermal burn injuries.
This contract was amended multiple times to extend its term until September 2025 and its total value, up to a total amount of $
In May 2023, BARDA has awarded an additional approximately $
As of December 31, 2025, the Company has recognized approximately $
| e. | DOW and MTEC contracts: |
On February 17, 2022, the Company entered into a contract with the U.S. Department of War (DOW), through the Medical Technology Enterprise Consortium (MTEC), to develop NexoBrid as a non-surgical solution for field-care burn treatment for the U.S. Army. The contract provides funding up to $
During 2023, the DOW through MTEC awarded the Company additional funding of $
In addition, the Company was awarded directly through MTEC funding of $
In May 2024 the Company was awarded additional funding of $
MEDIWOUND LTD. AND ITS SUBSIDIARIES
Notes to Unaudited Condensed Interim Consolidated Financial Statements
| Note 1: General (Cont.) | |
| f. | The accompanying consolidated financial statements have been prepared on a basis which assumes that the Company will continue as a going concern. From inception to June 30, 2026, the Company has incurred cash outflows from operations, losses from operations, and has an accumulated deficit of $ |
The Company believes that its existing cash and cash equivalents, and bank deposits of $
| g. | In October 2023, Israel was attacked by a terrorist organization and entered a state of war. On June 13, 2025, Israel launched Operation “Rising Lion”, a direct military campaign targeting Iranian military and nuclear infrastructure in response to escalating regional security threats. A ceasefire between Israel and Iran was declared on June 24, 2025. In October 2025, a ceasefire was reached between Israel and Hamas in the Gaza Strip. On February 28, 2026, a joint military operation by the United States and Israel against Iran commenced following escalating regional tensions. In response, Iran launched ballistic missiles and unmanned aerial vehicles toward Israel. On March 1, 2026, hostilities further expanded following rocket fire from Lebanon toward Israel. On April 8, 2026, a ceasefire was announced between the United States and Iran. |
The Company's headquarters, manufacturing and R&D facilities are located in Israel. Despite these developments, the Company's operations have remained largely unaffected, and during the period ended June 30, 2026, the impact on the Company's results of operations and financial condition was not material. Nevertheless, the regional security and geopolitical environment remains sensitive and dynamic, and management continues to closely monitor developments and assess their potential impact on the Company's operations and financial condition in the future.
Note 2: Material Accounting Policies
| a. | Basis of preparation of the interim consolidated financial statements: |
The interim condensed consolidated financial statements for the six and three months ended June 30, 2026, have been prepared in accordance with IAS 34 "Interim Financial Reporting".
These condensed consolidated interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting and do not include all of the information required for full annual financial statements. They should be read in conjunction with the financial statements as at and for the year ended December 31, 2025 (hereinafter – “the annual financial statements”). These condensed consolidated interim financial statements were authorized for issue by the Group’s Board of Directors on August 13, 2026.
| b. | Use of judgements and estimates: |
In preparing these interim financial statements, management has made judgements and estimates about the future, including climate-related risks and opportunities, that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.
The significant judgments made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those described in the last annual financial statements.
Note 3: Equity
| 1. | On March 4, 2026, the Company’s Board of Directors approved the grant of |
MEDIWOUND LTD. AND ITS SUBSIDIARIES
Notes to Unaudited Condensed Interim Consolidated Financial Statements
| Note 3: Equity (Cont.) | |
| 2. | On May 25, 2026, |
The fair value of the warrants which are classified as current liabilities was measured by using the Black-Scholes model. The following inputs were used to determine the fair value:
Contractual period of warrants–
Expected volatility –
Risk-free interest rate –
Expected dividend yield –
| Jun-30 | Dec-31 | |||||||||||
| 2026 | 2025 | 2025 | ||||||||||
| Balance as of January 1 | ||||||||||||
| Exercise of warrants | ( |
) | ( |
) | ( |
) | ||||||
| Revaluation of warrants accounted at fair value | ( |
) | ( |
) | ||||||||
| Balance at the end of the period | ||||||||||||
Note 4: Subsequent events
| 1. | In July and August 2026, |
| 2. | In April 2026, Vericel was awarded a ten-year BARDA contract valued at up to $ |
|
|
In connection with the “BARDA Contract” the Company and Vericel entered into a Master Services Agreement (the “MSA”), in August 2026, covering NexoBrid and next-generation product development activities. Under the MSA, the Company expects to begin recognizing revenue in the second half of 2026 by participating in a next generation development program that has been initiated to support the potential expansion of NexoBrid for use in blast- and friction-related injuries, leveraging real-world evidence. |
| 3. | On August 12, 2026, the Company’s Board of Directors approved the grant of |
F - 11