Revenue generation remains non-existent, with the company reporting zero revenue in 2025Q3 while sustaining $1.9 million in R&D expenses.
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 | Dec'95 |
|---|
| Sales/Revenue | 90K | 0 | 0 | 0 | 0 | 0 | 198K | 1.79M | 1.49M | 2.04M | 987K | 2.83M | 388K | 195K | 582K | 0 | 0 | 4.6M | 0 | 0 | 134K | 1.21M | 1.04M | 1.78M | 1.11M | 741K | 178K | 100K | 700K | 200K | 100K |
| Revenue Growth % | - | - | - | - | - | -100% | -88.93% | 20.4% | -27.28% | 106.89% | -65.19% | 630.67% | 98.97% | -66.49% | - | - | -100% | - | - | -100% | -88.92% | 16.59% | -41.81% | 60.25% | 50.07% | 316.29% | 78% | -85.71% | 250% | 100% | - |
| Cost of Goods Sold | 34K | 84K | 82K | 1.06M | 869K | 638K | 12.69K | 10.56M | 17.38M | 255K | 929K | 2.67M | 517K | 21.57K | 0 | 0 | 29.2M | 38.39M | 39.95M | 46.91M | 59.3M | 46.03M | 0 | 0 | 0 | -123K | -87K | -100K | 0 | 1.1M | -400K |
| COGS % of Revenue | - | - | - | - | - | - | 6.41% | 590.72% | 1170.1% | 12.49% | 94.12% | 94.22% | 133.25% | 11.06% | - | - | - | 834.65% | - | - | 44250% | 3807.44% | - | - | - | -16.6% | -48.88% | -100% | - | 550% | -400% |
| Gross Profit | 11K | -84K | -82K | -1.06M | -869K | -638K | 185.31K | -8.77M | -15.89M | 1.79M | 58K | 164K | -129K | 173.43K | 582K | 0 | -29.2M | -33.79M | -39.95M | -46.91M | -59.16M | -44.82M | 1.04M | 1.78M | 1.11M | 864K | 265K | 200K | 700K | -900K | 500K |
| Gross Margin % | 12.22% | - | - | - | - | - | 93.59% | -490.72% | -1070.1% | 87.51% | 5.88% | 5.78% | -33.25% | 88.94% | 100% | - | - | -734.65% | - | - | -44150% | -3707.44% | 100% | 100% | 100% | 116.6% | 148.88% | 200% | 100% | -450% | 500% |
| Gross Profit Growth % | - | -2.44% | 92.27% | -22.09% | -36.21% | -444.28% | 102.11% | 44.79% | -989.26% | 2981.03% | -64.63% | 227.13% | -174.38% | -70.2% | - | 100% | 13.6% | 15.4% | 14.84% | 20.71% | -31.99% | -4422.37% | -41.81% | 60.25% | 28.7% | 226.04% | 32.5% | -71.43% | 177.78% | -280% | - |
| Operating Expenses | 33.5M | 24.93M | 17.46M | 20.43M | 31.39M | 30.32M | 25.09M | 17.98M | 24.03M | 40.08M | 39.89M | 43.42M | 44.38M | 38.01M | 25.09M | 25.53M | 29.2M | 42.99M | 39.95M | 42.1M | 42.64M | 39.12M | 25.47M | 19.8M | 13.07M | 12.76M | 5.38M | 8M | 9.9M | 1.4M | 2.9M |
| OpEx % of Revenue | - | - | - | - | - | - | 12672.22% | 1005.76% | 1618.38% | 1962.68% | 4041.74% | 1531.64% | 11437.89% | 19494.36% | 4311.68% | - | - | 934.65% | - | - | 31822.39% | 3235.32% | 2456.32% | 1111.39% | 1175.72% | 1722.27% | 3020.79% | 8000% | 1414.29% | 700% | 2900% |
| Selling, General & Admin | 7.71M | 8.74M | 9.2M | 10.79M | 14.47M | 14.94M | 12.4M | 7.42M | 6.66M | 8.37M | 11M | 16.73M | 16.72M | 16.44M | 7.86M | 8.39M | 10.12M | 16.43M | 13.75M | 18.39M | 18.5M | 13.32M | 5.72M | 5.46M | 5.07M | 5.28M | 2.42M | 2.8M | 1.8M | 1.3M | 2.5M |
| SG&A % of Revenue | - | - | - | - | - | - | 6264.65% | 415.04% | 448.28% | 410.04% | 1114.89% | 590.19% | 4308.76% | 8432.82% | 1351.2% | - | - | 357.13% | - | - | 13809.7% | 1101.9% | 551.78% | 306.29% | 455.67% | 712.96% | 1360.11% | 2800% | 257.14% | 650% | 2500% |
| Research & Development | 8.54M | 16.28M | 8.26M | 11.1M | 17.79M | 15.37M | 12.69M | 10.56M | 17.38M | 31.7M | 28.89M | 26.69M | 27.66M | 21.57M | 17.23M | 17.14M | 19.08M | 26.57M | 26.2M | 23.72M | 24.14M | 25.79M | 19.75M | 14.35M | 8.01M | 7.36M | 2.87M | 5.1M | 8.1M | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | 6407.58% | 590.72% | 1170.1% | 1552.64% | 2926.85% | 941.45% | 7129.12% | 11061.54% | 2960.48% | - | - | 577.52% | - | - | 18012.69% | 2133.42% | 1904.53% | 805.11% | 720.05% | 992.71% | 1611.8% | 5100% | 1157.14% | - | - |
| Other Operating Expenses | 2M | -84K | 0 | -1.46M | -869K | 0 | 0 | 401K | 129K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 123K | 87K | 100K | 0 | 100K | 400K |
| Operating Income | -33.5M | -25.02M | -17.54M | -41.33M | -77.28M | -30.32M | -24.89M | -16.2M | -22.55M | -38.04M | -39.83M | -43.26M | -44.51M | -37.82M | -24.51M | -25.53M | -29.2M | -38.39M | -39.95M | -46.91M | -59.3M | -46.03M | -24.43M | -18.02M | -11.96M | -11.9M | -5.11M | -7.8M | -9.2M | -2.3M | -2.4M |
| Operating Margin % | -37218.89% | - | - | - | - | - | -12572.22% | -905.76% | -1518.38% | -1862.68% | -4035.87% | -1525.86% | -11471.13% | -19394.36% | -4211.68% | - | - | -834.65% | - | - | -44250% | -3807.44% | -2356.32% | -1011.39% | -1075.72% | -1605.67% | -2871.91% | -7800% | -1314.29% | -1150% | -2400% |
| Operating Income Growth % | - | -42.65% | 57.57% | 46.52% | -154.91% | -21.79% | -53.71% | 28.18% | 40.72% | 4.51% | 7.92% | 2.81% | -17.69% | -54.29% | 3.98% | 12.57% | 23.95% | 3.89% | 14.84% | 20.89% | -28.81% | -88.39% | -35.58% | -50.67% | -0.54% | -132.75% | 34.46% | 15.22% | -300% | 4.17% | - |
| EBITDA | -33.09M | -24.93M | -17.46M | -40.27M | -76.41M | -29.68M | -23.78M | -16.04M | -22.36M | -37.78M | -39.12M | -42.44M | -43.8M | -36.67M | -23.28M | -23.98M | -27.2M | -36.18M | -37.88M | -45.85M | -58.51M | -45.75M | -24.02M | -17.74M | -11.76M | -11.78M | -5.03M | -7.7M | -6.2M | -2.2M | -2M |
| EBITDA Margin % | -36761.11% | - | - | - | - | - | -12010.61% | -896.87% | -1505.45% | -1850.2% | -3963.73% | -1497% | -11288.92% | -18804.62% | -3999.66% | - | - | -786.5% | - | - | -43661.94% | -3784.45% | -2316.2% | -995.4% | -1057.28% | -1589.07% | -2823.03% | -7700% | -885.57% | -1100% | -2000% |
| EBITDA Growth % | -31.51% | -42.84% | 56.65% | 47.3% | -157.46% | -24.8% | -48.3% | 28.27% | 40.83% | 3.43% | 7.82% | 3.11% | -19.45% | -57.53% | 2.92% | 11.86% | 24.8% | 4.5% | 17.37% | 21.63% | -27.87% | -90.49% | -35.41% | -50.87% | 0.15% | -134.33% | 34.74% | -24.21% | -181.77% | -10% | - |
| D&A (Non-Cash Add-back) | 412K | 84K | 82K | 1.06M | 869K | 638K | 1.11M | 159K | 192K | 255K | 712K | 818K | 707K | 1.15M | 1.23M | 1.55M | 1.99M | 2.21M | 2.06M | 1.06M | 788K | 278K | 416K | 285K | 205K | 123K | 87K | 100K | 0 | 100K | 400K |
| EBIT | -43.01M | -1.56M | -20.24M | -40.52M | -77.51M | -32.44M | -26.98M | -19.12M | -16.58M | -36.97M | -50.59M | -39.46M | -43.74M | -37.26M | -20.94M | -18.82M | -29.16M | -38.39M | -37.92M | -44.84M | -42.51M | -37.91M | -24.43M | -18.02M | -11.96M | -11.9M | -5.11M | -7.8M | -6.2M | -2.4M | -2.4M |
| Net Interest Income | 483K | -165K | 275K | 56K | -23K | -3K | -342K | -1.39M | -1.85M | -2.5M | -4.58M | -4.59M | -1.47M | -51K | -13K | -69K | -1.04M | -712K | -58K | 574K | 391K | -171K | 155K | 580K | 816K | 1.04M | 0 | 0 | 0 | 0 | -400K |
| Interest Income | 971K | 70K | 325K | 109K | 91K | 122K | 153K | 15K | 12K | 18K | 4K | 6K | 3K | 6K | 13K | 288K | 39K | 902K | 2.03M | 2.07M | 1.34M | 711K | 452K | 724K | 842K | 1.04M | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 488K | 235K | 50K | 53K | 114K | 125K | 495K | 1.41M | 1.86M | 2.52M | 4.58M | 4.6M | 1.47M | 57K | 26K | 357K | 1.08M | 1.61M | 2.09M | 1.5M | 954K | 882K | 297K | 144K | 26K | 5K | 0 | 0 | 0 | 0 | 400K |
| Other Income/Expense | -10.01M | 23.23M | -2.75M | 758K | -45.36M | -2.25M | -2.58M | -4.34M | 4.1M | -1.45M | -15.34M | -800K | -707K | 504K | 3.55M | 5.35M | -1.64M | -712K | -58K | -4.23M | 391K | -171K | 0 | 0 | 0 | 0 | 0 | -7.8M | 6.2M | 300K | 100K |
| Pretax Income | -43.5M | -1.79M | -20.29M | -40.58M | -77.62M | -32.57M | -27.48M | -20.53M | -18.45M | -39.49M | -55.17M | -44.06M | -45.22M | -37.31M | -20.96M | -19.18M | -30.24M | -39.11M | -40.01M | -46.33M | -58.9M | -46.2M | 0 | 0 | 0 | 0 | 0 | -15.6M | 0 | -2.1M | -2.3M |
| Pretax Margin % | -48335.56% | - | - | - | - | - | -13876.26% | -1148.38% | -1242.15% | -1933.89% | -5589.67% | -1554.07% | -11653.35% | -19135.9% | -3602.23% | - | - | -850.13% | - | - | -43958.21% | -3821.59% | - | - | - | - | - | -15600% | - | -1050% | -2300% |
| Income Tax | -3.51M | 3.69M | 0 | -1.37M | -9.99M | -2.29M | 0 | 0 | 0 | 0 | 0 | -18K | 0 | 0 | 0 | -7.9M | 29.2M | 0 | 0 | 4.23M | 0 | 0 | -155K | -580K | -816K | -1.04M | -154K | 0 | 9.2M | 0 | 400K |
| Effective Tax Rate % | 8.06% | -206.02% | 0% | 3.37% | 12.87% | 7.02% | 0% | 0% | 0% | 0% | 0% | 0.04% | 0% | 0% | 0% | 41.21% | -96.55% | 0% | 0% | -9.13% | 0% | 0% | - | - | - | - | - | 0% | - | 0% | -17.39% |
| Net Income | -40M | -5.49M | -20.29M | -39.21M | -67.64M | -30.28M | -27.48M | -20.53M | -18.45M | -39.49M | -55.17M | -44.06M | -45.22M | -37.31M | -20.96M | -19.18M | -30.24M | -39.11M | -40.01M | -46.33M | -58.9M | -46.2M | -24.28M | -17.44M | -11.15M | -10.86M | -4.96M | -15.6M | -9.2M | -2.3M | -2.8M |
| Net Margin % | -44447.78% | - | - | - | - | - | -13876.26% | -1148.38% | -1242.15% | -1933.89% | -5589.67% | -1554.07% | -11653.35% | -19135.9% | -3602.23% | - | - | -850.13% | - | - | -43958.21% | -3821.59% | -2341.37% | -978.84% | -1002.34% | -1465.72% | -2785.39% | -15600% | -1314.29% | -1150% | -2800% |
| Net Income Growth % | -312.06% | 72.96% | 48.25% | 42.03% | -123.37% | -10.21% | -33.81% | -11.31% | 53.29% | 28.42% | -25.22% | 2.56% | -21.17% | -77.99% | -9.34% | 36.59% | 22.67% | 2.25% | 13.66% | 21.34% | -27.49% | -90.29% | -39.2% | -56.5% | -2.62% | -119.06% | 68.22% | -69.57% | -300% | 17.86% | - |
| Net Income (Continuing) | -39.99M | -5.49M | -20.29M | -39.21M | -67.64M | -30.28M | -27.48M | -20.53M | -18.45M | -39.49M | -55.17M | -44.06M | -45.22M | -37.31M | -20.96M | -19.18M | -30.24M | -39.11M | -40.01M | -46.33M | -58.9M | -46.2M | -24.28M | -17.44M | -11.15M | -10.86M | -4.96M | -15.6M | -9.2M | -2.3M | -2.8M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2M | 0 | 0 |
| EPS (Diluted) | -1499.64 | -104.35 | -4711.54 | -56011.00 | -122924.00 | -93616.00 | -113138.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -7247.76 | -6708.85 | -5573.00 | -6582.42 | -6610.67 | -52000.00 | -184000.00 | -46000.00 | -56000.00 |
| EPS Growth % | 99.09% | 97.79% | 91.59% | 54.43% | -31.31% | 17.26% | 89.17% | 67.96% | 74.57% | 40.06% | -8.77% | 36.59% | 13.68% | -2.15% | 43.64% | 57.69% | 35% | 18.37% | 33.78% | 32.11% | -5350% | -156362.13% | -8.03% | -20.38% | 15.34% | 0.43% | 87.29% | 71.74% | -300% | 17.86% | - |
| EPS (Basic) | - | -104.35 | -4711.54 | -56011.00 | -122924.00 | -93616.00 | -113138.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -7247.76 | -6708.85 | -5573.00 | -6582.42 | -6610.67 | -52000.00 | -184000.00 | -46000.00 | -56000.00 |
| Diluted Shares Outstanding | 26.68K | 52.58K | 4.31K | 700 | 550 | 348 | 243 | 33 | 8 | 3 | 3 | 2 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Basic Shares Outstanding | 26.68K | 52.58K | 4.31K | 700 | 550 | 348 | 243 | 33 | 8 | 3 | 3 | 2 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and delisting risk
As indicated by the company's financial statements, Windtree Therapeutics has failed to generate consistent top-line revenue, with the most recent quarterly data showing zero revenue and a complete reliance on external capital to fund ongoing clinical development activities for its cardiovascular and pulmonary surfactant pipeline assets.
The absence of recurring revenue underscores the company's status as a purely clinical-stage entity. Investors should note that the sporadic, minimal revenue figures observed in historical periods do not represent a viable commercial trajectory but rather reflect one-off licensing or partnership milestones.
Based on reported figures, Windtree's cost structure is dominated by non-discretionary R&D expenditures, which reached $1.9 million in 2025Q3, reflecting the high capital intensity required to maintain late-stage clinical trial timelines despite the company's severely constrained liquidity position and lack of operational revenue streams.
The company's inability to scale R&D costs down without jeopardizing its regulatory milestones creates a rigid expense profile. This structural dependency on high-cost clinical execution suggests that any delay in trial enrollment will disproportionately accelerate the depletion of the company's remaining cash reserves.
According to recent SEC filings, Windtree's net income figures are frequently obscured by non-cash fluctuations in derivative liabilities, as evidenced by the $28.1 million net loss in 2025Q3, which complicates the assessment of the company's underlying operational performance and true cash burn rate.
The volatility in net income, often driven by the fair-value revaluation of warrants, masks the actual operational health of the business. Analysts should focus on cash-based metrics rather than reported net income to understand the true extent of the company's financial distress.
As reported in financial statements, the company's cash balance of $1,779,000 against significant quarterly operating losses suggests a critical liquidity shortfall, which may force management into highly dilutive financing rounds or strategic transactions that could severely impair existing shareholder value in the near term.
The persistent reliance on equity-linked financing, coupled with the necessity of reverse stock splits, indicates a precarious capital structure. Investors should monitor the potential for further dilution, as the current cash-to-burn ratio appears unsustainable without immediate and substantial capital intervention.
Quick answers to the most common questions about buying WINT stock.
For fiscal year 2024, Windtree Therapeutics, Inc. (WINT) reported total revenue of $0.0M. This represents a 100.0% decline compared to $0.1M in 1995.
Windtree Therapeutics, Inc. (WINT) reported a net loss of $5.5M for the fiscal year ending 2024.