Windtree Therapeutics, Inc. (WINT): History, Ownership, Mission, How It Works & Makes Money

Windtree Therapeutics, Inc. (WINT) is a clinical-stage biotech firm, but how does a company focused on critical cardiovascular therapies like istaroxime suddenly pivot to a strategy involving a right to buy a 436-unit Houston residential property and a potential $520 million cryptocurrency treasury? That dramatic shift is the core of their 2025 story, driven by the immediate need to stabilize a balance sheet that showed only $1.2 million in cash against $6.5 million in current liabilities as of March 31, 2025. Understanding this dual-path strategy-advancing a crucial Phase 2 cardiogenic shock drug while also chasing non-traditional near-term revenue-is defintely critical for assessing the true risk and opportunity in this stock.

Windtree Therapeutics, Inc. (WINT) History

Windtree Therapeutics, Inc. has a history rooted in respiratory critical care, but its recent trajectory, especially in 2025, shows a significant pivot toward a revenue-generating model that includes assets outside of its core drug development. The company was originally established as Discovery Laboratories, Inc. in 1992, focusing on surfactant replacement therapies for premature infants.

You need to understand this company less as a pure-play biotech and more as a development-stage company aggressively pursuing commercial assets to secure its liquidity, which was tight with cash and cash equivalents of only $1.2 million as of March 31, 2025.

Given Company's Founding Timeline

Year established

1992, originally incorporated as Discovery Laboratories, Inc.

Original location

The company is currently headquartered in Warrington, Pennsylvania, which is the earliest definitive location associated with its operations.

Founding team members

The original founding team members from 1992 are not publicly detailed, but the company's focus was on the development of its proprietary KL4 surfactant technology for respiratory distress syndrome (RDS).

Initial capital/funding

The initial capital from the 1992 founding is not publicly disclosed, but subsequent financing efforts included a secured loan facility of up to $30.0 million in 2013 from Deerfield Management Company, L.P. to support commercialization.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The most transformative period for Windtree Therapeutics has been the strategic shift executed in 2025, moving away from being a pure-play, clinical-stage biotech to a hybrid model focused on immediate revenue generation. This pivot was driven by persistent operational losses, which totaled $4.1 million in the first quarter of 2025, an improvement from the $4.4 million operating loss in the same period of 2024.

To be fair, the company needed to address its tight liquidity. It raised approximately $2.6 million in gross proceeds in April and May 2025 through a private placement of Series D convertible preferred stock to extend its runway.

The new strategy, spearheaded by CEO Jed Latkin, is a bold, almost desperate move to acquire cash-flowing assets while still advancing the core cardiology pipeline. Key actions taken in 2025 include:

• Diversification into Real Estate: Secured a right to purchase a 436-unit residential property in Houston, Texas, a move completely outside its biotech domain.
• Istaroxime Patent Grant: A critical win in July 2025 was the U.S. patent grant for istaroxime for acute heart failure treatment, which is expected to secure market protection until 2039. This news caused the stock price to surge by 56% in early trading.
• Cost-Cutting and Partnerships: Entered an agreement to cut manufacturing costs for Evofem's PHEXXI contraceptive gel by over half, anticipating a 50% cost reduction by 2026.
• Crypto Treasury Strategy: Announced a strategic partnership in July 2025 that could potentially provide up to $200 million in financing for a BNB crypto treasury initiative, signaling a high-risk, high-reward venture into digital finance.

The market is clearly reacting to these non-traditional moves. The stock closed at $0.90 on July 16, 2025, before the patent news, and the company's market capitalization was approximately $3.81 million as of October 17, 2025. You can see how this all plays out in Breaking Down Windtree Therapeutics, Inc. (WINT) Financial Health: Key Insights for Investors, but the defintely clear takeaway is that the company is in a race to generate revenue before its cash runs out.

Windtree Therapeutics, Inc. (WINT) Ownership Structure

Windtree Therapeutics, Inc. (WINT) is a publicly traded, clinical-stage biotechnology company whose ownership structure is currently dominated by a large percentage of retail and non-reporting shareholders, with institutional holdings representing a very small fraction of the outstanding common stock as of late 2025.

Windtree Therapeutics, Inc.'s Current Status

Windtree Therapeutics, Inc. is a public company, with its common stock trading on the NASDAQ Stock Exchange under the ticker symbol WINT. The company's stock price was approximately $0.0542 per share as of November 21, 2025, reflecting a challenging period for the company's valuation. To be fair, the company has been navigating compliance issues with Nasdaq's minimum bid price requirement, which is a major near-term risk for investors.

The company is focused on advancing its lead asset, istaroxime, for cardiogenic shock, while also pursuing a new strategy to acquire revenue-generating, FDA-approved assets to improve its financial position. For context, in the first quarter of 2025, Windtree reported a net loss attributable to common stockholders of $5.0 million, underscoring the need for successful execution of their new strategy. Breaking Down Windtree Therapeutics, Inc. (WINT) Financial Health: Key Insights for Investors

Windtree Therapeutics, Inc.'s Ownership Breakdown

The ownership breakdown is highly concentrated in the hands of 'Other' or non-reporting entities, which is typical for a micro-cap stock that has undergone significant volatility and capital raises, like the private placement of Series D convertible preferred stock in April/May 2025 for gross proceeds of approximately $2.6 million. Here's the quick math on the common stock ownership structure, based on the most recent filings and public data, which highlights the high retail and non-institutional float.

Windtree Therapeutics, Inc.'s Leadership

The company is steered by a relatively new executive team, with a focus on both pipeline development and a pivot toward revenue generation through strategic acquisitions. This dual focus requires a blend of biotech expertise and deal-making acumen.

The key executive and board leaders as of November 2025 include:

• Jed Latkin: Chief Executive Officer (CEO) and Director. Appointed CEO on December 1, 2024, he brings nearly three decades of financial and biotech experience, including prior CEO and CFO roles at other public biotech companies.
• Eric Curtis: President and Chief Operating Officer (COO). He joined Windtree in March 2020 and oversees the company's operations and development programs.
• Jamie McAndrew: Senior Vice President and Chief Financial Officer (CFO). His financial leadership is crucial as the company manages its tight liquidity, which was only $1.2 million in cash and cash equivalents as of March 31, 2025.
• Mark Strobeck: Lead Independent Director of the Board. He provides independent oversight and strategic guidance.
• Leanne Kelly: Director and Chair of the Audit Committee. Appointed in January 2025, her two decades of finance experience are vital for navigating the company's financial challenges and compliance.

The management team's average tenure is around 5.3 years, suggesting a seasoned operational core, but the Board's average tenure is shorter at about 1.3 years, indicating significant recent changes in governance.

Windtree Therapeutics, Inc. (WINT) Mission and Values

Windtree Therapeutics, Inc.'s core purpose is centered on delivering life-saving therapies to patients facing critical conditions, but their 2025 strategy reflects a sharp, pragmatic pivot toward becoming a revenue-generating entity to sustain that mission.

You can't help patients if you run out of cash, so the firm is aggressively balancing its long-term drug development with near-term commercial viability.

Given Company's Core Purpose

Official mission statement

The mission for Windtree Therapeutics, Inc. is clear and focused on the point of crisis: to support patients by equipping healthcare providers with significantly better therapies than what currently exists. It's a patient-first directive, but one that is grounded in clinical improvement, not just incremental change.

• Support patients in crisis situations.
• Arm healthcare providers with superior therapies.
• Significantly improve upon current standards of care.

Vision statement

The company's vision, as articulated through its 2025 corporate strategy, is to transform into a revenue-generating biotechnology firm. This is a critical shift, moving from a pure clinical-stage model to one that seeks commercial stability to fund its pipeline.

This new vision is a defintely realist response to the financial markets, aiming to reduce the need for dilutive capital by acquiring revenue-generating assets, like small companies with FDA-approved products. For instance, the company reported cash and cash equivalents of only $1.2 million as of March 31, 2025, against current liabilities of $6.5 million, which shows the urgency of this strategic pivot. They also received $7.5 million in cash and securities from a termination agreement in late 2025, which gives them a bit of breathing room.

• Become a revenue-generating biotech company.
• Acquire small firms with FDA-approved products.
• Advance the cardiovascular and oncology development pipeline.
• Enhance attractiveness to shareholders.

Here's the quick math: generating revenue from acquired assets stabilizes the balance sheet so they can continue developing Istaroxime for cardiogenic shock, which is a high-mortality, high-cost condition. You can read more about the financial implications in Breaking Down Windtree Therapeutics, Inc. (WINT) Financial Health: Key Insights for Investors.

Given Company slogan/tagline

The company's messaging often centers on the dual promise of innovation and patient benefit, capturing the essence of a biopharma company that is focused on severe, unmet medical needs.

• DELIVERING INNOVATIVE TREATMENT AND HOPE FOR PATIENTS.

Windtree Therapeutics, Inc. (WINT) How It Works

Windtree Therapeutics, Inc. is fundamentally transforming its business model in 2025, moving from a pure-play clinical-stage biotechnology company to a hybrid entity that generates revenue while still advancing its innovative pipeline for critical conditions. The company now works by balancing the high-risk, high-reward nature of drug development with near-term commercial revenue streams from strategic acquisitions and partnerships, including non-biotech assets.

Windtree Therapeutics, Inc.'s Product/Service Portfolio

The company's portfolio is a mix of late-stage clinical assets and new revenue-driving services, reflecting its dual strategy as of November 2025. The core focus remains on its cardiology and oncology pipeline, but new commercial ventures are now active parts of the business model.

Windtree Therapeutics, Inc.'s Operational Framework

The company's operations are now split between advancing its drug pipeline and executing its commercial revenue strategy. This is a defintely challenging pivot, but it's necessary given the financial realities.

• Pipeline Advancement: Research and development (R&D) expenses were maintained at $2.3 million in the first quarter of 2025, primarily funding the ongoing enrollment in the istaroxime SEISMiC C trial for cardiogenic shock.
• Revenue Diversification: A core operational shift involves identifying and acquiring small companies with existing FDA-approved products, plus the recent stockholder-approved focus on potential deals in environmental services.
• Strategic Partnerships: Operations include a China-based partnership to help a biopharmaceutical company reduce production costs by almost 65%, a venture anticipated to start generating revenue by the end of 2026.
• Financial Management: The company reported an operating loss of $4.1 million in Q1 2025, an improvement from $4.4 million in Q1 2024. They raised approximately $2.6 million through Series D convertible preferred stock in April and May 2025 to support immediate operations.

The old biotech model wasn't sustainable, so they're building a new one from scratch.

Windtree Therapeutics, Inc.'s Strategic Advantages

Windtree's market success now hinges on its ability to execute this dual strategy-funding its science with commercial cash flow. The key advantage is its flexibility and management's commercial expertise, which most small biotechs don't have.

• Intellectual Property Longevity: The new U.S. patent for istaroxime provides market protection until 2039, securing a long runway for commercialization if the drug is approved.
• Financial Agility: The active pursuit of non-biotech, revenue-generating assets, like the right to purchase the 436-unit Houston residential property, provides a quicker path to cash flow than traditional drug development.
• Cost-of-Goods Expertise: The ability to significantly reduce manufacturing costs for partners, such as cutting PHEXXI®'s costs by over 50%, positions Windtree as a valuable sourcing and supply chain partner.
• Pipeline Differentiation: Istaroxime's dual mechanism of action (SERCA2a activation and Na+/K+ ATPase inhibition) for cardiogenic shock is a unique approach in a high-mortality, high-unmet-need condition.

For a deeper dive into the company's long-term vision, you should review the Mission Statement, Vision, & Core Values of Windtree Therapeutics, Inc. (WINT).

Windtree Therapeutics, Inc. (WINT) How It Makes Money

As of late 2025, Windtree Therapeutics, Inc. is a company in a significant strategic pivot, meaning its revenue model is in flux. While historically a clinical-stage biotechnology firm, it currently generates minimal revenue from its core pipeline and is actively pursuing non-core revenue streams like real estate and contract manufacturing to sustain operations and fund its drug development.

The company is essentially pre-commercial for its primary drug candidates, so the small amount of revenue it does record comes mainly from licensing agreements and other non-product sources, which is typical for a biotech firm before a drug is approved and launched. To be defintely clear, they are not currently selling a blockbuster drug.

Windtree Therapeutics, Inc.'s Revenue Breakdown

The company's reported financial results for 2025 show that product sales are not a factor, and the total revenue is nominal. The focus is on potential, non-core revenue streams to offset the substantial operating loss. The table below reflects the current state of revenue generation, which is heavily reliant on non-product sources and the potential for milestone payments.

For a company in this stage, 100% of its minimal revenue comes from its intellectual property (IP) and partnerships, like the one with Lee's Pharmaceutical for istaroxime in Greater China.

Business Economics

The economics of Windtree Therapeutics, Inc. in late 2025 are dominated by high research and development (R&D) burn and an aggressive, high-risk pivot to generate immediate cash flow from non-biotech assets. This is a survival strategy, not a core biotech business model.

• Cost Structure: R&D expenses were $2.3 million in the first quarter of 2025, primarily for the istaroxime cardiogenic shock trial. General and administrative (G&A) expenses were also significant at $1.8 million in Q1 2025. The core cost is drug development, but the new strategy introduces costs related to real estate acquisition rights and other non-core ventures.
• Pricing Strategy (The Future): The potential for core revenue rests on istaroxime, a novel therapy for acute heart failure and cardiogenic shock. As a specialty critical-care product, its pricing would be premium, reflecting the high unmet medical need and the enormous R&D investment, but commercialization is years away.
• New Revenue Streams: The company is pursuing revenue from a right to purchase a 436-unit multifamily residential property in Houston, Texas, and a manufacturing partnership to reduce production costs for a Chinese biopharmaceutical company. This diversification is an attempt to create a revenue-generating entity outside of the volatile biotech pipeline. The China partnership is not expected to generate revenue until the end of 2026.
• Financing Mechanics: The company's financial distress is compounded by highly punitive financing. For example, some convertible notes require 25% of new equity line proceeds to be immediately recycled to service prior debt at premiums up to 120%. This destructive capital structure ensures rapid equity erosion and limits the cash reaching core operations.

Windtree Therapeutics, Inc.'s Financial Performance

The financial health of Windtree Therapeutics, Inc. as of September 30, 2025, is characterized by extreme capital distress, which is a major red flag for any investor. The numbers show an immediate liquidity crisis.

• Net Loss: The net loss for the third quarter of 2025 was $28.09 million, a massive increase from the $2.75 million loss in the same period a year prior. The year-to-date net loss through Q3 2025 escalated to $42.76 million.
• Loss Drivers: This significant loss was primarily driven by $22.4 million in losses on debt issuance due to punitive financing terms and a $16.1 million impairment loss on the istaroxime intangible asset. The impairment came after the decision to terminate the capital-intensive Phase 2 SEISMiC C cardiogenic shock study due to insufficient capital.
• Cash Position: The company's cash reserves are critically low. As of November 2025, cash and cash equivalents stood at only $0.2 million against current liabilities totaling $21.9 million. This extreme imbalance results in a confirmed cash runway only through December 2025.
• Liquidity: The current ratio of 0.43 (as of a recent filing) indicates severe liquidity issues, falling well below the safe threshold of 1.0.

The next step for you is to dive deeper into the implications of this financial distress on their long-term viability and the value of their pipeline. Breaking Down Windtree Therapeutics, Inc. (WINT) Financial Health: Key Insights for Investors

Windtree Therapeutics, Inc. (WINT) Market Position & Future Outlook

Windtree Therapeutics, Inc. is fundamentally shifting its business model in 2025, moving from a pure-play, cash-intensive biotech to a diversified, revenue-generating entity while advancing its core pipeline. The company's immediate future hinges on successfully integrating new revenue streams, like the planned acquisition in environmental services, to fund the development of its lead drug candidate, istaroxime, for cardiogenic shock.

This dual-track strategy is a necessary pivot, especially considering the Q1 2025 operating loss of $4.1 million and a cash position of just $1.2 million as of March 31, 2025. The goal is to stabilize the balance sheet while maintaining the high-potential cardiology and oncology programs. You need to see this as a high-risk, high-reward turnaround play; they are trying to buy time for the science to deliver. Breaking Down Windtree Therapeutics, Inc. (WINT) Financial Health: Key Insights for Investors

Competitive Landscape

In the acute care setting, istaroxime is positioned to compete with older, generic inotropic agents (drugs that change the force of heart contractions) currently used for cardiogenic shock and acute heart failure (AHF). This is a high-stakes, $1.25 billion estimated total addressable market for istaroxime, but the competition is deeply entrenched and cheap.

Opportunities & Challenges

The company's forward trajectory is defined by its ability to execute on its two new pillars: non-biotech revenue generation and pipeline advancement. The financial runway remains tight, so execution is defintely paramount.

Industry Position

Windtree Therapeutics is currently a micro-cap biotech company in a challenging transitional phase, moving from a pure-play clinical development model to a hybrid commercial and development structure.

• Biotech Pipeline: The company's primary value is istaroxime, a first-in-class dual-mechanism therapy for cardiogenic shock, a segment with high unmet medical need and decades-old standard of care.
• Financial Standing: The Q1 2025 net loss of $5.0 million highlights the need for the new revenue-generating strategy to succeed quickly.
• Competitive Differentiation: Istaroxime's profile-improving cardiac function and blood pressure without the pro-arrhythmic risks associated with traditional inotropes like Dobutamine-positions it as a potentially superior alternative, but it must complete Phase 3 trials to capture market share.
• Strategic Pivot: The decision to acquire revenue-generating assets and enter non-biotech sectors (like the environmental services transaction) places Windtree Therapeutics in a unique, albeit non-canonical, position compared to its small-cap biotech peers.