Windtree Therapeutics
Windtree Therapeutics is a clinical-stage biotechnology company that previously developed KL4 surfactant-based therapies for acute cardiovascular and pulmonary conditions, but in late 2025 divested its pipeline to Seismic Pharma and signed an LOI to acquire CommLoan, a commercial real estate lending fintech.
- Company typePublic
- Founded1992
- HeadquartersWarrington, United States
- Headcount11–50
- GTM typeB2B
- OfferingHardware or Manufacturing
What Windtree Therapeutics does
Windtree Therapeutics is a clinical-stage biotechnology company, founded in 1992 and headquartered in Warrington, Pennsylvania, that has historically developed KL4 surfactant-based therapies targeting acute cardiovascular and pulmonary conditions. Its core technology platform centered on the KL4 surfactant chemistry and produced drug candidates such as istaroxime, a Phase 3-ready candidate for cardiogenic shock, and a next-generation oral heart failure program. The company did not commercialize any products and generated no recurring product revenue across 2020-2024, relying instead on periodic equity financings (a $10.8 million upsized public offering in April 2023 and a $12.9 million private placement plus $35 million equity line of credit in July 2024) to fund clinical operations and corporate purposes. Windtree historically served patients and physicians treating cardiogenic shock, acute heart failure, and advanced heart failure - indications with no approved therapeutic advances in decades - through eventual pharmaceutical commercialization channels, but had not reached commercial launch.
In late 2025 the company executed a series of strategic restructurings: in November it terminated a $36.75 million acquisition of Titan Environmental, in December it divested its cardiovascular pipeline to Seismic Pharmaceutical Holdings while retaining rights to a percentage of future proceeds and milestone payments, and simultaneously signed a letter of intent to acquire CommLoan, Inc., a fintech specializing in commercial real estate loans. Panacea Capital led the formation of Seismic Pharma to advance the divested assets. The leadership team consists of Craig Fraser (CEO and Chairman), Jamie McAndrew (SVP and CFO), and Randall White (VP, Clinical Program Management). Following the pivot, Windtree's residual revenue model consists of contingent milestone and financing-related payments from Seismic Pharma and, if the CommLoan transaction closes, transaction fees from commercial real estate lending activities.
Windtree Therapeutics firmographics
Firmographics- Name
- Windtree Therapeutics
- Legal name
- Windtree Therapeutics
- Website
- https://windtreetx.com
- Company type
- Public
- Founded year
- 1992
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Windtree Therapeutics is a clinical-stage biotechnology company that previously developed KL4 surfactant-based therapies for acute cardiovascular and pulmonary conditions, but in late 2025 divested its pipeline to Seismic Pharma and signed an LOI to acquire CommLoan, a commercial real estate lending fintech.
- Ownership category
- akta.pro rank
Windtree Therapeutics industry classification
Industry- Product category
- Cardiopulmonary Pharmaceuticals
- SIC
- Services-Commercial Physical & Biological Research (8731)
- akta.pro primary industry
- Cardiology & Vascular Specialty Pharmaceuticals (HLAIACAG)
- akta.pro secondary industry
- Rare Cardiovascular & Vascular Disorder Therapies (HLAIAIAH)
Keywords
Where Windtree Therapeutics is headquartered
LocationHeadquarters
- HQ city
- Warrington
- HQ country
- United States
- HQ region
- North America
Markets served
Windtree Therapeutics business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales
Revenue model
- Pipeline Asset Sale: Windtree divested its cardiovascular pipeline to Seismic Pharmaceutical Holdings and receives future proceeds and funding-related payments based on milestones or financing conditions
- Fintech Acquisition Target: Windtree signed LOI to acquire CommLoan, a fintech company specializing in commercial real estate loans, to diversify and generate revenue
Go-to-market motion1 record
Windtree Therapeutics product offering
Product offeringCore offering
Windtree Therapeutics is a clinical-stage biotechnology company developing KL4 surfactant-based therapies for acute cardiovascular and pulmonary conditions, with lead drug candidate istaroxime being studied for cardiogenic shock and other acute heart failure indications. In December 2025 the company sold its cardiovascular pipeline (including istaroxime) to Seismic Pharmaceutical Holdings while retaining rights to future milestone proceeds and royalties, and is pursuing a reverse merger with fintech company CommLoan to diversify its business.
Product overview
Windtree Therapeutics is a clinical-stage biotechnology company developing KL4 surfactant-based therapies for acute cardiovascular and pulmonary conditions. The company's product portfolio centers on its KL4 surfactant technology platform and drug candidates including istaroxime for cardiogenic shock and acute heart failure treatment. The company has conducted Phase 2b clinical trials and was developing its cardiovascular pipeline before divesting it to Seismic Pharmaceutical Holdings.
Differentiator
Problem solved
Functional benefit
Products and services
- Istaroxime A first-in-class investigational agent for acute cardiovascular conditions including cardiogenic shock and acute decompensated heart failure; combines SERCA2a activation with Na+/K+ ATPase inhibition to improve cardiac function.
- KL4 Surfactant Technology Platform A proprietary synthetic KL4 peptide-based surfactant technology platform designed to replicate the function of natural lung surfactant, applicable to neonatal and adult respiratory distress syndromes and surfactant-related pulmonary indications.
Quantifiable outcome
- Phase 3 study for NMPA registration targeted for completion by 2027
Companies that use Windtree Therapeutics
Customer profileSegments1 record
Ideal customer profiles1 record
Windtree Therapeutics technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Windtree Therapeutics partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered core and minor.
- Seismic PharmacoreSeismic Pharma, a newly formed biopharmaceutical company, acquired the clinically validated heart failure drug portfolio from Windtree Therapeutics including istaroxime (Phase 3-ready for cardiogenic shock) and next-generation oral heart failure program. Windtree retains rights to percentage of future proceeds from the assets.
- CommLoan, Inc.coreWindtree signed letter of intent to acquire CommLoan, a fintech company specializing in commercial real estate loans. Windtree provided bridge financing to CommLoan during the transition. Proposed reverse merger would make CommLoan a publicly traded entity.
- Titan EnvironmentalminorWindtree agreed to acquire Titan Environmental for $36.75 million in June 2025, but the deal was terminated in November 2025. Windtree is owed $7.5 million following termination.
Scale indicators5 records
Recent moves7 records
Expansion highlights5 records
Windtree Therapeutics competitors and assessment
Company assessmentEmerging players
- Lower: Digital mortgage and real estate lending platform. Comparable to the fintech/real estate lending operational model that CommLoan represents, providing a benchmark for the type of business Windtree is targeting post-pivot.
- Lexeo Therapeutics: Clinical-stage gene therapy company focused on cardiovascular diseases, including cardiomyopathy. Comparable as a small-cap clinical-stage cardiovascular peer with similar therapeutic focus area.
Direct peers
- Athersys: Clinical-stage biotechnology company developing cell therapy candidates for cardiovascular and inflammatory conditions. Comparable small-cap public peer with similar development-stage cardiovascular pipeline that has undergone restructuring and capital-raise activity.
- Better.com: Digital-first mortgage and real estate lending fintech. Comparable to CommLoan's commercial real estate lending focus, and illustrates the type of operating model Windtree would inherit post-reverse-merger.
- BioCardia: Clinical-stage biotechnology company developing cell- and gene-based therapies for cardiac and cardiovascular conditions. Comparable to Windtree in therapeutic focus area, clinical stage, and small-cap public profile.
- PhaseBio Pharmaceuticals: Clinical-stage biopharmaceutical company developing therapies for cardiovascular and metabolic diseases. Comparable in therapeutic focus (cardiovascular specialty pharma) and small-cap clinical-stage profile similar to Windtree's pre-divestiture positioning.
- Funding Circle: Public fintech focused on small-business and commercial lending via a digital platform. Comparable to CommLoan's commercial loan origination and servicing business model that Windtree is acquiring.
- LendingClub: Public fintech company operating a digital lending marketplace for consumer and commercial credit. Directly comparable to CommLoan's fintech lending model that Windtree is acquiring, and reflects the type of operating business Windtree is pivoting toward.
- Tenax Therapeutics: Clinical-stage specialty pharmaceutical company developing therapeutics for cardiopulmonary diseases, including pulmonary hypertension and related cardiovascular conditions. Closely comparable to Windtree's pre-divestiture cardiovascular focus and similar stage of development.
Broad incumbents
- Rocket Pharmaceuticals: Clinical-stage gene therapy company with cardiovascular programs (e.g., Danon disease) and a broader rare disease pipeline. Comparable as a larger, better-capitalized specialty cardiovascular/rare disease peer with more advanced clinical assets.
Market position
Strengths4 records
Weaknesses5 records
Competitive moat2 records
Key risks5 records
Key highlights5 records
Customer concentration
Windtree Therapeutics social profiles
Digital presenceWindtree Therapeutics financial estimates
Financial estimateRevenue estimate
Valuation estimate
Windtree Therapeutics leadership team
Management profileNumber of profiles
Profiles3 records
Windtree Therapeutics funding detail
Funding detailFunding overview
Funding rounds13 records
Investors4 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Windtree Therapeutics M&A and investment
M&A and investmentM&A2 records
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Windtree Therapeutics
What does Windtree Therapeutics do?
Windtree Therapeutics is a clinical-stage biotechnology company developing KL4 surfactant-based therapies for acute cardiovascular and pulmonary conditions, with lead drug candidate istaroxime being studied for cardiogenic shock and other acute heart failure indications. In December 2025 the company sold its cardiovascular pipeline (including istaroxime) to Seismic Pharmaceutical Holdings while retaining rights to future milestone proceeds and royalties, and is pursuing a reverse merger with fintech company CommLoan to diversify its business.
Is Windtree Therapeutics a public or private company?
Windtree Therapeutics is a public company. It is classified as public and is currently operating.
When was Windtree Therapeutics founded?
Windtree Therapeutics was founded in 1992. It employs 11 to 50 people.
Where is Windtree Therapeutics based?
Windtree Therapeutics is headquartered in Warrington, United States, in the North America region.
How does Windtree Therapeutics make money?
Two revenue lines are on record. Pipeline Asset Sale is the primary driver. The others are fintech Acquisition Target.
Who are Windtree Therapeutics's main competitors?
Emerging players on record are Lower and Lexeo Therapeutics. Direct peers are Athersys, Better.com, BioCardia, PhaseBio Pharmaceuticals, Funding Circle, LendingClub and Tenax Therapeutics. Rocket Pharmaceuticals is listed as a broad incumbent.
Does Windtree Therapeutics have an API?
No public API is recorded for Windtree Therapeutics.
What industry is Windtree Therapeutics in?
Windtree Therapeutics's product category is Cardiopulmonary Pharmaceuticals. Its primary akta.pro industry code is HLAIACAG, Cardiology & Vascular Specialty Pharmaceuticals, with a secondary code of HLAIAIAH, Rare Cardiovascular & Vascular Disorder Therapies. Its SIC code is 8731.