Windtree Therapeutics is a clinical-stage biotech with no approved products or product revenue, focused primarily on developing treatments for acute cardiovascular conditions. The lead asset is istaroxime, an IV drug being tested for cardiogenic shock and acute heart failure. Istaroxime works through a dual mechanism — improving the heart's pumping function while also helping the heart muscle relax — which Windtree argues differentiates it from existing inotropes and vasopressors that carry risks like arrhythmias, elevated heart rate, and organ damage. Istaroxime has completed multiple Phase 2 studies with positive results, and Windtree is currently running a Phase 2 trial in more severe cardiogenic shock patients, with interim data expected in Q3 2025. Beyond istaroxime, the pipeline includes preclinical SERCA2a activator compounds for heart failure, rostafuroxin for a genetically defined subset of hypertension patients (on hold pending a partner), and an early-stage oncology asset targeting cancers driven by the aPKCi signaling pathway. Windtree has out-licensed istaroxime and several other assets to Lee's Pharmaceutical for Greater China, entitling Windtree to up to $78.9M in potential milestones plus royalties. The company has no independent path to fund its late-stage trials and relies on equity offerings, licensing deals, and partnerships to fund operations. In early 2025, Windtree announced a strategic pivot to acquire small companies with already-approved products to generate near-term revenue, though no acquisitions have been completed.