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Exhibit 99.2
 
MEDIWOUND LTD. AND ITS SUBSIDIARIES
 
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 
AS OF JUNE 30, 2025
 
IN U.S. DOLLARS IN THOUSANDS
 
UNAUDITED
 
INDEX
 
 
Page
  
F-2
  
F-3
  
F-4 – F-5
  
F-6 – F-7
  
F-8 – F-11
 
- - - - - - - - - - - - -
 
MEDIWOUND LTD. AND ITS SUBSIDIARIES
 
Unaudited Condensed Interim Consolidated Statements of Financial Position
U.S. dollars in thousands
 
   
June 30,
    
December 31,
  
   
2025
    
2024
    
2024
  
                   
Cash and cash equivalents
    
1,059
      
3,790
      
9,155
  
Short-term bank deposits
    
31,377
      
25,425
      
34,006
  
Trade receivables
    
5,012
      
2,922
      
4,800
  
Inventories
    
3,843
      
3,210
      
2,692
  
Other receivables
    
1,788
      
1,966
      
1,510
  
Total current assets
    
43,079
      
37,313
      
52,163
  
                         
Other receivables
    
37
      
238
      
-
  
Long-term restricted bank deposits
    
453
      
453
      
439
  
Property, plant and equipment
    
15,724
      
12,308
      
14,132
  
Right-of-use assets
    
7,642
      
6,852
      
6,663
  
Intangible assets
    
66
      
132
      
99
  
Total non-current assets
    
23,922
      
19,983
      
21,333
  
                         
Total assets
    
67,001
      
57,296
      
73,496
  
                         
Current maturities of long-term liabilities
    
822
      
1,496
      
612
  
Warrants
    
18,992
      
14,902
      
17,092
  
Trade payables and accrued expenses
    
5,880
      
2,745
      
5,281
  
Other payables
    
3,377
      
3,468
      
3,556
  
Total current liabilities
    
29,071
      
22,611
      
26,541
  
                         
Grants received in advance
    
758
      
-
      
736
  
Liabilities in respect of IIA grants
    
8,504
      
8,009
      
8,149
  
Liabilities in respect of TEVA
    
-
      
1,962
      
-
  
Lease liabilities
    
8,070
      
6,355
      
6,513
  
Severance pay liability, net
    
479
      
490
      
404
  
Total non-current liabilities
    
17,811
      
16,816
      
15,802
  
                         
Total liabilities
    
46,882
      
39,427
      
42,343
  
                         
Shareholders' equity:
                        
Ordinary shares of NIS 0.07 par value:
                        
Authorized: 20,000,000 shares as of June 30, 2025; December 31, 2024 and June 30, 2024; Issued and Outstanding: 10,875,631 as of June 30, 2025; 10,793,057 as of December 31, 2024 and 9,286,252 as of June 30, 2024
    
216
      
186
      
215
  
Share premium
    
239,014
      
208,547
      
235,995
  
Foreign currency translation adjustments
    
(21
)
    
(8
)
    
(11
)
Accumulated deficit
    
(219,090
)
    
(190,856
)
    
(205,046
)
Total equity
    
20,119
      
17,869
      
31,153
  
                         
Total liabilities and equity
    
67,001
      
57,296
      
73,496
  
 
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 of share and per share data)
 
   
Six months ended
June 30,
    
Three months ended
June 30,
    
Year ended
December 31,
  
   
2025
    
2024
    
2025
    
2024
    
2024
  
Revenues from sale of products
    
3,162
      
3,202
      
1,754
      
1,506
      
6,832
  
Revenues from development services
    
6,314
      
6,727
      
3,874
      
3,504
      
13,135
  
Revenues from license agreements and royalties
    
187
      
98
      
80
      
53
      
255
  
Total revenues
    
9,663
      
10,027
      
5,708
      
5,063
      
20,222
  
                                         
Cost of revenues from sale of products
    
2,412
      
3,144
      
1,302
      
1,558
      
6,440
  
Cost of revenues from development services
    
5,156
      
5,821
      
3,056
      
3,055
      
11,128
  
Cost of revenues from license agreements and royalties
    
15
      
8
      
8
      
3
      
20
  
Total cost of revenues
    
7,583
      
8,973
      
4,366
      
4,616
      
17,588
  
                                         
Gross profit
    
2,080
      
1,054
      
1,342
      
447
      
2,634
  
                                         
Research and development
    
6,377
      
3,368
      
3,491
      
1,898
      
8,878
  
Selling and marketing
    
2,749
      
2,403
      
1,462
      
1,224
      
4,936
  
General and administrative
    
3,891
      
3,501
      
2,105
      
1,809
      
8,202
  
Other expenses
    
4
      
-
      
-
      
-
      
18
  
Total operating expenses
    
13,021
      
9,272
      
7,058
      
4,931
      
22,034
  
                                         
Operating loss
    
(10,941
)
    
(8,218
)
    
(5,716
)
    
(4,484
)
    
(19,400
)
                                         
Financial income
    
925
      
1,171
      
429
      
582
      
2,048
  
Financial expenses
    
(3,985
)
    
(8,965
)
    
(7,993
)
    
(2,405
)
    
(12,811
)
Financing expenses, net
    
(3,060
)
    
(7,794
)
    
(7,564
)
    
(1,823
)
    
(10,763
)
                                         
Loss before taxes on income
    
(14,001
)
    
(16,012
)
    
(13,280
)
    
(6,307
)
    
(30,163
)
                                         
Taxes on income
    
(43
)
    
(22
)
    
(38
)
    
2
      
(61
)
Net loss
    
(14,044
)
    
(16,034
)
    
(13,318
)
    
(6,305
)
    
(30,224
)
                                         
Other comprehensive income (loss):
                                        
                                         
Foreign currency translation adjustments
    
(10
)
    
10
      
(11
)
    
2
      
7
  
                                         
Total comprehensive loss
    
(14,054
)
    
(16,024
)
    
(13,329
)
    
(6,303
)
    
(30,217
)
                                         
Loss per share data:
                                        
                                         
Basic and diluted net loss per share
    
(1.30
)
    
(1.73
)
    
(1.23
)
    
(0.68
)
    
(3.03
)
                                         
Number of shares used in calculating basic and diluted loss per share
    
10,816,990
      
9,256,862
      
10,835,251
      
9,279,370
      
9,959,723
  
 
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
  
Balance as of April 1, 2025
    
215
      
236,839
      
(10
)
    
(205,772
)
    
31,272
  
                                         
Loss for the period
    
-
      
-
      
-
      
(13,318
)
    
(13,318
)
Other comprehensive loss
    
-
      
-
      
(11
)
    
-
      
(11
)
Total comprehensive loss
    
-
      
-
      
(11
)
    
(13,318
)
    
(13,329
)
Exercise of options and warrants
    
1
      
1,313
      
-
      
-
      
1,314
  
Share-based compensation
    
-
      
862
      
-
      
-
      
862
  
                                         
Balance as of June 30, 2025 (unaudited)
    
216
      
239,014
      
(21
)
    
(219,090
)
    
20,119
  
                                         
Balance as of April 1, 2024
    
185
      
207,575
      
(10
)
    
(184,551
)
    
23,199
  
                                         
Loss for the period
    
-
      
-
      
-
      
(6,305
)
    
(6,305
)
Other comprehensive income
    
-
      
-
      
2
      
-
      
2
  
Total comprehensive income (loss)
    
-
      
-
      
2
      
(6,305
)
    
(6,303
)
Exercise of options and warrants
    
1
      
214
      
-
      
-
      
215
  
                                         
Share-based compensation
    
-
      
758
      
-
      
-
      
758
  
                                         
Balance as of June 30, 2024 (unaudited)
    
186
      
208,547
      
(8
)
    
(190,856
)
    
17,869
  
 
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
  
Balance as of December 31, 2024 (audited)
    
215
      
235,995
      
(11
)
    
(205,046
)
    
31,153
  
Loss for the period
    
-
      
-
      
-
      
(14,044
)
    
(14,044
)
Other comprehensive loss
                    
(10
)
    
-
      
(10
)
Total comprehensive loss
    
-
      
-
      
(10
)
    
(14,044
)
    
(14,054
)
Exercise of   options and warrants
    
1
      
1,313
      
-
      
-
      
1,314
  
Share-based compensation
    
-
      
1,706
      
-
      
-
      
1,706
  
Balance as of June 30, 2025 (unaudited)
    
216
      
239,014
      
(21
)
    
(219,090
)
    
20,119
  
                                         
Balance as of December 31, 2023 (audited)
    
184
      
206,251
      
(18
)
    
(174,822
)
    
31,595
  
Loss for the period
    
-
      
-
      
-
      
(16,034
)
    
(16,034
)
Other comprehensive loss
    
-
      
-
      
10
      
-
      
10
  
Total comprehensive income (loss)
    
-
      
-
      
10
      
(16,034
)
    
(16,024
)
Exercise of options and warrants
    
2
      
1,026
      
-
      
-
      
1,028
  
Share-based compensation
    
-
      
1,270
      
-
      
-
      
1,270
  
Balance as of June 30, 2024 (unaudited)
    
186
      
208,547
      
(8
)
    
(190,856
)
    
17,869
  
                                         
Balance as of December 31, 2023 (audited)
    
184
      
206,251
      
(18
)
    
(174,822
)
    
31,595
  
                                         
Net loss
    
-
      
-
      
-
      
(30,224
)
    
(30,224
)
Other comprehensive income
    
-
      
-
      
7
      
-
      
7
  
Total comprehensive income (loss)
    
-
      
-
      
7
      
(30,224
)
    
(30,217
)
Exercise of options and warrants
    
3
      
2,132
      
-
      
-
      
2,135
  
Issuance of ordinary shares, net of issuance expenses
    
28
      
24,474
      
-
      
-
      
24,502
  
Share-based compensation
    
-
      
3,138
      
-
      
-
      
3,138
  
Balance as of December 31, 2024 (audited)
    
215
      
235,995
      
(11
)
    
(205,046
)
    
31,153
  
 
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,
  
   
2025
    
2024
    
2025
    
2024
    
2024
  
Cash flows from operating activities:
                              
Net loss
    
(14,044
)
    
(16,034
)
    
(13,318
)
    
(6,305
)
    
(30,224
)
                                         
Adjustments to reconcile net loss to net cash used in operating activities:
                                        
                                         
Adjustments to profit and loss items:
                                        
Depreciation and amortization
    
752
      
725
      
394
      
357
      
1,483
  
Share-based compensation
    
1,706
      
1,270
      
862
      
758
      
3,138
  
Revaluation of warrants accounted at fair value
    
2,377
      
8,007
      
6,647
      
1,927
      
10,704
  
Revaluation of liabilities in respect of IIA grants
    
446
      
470
      
203
      
237
      
752
  
Revaluation of liabilities in respect of TEVA
    
-
      
206
      
-
      
99
      
770
  
Financing (income) expenses and exchange differences of lease liability
    
943
      
17
      
938
      
(11
)
    
487
  
Increase (decrease) in severance pay liability, net
    
75
      
48
      
48
      
13
      
(30
)
Other expenses
    
4
      
-
      
-
      
-
      
18
  
Financial income, net
    
(942
)
    
(918
)
    
(424
)
    
(405
)
    
(2,039
)
Un-realized foreign currency loss (gain)
    
(21
)
    
78
      
(6
)
    
11
      
47
  
     
5,340
      
9,903
      
8,662
      
2,986
      
15,330
  
Changes in asset and liability items:
                                        
Decrease (increase) in trade receivables
    
(217
)
    
753
      
(1,671
)
    
876
      
(1,141
)
Decrease (increase) in inventories
    
(1,151
)
    
(345
)
    
(263
)
    
103
      
187
  
Decrease (increase) in other receivables
    
(341
)
    
(574
)
    
37
      
(459
)
    
120
  
Increase (decrease) in trade payables and accrued expenses
    
691
      
(1,900
)
    
794
      
(530
)
    
406
  
Increase in grants received in advance
    
-
      
-
      
-
      
-
      
1,181
  
Increase (decrease) in other payables
    
(144
)
    
(34
)
    
3
      
(294
)
    
517
  
     
(1,162
)
    
(2,100
)
    
(1,100
)
    
(304
)
    
1,270
  
                                         
Net cash used in operating activities
    
(9,866
)
    
(8,231
)
    
(5,756
)
    
(3,623
)
    
(13,624
)
 
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,
  
   
2025
    
2024
    
2025
    
2024
    
2024
  
                               
Cash flows from investing activities:
                              
                               
Purchase of property and equipment
    
(2,008
)
    
(4,275
)
    
(1,049
)
    
(3,016
)
    
(6,273
)
Interest received
    
585
      
1,127
      
319
      
522
      
2,252
  
Proceeds from (investment in) short-term bank deposits, net
    
2,985
      
4,209
      
5,635
      
5,339
      
(4,376
)
                                         
Net cash provided by (used in) investing activities
    
1,562
      
1,061
      
4,905
      
2,845
      
(8,397
)
                                         
Cash flows from financing activities:
                                        
                                         
Repayment of leases liabilities
    
(537
)
    
(458
)
    
(289
)
    
(214
)
    
(928
)
Proceeds from exercise of warrants and share options
    
838
      
610
      
838
      
111
      
1,210
  
Proceeds from issuance of shares
    
-
      
-
      
-
      
-
      
22,165
  
Repayment of IIA grants
    
(114
)
    
(120
)
    
-
      
-
      
(219
)
Repayment of liabilities in respect of TEVA
    
-
      
(834
)
    
-
      
-
      
(2,834
)
                                         
Net cash provided by (used in) financing activities
    
187
      
(802
)
    
549
      
(103
)
    
19,394
  
                                         
Exchange rate differences on cash and cash equivalent balances
    
21
      
(104
)
    
2
      
(15
)
    
(84
)
                                         
Decrease in cash and cash equivalents
    
(8,096
)
    
(8,076
)
    
(300
)
    
(896
)
    
(2,711
)
                                         
Balance of cash and cash equivalents at the beginning of the period
    
9,155
      
11,866
      
1,359
      
4,686
      
11,866
  
                                         
Balance of cash and cash equivalents at the end of the period
    
1,059
      
3,790
      
1,059
      
3,790
      
9,155
  
                                         
Supplement disclosure of non-cash transactions:
                                        
ROU asset, net, recognized with corresponding lease liability
    
1,254
      
365
      
1,080
      
-
      
479
  
Purchase of property and equipment in trade payables
    
(249
)
    
(142
)
    
(91
)
    
(43
)
    
(344
)
 
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 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 an 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, 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).
 
F - 8

MEDIWOUND LTD. AND ITS SUBSIDIARIES

 

Notes to Unaudited Condensed Interim Consolidated Financial Statements

U.S. dollars in thousands
 
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.
In October 2023, Israel was attacked by a terrorist organization and entered a state of war. As of the date of these consolidated financial statements, the war in Israel is ongoing and continues to evolve. The company’s headquarters, manufacturing and R&D facilities are located in Israel.
 
On June 13, 2025, Israel launched Operation “Rising Lion”, a direct military campaign targeting Iranian nuclear and military infrastructure in response to escalating threats posed by Iran’s long-range missile deployment and intelligence reports indicating imminent coordinated attacks. The United States joined Israel in this military action. A ceasefire between Israel and Iran was declared by the United States on June 24, 2025. Currently, activities in Israel remain largely unaffected. During the period ended June 30, 2025, the impact on the company’s results of operations and financial condition was immaterial.
 
  e.
BARDA Contracts:
 
In September 2015, the Company was awarded BARDA Contract for treatment of thermal burn injuries. This contract was amended multiple times to extend its term until September 2024 and its total value, up to a total amount of $175,000 as of the end of 2023. On May 11, 2024, the company signed an extension to the contracts with BARDA until September 2025.
 
As of June 30, 2025, the Company has recognized approximately $98,242 in total funding from BARDA under the first contract, and an additional $16,500 for procurement of Nexobrid for U.S. emergency preparedness, which were recorded at the net amount of approximately $10,500 following the split of gross profit agreement with Vericel for the initial BARDA procurement.
 
  f.
DOD and MTEC contracts:
 
On February 17, 2022, the Company was entered into a contract with the U.S. Department of Defense (DoD), 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 $2,727.
 
During 2023, the DoD through MTEC awarded the Company additional funding of $9,117 in addition, the company was awarded directly through MTEC funding of $1,190, to advance the development of a new temperature stable formulation of Nexobrid. In May 2024 the Company was awarded additional funding of $1,557 from the DoD through MTEC. In April 2025 the Company was awarded additional funding of $937 from the DoD through MTEC. The total funding from the DoD and MTEC is $15,528.
 
F - 9

MEDIWOUND LTD. AND ITS SUBSIDIARIES

 

Notes to Unaudited Condensed Interim Consolidated Financial Statements

U.S. dollars in thousands
 
Note 1:
General (Cont.)
   
  g.
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, 2025, the Company has incurred cash outflows from operations, losses from operations, and has an accumulated deficit of $219.1 million.
 
The Company believes that its existing cash and cash equivalents, and bank deposits of $32.9 million as of June 30, 2025, will be sufficient to fund its operations and capital expenditure for at least twelve months from the date of issuance of these consolidated financial statements.

 

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, 2025, 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, 2024 (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, 2025.
 
  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 February 11, 2025, the Board of Directors of the Company approved the granting of 242,550 shares and 21,950 RSUs to employees, officers, and board members. The share options have an exercise price of $18.54 per share and will vest over a period of 1 to 4 years. The fair value of the options and RSUs granted at the grant date was $2,907.
 
F - 10

MEDIWOUND LTD. AND ITS SUBSIDIARIES

 

Notes to Unaudited Condensed Interim Consolidated Financial Statements

U.S. dollars in thousands
 
Note 3:
Equity (Cont.)
   
  2.
On May 25, 2025; 50,000 Series A warrants were exercised to the Company ordinary shares at an exercise price of $13.475 per ordinary share, in accordance with the terms of the Series A warrants.
 
The fair value of the warrants which are classified as current liabilities was measured by using the Black and Scholes model. The following inputs were used to determine the fair value:
 
Contractual period of warrants–1.41 years.
Expected volatility – 61.2%
Risk-free interest rate – 3.86%
Expected dividend yield – 0%.
 
   
Jun-30
    
Dec-31
  
   
2025
    
2024
    
2024
  
                   
Balance as of January 1
    
17,092
      
7,296
      
7,296
  
Exercise of warrants
    
(477
)
    
(401
)
    
(908
)
Revaluation of warrants accounted at fair value
    
2,377
      
8,007
      
10,704
  
Balance at the end of the period
    
18,992
      
14,902
      
17,092
  

 

Note 4:
Subsequent events
 
  1.
In July 2025, a total of 132,143 Series A warrants were exercised into the Company’s ordinary shares at an exercise price of $13.475 per share, pursuant to the terms of the Series A warrants. The warrant exercises resulted in proceeds of $1,781. As of the date of this report, 2,341,114 Series A warrants remain outstanding and exercisable.
 
  2.
In July 2025 the Company was awarded additional funding of $2,715 from the DoD through MTEC. The total funding from the DoD and MTEC is $18,243.

 

F - 11