Willow Biosciences Inc (TSX:WLLW, OTCQB:CANSF) said it expects to more than double revenue in 2024 as it closes new partnership development agreements.
Updating investors on its achievements in 2023 and its plans for the year ahead, the company said it expects to report a roughly 60% increase in 2023 revenues to a record $1.3 million for 2023.
"2023 was a transformative year for Willow with the successful development of our highly valuable BioOxi technology platform which we believe will support significant growth in 2024,” president and CEO Dr Chris Savile commented in a statement.
“We also generated record revenue growth through partnerships and implemented a successful corporate and operational reorganization to support the future growth of Willow.”
As well as the launch of BioOxi, the company highlighted the strengthening of its portfolio of both partnered and proprietary programs.
New programs include multiple partnerships with both innovators, such as Kalsec Inc and an undisclosed Nasdaq-listed biopharmaceutical company, generic pharmaceutical companies, such as Suanfarma, along with its internal program focused on multiple high-value corticosteroids.
As part of a reorganization, the company also consolidated its operations in the San Francisco Bay Area, announced a more focused team and transitioned both its board of directors and its management to a team of experienced biotech professionals. The changes were also aimed at reducing its cash burn rate and transitioning to near-term revenue opportunities.
2024 outlook
For the year ahead, Willow said it expects to execute of at least one commercial agreement in the first half of 2024 and additional agreements in the second half that could include milestone, profit share, license, or royalty payments.
With multiple research and development (R&D) programs now complete or nearing completion, it also expects to generate the first commercial revenues from at least two products as they transition to commercial production. Commercial revenue is expected to be potentially milestone, royalty, and ingredient supply revenue.
It also expects to close at least one partnership agreement on its corticosteroid programs.
“In 2024, the company will capitalize on its platform to bring our exciting corticosteroids program to commercial readiness and identify strategic partners for expansion and acceleration of its pipeline of opportunities,” Savile added.
The company has guided investors to expect an increase of over 100% in full-year R&D revenues for, while commercial stage revenue is expected to commence on multiple programs.
Willow develops and produces precision fermented functional ingredients for the health and wellness, food and beverage and personal care markets.