Willow Biosciences Inc (TSX:WLLW, OTCQB:CANSF) reported record revenue of $1.2 million for fiscal 2023 as it executed collaborations during the year, including several partnerships which have positioned the company for continued growth in 2024.
The company, which develops and produces precision fermented ingredients, said its full-year revenue increased by 43% from $821,000 in 2022.
Recent operational highlights included the continued progression of its corticosteroid manufacturing platform with proof of concept now established on multiple large-volume corticosteroids; the completion of an $800,000 non-brokered financing; and the announcement of an agreement with pharmaceutical ingredient manufacturer Suanfarma for the development of a large volume anti-infective active pharmaceutical ingredient.
"Fiscal 2023 was a transformative year for Willow as we continued to take significant steps to position the company for nearer-term revenue creation, expanded our product pipeline, reduced our cash burn and moved all operations to a new lab in Sunnyvale, California," CEO Chris Savile commented.
"The result of these activities was the signing of four new partnerships as well as launching a corticosteroid program which we anticipate partnering during the first half of 2024."
Willow Biosciences said, based on the successful execution of its 2023 milestones, that it expects to see significant revenue growth over 2024 along with a reduction in cash burn toward its goal of noted improvement in bottom-line financial results.
With several of its research and development (R&D) programs nearing completion, it anticipates generating its first commercial revenues from at least two products.
R&D revenue, meanwhile, is expected to increase by more than 100% when compared to 2023.
It also expects to execute at least one commercial agreement in the first half of 2024 and additional agreements in the second half which could include milestone, profit-share, license, or royalty payments.