Willow Biosciences Inc (TSX:WLLW, OTCQB:CANSF) has reported higher revenue and reduced costs for the second quarter and now anticipates achieving more than $4 million in revenue for 2024 based on its existing programs.
The company, which is developing biobased processes to manufacture ingredients for the pharmaceutical, food and beverage, and consumer markets, said this target represents an increase of almost 350% over 2023.
Further, the company expects to add at least one more fully funded, partnered program and a new internal program by the year-end.
Revenue for Q2 was a record $1 million, up 660% from the year-ago quarter.
Cash used in operating activities was reduced to $733,000 for the quarter, less than $250,000 per month.
The company also inked a multi-product development and licensing deal with pharmaceutical manufacturer Laurus Labs.
"The second quarter was marked by significant pipeline and revenue growth with the addition of the Laurus Labs strategic partnership that includes seven high-value APIs," Willow CEO Dr Chris Savile commented.
"In addition, the company further strengthened its balance sheet by launching a private placement in June, which closed after the end of the quarter, and continued on its path to further increase efficiency and reduce costs.”