Willow Biosciences Inc. (TSX:WLLW, OTCQX:CANSF) said it ended the first quarter in a strong financial position with $26.4 million in cash and cash equivalents on hand as the company readies itself to leverage on the upcoming biorevolution.
Willow CEO Trevor Peters noted that the broader market is facing challenging times but said Willow had a strong balance street and a world-class research and development team to capture value for shareholders.
“The first quarter this year saw us make progress on the safety and effectiveness of Willow’s FutureGrown CBG as a key new ingredient for skincare,” Peters said in a statement accompanying the company’s 1Q results.
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“We are also excited to add new manufacturing capacity to further expand our end-to-end capabilities as a complete biomanufacturing solution for prospective partners.”
Commenting on its outlook, Willow said it is positioned to become a leader in precision fermentation, including cannabinoid biosynthesis, by capturing key intellectual property around what it believes will be the most cost-effective method to produce highly pure ingredients.
The company said it remains bullish on the long-term market potential for biosynthetically-produced cannabinoids as it has established its technology, capabilities, and manufacturing network to enable bio-based production for a diverse set of industries.
“Willow is ready when the market unfolds,” the company added.
For the three months ending March 31, 2022, the company narrowed its net loss to $3 million or $0.2 per share, compared to $11.3 million or $0.10 per share for the same period in 2021.
Based in Vancouver, Willow develops and produces high-purity, plant-derived ingredients for consumer care, food and beverage, and pharmaceutical products.
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