SUNNYVALE, Calif., Aug. 12, 2024 /CNW/ – Willow Biosciences Inc. (“Willow” or the “Company”) (TSX: WLLW) (OTCQB: CANSF), a leading biotechnology company focused on revolutionizing industrial manufacturing of pure, consistent, and sustainable functional ingredients, has announced its financial and operating results for the three months ended June 30, 2024.
The company’s primary emphasis over the past year has been on enhancing operational efficiency, as delineated in their latest results. Despite being a startup, Willow reported a record revenue of $1.0 million, showcasing a significant 660% surge compared to the same period in 2023. The performance was propelled by strategic partnerships, notably with Laurus Labs, poised to generate annual revenues through research and development payments and royalties.
With streamlined efficiencies, the company successfully reduced its cash burn to under $250 thousand per month. Willow’s bolstered balance sheet, underscored by a recent private placement offering, solidifies near term financial standing and growth prospects, setting it apart from many companies within the psychedelic industry that are currently facing challenges.
Looking forward, Willow revenue projections for FY 2024 are anticipated to increase to $4 million, driven by existing programs and forthcoming partnerships.
For further details, please visit Willow’s website at www.willowbio.com (http://www.willowbio.com).