EL7.AI
StocksMedium•9 November 2026•
4 min read

Windward Bio plans Nasdaq listing after raising $365 million

Key Facts

1Windward Bio has raised up to $365 million through equity financings as of its October 30, 2026 filing.
2The company plans to list on Nasdaq under the ticker WWB.
3Cash, cash equivalents and marketable securities totaled $181.8 million on September 30, 2026, according to a preliminary, unaudited estimate.
4Net cash used in operating activities rose to $25.886 million in the first half of 2026, from $9.707 million in the same period of 2025.

Windward Bio plans to list its shares on Nasdaq under the ticker WWB, Reuters reported, citing a company filing, putting the Swiss biotech before investors in the U.S. market. The company named Jefferies, TD Cowen, Piper Sandler and UBS Investment Bank as underwriters for the offering, according to the report. The move comes as Windward says it has raised up to $365 million through equity financings as of its filing with the U.S. Securities and Exchange Commission on October 30. Investors that led financing rounds include Novo Holdings, alongside OrbiMed, SR One, Omega Funds, Blue Owl Healthcare Opportunities and RTW Investments. The investor mix shows that previous funding came from healthcare specialists, while the company’s next steps depend on progress in its clinical programs.

Windward differs from drugmakers linked to obesity treatments that were the focus of the initial report; the company describes its programs as targeting respiratory and skin diseases. Its lead program, WIN378, targets asthma and chronic obstructive pulmonary disease, while it is developing WIN027, a long-acting bispecific antibody for respiratory and skin diseases, according to its website. In its filing, the company said it began operations in January 2025 and had not generated product sales revenue or received regulatory approval for any product as of that time. Its business valuation at this stage is therefore tied to trial progress and clinical data, rather than sales of commercially available drugs. The company also acknowledged that it faces competition from large pharmaceutical and biotechnology companies, including Amgen, AstraZeneca, GSK, Eli Lilly, Pfizer and Sanofi.

For WIN378, Windward said an interim analysis of the POLARIS-1 study showed a half-life of up to 75 days, with an increase in forced expiratory volume in one second of up to 174 mL, or up to 267 mL after adjustment for placebo. These are interim results reported by the company in its filing, not final Phase 3 results. It said 147 participants had been randomized in the second part of the study through May 2026, exceeding the initial enrollment target of 120 patients. The company expects primary results at week 24 in the first half of 2027, and final results at week 48 in the second half of the same year. It also expects initial results from the study’s third part in the first half of 2029.

The company is also targeting chronic obstructive pulmonary disease through the Phase 2 SIRIUS study, which it said began in June 2026, with initial results expected in the second half of 2027. Windward says the start of its pivotal POLARIS-2 asthma trial is planned for the first half of 2027. These dates mark successive milestones over the coming years, while the programs remain in clinical development. In its filing, the company warned that the safety and efficacy results recorded for WIN378 so far may not be repeated in the ongoing Phase 3 portions or in the SIRIUS study. It also said it believes the current results could support administering the treatment subcutaneously twice a year, a possibility that remains dependent on what the studies show.

The reported financial data reflect the company’s funding needs as it advances its trials. Net cash used in operating activities was $25.886 million in the first half of 2026, compared with $9.707 million in the same period of 2025, according to its filing. The company reported net operating cash use of $33.3 million in 2025, attributing spending mainly to its loss and increased research expenses, including the start of the POLARIS-1 study. Windward estimated cash, cash equivalents and marketable securities at about $181.8 million on September 30, 2026, describing the estimate as preliminary, unaudited and subject to change. It launched a $165 million Series B financing round in April 2026 and closed the first tranche of $110 million in May. In the fall IPO market, Reuters described biotechnology as one of the most active sectors, despite pressure on risk appetite from rising bond yields and concerns about AI trading.