CBG Producer Willow Biosciences Announces Record 43% Revenue Increase And Strategic Moves Ahead

Willow Biosciences Inc., CANSF a frontrunner in biotech innovations for sustainable ingredient production, reported its financial and operational results Tuesday morning for the fourth quarter and fiscal year 2023.

The year marked a period of significant reorganization and growth, culminating in a record revenue of $1.2 million, a 43% increase from the previous year.

In 2020, Willow announced a breakthrough in biotechnology, successfully developing a scalable process for producing cannabigerol (CBG) with over 99% purity and no detectable THC, which positions Willow to capture a significant market opportunity in high-purity cannabinoids.

The company's innovation bore fruit with its corticosteroid manufacturing platform showing promising results in developing hydrocortisone, prednisolone, and prednisone. This advancement, alongside a successful $800,000 non-brokered financing round.

Strategic Reorganization

In a transformative move, Willow completed the consolidation of all its laboratory operations to Sunnyvale, California. This reorganization was complemented by four new partnerships, setting the stage for continued expansion in 2024.

According to Dr. Chris Savile, president and CEO, this strategic positioning aims to accelerate revenue generation and expand the product pipeline while optimizing operational efficiency.

• Cash and Cash Equivalents: There was a significant decrease in cash and cash equivalents from $11,007 in 2022 to $3,145 in 2023.
• Total Assets: Total assets also saw a substantial decline from $18,148 in 2022 to $6,673 in 2023.
• Shareholders' Equity: Shareholders' equity decreased markedly from $16,374 in 2022 to $3,436 in 2023.
• Net Loss: The net loss decreased from $14,814 in the previous period to $13,029 in the current period, indicating a slight improvement in the company's financial performance.
• Net Comprehensive Loss: The total comprehensive loss, which combines the net loss with the foreign exchange loss (or gain), decreased from $14,769 to $13,077. This suggests an overall reduction in the company's losses, including both its operating losses and the impact of currency translation.
• Basic and Diluted Loss Per Share: The loss per share has improved, decreasing from $0.12 in the previous period to $0.10 in the current period. This indicates that each share of the company's stock bears a smaller portion of the company's loss than in the previous period.

Looking Ahead: 2024 And Beyond

With an optimistic outlook for 2024, Willow anticipates an over 100% increase in R&D revenues and the initiation of commercial-stage revenue through strategic partnerships and product transitions.

The focus remains on undertaking commercial agreements and leveraging its BioOxi platform for new partnerships, particularly in biobased manufacturing processes.

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