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# Windward Bio Files For Nasdaq IPO With $207.3 Million In Cash And A Twice-Yearly Asthma Drug
- URL: https://www.bullished.co/windward-bio-files-for-nasdaq-ipo-with-207-3-million-in-cash-and-a-twice-yearly-asthma-4215a18e/
- Published: 2026-10-23T19:41:21.000Z
- Updated: 2026-10-23T19:41:21.000Z
- Description: The Swiss biotech lost $42.6 million in the first half and has no product revenue; IPO terms are blank.
- Author: Matteo Parrino
- Tags: Deals, Industry: Not classified

Windward Bio Group, a Basel-based clinical-stage biotech developing antibody drugs dosed as rarely as twice a year for asthma and COPD, [filed to go public on Nasdaq](https://www.sec.gov/Archives/edgar/data/0002145089/000119312526430315/d111653df1.htm?ref=bullished.co) on Friday under the proposed symbol WWB. It reported a $42.6 million net loss for the first half of 2026 and no product revenue.

## Terms blank, banks named

The F-1 registration statement leaves the share count, price range and offering size empty, so the terms have not been set. UBS, Jefferies, TD Cowen and Piper Sandler are listed on the cover. The company has applied to list on the Nasdaq Global Market, and the prospectus says that if the application is not approved, the offering will not be completed.

Windward says it is both an emerging growth company and a foreign private issuer, which lets it file less information with the SEC than a U.S. company.

## Losses widen, cash holds at $207.3 million

Net loss for the six months ended June 30, 2026 was [$42.6 million](https://www.sec.gov/Archives/edgar/data/0002145089/000119312526430315/d111653df1.htm?ref=bullished.co), against $22.8 million a year earlier. For all of 2025 the loss was $48.3 million, and accumulated losses stood at $93.2 million at June 30.

The company held $207.3 million in cash, cash equivalents and marketable securities on that date. It says it has raised up to $365.0 million in equity financings from investors including OrbiMed, Novo Holdings, SR One, Omega Funds, Blue Owl Healthcare Opportunities and RTW Investments. It warns it will need more funding even if the IPO succeeds.

## Lead drug enters Phase 3

The lead drug, WIN378, is an antibody designed to block TSLP, a signaling protein upstream of airway inflammation. The company began the Phase 3 portion of its asthma trial, POLARIS-1, in September 2026, with topline results expected in the first half of 2029\. In the earlier portion, which enrolled 147 patients, the drug showed a half-life of up to 75 days and no treatment-related serious adverse events to date.

The second candidate, WIN027, targets both TSLP and IL-13 and is in an early-stage healthy-volunteer study. Windward estimates asthma, COPD and atopic dermatitis represent a $60 billion peak market for biologic therapies.

## Chinese licenses and a founder's record

Both drugs are licensed from Chinese biotechs: WIN378 from Kelun and Harbour BioMed, WIN027 from Qyuns. The filing lists dependence on their earlier data as a risk, and notes the FDA's moves to reshore early trials and legislative efforts that could restrict use of Chinese trial data.

Windward was incorporated in July 2024 and began operations in January 2025 under founder and CEO Luca Santarelli, who previously co-founded VectivBio and Therachon. The prospectus says Ironwood Pharmaceuticals bought VectivBio in 2023 for $1.2 billion and Pfizer bought Therachon in 2019 for up to $810 million.

Before the company can price an offering, a later amendment to the filing will need to set the share count and price range.

### Sources

- [F-1 — WINDWARD BIO GROUP AG](https://www.sec.gov/Archives/edgar/data/0002145089/000119312526430315/d111653df1.htm?ref=bullished.co) — SEC EDGAR