Better efficacy with less frequent dosing is a common refrain among companies pursuing next-generation biologic drugs for immunology, including Windward Bio. Clinical trials are ongoing intended to show how Windward’s contenders could stand apart, research that will be financed by $225 million from the biotech’s public markets debut.
Windward priced nearly 10.3 million shares at $17 per each which was the midpoint of the targeted price range. Alongside the $175 million raised from the IPO, Sanofi purchased shares and pre-funded warrants to buy additional shares, both at the IPO price. This private placement raised another $50 million. Windward’s shares began trading on the Nasdaq Friday under the stock symbol “WWB.”
Basel, Switzerland-based Windward is initially focusing on asthma, chronic obstructive pulmonary disease (COPD), and atopic dermatitis. Despite wide availability of biologic drugs for all three indications, Windward said in its IPO filing that use of such drugs by eligible patients remains relatively low in these diseases. The company attributes the low usage to lack of efficacy and the need for frequent injections.
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“We believe there is potential for the biologic treatment rate to increase in asthma, COPD, and atopic dermatitis over time as more treatments become available, efficacy and dosing convenience standards improve, and treatments are indicated for more sub-populations of patients,” Windward said in the filing.
Lead Windward program WIN378 is designed to block TSLP, a validated target addressed by Tezspire, a blockbuster Amgen and AstraZeneca antibody drug for asthma that is injected monthly. WIN378 is a long-acting antibody intended to offer dosing every six months. In addition to less frequent injections, the company says this drug is engineered to be more potent than Tezspire in its blocking of TSLP. Windward licensed WIN378 from Sichuan Kelun-Biotech Biopharmaceutical and Harbour BioMed and holds global rights to the asset, excluding certain Asian markets.
WIN378 has reached the Phase 3 portion of a Phase 2/3 clinical trial in severe, uncontrolled asthma. Windward plans two pivotal studies. The first started in September and the second is expected to begin enrolling patients in the first half of 2027. Preliminary data from both are expected in the first half of 2029.
A Phase 2 test of this antibody is ongoing in COPD; preliminary results are expected in the second half of next year. In a pre-planned interim analysis, Windward said the drug showed a half-life of up to 75 days as well as improvement on respiratory measures and measures of biomarkers in the blood correlated with asthma exacerbations. To date, Windward said WIN378 has been well tolerated with no reports of treat-related adverse events and low rates of injection site reactions.
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WIN378’s closest competitors might be Generate Biomedicines’ GB0895 and GSK’s GSK5784283 (also known as felcorekibart). Both clinical-stage antibodies are designed to block TSLP with dosing every six months. Other companies developing long-acting antibody drugs that target TSLP include Upstream Bio, Uniquity Bio, and AbbVie through its recent acquisition of antibody drug biotech Apogee Therapeutics.
Windward’s next program, WIN027, is a long-acting antibody designed to block TSLP and IL-13, a dual approach intended to offer deeper and more durable disease control than hitting either target alone. For this drug, Windward aims for dosing every three months. The company licensed global rights to WIN027, excluding Greater China, from Qyuns Therapeutics.
A Phase 1 test of WIN027 is ongoing in healthy volunteers. In the filing, Windward said results so far show an 84-day half-life, low immunogenicity, and a low rate of injection site reactions. Mid-stage tests in chronic obstructive pulmonary disorder (COPD) and atopic dermatitis are expected to begin enrollment in the first half of 2027.
Since inception, Windward said it had raised $310 million as a private company, most recently a $165 million Series B round in May. OrbiMed led that financing, which the company said was a crossover round. Novo Holdings was Windward’s largest shareholder with a 13.4% stake before the IPO and private placement, followed by OrbiMed’s 12.8% stake.
As of the end of June, Windward reported its cash position was $207.3 million. The company expects that capital combined with the proceeds from the IPO and private placement will last into the first half of 2029, when data from WIN0378’s asthma studies are expected. Windward plans to spend between $217.5 million and $227.5 million to complete the drug’s Phase 2/3 test in asthma and Phase 2 test in COPD. Another $80 million to $85 million is budgeted for WIN027’s planned Phase 2b test in COPD and the planned Phase 2 test in atopic dermatitis. Windward also expects to spend $5 million to $10 million to advance its preclinical bispecific programs through the research that could support investigational new drug applications.
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