Willow Biosciences Inc. (OTCQB:CANSF) (TSX:WLLW) released its financial and operating results for the three months ended March 31, 2023, revealing revenue of CA$274,000Â ($203,000) compared to no revenue in Q1 2022. The company is in the development stage and expects to operate at a loss and use cash in operating activities as it conducts research and development on its biosynthesis pathways.

"The first quarter of this year marked significant progress against our stated goals to foster diversified commercial growth within our portfolio, and create opportunities for near-term revenue generation for the business all while experiencing reduced cash burn", stated Chris Savile, Willow's president and CEO. "We are on a solid trajectory in successfully executing on projects underway while pursuing new agreements, and our legacy yeast strain engineering capabilities along with the complementary BioOxi bio-oxidation platform technology we recently launched further opens up the playing field where we can leverage our technology in pursuit of growth."

Highlights for the Quarter

• On January 17, 2023, Willow announced a follow-on engagement with Sandhill One, LLC for the next phase in optimizing a proprietary enzyme vital to the development of a large volume active pharmaceutical ingredient used in nutraceutical and pharmaceutical products.

• On February 22, 2023, Willow announced the appointment of Jim Lalonde, Ph.D. as its newest independent member of the company's board of directors, effective February 21, 2023.

• On March 22, 2023, Willow and SUANFARMA jointly announced that they have, together with SUANFARMA's CIPAN manufacturing site, completed the development and manufacturing process in pilot scale for the Willow-owned ingredient, Cannabigerol (CBG). The 36 m3 scaling-up production batches required for the forthcoming qualification and registration will be completed during 2023.

• On March 28, 2023, Willow announced that the board of directors appointed Dr. Chris Savile, Willow's COO, as president and CEO and Trevor Peters, a director and founder of the company, as chairman, effective March 28, 2023, in connection with Dr. Peter Seufer-Wasserthal's retirement as president and CEO. Dr. Seufer-Wasserthal will continue to be a Director of the company.

• Willow also announced the appointment of experienced financial executive, Raffi Asadorian, as an independent director to the company's board of directors.

• Willow ended the quarter with approximately CA$10.5 million of cash as of March 31, 2023, with the company's approved annual budget expected to be fully funded for 2023.

• Net loss was CA$4.7 million compared to net loss of CA$3 million in Q1 2022.

Photo by Louis Reed on Unsplash

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