Windward Bio (WWB Proposed), a Swiss biotech developing long-acting drug candidates to treat asthma, COPD and atopic dermatitis, unveiled the terms early today (Monday, Nov. 9,2026) for its $175 million IPO. Windward Bio is offering 10.29 million shares at a price range of $16.00 to $18.00 to raise $174.93 million, if priced at the $17.00 mid-point of its range, according to its F-1/A filing dated Nov. 9, 2026.
At mid-point pricing, Windward Bio would have a market cap of $986.66 million – as a result of the IPO and a concurrent private placement. This is a NASDAQ listing.
Jefferies, TD Cowen, Piper Sandler and UBS Investment Bank are the joint book-runners.
Asthma, COPD & Atopic Dermatitis in Focus
Windward Bio (WWB Proposed), based in Basel, Switzerland, is developing “ultra-long-acting antibody medicines for patients with serious respiratory and dermatologic diseases, including asthma, chronic obstructive pulmonary disease, or COPD, and atopic dermatitis,” according to the prospectus.
Its leading drug candidates target TSLP – thymic stromal lymphopoietin. TSLP “is positioned upstream of multiple inflammatory pathways and is a clinically validated target in respiratory disease,” the prospectus said.
Windward Bio described its leading drug candidates and their disease targets in the prospectus:
*WIN378 – Our lead ultra-long-acting anti-TSLP monoclonal antibody to treat asthma and COPD – We have licensed the global rights (excluding Greater China and certain Asian countries) for WIN378 from Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd., or Kelun, and Harbour BioMed (Shanghai) Co., Ltd., or HBM.
“WIN378 is currently being evaluated in POLARIS-1, a Phase 2/3 study in severe, uncontrolled asthma. A pre-planned interim analysis from the Phase 2 portion of the study was completed in the second half of 2026. Following dose selection based on the interim analysis, we initiated the Phase 3 portion of POLARIS-1 in September 2026, with topline results expected in the first half of 2029. Study start-up activities were initiated in September 2026 for a second Phase 3 study (POLARIS-2), which is planned to begin patient recruitment in the first half of 2027 with topline results expected in the first half of 2029.
“Separately, a Phase 2 study of WIN378 in COPD, SIRIUS, was initiated in June 2026 and we expect topline results in the second half of 2027. We have observed the following results in the Phase 1 clinical trial for WIN378: an extended half-life supporting twice-yearly subcutaneous dosing, a low rate of antidrug antibodies, and no treatment-related serious adverse events were observed.”
*WIN027 – An ultra-long-acting bispecific antibody that simultaneously targets TSLP and interleukin-13, or IL-13, two clinically validated drivers of inflammatory disease.
“We believe that dual inhibition of these pathways has the potential to deliver deeper and more durable disease control than targeting either pathway alone. WIN027 is currently in a Phase 1 healthy volunteer study with investigational new drug applications, or INDs, open in the United States, Australia and the People’s Republic of China, or the PRC, assessing safety and pharmacokinetics. In an interim analysis of the Phase 1 study, we observed a 62-day half-life, low immunogenicity and low rate of injection site reactions, with full pharmacokinetic and immunogenicity data expected in the first half of 2027.
“We initiated study start-up activities in September 2026 in a global Phase 2b study in COPD powered on the registrational endpoint of exacerbation rate ratio and a second global Phase 2 study in atopic dermatitis, which are planned to begin patient recruitment in the first half of 2027.
“Our partner Qyuns Therapeutics Co., Ltd., or Qyuns, initiated their Phase 2 studies in atopic dermatitis and chronic rhinosinusitis with nasal polyps, or CRSwNP, in September 2026 in the PRC and plans to begin a Phase 2 study in asthma by the end of the year. Topline results from these studies are expected over the course of 2027 and 2028.”
Windward Bio is not profitable: Net loss of $68.21 million on product revenue for the 12 months that ended on June 30, 2026, according to financial statements in the prospectus.
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