Startup profile · funding coverage
Windward Bio funding, valuation and investors
Nasdaq-listed Swiss clinical-stage biotechnology company developing long-acting immunology drugs for asthma, COPD and skin disease.
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Funding, valuation & investors
Answer-first snapshotLatest funding
Crossover financing
$165M · May 4, 2026
Latest known valuation
Not publicly disclosed
Total disclosed equity funding
$365M
Excludes debt, grants, acquisitions, secondaries, and IPO proceeds.
Current status
public
public · Basel, Switzerland
Investors in latest funding
Lead: OrbiMed
Other: RA Capital Management , Sanofi Ventures
Overview
Windward Bio Group AG (Basel) develops investigational long-acting antibodies; it does not sell approved medications. WIN378 blocks TSLP, an upstream immune signaling protein. It is being tested in asthma Phase 3 POLARIS-1 and COPD Phase 2 SIRIUS, with a proposed twice-yearly schedule.
A September 2026 company-reported interim Phase 2 asthma analysis of 98 of 147 patients found improvements in lung-function and airway-inflammation measures; this is NOT a completed pivotal Phase 3 efficacy readout. WIN027 binds both TSLP and IL-13 and remains Phase 1. WIN378 rights exclude China and some Asian territories. Patient outcomes, regulatory approval, reimbursement and revenue are not established.
Offering: On November 12, 2026 Windward priced 10,294,117 shares at $17, or $174,999,989 (approximately $175M gross IPO). Shares began Nasdaq trading under WWB on November 13, confirmed by Qiming Venture Partners' November 14 release. Legal IPO closing was scheduled for November 16, contingent on customary conditions.
SEPARATELY Sanofi Foreign Participations B.V. agreed to purchase $50M of shares/pre-funded warrants in a private placement conditional on IPO completion. The company's $225M figure is EXPECTED COMBINED gross before fees, not IPO proceeds alone and not confirmed cash collected. A 30-day underwriter option for up to 1,544,117 extra shares is excluded.
Qiming's ~$1.69B first-day market capitalization is stock-market value, not funding raised.
Historical private capital: The $200M Series A was announced January 10, 2025, co-led by OrbiMed, Novo Holdings and Blue Owl Healthcare Opportunities. The SEC F-1 reports actual tranches of $75M on January 23 and $125M on July 11, 2025—ONE round, not two additive rounds. May 4, 2026 $165M crossover financing was led by OrbiMed, with RA Capital, Janus Henderson and Sanofi Ventures participating. Pre-IPO private financing totaled $365M.
The separate drug-licensing deal milestones are potential outflows and not fundraising.
Primary references: https://investors.windwardbio.com/news-releases/news-release-details/windward-bio-announces-pricing-initial-public-offering ; https://www.sec.gov/Archives/edgar/data/2145089/000119312526452536/d111653df1a.htm ; https://www.globenewswire.com/news-release/2025/01/10/3007703/0/en/Windward-Bio-Launches-With-200-Million-Series-A-Financing-to-Develop-Phase-2-Ready-Long-Acting-Anti-TSLP-Antibody-With-Best-in-Class-Potential-in-Asthma-and-COPD.html ; https://www.globenewswire.com/news-release/2026/05/04/3286605/0/en/windward-bio-announces-165m-crossover-financing-to-advance-pipeline-of-long-acting-immunology-therapies-with-best-in-disease-potential.html ; https://www.prnewswire.com/news-releases/innovative-immunology-biotech-windward-bio-lists-on-nasdaq-302939481.html ; https://windwardbio.com/pipeline/
Why Windward Bio is interesting
WWB began Nasdaq trading November 13 after a $175M gross IPO pricing. Its separate $50M Sanofi placement was conditional on closing. Two earlier private financings sum to $365M, not $365M of new IPO capital.
Product & use cases
Biotechnology R&D, not a current product for clinicians to purchase: licensed antibody candidate -> Phase 2 dosing/biomarker validation -> Phase 3 randomized patient-outcome studies -> regulator evaluation -> possible pricing/reimbursement and physician availability. WIN378 asthma Phase 3 underway, COPD Phase 2; WIN027 Phase 1.
- Severe asthma: investigational WIN378 twice-yearly anti-TSLP dosing, under Phase 3 trials, not approved.
- COPD: WIN378 being studied in Phase 2, not commercially available.
- Respiratory/dermatology: WIN027 dual TSLP/IL-13 antibody in Phase 1.
Key facts
- Issuer priced ~ $175M gross Nasdaq IPO, separate from conditional $50M Sanofi placement; legal closing expected Nov 16, 2026.
- $200M Series A announced Jan 2025, legally closed in $75M and $125M tranches according to SEC.
- $165M May 2026 crossover financing led by OrbiMed; cumulative historical private financing $365M.
- Clinical efficacy beyond interim Phase 2 biomarkers, approval and eventual pricing remain unproven.
Funding history (newest first)
Crossover financing
2026-05-04 $165M- OrbiMed (lead)
- RA Capital Management (participant)
- Sanofi Ventures (participant)
Source: Read source · globenewswire.com
$200M Series A (two actual tranches Jan 23 and Jul 11)
2025-01-10 $200M- OrbiMed (lead)
- Novo Holdings (lead)
- Blue Owl Healthcare Opportunities (lead)
- Qiming Venture Partners (participant)
Source: Read source · globenewswire.com
Competitive landscape
Edge: Longer proposed dosing interval and distinct dual-site ligand binding; still unproven as superior in approved care.
Clinical trial failure or safety signals, competing established biologics, regulatory access and payer coverage, licensed geographic territories and capital requirements remain risks. No drug revenue claimed.
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Amgen/AstraZeneca Tezspire incumbent
Approved anti-TSLP asthma therapy; Windward's investigational dosing interval needs Phase 3 validation.
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Regeneron/Sanofi Dupixent alternative
Approved biologic acting on IL-4/IL-13 signaling, with different indication and mechanism.
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GSK Nucala alternative
Approved anti-IL-5 therapy in eosinophilic disease; distinct biomarker strategy.
Market / IPO context
Ticker: WWB (NASDAQ)
IPO status: public
IPO date: 2026-11-13
Note: Qiming reported about $1.69B first-day market capitalization at $28.50 closing price; a secondary-market figure, not IPO proceeds.
Editorial / static context — not a live quote.
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