WINDWARD BIO GROUP AG

What the company does

Windward Bio Group AG is a clinical-stage biotechnology company developing ultra-long-acting antibody medicines for serious respiratory and dermatologic diseases, including asthma, chronic obstructive pulmonary disease, and atopic dermatitis. Its product candidates include WIN378, an anti-TSLP antibody being evaluated in severe uncontrolled asthma and COPD, and WIN027, a bispecific antibody targeting TSLP and IL-13 that is being evaluated in COPD and atopic dermatitis.

Use of proceeds

The company intends to use the net proceeds from the offering and concurrent private placement, together with existing cash, cash equivalents and marketable securities, to fund clinical trials and related research and development activities for WIN378 and WIN027, advance bispecific programs through IND-enabling studies, and cover working capital and general corporate purposes. It allocates approximately $217.5 million to $227.5 million to WIN378 development, approximately $80 million to $85 million to WIN027 development, and approximately $5 million to $10 million to advancing bispecific programs through IND-enabling studies.

Underwriters

Extracted from F-1/A 0001193125-26-452536, filed Nov 9, 2026 and verified against that filing text.

Key risk factors

• Limited operating history

  “We are a clinical-stage biopharmaceutical company with a limited operating history.”

• Continuing financial losses

  “We have incurred significant financial losses since our inception and anticipate that we will continue to incur significant financial losses for the foreseeable future.”

• No approved products or revenue

  “We have no products approved for commercial sale and have not generated any revenue from product sales to date.”

• Early-stage commercialization risks

  “We will encounter risks and difficulties frequently experienced by early-stage biopharmaceutical companies in rapidly evolving fields, and we have not yet demonstrated an ability to successfully overcome such risks and difficulties.”