Windward Bio seeks Nasdaq listing to fund respiratory, skin disease drug trials

Windward Bio Group, a Swiss biotech firm backed by Novo Holdings, has submitted paperwork to the U.S. Securities and Exchange Commission for an initial public offering on the Nasdaq Global Market. The company aims to raise funds for clinical trials of innovative treatments for respiratory and inflammatory diseases.

Established in 2024, Windward is developing antibody-based therapies for severe asthma, chronic obstructive pulmonary disease, and inflammatory skin conditions like eczema. The company's drug candidates include a monoclonal antibody in advanced clinical trials for respiratory diseases and a bispecific antibody in early testing for inflammatory conditions.

For the six months ending June 30, 2026, Windward reported a net loss of $42.6 million, compared to a $22.8 million loss in the same period last year. The biotech has not generated revenue during these periods as it continues to invest in research and development. So far, the company has raised approximately $365 million in equity financing, including a $165 million round led by OrbiMed Advisors in May. Novo Holdings, managed by the Novo Nordisk Foundation, is Windward's largest shareholder.

Other significant investors include SR One Capital Management, RTW Investments, funds overseen by Blue Owl Capital, and CEO Luca Santarelli. Santarelli co-founded VectivBio, a gastrointestinal drug developer, which was acquired by Ironwood Pharmaceuticals for about $1 billion in 2023.

The pending offering will be handled by Jefferies Financial Group, Toronto-Dominion Bank, Piper Sandler, and UBS Group. The SEC filing did not specify the number of shares to be offered or the expected pricing range. The funds raised through the listing will support Windward's ongoing clinical programs as it progresses its experimental therapies toward potential regulatory approval.