07:38 AM EDT, 04/01/2024 (MT Newswires) -- Willow Biosciences Inc. ( CANSF ) over the long weekend reported a 2023 net comprehensive loss of $13.1 million, or loss of $0.10 per basic and diluted share, narrowing from a loss of $14.8 million, or a loss of $0.12 per share, in 2022.

Revenue came in at a record $1.2 million, increasing from $821,000 in 2022.

"Fiscal 2023 was a transformative year for Willow as we continued to take significant steps to position the company for nearer term revenue creation, expanded our product pipeline, reduced our cash burn and moved all operations to a new lab in Sunnyvale, California," President and CEO Chris Savile said. "The result of these activities was the signing of four new partnerships as well as launching a corticosteroid program which we anticipate partnering during the first half of 2024."

For 2024, Willow expects to book "significant revenue growth" and reduce cash burn toward its goal of improving its bottom-line financial results.

Willow is a biotechnology company focused on revolutionizing industrial manufacturing of pure, consistent and sustainable ingredients.