09:07 AM EST, 11/12/2024 (MT Newswires) -- Willow Biosciences ( CANSF ) on Tuesday narrowed its net loss in the third quarter as it more than doubled revenues, and it also increased revenue guidance for the year.

The biotechnology company reported a Q3 basic and diluted loss of US$0.01 per share, which marks an improvement from a net loss of $0.02 per share in the same quarter a year earlier.

Revenue for the quarter ended Sept. 30, was $1.7 million, up from about $0.7 million a year earlier and it increased its 2024 revenue guidance for the year to over $4.5 million from its existing partnerships. In addition, Willow has an active pipeline and anticipates signing 1-2 new programs before the end of 2024, which could further increase near term revenue.

Among highlights for the quarter, the company noted it had announced a partnership in the high growth biopesticides sector that is expected to generate over $2 million in revenue in its first year; signed a royalty agreement with Kalsec that includes milestone payments and tiered royalty payments on net worldwide sales after launch; and signed a second program with a global ingredient manufacturer to develop an enzyme for a large volume API and in November successfully completed its first program with the partner.