Innovative Immunology Biotech Windward Bio Lists on Nasdaq

• Windward Bio (WWB) IPO priced at $17, closed up 68% at $28.50, ~$1.69B market cap • Qiming Venture Partners backed Windward since 2025 Series A; this is Qiming's 11th 2026 IPO • Windward develops long-acting antibody drugs for asthma, COPD and atopic dermatitis, led by WIN378 and WIN027 Windward Bio, a Qiming Venture Partners portfolio company, listed on Nasdaq (WWB) on November 13, 2026, pricing its IPO at $17.00 per share. Shares closed the first day at $28.50, up 68%, valuing the company at roughly $1.69 billion. This marks Qiming's 11th IPO of 2026; the firm backed Windward's 2025 Series A and 2026 Series B, and participated in the IPO. Founded in 2024, Windward Bio develops ultra-long-acting antibody therapies for chronic inflammatory diseases, including asthma, COPD and atopic dermatitis. Its lead candidate, WIN378, an anti-TSLP monoclonal antibody, is in Phase 2/3 trials for severe asthma and Phase 2 for COPD. WIN378 is licensed globally (excluding Greater China and parts of Asia) from Kelun-Biotech and Harbour BioMed; the pipeline also includes WIN027, a bispecific antibody licensed from Qyuns Therapeutics targeting TSLP and IL-13. "Novel, long-acting biologics will reshape treatment of severe chronic respiratory and skin diseases," said Alexander Sinclair Wilson, Principal at Qiming, adding confidence in Windward's team to deliver on that potential. Qiming Venture Partners, founded in 2006, manages $9.5 billion across 11 USD and seven RMB funds, having backed over 630 companies with more than 290 exits via IPO or M&A.