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Canada-based biotech firm Willow Biosciences (TSX: WLLW) (OTCQB: CANSF) this week reported a net loss of C$6.1 million despite posting a roughly threefold increase in revenue in 2024. The company also appears poised to close down entirely, with operations slated to cease as soon as the sale of a subsidiary goes through.

Willow said in a press release that CEO Dr. Chris Savile and Senior Vice President of Research and Development Dr. Trish Choudhary will be terminated as soon as the company’s sale of Epimeron USA closes, “as the Company will no longer be carrying on active operations.”

Willow announced the sale of the subsidiary to an unnamed buyer in the United Kingdom for US$3.3 million. That’s expected to improve Willow’s cash on hand from C$333,000 at the end of 2024 to C$1.1 million, the company forecast, while most of the proceeds from the sale will be used to pay off debts.

Even the sale, should it close, won’t be enough to keep Willow listed on the Toronto Stock Exchange, the company said in a press release, and shared that it expects to be suspended from the exchange.

The sale is expected to close by the end of April.

According to the company’s quarterly financial filing, Willow’s revenues increased substantially year-over-year to C$4.6 million from C$1.1 million, and it cut its annual losses by more than half, to C$6.1 million from C$13 million.

As of Dec. 31, Willow had C$2.4 million in total assets, including C$333,000 in cash, against C$2.9 million in total liabilities and a whopping C$127.8 million deficit.