First Wave BioPharma, Inc. is a clinical-stage biopharmaceutical company. The Company is engaged in the research and development of targeted, non-systemic therapies for the treatment of patients with gastrointestinal (GI) diseases. It is focused on developing its pipeline of gut-restricted GI clinical drug candidates, including the biologic adrulipase, a recombinant lipase enzyme designed to enable the digestion of fats and other nutrients, and niclosamide, which is an oral small molecule with anti-viral and anti-inflammatory properties. Its adrulipase programs are focused on the development of an oral, non-systemic, biologic capsule for the treatment of exocrine pancreatic insufficiency in patients with cystic fibrosis and chronic pancreatitis. It is advancing two separate Phase 2 clinical programs of its niclosamide formulations, including FW-COV for Severe Acute Respiratory Syndrome Coronavirus 2 GI infections, and FW-UP for ulcerative proctitis and ulcerative proctosigmoiditis.