Chemomab Therapeutics (CMMB) Q2 2026 earnings summary

Executive summary

• Entered a definitive merger agreement with Scipher Medicine, aiming to combine in an all-stock transaction and focus on advancing nebokitug for rheumatoid arthritis (RA) and primary sclerosing cholangitis (PSC).

• The merger values the combined company at $150 million, with a $30 million private placement expected at closing and a projected cash runway through the Phase 2 RA trial readout.

• Nebokitug, a first-in-class CCL24-blocker, is positioned as a novel therapy for RA, targeting patients not responding to current treatments in a $24 billion market.

• Multiple abstracts presented at EASL 2026 and DDW 2026 highlighted nebokitug's efficacy in PSC and PSC-IBD, supporting its mechanism and potential benefit.

Financial highlights

• Cash, cash equivalents, and short-term deposits totaled $6.7 million as of June 30, 2026, down from $8.0 million at March 31, 2026.

• R&D expenses were $1.1 million for Q2 2026, compared to $1.3 million in Q2 2025.

• G&A expenses were $1.1 million for Q2 2026, up from $1.0 million in Q2 2025.

• Net loss was $2.2 million for Q2 2026, or less than $0.01 per share, compared to $2.1 million in Q2 2025.

• 579.6 million shares were issued and outstanding as of June 30, 2026.

Outlook and guidance

• Nebokitug Phase 2 RA trial expected to begin in H1 2027, with topline results in H1 2028.

• Combined company expects sufficient cash to fund operations through the Phase 2 RA trial readout.

• Liquidity resources as of June 30, 2026, are expected to fund operations through Q1 2027.