Chemomab Therapeutics (CMMB) Q3 2025 earnings summary

Executive summary

• Advanced preparations for nebokitug Phase 3 trial in primary sclerosing cholangitis (PSC) with regulatory alignment from FDA and EMA for a single registration trial using a composite clinical endpoint.

• Positive feedback and support from the PSC community and key opinion leaders for the Phase 3 trial design, with strong interest in trial participation.

• Presented new clinical data at AASLD 2025 showing nebokitug's favorable safety and consistent improvements in key biomarkers in PSC patients treated up to 48 weeks.

• Multiple partnering options for supporting the Phase 3 program are advancing, with a cash runway expected through the end of Q4 2026.

Financial highlights

• Cash, cash equivalents, and short-term bank deposits totaled $10.2 million as of September 30, 2025, up from $9.5 million at June 30, 2025, but down from $14.2 million at December 31, 2024.

• R&D expenses were $1 million in Q3 2025, down from $2.8 million in Q3 2024, reflecting the end of Phase 2 SPRING trial activities.

• G&A expenses remained stable at $0.9 million for Q3 2025, similar to Q3 2024.

• Net loss was $1.7 million for Q3 2025, compared to $3.5 million in Q3 2024.

• 492,409,320 ordinary shares (6,155,117 ADSs) were issued and outstanding as of September 30, 2025.

Outlook and guidance

• Cash resources are expected to fund operations through the end of Q4 2026.

• Plans to launch the nebokitug Phase 3 trial as soon as feasible, pending financial resources.