Chemomab Therapeutics (CMMB) Q4 2025 earnings summary

Executive summary

• Achieved positive FDA End-of-Phase 2 meeting for nebokitug in PSC, aligning on a single Phase 3 trial as a pathway to potential approval.

• Multiple scientific presentations and publications highlighted nebokitug's disease-modifying potential and safety profile in PSC and other fibro-inflammatory conditions.

• Advanced discussions with strategic partners and evaluated additional indications for nebokitug based on robust preclinical efficacy signals.

Financial highlights

• Cash, cash equivalents, and short-term bank deposits totaled $10.4 million as of December 31, 2025, with a cash runway expected through Q1 2027.

• R&D expenses were $1.1 million for Q4 and $5.8 million for FY 2025, down from $2.4 million and $11.3 million in 2024, reflecting completion of the Phase 2 trial.

• G&A expenses were $0.9 million for Q4 and $3.7 million for FY 2025, compared to $0.8 million and $3.4 million in 2024.

• Net loss was $1.9 million for Q4 and $9.0 million for FY 2025, improved from $3.0 million and $13.9 million in 2024.

• 575,381,320 Ordinary Shares (7,192,267 ADSs) were outstanding as of December 31, 2025.

Outlook and guidance

• Phase 3 trial for nebokitug in PSC to be initiated, with a primary composite endpoint based on clinical events linked to disease progression.

• Additional animal toxicology testing for nebokitug can proceed in parallel with Phase 3, supporting timely advancement.

• Ongoing evaluation of nebokitug for other indications with strong mechanistic rationale.