Chemomab Therapeutics (CCMB) Q2 2025 earnings summary

Executive summary

• Advanced preparations for Phase 3 trial of nebokitug in primary sclerosing cholangitis (PSC), with protocol submitted to FDA and discussions ongoing with EMA.

• Engaged in active discussions with potential strategic partners to support Phase 3 execution and commercialization.

• Expanded intellectual property portfolio with new nebokitug patents issued in China and Russia, extending coverage to 2041.

• Presented positive Phase 2 SPRING trial data at major scientific meetings, highlighting nebokitug's anti-fibrotic, anti-inflammatory, and anti-cholestatic effects.

• Announced ADS ratio change, effectively a one-for-four reverse split for ADS holders, effective August 26, 2025.

Financial highlights

• Cash, cash equivalents, and short-term bank deposits totaled $9.5 million as of June 30, 2025, expected to fund operations through Q2 2026.

• R&D expenses were $1.3 million for Q2 2025, down from $2.9 million in Q2 2024, reflecting the end of Phase 2 SPRING trial activities.

• G&A expenses rose to $1.0 million in Q2 2025 from $0.8 million in Q2 2024, mainly due to increased noncash share-based expenses.

• Net loss was $2.1 million (less than $0.01 per share) for Q2 2025, compared to $3.6 million ($0.01 per share) in Q2 2024.

• 413,851,140 ordinary shares (20,692,557 ADSs) were outstanding as of June 30, 2025.

Outlook and guidance

• Cash runway projected through the end of Q2 2026.

• Plans to advance Phase 3 program in PSC with a strategic partner and pursue near-term value-creating initiatives.

• Anticipates sharing more information on partnership and program acceleration in coming months.