Chemomab Therapeutics (CCMB) Q3 2024 earnings summary

Executive summary

• Positive Phase 2 SPRING trial results for CM-101 in primary sclerosing cholangitis (PSC) demonstrated clinical proof-of-concept and favorable safety profile, supporting advancement to Phase 3.

• FDA End-of-Phase 2 meeting scheduled for Q4 2024 to discuss Phase 3 trial design; company optimistic about using surrogate biomarkers as primary endpoints.

• Preparations underway to launch PSC registrational trial in late 2025; ongoing discussions with potential strategic partners to accelerate clinical programs.

• Cash runway extended to early 2026 following $10 million private placement in July 2024.

• CM-101 data to be presented at major scientific conferences, including AASLD 2024 and JP Morgan Healthcare Conference.

Financial highlights

• Cash and short-term bank deposits totaled $19.5 million as of September 30, 2024, up from $12.8 million at June 30, 2024.

• R&D expenses were $2.8 million for Q3 2024, down from $3.4 million in Q3 2023, reflecting completion of the double-blinded portion of the Phase 2 trial.

• G&A expenses were $0.9 million for Q3 2024, compared to $1.0 million in Q3 2023.

• Net loss was $3.5 million ($0.01 per share) for Q3 2024, compared to $4.1 million ($0.02 per share) for Q3 2023.

• 18,856,611 ADSs (377,132,220 ordinary shares) issued and outstanding as of September 30, 2024.

Outlook and guidance

• Two key milestones expected in Q1 2025: FDA agreement on Phase 3 trial design and new data from the open-label portion of the SPRING trial.

• Anticipates launching PSC registrational trial in late 2025, contingent on FDA feedback.

• Cash resources expected to fund operations through early 2026.