Climb Bio (CLYM) Q4 2025 earnings summary

Executive summary

• Advanced clinical pipeline with ongoing trials for budoprutug in pMN, ITP, and SLE, and CLYM116 in healthy volunteers and IgAN patients.

• Completed dosing in Phase 1 subcutaneous budoprutug study; data expected H1 2026.

• Strong cash position with runway expected into 2028.

Financial highlights

• Cash, cash equivalents, and marketable securities totaled $160.7 million as of December 31, 2025.

• R&D expenses rose to $13.7M in Q4 2025 (vs. $6.0M Q4 2024) and $46.7M for FY 2025 (vs. $14.3M FY 2024).

• G&A expenses were $5.6M in Q4 2025 (vs. $5.0M Q4 2024) and $21.2M for FY 2025 (vs. $16.0M FY 2024).

• Net loss was $17.5M in Q4 2025 (vs. $8.4M Q4 2024) and $59.9M for FY 2025 (vs. $73.9M FY 2024).

• Net loss per share was $(0.26) in Q4 2025 and $(0.88) for FY 2025.

Outlook and guidance

• Cash runway expected to fund operations into 2028.

• Initial data from ongoing budoprutug and CLYM116 trials anticipated throughout 2026.