Research Reports

Summary

Chemomab Therapeutics Ltd. (CMMB), a clinical-stage biotech firm, reported a net loss of $9.0 million for FY 2025 ending December 31, 2025, an improvement from $13.9 million in 2024 and $24.2 million in 2023, driven by reduced research and development expenses of $5.8 million (down 49% YoY from $11.3 million) following Phase 2 trial completion. General and administrative expenses rose slightly to $3.7 million (up 9% YoY). Total operating expenses were $9.6 million. Financing income netted $572K. Balance sheet shows total assets of $13.8 million, with cash and equivalents at $7.6 million, current assets $13.4 million, liabilities $1.5 million, and equity $12.3 million. Cash burn from operations was $11.1 million, offset by $5.4 million from investing (short-term deposit decrease) and $7.2 million from financing (share issuances), yielding $1.4 million cash increase. Shares outstanding: 575 million (issued), weighted average 510 million. Basic/diluted loss per share: $0.018. Cash runway extends to Q1 2027; additional funding needed for Phase 3 PSC trial.

Full analysis

Performance Summary

Chemomab reported FY2025 net loss of $9.0M, improved 35% YoY from $13.9M in 2024 (down from $24.2M in 2023). Key driver: R&D expenses fell 49% to $5.8M post-Phase 2 PSC SPRING trial completion. G&A up 9% to $3.7M. Total op ex $9.6M. Financing income $572K. Balance sheet stable: assets $13.8M (cash $7.6M), equity $12.3M. Cash burn moderated; op cash use $11.1M vs prior higher. Runway to Q1 2027 amid funding needs for Phase 3.

Revenue Analysis

No revenue; pre-commercial biotech. Expenses proxy activity: R&D dominant at 61% of op ex, focused on nebokitug (CM-101) for PSC/SSc. No segments disclosed.

Margins & Profitability

N/A; loss-making R&D stage. Op loss $9.6M. Loss per share $0.018 (510M weighted shares), improved from $0.039.

Cash Flow & Balance Sheet

Op cash use $11.1M (net loss $9.0M + non-cash $0.7M adj + working cap -$2.9M). Investing +$5.4M (deposits). Financing +$7.2M (shares). Cash end $7.6M (up $1.4M). Assets $13.8M (curr $13.4M), liab $1.5M (curr).

Outlook

Cash funds to Q1 2027; need funding for PSC Phase 3 (FDA-aligned events-driven trial, ~350 pts). SSc Phase 2 paused. Going concern doubt noted; dilution risk from equity raises.

CMMB · Chemomab Therapeutics Ltd.