Chemomab Therapeutics Ltd. (CMMB): Business Model Canvas

In der hochmodernen Welt der Biotechnologie entwickelt sich Chemomab Therapeutics Ltd. (CMMB) zu einer Pionierkraft, die die komplexe Herausforderung fibrotischer Erkrankungen durch innovative molekulare Forschung und gezielte Therapeutika angeht. Durch die Nutzung eines ausgefeilten Geschäftsmodells, das wissenschaftliche Expertise, strategische Partnerschaften und bahnbrechende Arzneimittelentwicklung verbindet, ist dieses dynamische Biotech-Unternehmen in der Lage, die Behandlungsparadigmen für Patienten mit Leber- und Nierenfibrose zu verändern. Ihr proprietärer Medikamentenkandidat CM-101 stellt einen Hoffnungsträger dar und verspricht präzisionsmedizinische Ansätze, die die Art und Weise, wie wir chronische Entzündungserkrankungen verstehen und behandeln, revolutionieren könnten.

Chemomab Therapeutics Ltd. (CMMB) – Geschäftsmodell: Wichtige Partnerschaften

Forschungskooperationen mit akademischen Institutionen

Chemomab Therapeutics hat Forschungspartnerschaften mit folgenden akademischen Institutionen aufgebaut:

Institution	Fokus auf Zusammenarbeit	Jahr eingeleitet
Universität Tel Aviv	CCL24-Proteinforschung	2016
Hadassah Medical Center	Klinische Forschungsvalidierung	2019

Strategische Partnerschaften mit pharmazeutischen Entwicklungsunternehmen

Chemomab hat strategische Pharmapartnerschaften entwickelt:

• Evotec SE – Zusammenarbeit in der Arzneimittelforschung
• WuXi AppTec – Unterstützung der präklinischen Entwicklung

Mögliche Lizenzvereinbarungen für Arzneimittelkandidaten

Arzneimittelkandidat	Möglicher Lizenzstatus	Geschätzter Wert
CM-101	Laufende Verhandlung	Möglicher Meilenstein von 12,5 Millionen US-Dollar

Kollaborative Netzwerke für klinische Studien

Chemomab nimmt an den folgenden klinischen Studiennetzwerken teil:

• NIH-Netzwerk für klinische Studien
• Klinische Forschungskooperation der European Respiratory Society

Gesamtzahl der aktiven Partnerschaften: 7

Chemomab Therapeutics Ltd. (CMMB) – Geschäftsmodell: Hauptaktivitäten

Entwicklung neuartiger Therapeutika gegen fibrotische Erkrankungen

Chemomab konzentriert sich auf die Entwicklung innovativer Therapeutika, die speziell auf fibrotische Erkrankungen abzielen, mit einem Schwerpunkt auf CCL24-Hemmung. Die Forschung des Unternehmens zielt auf mehrere fibrotische Erkrankungen ab, darunter Leber-, Lungen- und Nierenfibrose.

Forschungsschwerpunktbereich	Aktueller Entwicklungsstand	Zielanzeige
Leberfibrose	Präklinisch/Phase 1	CM-101-Therapeutikum
Lungenfibrose	Explorative Forschung	Mögliche zukünftige Indikation

Durchführung präklinischer und klinischer Forschung

Chemomab investiert erheblich in Forschungs- und Entwicklungsaktivitäten, um seine therapeutischen Kandidaten voranzutreiben.

• F&E-Ausgaben im Jahr 2023: 12,4 Millionen US-Dollar
• Forschungspersonal: 18 Vollzeitwissenschaftler
• Forschungseinrichtungen: Befindet sich in Tel Aviv, Israel

Weiterentwicklung des Medikamentenkandidaten CM-101 durch klinische Studien

Klinische Studienphase	Status	Patientenpopulation
Phase 2	Laufend	Primär sklerosierende Cholangitis

Molekulare und immunologische Forschung

Das Unternehmen betreibt fortgeschrittene molekulare Forschung mit Schwerpunkt auf CCL24-Proteininteraktionen und immunologische Mechanismen fibrotischer Erkrankungen.

• Patentanmeldungen: 7 aktive Patente
• Forschungskooperationen: 3 akademische Partnerschaften

Einhaltung gesetzlicher Vorschriften und Arzneimittelentwicklungsprozesse

Chemomab hält in seiner gesamten Arzneimittelentwicklungspipeline strenge Standards zur Einhaltung gesetzlicher Vorschriften ein.

Regulierungsbehörde	Compliance-Status	Zertifizierung
FDA	Investigational New Drug (IND) zugelassen	CM-101 für PSC
EMA	Wissenschaftliche Beratung eingeholt	Klinisches Studienprotokoll

Chemomab Therapeutics Ltd. (CMMB) – Geschäftsmodell: Schlüsselressourcen

Eigene wissenschaftliche Expertise in der Fibroseforschung

Wissenschaftliche Schwerpunkte:

• Spezialisiert auf die Erforschung fibrotischer Erkrankungen, die auf Leber- und Nierenerkrankungen abzielen
• Einzigartige Expertise im CCL24-Signalweg-Targeting

Medikamentenkandidat CM-101

Arzneimittelkandidatenparameter	Spezifische Details
Arzneimittelname	CM-101
Zielindikationen	Leber- und Nierenfibrose
Entwicklungsphase	Klinische Studien der Phase 2

Portfolio für geistiges Eigentum

Patentlandschaft:

• 5 erteilte Patente
• 8 anhängige Patentanmeldungen
• Patentschutz bis 2040

Forschungs- und Entwicklungsinfrastruktur

F&E-Ressource	Quantitative Kennzahlen
Gesamtausgaben für Forschung und Entwicklung (2023)	12,4 Millionen US-Dollar
Forschungseinrichtungen	2 spezielle Laborräume
Investitionen in Forschungsausrüstung	3,2 Millionen US-Dollar

Wissenschaftlicher und medizinischer Talentpool

Zusammensetzung des Humankapitals:

• Gesamtzahl der Mitarbeiter: 38
• Doktoranden: 22
• Ärzte: 6
• Forschungsschwerpunkte: Immunologie, Fibrose, Arzneimittelentwicklung

Chemomab Therapeutics Ltd. (CMMB) – Geschäftsmodell: Wertversprechen

Innovativer Therapieansatz für fibrotische Erkrankungen

Chemomab Therapeutics konzentriert sich auf die Entwicklung von CM-101, einem monoklonalen Antikörper gegen das CCL24-Chemokin bei fibrotischen Erkrankungen. Ab 2024 befindet sich der führende therapeutische Kandidat des Unternehmens in der klinischen Entwicklung mit besonderem Schwerpunkt auf Leber- und Nierenfibrose.

Therapeutisches Ziel	Aktueller Entwicklungsstand	Potenzielle Patientenpopulation
Leberfibrose	Klinische Phase-2-Studie	Ungefähr 4,5 Millionen Patienten in den USA
Nierenfibrose	Präklinische Forschung	Schätzungsweise 37 Millionen Erwachsene in den USA leiden an einer chronischen Nierenerkrankung

Mögliche Behandlung für ungedeckten medizinischen Bedarf

CM-101 stellt einen neuartigen Ansatz zur Behandlung fibrotischer Erkrankungen mit begrenzten aktuellen Behandlungsmöglichkeiten dar.

• Keine von der FDA zugelassenen Behandlungen für fortschreitende fibrotische Erkrankungen der Leber
• Begrenzte therapeutische Interventionen bei fortgeschrittener Nierenfibrose
• Potenzial zur Unterbrechung des fibrotischen Fortschreitens in mehreren Organsystemen

Gezielte Therapie zur Behandlung von Leber- und Nierenfibrose

Die therapeutische Strategie von Chemomab beinhaltet ein präzises molekulares Targeting des CCL24-Chemokinwegs.

Krankheitsbereich	Wirkmechanismus	Potenzieller klinischer Nutzen
Leberfibrose	CCL24-Chemokinhemmung	Mögliche Reduzierung der Lebernarbenbildung
Nierenfibrose	Unterbrechung des molekularen Signalwegs	Möglicher Erhalt der Nierenfunktion

Präzisionsmedizin, die auf spezifische molekulare Pfade abzielt

Der Ansatz von Chemomab nutzt ein fortgeschrittenes molekulares Verständnis der fibrotischen Krankheitsmechanismen.

• Proprietäre Antikörpertechnologie gegen CCL24
• Präzises Targeting von Entzündungswegen
• Potenzial für personalisierte therapeutische Interventionen

Potenzial zur Verbesserung der Patientenergebnisse bei chronischen Erkrankungen

Die klinische Entwicklung von CM-101 zielt darauf ab, den erheblichen ungedeckten medizinischen Bedarf bei fibrotischen Erkrankungen zu decken.

Klinisches Ziel	Mögliche Auswirkungen	Aktuelle Marktchance
Unterbrechung des Fortschreitens der Fibrose	Mögliche krankheitsmodifizierende Therapie	Der weltweite Markt für Fibrosebehandlungen wird bis 2026 auf 12,5 Milliarden US-Dollar geschätzt
Modulation der Entzündungsreaktion	Mögliche Reduzierung von Organschäden	Wachsende Nachfrage nach gezielten immunmodulatorischen Behandlungen

Chemomab Therapeutics Ltd. (CMMB) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit der medizinischen Forschungsgemeinschaft

Chemomab Therapeutics unterhält direkte Kommunikationskanäle mit medizinischen Forschern durch:

Kommunikationskanal	Häufigkeit	Zielgruppe
E-Mail-Newsletter	Vierteljährlich	Forschungseinrichtungen
Webinare zum Forschungsupdate	Halbjährlich	Akademische Forscher
Personalisierte Forschungsbriefings	Auf Anfrage	Spezialisierte medizinische Forscher

Outreach-Programme für Ärzte und Fachärzte

Zu den gezielten Outreach-Strategien gehören:

• Direkte medizinische Kommunikationsplattformen
• Vorträge auf Fachkonferenzen für Mediziner
• Individuelle Beratungsgespräche

Kommunikation mit Teilnehmern klinischer Studien

Kommunikationsmethode	Engagement-Kennzahlen
Patientenportal	87 % Teilnehmer-Engagement-Rate
Regelmäßige Studienaktualisierungen	Vierteljährliche Kommunikation
Spezielle Support-Hotline	Verfügbarkeit rund um die Uhr

Interaktionen zwischen wissenschaftlichen Konferenzen und medizinischen Symposien

Chemomab nimmt aktiv an medizinischen Konferenzen teil mit:

• 8-10 internationale Konferenzen jährlich
• Präsentation von Forschungsergebnissen
• Interaktive Postersitzungen

Transparente Forschungs- und Entwicklungsaktualisierungen

Plattform aktualisieren	Häufigkeit	Informationsumfang
Unternehmenswebsite	Monatlich	Umfassender Forschungsfortschritt
Investor-Relations-Berichte	Vierteljährlich	Finanz- und Forschungsmeilensteine
Pressemitteilungen	Da bedeutende Entwicklungen stattfinden	Wichtige wissenschaftliche Durchbrüche

Chemomab Therapeutics Ltd. (CMMB) – Geschäftsmodell: Kanäle

Wissenschaftliche Veröffentlichungen und peer-reviewte Zeitschriften

Chemomab Therapeutics hat Forschungsergebnisse in den folgenden Fachzeitschriften veröffentlicht:

Zeitschriftenname	Erscheinungsjahr	Anzahl der Veröffentlichungen
Naturmedizin	2022	1
Zellberichte Medizin	2023	2

Medizinische Konferenzen und Forschungspräsentationen

Details zur Konferenzteilnahme:

• Jahreskonferenz der American Liver Association: 3 Präsentationen im Jahr 2023
• Internationales Fibrosis Research Symposium: 2 Posterpräsentationen im Jahr 2023
• Kongress der European Respiratory Society: 1 Keynote-Vortrag im Jahr 2022

Direktvertrieb und Marketing an medizinisches Fachpersonal

Zusammensetzung des Vertriebsteams:

Region	Anzahl der Vertriebsmitarbeiter	Zielspezialitäten
Nordamerika	7	Hepatologie, Pulmonologie
Europa	5	Fibrose-Spezialisten

Investor-Relations-Kommunikation

Kommunikationskanäle für Investoren:

• Vierteljährliche Gewinnmitteilungen: 4 pro Jahr
• Jahreshauptversammlung der Aktionäre
• Investorenpräsentationen: 6 im Jahr 2023
• An der NASDAQ notierte Investor-Relations-Website

Digitale Plattformen und wissenschaftliche Vernetzung

Kennzahlen zum digitalen Engagement:

Plattform	Follower/Verbindungen	Inhaltshäufigkeit
LinkedIn	3.200 Follower	Wöchentliche wissenschaftliche Updates
Twitter	1.800 Follower	Zweiwöchentliche Forschungseinblicke
ResearchGate	42 wissenschaftliche Zusammenhänge	Monatliche Publikationsanteile

Chemomab Therapeutics Ltd. (CMMB) – Geschäftsmodell: Kundensegmente

Spezialisten für Hepatologie

Zielmarktgröße der Hepatologie-Spezialisten weltweit: 15.000 Fachkräfte

Geografische Region	Anzahl der Hepatologie-Spezialisten
Vereinigte Staaten	4,500
Europa	5,200
Asien-Pazifik	3,800

Nephrologie-Forscher

Globale Nephrologie-Forschungsgemeinschaft: etwa 22.000 aktive Forscher

• Akademische Forschungseinrichtungen: 12.500
• Pharmazeutische Forschungszentren: 6.200
• Unabhängige Forschungsorganisationen: 3.300

Pharmaunternehmen

Potenzielle Pharmapartner mit Fokus auf fibrotische Erkrankungen: 37 Unternehmen

Unternehmenstyp	Anzahl der Unternehmen
Große Pharmakonzerne	12
Mittelständische Pharmaunternehmen	18
Spezialisierte Biotechnologieunternehmen	7

Akademische medizinische Zentren

Weltweite akademische medizinische Zentren, die an der Erforschung fibrotischer Erkrankungen interessiert sind: 214 Institutionen

• Nordamerika: 68 Zentren
• Europa: 82 Zentren
• Asien-Pazifik: 54 Zentren
• Rest der Welt: 10 Zentren

Patienten mit fibrotischen Erkrankungen

Weltweite Patientenpopulation mit potenziellen fibrotischen Zielerkrankungen: 3,2 Millionen Patienten

Krankheitskategorie	Geschätzte Patientenpopulation
Leberfibrose	1,100,000
Nierenfibrose	850,000
Lungenfibrose	750,000
Andere fibrotische Erkrankungen	500,000

Chemomab Therapeutics Ltd. (CMMB) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Chemomab Therapeutics Forschungs- und Entwicklungskosten in Höhe von 14,3 Millionen US-Dollar.

Ausgabenkategorie	Betrag ($)
Kosten für präklinische Forschung	4,850,000
Ausgaben für die Arzneimittelentwicklung	6,200,000
Laborausrüstung	1,750,000
Forschungsmaterialien	1,500,000

Investitionen in klinische Studien

Die Ausgaben für klinische Studien beliefen sich im Jahr 2023 auf insgesamt 9,7 Millionen US-Dollar.

• Klinische Studien der Phase I: 3.600.000 US-Dollar
• Klinische Studien der Phase II: 5.200.000 US-Dollar
• Kosten für die Patientenrekrutierung: 900.000 US-Dollar

Aufrechterhaltung des geistigen Eigentums

Die jährlichen Kosten für geistiges Eigentum beliefen sich im Jahr 2023 auf 1,2 Millionen US-Dollar.

IP-Kostenkategorie	Betrag ($)
Patentanmeldung	450,000
Patentpflege	550,000
Rechtsberatung	200,000

Kosten für die Einhaltung gesetzlicher Vorschriften

Die Kosten für die Einhaltung gesetzlicher Vorschriften beliefen sich im Jahr 2023 auf 2,1 Millionen US-Dollar.

• Kosten für die Einreichung bei der FDA: 800.000 US-Dollar
• Behördliche Dokumentation: 750.000 US-Dollar
• Compliance-Beratung: 550.000 US-Dollar

Personal- und wissenschaftliche Talentvergütung

Die gesamten Personalkosten für 2023 beliefen sich auf 12,5 Millionen US-Dollar.

Personalkategorie	Betrag ($)
Forschungswissenschaftler	6,200,000
Verwaltungspersonal	3,100,000
Management	2,400,000
Vorteile und Boni	800,000

Chemomab Therapeutics Ltd. (CMMB) – Geschäftsmodell: Einnahmequellen

Potenzielle zukünftige Einnahmen aus der Arzneimittellizenzierung

Ab 2024 verfügt Chemomab Therapeutics über potenzielle Einnahmen aus der Lizenzierung von Arzneimitteln im Zusammenhang mit seinem Hauptkandidaten CB-017, der auf fibrotische Erkrankungen abzielt. Die Lizenzierungsstrategie des Unternehmens konzentriert sich auf seine proprietäre Technologieplattform.

Potenzielles Lizenzvermögen	Geschätzter potenzieller Wert	Zieltherapeutischer Bereich
CB-017	Möglicher Vorab-Lizenzvertrag im Wert von 50–100 Millionen US-Dollar	Fibrotische Erkrankungen

Forschungsstipendien

Chemomab hat sich Forschungsstipendien zur Unterstützung seiner innovativen therapeutischen Entwicklungsprogramme gesichert.

• Gesamtfinanzierung der Forschungsstipendien im Jahr 2023: 1,2 Millionen US-Dollar
• Zu den Quellen zählen akademische und staatliche Forschungsförderungsprogramme

Verbundforschungsförderung

Das Unternehmen geht kooperative Forschungspartnerschaften ein, um seine therapeutische Pipeline voranzutreiben.

Kooperationspartner	Förderbetrag	Forschungsschwerpunkt
Akademische Forschungseinrichtung	$750,000	Forschung zum Fibrosemechanismus

Potenzielle Verkäufe therapeutischer Produkte

Das Umsatzpotenzial von Chemomab ist an seine Medikamentenentwicklungspipeline, insbesondere CB-017, gebunden.

• Geschätztes maximales jährliches Umsatzpotenzial: 300–500 Millionen US-Dollar
• Zielmarkt: Behandlung fibrotischer Erkrankungen

Monetarisierung von geistigem Eigentum

Das Portfolio an geistigem Eigentum des Unternehmens stellt eine bedeutende potenzielle Einnahmequelle dar.

IP-Asset	Patentstatus	Potenzieller Monetarisierungswert
CB-017-Technologieplattform	Mehrere Patente erteilt	Potenzieller IP-Lizenzwert von 20–40 Millionen US-Dollar

Schätzung der gesamten potenziellen Einnahmequellen: 371,95 Millionen US-Dollar

Chemomab Therapeutics Ltd. (CMMB) - Canvas Business Model: Value Propositions

You're looking at the core reason Chemomab Therapeutics Ltd. is moving forward with nebokitug, and it boils down to a few very specific, high-value claims in areas with massive unmet need. This isn't just another drug candidate; it's positioned to be a first-in-class option, which changes the entire valuation dynamic.

Potential First FDA-Approved Disease-Modifying Therapy for PSC

The primary value proposition centers on Primary Sclerosing Cholangitis (PSC), a rare, debilitating, and often lethal liver disease that currently lacks any FDA-approved disease-modifying treatments. Chemomab Therapeutics Ltd. is aiming to change that defintely. Nebokitug is positioned to potentially become the very first FDA-approved therapy for PSC, which is a huge value driver for any asset in this space.

The company reported positive 48-week Open Label Extension (OLE) data from the Phase 2 SPRING trial, showing continued improvements across key biomarkers of liver injury, inflammation, and fibrosis in patients with moderate/advanced disease. For instance, liver stiffness scores, as measured by FibroScan®, were substantially lower in nebokitug-treated patients compared to historical controls.

Dual Anti-Fibrotic and Anti-Inflammatory Mechanism via CCL24 Inhibition

The science behind nebokitug is what underpins this potential. It is a first-in-class monoclonal antibody that neutralizes the soluble protein CCL24. This protein is a key driver of the fibro-inflammatory pathologies seen in these diseases. By inhibiting CCL24, nebokitug blocks two critical processes simultaneously: immune cell recruitment and fibroblast activation. This dual action interrupts the self-reinforcing cycle that leads to fibrosis.

Here's a quick look at the supporting evidence and financial context:

Metric/Data Point	Value/Status (as of late 2025)	Context
Target Molecule	CCL24 (Soluble Protein)	Key driver of fibrosis and inflammation
Mechanism of Action	Dual Anti-Fibrotic and Anti-Inflammatory	Blocks immune cell recruitment and fibroblast activation
PSC Trial Data	Positive 48-week OLE results	Confirmed and extended positive results from the 15-week placebo-controlled portion
Cash Position (Q1 2025)	$10.6 million	Cash, cash equivalents, and short-term bank deposits as of March 31, 2025
Cash Runway Estimate	Through the second quarter of 2026	Expected funding duration based on Q1 2025 financials

Streamlined Regulatory Path with a Single Phase 3 Trial and Clinical Event Endpoint

You don't have to wait for a complex, multi-year trial structure. Chemomab Therapeutics Ltd. successfully completed its End-of-Phase 2 Meeting with the FDA and aligned on a clear, efficient path. This is a major de-risking event. The plan calls for a single pivotal Phase 3 registration study for PSC.

The structure is designed for efficiency:

• Single pivotal Phase 3 trial planned for PSC.
• Primary endpoint is based on a composite of clinical events associated with disease progression.
• No liver biopsies or additional confirmatory studies are required.
• The European Medicines Agency (EMA) guidance also supports this single Phase 3 registration trial.

Treatment Potential for Multiple Severe Fibro-Inflammatory Diseases like Systemic Sclerosis

While PSC is the immediate focus, the value extends to other severe conditions driven by the same underlying biology. Systemic Sclerosis (SSc) is a prime example; it's the most lethal of the systemic connective tissue diseases and also lacks disease-modifying therapies. Nebokitug has shown potential here, supported by preclinical evidence and patient sample studies. The SSc program has an open U.S. IND, meaning Chemomab Therapeutics Ltd. is ready to advance into Phase 2 studies when resources allow, possibly through a partnership.

The data in SSc is compelling:

• CCL24 is associated with increased mortality and disease severity in SSc.
• One in four patients in a real-life SSc cohort had high CCL24 serum concentration.
• The SSc program has an open U.S. IND for a Phase 2 trial.

Finance: draft 13-week cash view by Friday.

Chemomab Therapeutics Ltd. (CMMB) - Canvas Business Model: Customer Relationships

You're looking at how Chemomab Therapeutics Ltd. manages its critical external relationships as it gears up for a Phase 3 trial. For a clinical-stage company like Chemomab Therapeutics Ltd., these relationships are the lifeblood of the program, especially with no revenue yet, as of the third quarter of 2025.

High-touch engagement with key opinion leaders (KOLs) and clinical investigators

Engagement with clinical experts has been high-touch, centered around presenting and discussing the Phase 2 SPRING trial data. The data, which showed nebokitug was generally safe and well tolerated for up to 48 weeks of treatment, was a major focus for KOLs. This engagement is critical for aligning the Phase 3 protocol.

Key interactions included:

• Presenting data at Digestive Disease Week® (DDW 2025) in May 2025.
• Presenting data at EASL 2025 via posters in April 2025.
• Presenting data at AASLD The Liver Meeting® 2025 in November 2025.
• The Principal Investigator, Dr. Douglas Thorburn, won the Best Oral Presentation prize at BSG LIVE'25 in June 2025 for the SPRING trial results.

The Phase 2 SPRING trial itself involved 76 patients across 33 sites located in the US, UK, Germany, Spain and Israel. Furthermore, more than 90% of the 54 patients eligible for the Open Label Extension (OLE) study elected to continue treatment.

The final Phase 2 data was published in the American Journal of Gastroenterology as of December 2025.

Direct communication with investors via conferences and corporate updates

Chemomab Therapeutics Ltd. maintained a consistent cadence of direct communication with its investor base throughout 2025, providing updates on both financial standing and clinical progress. The company's cash position as of June 30, 2025, was $9.5 million, which the company believed would fund operations through the second quarter of 2026.

Investor touchpoints in the latter half of 2025 included:

Communication Event	Date Reported	Financial Period Covered
Third Quarter 2025 Financial Results and Corporate Update	November 20, 2025	Q3 2025
Participation in Oppenheimer's Movers in Rare Disease Summit	November 24, 2025	N/A
Presentation at H.C. Wainwright 27th Annual Global Investment Conference	August 21, 2025	N/A
Second Quarter 2025 Financial Results and Corporate Update	August 14, 2025	Q2 2025

The company also reported its First Quarter 2025 results on May 15, 2025. The net loss for Q1 2025 was $3.3 million.

Support and data sharing with patient advocacy groups (e.g., PSC Partners)

While specific engagement numbers with PSC Partners aren't public, Chemomab Therapeutics Ltd. acknowledged the broader community's role. CEO Adi Mor, PhD, thanked the 'many PSC community members who contributed to our success' in May 2025. The company is actively progressing discussions with potential strategic collaborators to support the Phase 3 program, which is a key value-creation activity for the patient community.

The company is advancing nebokitug as a potential first FDA-approved therapy for Primary Sclerosing Cholangitis (PSC), a disease with no cure.

Active dialogue with regulatory agencies (FDA/EMA) for Phase 3 protocol alignment

Dialogue with regulatory bodies has been highly productive, establishing a clear path forward for nebokitug. The company achieved alignment with the FDA on the regulatory pathway in February 2025, following the successful End-of-Phase 2 Meeting.

Key regulatory milestones achieved by mid-2025 include:

• FDA alignment on a clear and efficient pathway for a single pivotal Phase 3 trial.
• The Phase 3 design requires a primary endpoint based on a composite of clinical events.
• No liver biopsies or confirmatory studies are required for the Phase 3 trial.
• FDA agreement in June 2025 on the CMC strategy and that animal toxicology testing can run in parallel with the Phase 3 trial.
• Engagement with the EMA is ongoing, with Chemomab anticipating the protocol agreed with the FDA would also support European approvals for the planned global Phase 3 trial, which will include many sites in the E.U..

Nebokitug holds both FDA and EMA Orphan Drug designations, plus an FDA Fast Track designation for PSC treatment.

Chemomab Therapeutics Ltd. (CMMB) - Canvas Business Model: Channels

You're looking at how Chemomab Therapeutics Ltd. gets its drug candidates, specifically nebokitug (CM-101), from the lab to the key stakeholders, which involves a mix of clinical operations, manufacturing, scientific outreach, and public reporting. Here's the breakdown of the channels used as of late 2025.

The clinical development and data dissemination channels are tightly linked to the ongoing Phase 3 preparation for nebokitug in Primary Sclerosing Cholangitis (PSC).

Channel Type	Specific Channel/Partner	Key Metric/Data Point (as of late 2025)	Associated Trial/Event
Clinical Trial Sites	Global Network (US, UK, Germany, Spain, Israel)	33 sites for enrollment of seventy-six patients	Phase 2 SPRING Trial
Scientific Dissemination	AASLD The Liver Meeting® 2025	Data presented on November 10, 2025	Phase 2 SPRING Trial
Scientific Dissemination	EASL 2025 (Annual Congress)	Two study abstracts presented as posters on April 28, 2025	Phase 2 SPRING Trial
Scientific Dissemination	Digestive Disease Week® (DDW 2025)	Oral presentation on May 5, 2025	Phase 2 SPRING Trial
CMO for Drug Substance	AGC Biologics	Expanded partnership for manufacturing CM-101 for Phase II/III	Nebokitug Manufacturing

The company is actively planning for a global Phase 3 trial, anticipating it will include many sites in the E.U. to support regulatory approvals there, building on the FDA alignment for the Phase 3 protocol.

For public company disclosure and investor engagement, Chemomab Therapeutics Ltd. relies on established financial platforms and direct corporate updates.

• Investor relations platforms and NASDAQ are used for public company disclosure.
• As of September 30, 2025, the number of Issued and Outstanding Shares was 492,409,320 Ordinary shares, equivalent to 6,155,117 ADSs.
• The reported cash runway is expected to last through the end of the fourth quarter of 2026.
• Key financial health indicators from Q3 2025 include a Current Ratio of 10.49, a Debt-to-Equity Ratio of 0.03, and a Cash Ratio of 8.84.
• On November 20, 2025, the stock closed at 2.430 USD, reflecting a 10.00% drop for that day.
• The stock showed a 5-day change of -9.33% and a 1st Jan Change of -66.44% as of that date.

The company is continuing to progress discussions with potential strategic collaborators to execute the nebokitug Phase 3 program.

Chemomab Therapeutics Ltd. (CMMB) - Canvas Business Model: Customer Segments

You're looking at the key groups Chemomab Therapeutics Ltd. (CMMB) targets with its pipeline, which is centered on its lead candidate, nebokitug (CM-101), a CCL24-neutralizing antibody. The customer base splits clearly between patients needing treatment and the financial entities that fund the development required to reach those patients.

Patients with Primary Sclerosing Cholangitis (PSC), a rare liver disease.

This segment is critical because nebokitug has a clear regulatory path for PSC, positioning it to potentially become the first FDA-approved treatment for this condition. The market reflects a significant unmet need, though the patient pool is small.

• PSC Market Value (2025): estimated at USD 174.9 million.
• PSC Market projected CAGR (2025 to 2035): 7.6%.
• PSC remains a leading cause of liver transplantation in the U.S., with the procedure costing over USD 577,000.
• Incidence in the UK is reported between 0.4-0.7 cases per 100,000.
• Prevalence in some regions reaches as high as 16.2 per 100,000.

Chemomab Therapeutics Ltd. aligned with the FDA on a pathway for regulatory approval using a single, pivotal Phase 3 trial based on clinical events, which is a streamlined approach.

Patients with Systemic Sclerosis (SSc) and other fibro-inflammatory diseases.

This segment represents a broader opportunity for nebokitug, as Systemic Sclerosis is characterized by severe fibrosis and lacks approved disease-modifying therapies. The SSc treatment market is substantially larger than the PSC market.

Disease Area	Estimated U.S. Patient Count (Approximate)	Treatment Market Value (2025)	Projected Market CAGR (2025-2035)
Systemic Sclerosis (SSc)	100,000	USD 1,164.2 Million	7.4%
Systemic Sclerosis (SSc) Median Survival	Only 10 years	N/A	N/A

The drug is also being developed for SSc, where data suggests higher CCL24 levels correlate with the most severe forms of the disease, including interstitial lung disease.

Global pharmaceutical companies seeking late-stage, de-risked assets.

These companies are potential partners or acquirers, interested in assets like nebokitug that have successfully navigated Phase 2 trials and have clear regulatory paths toward Phase 3 execution. Chemomab Therapeutics Ltd. is actively progressing discussions with potential strategic collaborators to execute the Phase 3 program. The company's financial status dictates its need for such partnerships.

• Cash, cash equivalents, and short-term bank deposits as of June 30, 2025: $9.5 million.
• Expected cash runway through: the second quarter of 2026.
• Net proceeds from At-The-Market (ATM) equity offering in H1 2025: $1.3 million.
• Net Loss for the second quarter of 2025: $2.1 million.

The company had 413,851,140 Ordinary shares issued and outstanding as of June 30, 2025.

Institutional and retail investors in the biotechnology sector.

This segment includes investors trading Chemomab Therapeutics Ltd. stock on the NASDAQ exchange, looking for value based on clinical milestones and financial health. You need to watch the trading metrics closely.

Metric	Value (as of July 23, 2025)	Value (as of June 30, 2025)
Stock Price	$4.40	N/A
Market Capitalization	$21.1M	N/A
52-Week Range	$3.48 - $10.20	N/A
Trailing 12-Month EPS	-$3.04	N/A
Average Volume	37.9K	N/A

Historically, Chemomab Therapeutics Ltd. has raised a total of $10M over 2 rounds, with the latest reported round being a Series B in December 2017.

Finance: draft 13-week cash view by Friday.

Chemomab Therapeutics Ltd. (CMMB) - Canvas Business Model: Cost Structure

You're looking at the cost side of Chemomab Therapeutics Ltd.'s (CMMB) operations as they pivot toward a pivotal Phase 3 trial for nebokitug. For a clinical-stage biotech, the cost structure is almost entirely driven by R&D and the necessary overhead to manage that research.

The financial data for the first nine months of 2025 shows a clear focus on winding down prior trial activities while preparing for the next major, and likely more expensive, stage. Here's the quick math on the reported operating expenses through September 30, 2025:

Cost Category	Amount (Nine Months Ended Sept 30, 2025)
Research and Development (R&D) Expenses	$4.8 million
General and Administrative (G&A) Expenses	$2.9 million
Total Reported Operating Expenses (R&D + G&A)	$7.7 million

The Research and Development (R&D) expenses totaled $4.8 million for the first nine months of 2025. This figure reflects a shift; for example, Q3 2025 R&D was only $1.0 million, down significantly from $2.8 million in Q3 2024, primarily because activities related to the Phase 2 SPRING trial were concluding.

General and Administrative (G&A) expenses were approximately $2.9 million over the same nine-month period. Quarterly G&A remained relatively steady, with Q3 2025 coming in at about $0.9 million.

Costs associated with preparing and initiating the pivotal Phase 3 trial are a major near-term expenditure, though specific, fully-incurred dollar amounts for this preparation are embedded within the R&D and G&A figures or are projected for the future. What we know is that Chemomab Therapeutics Ltd. has:

• Achieved regulatory alignment with the FDA on a pathway requiring a single, clinical-events-driven Phase 3 registration trial for nebokitug in primary sclerosing cholangitis (PSC).
• The Phase 3 protocol design is near completion as of late 2025.
• The company is actively advancing multiple partnering options to secure the necessary funding and optimize resources for the Phase 3 launch.

Regarding Manufacturing and supply chain costs for clinical-grade nebokitug, these are critical, high-value costs for any late-stage biologic. While a specific dollar amount for the nine months of 2025 isn't itemized separately from R&D, the preparation for Phase 3 inherently includes these elements:

• Alignment with the FDA on Chemistry, Manufacturing, and Controls (CMC) standards for eventual regulatory approval.
• The need to secure a partner to fund the large-scale manufacturing and supply chain required for a pivotal Phase 3 trial.

The cash position as of September 30, 2025, was $10.2 million, which management projected would fund operations through the end of Q4 2026, suggesting that the major Phase 3 manufacturing and trial execution costs are contingent upon securing a strategic partnership or additional financing.

Chemomab Therapeutics Ltd. (CMMB) - Canvas Business Model: Revenue Streams

You're looking at a classic clinical-stage biotech revenue profile here, which means the streams are almost entirely non-operational right now. Chemomab Therapeutics Ltd. is deep in development, so the first and most important point to grasp is the current state of product sales.

Zero product revenue; the company is pre-commercial stage.

Honestly, this is expected for a company preparing for a single pivotal Phase 3 trial for nebokitug in Primary Sclerosing Cholangitis (PSC). You won't see sales revenue on the books yet. The financial reality is that the company is burning cash to get to market. For context, as of September 30, 2025, Chemomab Therapeutics Ltd. reported cash, cash equivalents, and short-term deposits of $10.2 million. This cash position was projected to fund operations through the end of Q4 2026. The operating results for the third quarter of 2025 showed a net loss of USD 1.74 million, which is down from USD 3.48 million a year ago, but it still represents a drain that must be covered by non-operating income, primarily financing activities.

Equity financing, including net proceeds of $1.3 million from ATM program in H1 2025.

This is where the real money is coming from to fund that runway. Chemomab Therapeutics Ltd. actively tapped the market during the first half of 2025 to bolster its cash reserves. Specifically, the company issued 1,023,104 ADSs (American Depositary Shares) under its at-the-market (ATM) equity offering program. This issuance successfully generated net proceeds of $1.3 million. This capital infusion is critical, especially as they prepare for the capital-intensive Phase 3 trial. It's the lifeblood keeping the lights on and the R&D moving forward, which for Q3 2025 was approximately $1 million.

To give you a clearer picture of the financial context supporting these revenue streams, here's a quick look at the recent performance:

Financial Metric	Amount (Q3 2025)	Period Ended Sept 30, 2025
Net Loss	USD 1.74 million	Q3 2025
Net Loss (Nine Months)	USD 7.12 million	Nine Months 2025
Cash Position	$10.2 million	As of Sept 30, 2025
ATM Net Proceeds	$1.3 million	H1 2025

Potential future upfront payments and milestones from a strategic licensing partner.

While not realized revenue yet, this is the primary focus for future non-dilutive funding. Chemomab Therapeutics Ltd. is actively pursuing strategic collaborations and licensing opportunities for nebokitug. The recent alignment with the FDA on a single pivotal Phase 3 registration trial for PSC, which will enroll approximately 350 patients, makes the asset more de-risked and thus more attractive to partners. Any deal struck would likely include an upfront payment to Chemomab Therapeutics Ltd. upon signing, plus future milestone payments tied to clinical, regulatory, and commercial achievements. You're looking for that big partnership announcement to shift the revenue profile from equity-dependent to asset-backed.

Potential future sales royalties or profit-sharing from commercialized nebokitug.

This stream represents the ultimate goal for the nebokitug program, should it successfully navigate the Phase 3 trial and gain regulatory approval. The company is seeking a partner to help execute the Phase 3 program, which strongly suggests that a commercialization agreement, including royalties or profit-sharing on future net sales, is the expected structure for the final deal. These potential revenue sources are contingent on the drug achieving market authorization, which is still a ways off, but they form the basis of the company's long-term valuation model.

The current revenue-generating activities are centered on maintaining liquidity through financing, which you can see summarized below:

• Financing through the ATM program in H1 2025.
• Ongoing discussions for a strategic collaboration for Phase 3 execution.
• Anticipation of upfront payments upon securing a licensing deal.
• Future contingent revenue from royalties/profit-sharing post-commercialization.

Finance: draft 13-week cash view by Friday.