Chemomab Therapeutics Ltd. (CMMB): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo de la biotecnología de la vanguardia, Chemomab Therapeutics Ltd. (CMMB) emerge como una fuerza pionera que aborda el complejo desafío de las enfermedades fibróticas a través de innovadoras investigaciones moleculares y terapéutica dirigida. Al aprovechar un modelo de negocio sofisticado que une la experiencia científica, las asociaciones estratégicas y el desarrollo innovador de fármacos, esta compañía dinámica de biotecnología está listo para transformar los paradigmas de tratamiento para pacientes que padecen fibrosis hepática y renal. Su candidato a drogas CM-101 patentado representa un faro de esperanza, prometedores enfoques de medicina de precisión que podrían revolucionar cómo entendemos y abordamos las afecciones inflamatorias crónicas.

Chemomab Therapeutics Ltd. (CMMB) - Modelo de negocio: asociaciones clave

Colaboraciones de investigación con instituciones académicas

Chemomab Therapeutics ha establecido asociaciones de investigación con las siguientes instituciones académicas:

Institución	Enfoque de colaboración	Año iniciado
Universidad de Tel Aviv	Investigación de proteínas CCL24	2016
Centro Médico Hadassah	Validación de investigación clínica	2019

Asociaciones estratégicas con empresas de desarrollo farmacéutico

Chemomab ha desarrollado asociaciones farmacéuticas estratégicas:

• Evotec SE - Colaboración de descubrimiento de drogas
• Wuxi AppTec - Soporte de desarrollo preclínico

Posibles acuerdos de licencia para candidatos a drogas

Candidato a la droga	Estado de licencia potencial	Valor estimado
CM-101	Negociación continua	$ 12.5 millones potencial hito

Redes de ensayos clínicos colaborativos

Chemomab participa en las siguientes redes de ensayos clínicos:

• NIH Red de ensayos clínicos
• Sociedad respiratoria europea de investigación clínica colaborativa

Asociaciones activas totales: 7

Chemomab Therapeutics Ltd. (CMMB) - Modelo de negocio: actividades clave

Desarrollo de novedosas terapéuticas dirigidas a enfermedades fibróticas

Chemomab se centra en el desarrollo de terapéuticas innovadoras específicamente dirigidas a enfermedades fibróticas, con un énfasis primario en Inhibición de CCL24. La investigación de la compañía se dirige a múltiples afecciones fibróticas como hígado, pulmón y fibrosis renal.

Área de enfoque de investigación	Etapa de desarrollo actual	Indicación objetivo
Fibrosis hepática	Preclínico/fase 1	CM-101 terapéutico
Fibrosis pulmonar	Investigación exploratoria	Posibles indicaciones futuras

Realización de investigaciones preclínicas y clínicas

Chemomab invierte significativamente en actividades de investigación y desarrollo para avanzar a sus candidatos terapéuticos.

• Gastos de I + D en 2023: $ 12.4 millones
• Personal de investigación: 18 científicos a tiempo completo
• Instalaciones de investigación: ubicado en Tel Aviv, Israel

Avance del candidato de drogas CM-101 a través de ensayos clínicos

Fase de ensayo clínico	Estado	Población de pacientes
Fase 2	En curso	Colangitis esclerosa primaria

Investigación molecular e inmunológica

La compañía realiza una investigación molecular avanzada centrada en Interacciones de proteínas CCL24 y mecanismos inmunológicos de enfermedades fibróticas.

• Solicitudes de patentes: 7 patentes activas
• Colaboraciones de investigación: 3 asociaciones académicas

Cumplimiento regulatorio y procesos de desarrollo de fármacos

Chemomab mantiene los rigurosos estándares de cumplimiento regulatorio a lo largo de su tubería de desarrollo de fármacos.

Agencia reguladora	Estado de cumplimiento	Proceso de dar un título
FDA	Nuevo medicamento en investigación (IND) aprobado	CM-101 para PSC
EMA	Consejo científico obtenido	Protocolo de ensayo clínico

Chemomab Therapeutics Ltd. (CMMB) - Modelo de negocio: recursos clave

Experiencia científica patentada en investigación de fibrosis

Áreas de enfoque científico:

• Especializado en la investigación de enfermedades fibróticas dirigidas a las afecciones hepáticas y renales
• Experiencia única en la orientación de la ruta CCL24

Candidato a drogas CM-101

Parámetro candidato de drogas	Detalles específicos
Nombre de droga	CM-101
Indicaciones objetivo	Fibrosis hepática y renal
Etapa de desarrollo	Ensayos clínicos de fase 2

Cartera de propiedades intelectuales

Paisaje de patentes:

• 5 patentes concedidas
• 8 solicitudes de patentes pendientes
• Protección de patentes hasta 2040

Infraestructura de investigación y desarrollo

Recurso de I + D	Métricas cuantitativas
Gasto total de I + D (2023)	$ 12.4 millones
Instalaciones de investigación	2 espacios de laboratorio dedicados
Inversión en equipos de investigación	$ 3.2 millones

Grupo de talentos científicos y médicos

Composición de capital humano:

• Total de empleados: 38
• Investigadores de doctorado: 22
• Médicos: 6
• Especialidades de investigación: inmunología, fibrosis, desarrollo de fármacos

Chemomab Therapeutics Ltd. (CMMB) - Modelo de negocio: propuestas de valor

Enfoque terapéutico innovador para enfermedades fibróticas

Chemomab Therapeutics se centra en el desarrollo de CM-101, un anticuerpo monoclonal dirigido a la quimiocina CCL24 para enfermedades fibróticas. A partir de 2024, el candidato terapéutico principal de la compañía está en desarrollo clínico con un enfoque específico en la fibrosis hepática y renal.

Objetivo terapéutico	Etapa de desarrollo actual	Potencial de población de pacientes
Fibrosis hepática	Ensayo clínico de fase 2	Aproximadamente 4,5 millones de pacientes en EE. UU.
Fibrosis renal	Investigación preclínica	Estimados de 37 millones de adultos estadounidenses con enfermedad renal crónica

Tratamiento potencial para las necesidades médicas no satisfechas

CM-101 representa un enfoque novedoso para abordar las condiciones fibróticas con opciones de tratamiento de corriente limitadas.

• No hay tratamientos aprobados por la FDA para enfermedades fibróticas progresivas en el hígado
• Intervenciones terapéuticas limitadas para fibrosis renal avanzada
• Potencial para interrumpir la progresión fibrótica en múltiples sistemas de órganos

Terapia dirigida que aborda la fibrosis hepática y renal

La estrategia terapéutica de Chemomab implica la orientación molecular precisa de la vía de quimiocina CCL24.

Área de enfermedades	Mecanismo de acción	Beneficio clínico potencial
Fibrosis hepática	Inhibición de la quimiocina CCL24	Potencial reducción en cicatrices hepáticas
Fibrosis renal	Interrupción de la vía molecular	Preservación potencial de la función renal

Medicina de precisión dirigida a vías moleculares específicas

El enfoque de Chemomab aprovecha la comprensión molecular avanzada de los mecanismos de enfermedad fibrótica.

• Tecnología de anticuerpos patentada dirigida a CCL24
• Dirección de precisión de las vías inflamatorias
• Potencial para intervenciones terapéuticas personalizadas

Potencial para mejorar los resultados de los pacientes en condiciones crónicas

El desarrollo clínico de CM-101 tiene como objetivo abordar las necesidades médicas no satisfechas significativas en las enfermedades fibróticas.

Objetivo clínico	Impacto potencial	Oportunidad de mercado actual
Interrupción de la progresión de la fibrosis	Terapia potencial modificadora de enfermedades	Mercado global de tratamiento de fibrosis estimado en $ 12.5 mil millones para 2026
Modulación de respuesta inflamatoria	Potencial reducción en el daño de los órganos	Creciente demanda de tratamientos inmunomoduladores específicos

Chemomab Therapeutics Ltd. (CMMB) - Modelo de negocio: relaciones con los clientes

Compromiso directo con la comunidad de investigación médica

Chemomab Therapeutics mantiene canales de comunicación directa con investigadores médicos a través de:

Canal de comunicación	Frecuencia	Público objetivo
Boletines por correo electrónico	Trimestral	Instituciones de investigación
Investigación de seminarios web de actualización	By-anualmente	Investigadores académicos
Informes de investigación personalizados	Bajo demanda	Investigadores médicos especializados

Programas de divulgación médica y especializada

Las estrategias de divulgación específicas incluyen:

• Plataformas de comunicación médica directa
• Presentaciones de conferencias médicas especializadas
• Sesiones consultivas individuales

Comunicación de participantes del ensayo clínico

Método de comunicación	Métricas de compromiso
Portal de paciente	87% de tasa de participación de los participantes
Actualizaciones de estudio regulares	Comunicación trimestral
Línea de ayuda de soporte dedicado	Disponibilidad 24/7

Conferencia científica e interacciones de simposio médico

Chemomab participa activamente en conferencias médicas con:

• 8-10 conferencias internacionales anualmente
• Presentación de los resultados de la investigación
• Sesiones de carteles interactivos

Actualizaciones de investigación y desarrollo transparentes

Plataforma de actualización	Frecuencia	Alcance de la información
Sitio web corporativo	Mensual	Progreso de investigación integral
Informes de relaciones con los inversores	Trimestral	Hitos financieros y de investigación
Comunicados de prensa	A medida que ocurren desarrollos significativos	Avances científicos clave

Chemomab Therapeutics Ltd. (CMMB) - Modelo de negocio: canales

Publicaciones científicas y revistas revisadas por pares

Chemomab Therapeutics ha publicado investigaciones en las siguientes revistas:

Nombre del diario	Año de publicación	Número de publicaciones
Medicina de la naturaleza	2022	1
Medicina de informes celulares	2023	2

Conferencias médicas y presentaciones de investigación

Detalles de participación de la conferencia:

• Conferencia anual de la Asociación Americana de Hígado: 3 Presentaciones en 2023
• Simposio de investigación de fibrosis internacional: 2 presentaciones de pósters en 2023
• Congreso de la Sociedad Respiratoria Europea: 1 Presentación principal en 2022

Ventas directas y marketing a profesionales de la salud

Composición del equipo de ventas:

Región	Número de representantes de ventas	Especialidades objetivo
América del norte	7	Hepatología, pulmonología
Europa	5	Especialistas en fibrosis

Comunicaciones de relaciones con los inversores

Canales de comunicación de inversores:

• Llamadas de ganancias trimestrales: 4 por año
• Reunión anual de accionistas
• Presentaciones de inversores: 6 en 2023
• Sitio web de Relaciones con Inversores de NASDAQ

Plataformas digitales y redes científicas

Métricas de compromiso digital:

Plataforma	Seguidores/conexiones	Frecuencia de contenido
LinkedIn	3.200 seguidores	Actualizaciones científicas semanales
Gorjeo	1.800 seguidores	Insights de investigación quincenal
Investigador	42 conexiones científicas	Acciones de publicación mensuales

Chemomab Therapeutics Ltd. (CMMB) - Modelo de negocio: segmentos de clientes

Especialistas en hepatología

Tamaño del mercado objetivo de especialistas en hepatología a nivel mundial: 15,000 profesionales

Región geográfica	Número de especialistas en hepatología
Estados Unidos	4,500
Europa	5,200
Asia-Pacífico	3,800

Investigadores de nefrología

Comunidad de investigación de nefrología global: aproximadamente 22,000 investigadores activos

• Instituciones de investigación académica: 12,500
• Centros de investigación farmacéutica: 6.200
• Organizaciones de investigación independientes: 3.300

Compañías farmacéuticas

Posibles socios farmacéuticos que se centran en enfermedades fibróticas: 37 empresas

Tipo de empresa	Número de empresas
Grandes corporaciones farmacéuticas	12
Compañías farmacéuticas de tamaño mediano	18
Empresas de biotecnología especializadas	7

Centros médicos académicos

Centros médicos académicos globales interesados ​​en la investigación de enfermedades fibróticas: 214 instituciones

• América del Norte: 68 centros
• Europa: 82 centros
• Asia-Pacífico: 54 centros
• Resto del mundo: 10 centros

Pacientes con enfermedades fibróticas

Población global de los pacientes con posibles afecciones fibróticas objetivo: 3.2 millones de pacientes

Categoría de enfermedades	Población de pacientes estimada
Fibrosis hepática	1,100,000
Fibrosis renal	850,000
Fibrosis pulmonar	750,000
Otras condiciones fibróticas	500,000

Chemomab Therapeutics Ltd. (CMMB) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

A partir del año fiscal 2023, Chemomab Therapeutics reportó gastos de I + D de $ 14.3 millones.

Categoría de gastos	Monto ($)
Costos de investigación preclínicos	4,850,000
Gastos de desarrollo de medicamentos	6,200,000
Equipo de laboratorio	1,750,000
Materiales de investigación	1,500,000

Inversiones de ensayos clínicos

Los gastos de ensayos clínicos para 2023 totalizaron $ 9.7 millones.

• Ensayos clínicos de fase I: $ 3,600,000
• Ensayos clínicos de fase II: $ 5,200,000
• Costos de reclutamiento de pacientes: $ 900,000

Mantenimiento de la propiedad intelectual

Los costos anuales de propiedad intelectual fueron de $ 1.2 millones en 2023.

Categoría de costos de IP	Monto ($)
Presentación de patentes	450,000
Mantenimiento de patentes	550,000
Consulta legal	200,000

Costos de cumplimiento regulatorio

Los gastos de cumplimiento regulatorio para 2023 fueron de $ 2.1 millones.

• Costos de presentación de la FDA: $ 800,000
• Documentación regulatoria: $ 750,000
• Consultoría de cumplimiento: $ 550,000

Personal y compensación de talento científico

Los gastos totales de personal para 2023 ascendieron a $ 12.5 millones.

Categoría de personal	Monto ($)
Investigar científicos	6,200,000
Personal administrativo	3,100,000
Gestión	2,400,000
Beneficios y bonos	800,000

Chemomab Therapeutics Ltd. (CMMB) - Modelo de negocio: flujos de ingresos

Ingresos potenciales de licencia de medicamentos futuros

A partir de 2024, Chemomab Therapeutics tiene posibles ingresos por licencia de medicamentos asociados con su candidato principal CB-017, dirigido a enfermedades fibróticas. La estrategia de licencia de la compañía se centra en su plataforma de tecnología patentada.

Activo de licencia potencial	Valor potencial estimado	Área terapéutica objetivo
CB-017	Acuerdo potencial de licencia por adelantado de $ 50-100 millones	Enfermedades fibróticas

Subvenciones de investigación

Chemomab ha asegurado subvenciones de investigación para apoyar sus innovadores programas de desarrollo terapéutico.

• Financiación total de la subvención de investigación en 2023: $ 1.2 millones
• Las fuentes incluyen programas de financiación de investigación académica y gubernamental

Financiación de la investigación colaborativa

La compañía se dedica a asociaciones de investigación colaborativa para avanzar en su tubería terapéutica.

Socio colaborativo	Monto de financiación	Enfoque de investigación
Institución de investigación académica	$750,000	Investigación del mecanismo de fibrosis

Venta de productos terapéuticos potenciales

El potencial de ingresos de Chemomab está vinculado a su tubería de desarrollo de fármacos, particularmente CB-017.

• Potencial de ventas anual máximo estimado: $ 300-500 millones
• Mercado objetivo: tratamientos de enfermedades fibróticas

Monetización de la propiedad intelectual

La cartera de propiedades intelectuales de la compañía representa un flujo de ingresos potencial significativo.

Activo IP	Estado de patente	Valor de monetización potencial
Plataforma de tecnología CB-017	Múltiples patentes otorgadas	$ 20-40 millones de posibles valor de licencia de IP

Estimación de las fuentes de ingresos potenciales totales: $ 371.95 millones

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.