Chemomab Therapeutics Ltd. (CMMB): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde de pointe de la biotechnologie, Chemomab Therapeutics Ltd. (CMMB) émerge comme une force pionnière relevant le défi complexe des maladies fibrotiques grâce à la recherche moléculaire innovante et à la thérapeutique ciblée. En tirant parti d'un modèle commercial sophistiqué qui plie l'expertise scientifique, les partenariats stratégiques et le développement de médicaments révolutionnaires, cette entreprise de biotechnologie dynamique est prête à transformer les paradigmes de traitement pour les patients souffrant de fibrose hépatique et rénale. Leur candidat propriétaire de médicament CM-101 représente un phare d'espoir, promettant des approches de médecine de précision qui pourraient révolutionner la façon dont nous comprenons et abordons les conditions inflammatoires chroniques.

Chemomab Therapeutics Ltd. (CMMB) - Modèle commercial: partenariats clés

Collaborations de recherche avec des établissements universitaires

Chemomab Therapeutics a établi des partenariats de recherche avec les établissements universitaires suivants:

Institution	Focus de la collaboration	Année initiée
Université de Tel Aviv	Recherche de protéines CCL24	2016
Centre médical Hadassah	Validation de la recherche clinique	2019

Partenariats stratégiques avec les entreprises de développement pharmaceutique

Chemomab a développé des partenariats pharmaceutiques stratégiques:

• EVOTEC SE - Collaboration de découverte de médicaments
• Wuxi Apptec - Support de développement préclinique

Accords de licence potentiels pour les candidats à la drogue

Drogue	Statut de licence potentielle	Valeur estimée
CM-101	Négociation en cours	12,5 millions de dollars de jalon potentiel

Réseaux d'essais cliniques collaboratifs

Chemomab participe aux réseaux d'essais cliniques suivants:

• Réseau des essais cliniques du NIH
• Collaborative de recherche clinique de la société respiratoire européenne

Partenariats actifs totaux: 7

Chemomab Therapeutics Ltd. (CMMB) - Modèle d'entreprise: Activités clés

Développement de nouvelles thérapies ciblant les maladies fibrotiques

Chemomab se concentre sur le développement de la thérapeutique innovante ciblant spécifiquement les maladies fibrotiques, avec un accent principal sur Inhibition CCL24. La recherche de l'entreprise cible plusieurs conditions fibrotiques, notamment la fibrose hépatique, pulmonaire et rénale.

Domaine de mise au point de recherche	Étape de développement actuelle	Indication cible
Fibrose hépatique	Préclinique / phase 1	CM-101 thérapeutique
Fibrose pulmonaire	Recherche exploratoire	Indication future potentielle

Effectuer des recherches précliniques et cliniques

Chemomab investit considérablement dans les activités de recherche et développement pour faire avancer ses candidats thérapeutiques.

• Dépenses de R&D en 2023: 12,4 millions de dollars
• Personnel de recherche: 18 scientifiques à temps plein
• Installations de recherche: situé à Tel Aviv, Israël

Faire avancer le candidat de médicament CM-101 par le biais d'essais cliniques

Phase d'essai clinique	Statut	Population de patients
Phase 2	En cours	Cholangite sclérosante primaire

Recherche moléculaire et immunologique

La société mène des recherches moléculaires avancées axées sur Interactions de protéines CCL24 et les mécanismes immunologiques des maladies fibrotiques.

• Demandes de brevet: 7 brevets actifs
• Collaborations de recherche: 3 partenariats académiques

Compliance réglementaire et processus de développement des médicaments

Chemomab maintient des normes de conformité réglementaires rigoureuses tout au long de son pipeline de développement de médicaments.

Agence de réglementation	Statut de conformité	Certification
FDA	Un nouveau médicament enquête (IND) approuvé	CM-101 pour PSC
Ema	Conseils scientifiques obtenus	Protocole d'essai clinique

Chemomab Therapeutics Ltd. (CMMB) - Modèle commercial: Ressources clés

Expertise scientifique propriétaire dans la recherche en fibrose

Domaines d'intervention scientifique:

• Spécialisé dans la recherche sur les maladies fibrotiques ciblant les affections hépatiques et rénales
• Expertise unique dans le ciblage de la voie CCL24

Candidat à la drogue CM-101

Paramètre de candidat de médicament	Détails spécifiques
Nom de médicament	CM-101
Indications cibles	Fibrose du foie et des reins
Étape de développement	Essais cliniques de phase 2

Portefeuille de propriété intellectuelle

Paysage breveté:

• 5 brevets accordés
• 8 demandes de brevet en instance
• Protection des brevets jusqu'en 2040

Infrastructure de recherche et de développement

Ressource R&D	Métriques quantitatives
Dépenses totales de R&D (2023)	12,4 millions de dollars
Installations de recherche	2 espaces de laboratoire dédiés
Investissement de l'équipement de recherche	3,2 millions de dollars

Pool de talents scientifiques et médicaux

Composition du capital humain:

• Total des employés: 38
• Rechercheurs de doctorat: 22
• Médecins: 6
• Spécialités de recherche: immunologie, fibrose, développement de médicaments

Chemomab Therapeutics Ltd. (CMMB) - Modèle d'entreprise: propositions de valeur

Approche thérapeutique innovante pour les maladies fibrotiques

Chemomab Therapeutics se concentre sur le développement de CM-101, un anticorps monoclonal ciblant la chimiokine CCL24 pour les maladies fibrotiques. En 2024, le candidat thérapeutique principal de l'entreprise est en développement clinique avec un accent spécifique sur la fibrose hépatique et rénale.

Cible thérapeutique	Étape de développement actuelle	Population potentielle de patients
Fibrose hépatique	Essai clinique de phase 2	Environ 4,5 millions de patients aux États-Unis
Fibrose rénale	Recherche préclinique	Estimé 37 millions d'adultes américains atteints d'une maladie rénale chronique

Traitement potentiel pour les besoins médicaux non satisfaits

CM-101 représente une nouvelle approche pour traiter les conditions fibrotiques avec des options de traitement actuelles limitées.

• Pas de traitements approuvés par la FDA pour les maladies fibrotiques progressives dans le foie
• Interventions thérapeutiques limitées pour la fibrose rénale avancée
• Potentiel pour interrompre la progression fibrotique dans plusieurs systèmes d'organes

Thérapie ciblée sur la fibrose du foie et des reins

La stratégie thérapeutique de Chemomab implique un ciblage moléculaire précis de la voie de chimiokine CCL24.

Zone de maladie	Mécanisme d'action	Avantage clinique potentiel
Fibrose hépatique	Inhibition de la chimiokine CCL24	Réduction potentielle des cicatrices hépatiques
Fibrose rénale	Interruption de la voie moléculaire	Préservation potentielle de la fonction rénale

Médecine de précision ciblant des voies moléculaires spécifiques

L'approche de Chemomab exploite la compréhension moléculaire avancée des mécanismes de maladies fibrotiques.

• Technologie des anticorps propriétaires ciblant CCL24
• Ciblage de précision des voies inflammatoires
• Potentiel d'interventions thérapeutiques personnalisées

Potentiel pour améliorer les résultats des patients dans des conditions chroniques

Le développement clinique de CM-101 vise à répondre aux besoins médicaux non satisfaits importants dans les maladies fibrotiques.

Objectif clinique	Impact potentiel	Opportunité de marché actuelle
Interruption de progression de la fibrose	Thérapie potentielle modifiant la maladie	Marché mondial du traitement de la fibrose estimé à 12,5 milliards de dollars d'ici 2026
Modulation de la réponse inflammatoire	Réduction potentielle des dommages aux organes	Demande croissante de traitements immunomodulatoires ciblés

Chemomab Therapeutics Ltd. (CMMB) - Modèle d'entreprise: relations avec les clients

Engagement direct avec la communauté de la recherche médicale

Chemomab Therapeutics maintient des canaux de communication directs avec des chercheurs en médecine à travers:

Canal de communication	Fréquence	Public cible
Envoyez des newsletters	Trimestriel	Institutions de recherche
Webinaires de mise à jour de la recherche	Bi-annuellement	Chercheurs universitaires
Briefings de recherche personnalisés	Sur demande	Chercheurs médicaux spécialisés

Programmes de sensibilisation des médecins et spécialistes

Les stratégies de sensibilisation ciblées comprennent:

• Plates-formes de communication médicale directes
• Présentations spécialisées de la conférence médicale
• Sessions consultatives individuelles

Communication des participants à l'essai clinique

Méthode de communication	Métriques d'engagement
Portail des patients	Taux d'engagement des participants à 87%
Mises à jour régulières de l'étude	Communication trimestrielle
Ligne d'assistance de support dédiée	Disponibilité 24/7

Interactions de conférence scientifique et de symposium médical

Chemomab participe activement aux conférences médicales avec:

• 8-10 conférences internationales chaque année
• Présentation des résultats de la recherche
• Séances d'affiches interactives

Mises à jour transparentes de la recherche et du développement

Plateforme de mise à jour	Fréquence	Portée d'information
Site Web de l'entreprise	Mensuel	Progrès de la recherche complète
Rapports sur les relations avec les investisseurs	Trimestriel	Jalons financiers et de recherche
Communiqués de presse	À mesure que des développements importants se produisent	Percées scientifiques clés

Chemomab Therapeutics Ltd. (CMMB) - Modèle d'entreprise: canaux

Publications scientifiques et revues à comité de lecture

Chemomab Therapeutics a publié des recherches dans les revues suivantes:

Nom de journal	Année de publication	Nombre de publications
Médecine de la nature	2022	1
Cell rapporte la médecine	2023	2

Conférences médicales et présentations de recherche

Détails de la participation de la conférence:

• Conférence annuelle de l'American Liver Association: 3 présentations en 2023
• Symposium international de recherche sur la fibrose: 2 présentations d'affiches en 2023
• Congrès de la Société respiratoire européenne: 1 présentation principale en 2022

Ventes directes et marketing auprès des professionnels de la santé

Composition de l'équipe de vente:

Région	Nombre de représentants commerciaux	Target Specialties
Amérique du Nord	7	Hépatologie, pulmonologie
Europe	5	Spécialistes de la fibrose

Communications des relations avec les investisseurs

Canaux de communication des investisseurs:

• Répédances trimestrielles: 4 par an
• Réunion des actionnaires annuelle
• Présentations des investisseurs: 6 en 2023
• Site Web de relations avec les investisseurs cotées au NASDAQ

Plates-formes numériques et réseautage scientifique

Métriques d'engagement numérique:

Plate-forme	Abonnés / connexions	Fréquence de contenu
Liendin	3 200 abonnés	Mises à jour scientifiques hebdomadaires
Gazouillement	1 800 abonnés	Idées de recherche bihebdomadaires
Researchgate	42 Connexions scientifiques	Actions de publication mensuelle

Chemomab Therapeutics Ltd. (CMMB) - Modèle d'entreprise: segments de clientèle

Spécialistes de l'hépatologie

Taille du marché cible des spécialistes de l'hépatologie dans le monde: 15 000 professionnels

Région géographique	Nombre de spécialistes de l'hépatologie
États-Unis	4,500
Europe	5,200
Asie-Pacifique	3,800

Chercheurs en néphrologie

Communauté mondiale de recherche en néphrologie: environ 22 000 chercheurs actifs

• Institutions de recherche universitaire: 12 500
• Centres de recherche pharmaceutique: 6 200
• Organisations de recherche indépendantes: 3 300

Sociétés pharmaceutiques

Partners pharmaceutiques potentiels axés sur les maladies fibrotiques: 37 entreprises

Type d'entreprise	Nombre d'entreprises
Grandes sociétés pharmaceutiques	12
Sociétés pharmaceutiques de taille moyenne	18
Entreprises de biotechnologie spécialisées	7

Centres médicaux académiques

Centres médicaux universitaires mondiaux intéressés par la recherche sur les maladies fibrotiques: 214 institutions

• Amérique du Nord: 68 centres
• Europe: 82 centres
• Asie-Pacifique: 54 centres
• Reste du monde: 10 centres

Patients atteints de maladies fibrotiques

Population mondiale de patients avec des conditions fibrotiques cibles potentielles: 3,2 millions de patients

Catégorie de maladie	Population estimée des patients
Fibrose hépatique	1,100,000
Fibrose rénale	850,000
Fibrose pulmonaire	750,000
Autres conditions fibrotiques	500,000

Chemomab Therapeutics Ltd. (CMMB) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Depuis l'exercice 2023, Chemomab Therapeutics a déclaré des dépenses de R&D de 14,3 millions de dollars.

Catégorie de dépenses	Montant ($)
Coûts de recherche préclinique	4,850,000
Frais de développement de médicaments	6,200,000
Équipement de laboratoire	1,750,000
Matériaux de recherche	1,500,000

Investissements d'essais cliniques

Les dépenses d'essais cliniques pour 2023 ont totalisé 9,7 millions de dollars.

• Essais cliniques de phase I: 3 600 000 $
• Essais cliniques de phase II: 5 200 000 $
• Coûts de recrutement des patients: 900 000 $

Maintenance de la propriété intellectuelle

Les coûts annuels de propriété intellectuelle étaient de 1,2 million de dollars en 2023.

Catégorie de coûts IP	Montant ($)
Dépôt de brevet	450,000
Entretien de brevets	550,000
Consultation juridique	200,000

Coûts de conformité réglementaire

Les dépenses de conformité réglementaire pour 2023 étaient de 2,1 millions de dollars.

• Coûts de soumission de la FDA: 800 000 $
• Documentation réglementaire: 750 000 $
• Conseil de conformité: 550 000 $

Personnel et compensation des talents scientifiques

Le total des dépenses de personnel pour 2023 s'élevait à 12,5 millions de dollars.

Catégorie de personnel	Montant ($)
Chercheur	6,200,000
Personnel administratif	3,100,000
Gestion	2,400,000
Avantages et bonus	800,000

Chemomab Therapeutics Ltd. (CMMB) - Modèle d'entreprise: Strots de revenus

Revenus potentiels de licence de médicament futurs

En 2024, Chemomab Therapeutics a des revenus potentiels de licence de médicament associés à son candidat principal CB-017, ciblant les maladies fibrotiques. La stratégie de licence de l'entreprise se concentre sur sa plate-forme technologique propriétaire.

Actif de licence potentielle	Valeur potentielle estimée	Zone thérapeutique cible
CB-017	Debit de licence initiale de 50 à 100 millions de dollars	Maladies fibrotiques

Subventions de recherche

Chemomab a obtenu des subventions de recherche pour soutenir ses programmes de développement thérapeutique innovants.

• Financement total des subventions de recherche en 2023: 1,2 million de dollars
• Les sources comprennent des programmes de financement de la recherche académique et gouvernemental

Financement de recherche collaborative

L'entreprise s'engage dans des partenariats de recherche en collaboration pour faire progresser son pipeline thérapeutique.

Partenaire collaboratif	Montant du financement	Focus de recherche
Établissement de recherche universitaire	$750,000	Recherche de mécanisme de fibrose

Ventes de produits thérapeutiques potentiels

Le potentiel de revenus de Chemomab est lié à son pipeline de développement de médicaments, en particulier CB-017.

• Potentiel de vente annuel de pointe estimé: 300 à 500 millions de dollars
• Marché cible: Traitements des maladies fibrotiques

Monétisation de la propriété intellectuelle

Le portefeuille de propriété intellectuelle de la société représente une source de revenus potentiel importante.

Actif IP	Statut de brevet	Valeur de monétisation potentielle
Plateforme technologique CB-017	Plusieurs brevets accordés	20 à 40 millions de dollars pour une valeur de licence IP potentielle

Estimation totale des sources de revenus potentielles: 371,95 millions de dollars

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.