Chemomab Therapeutics Ltd.

What they do

Chemomab discovers and develops therapeutics for fibro-inflammatory diseases, centered on its lead candidate CM-101, a first-in-class humanized monoclonal antibody designed to bind and block CCL24 (eotaxin-2), a chemokine that promotes inflammation and fibrosis through the CCR3 receptor. The company is advancing CM-101 in Phase 2 clinical studies in primary sclerosing cholangitis (PSC) and systemic sclerosis (SSc), and completed a Phase 2 trial in liver fibrosis due to NASH. It operates from Tel Aviv, Israel, and its American Depositary Shares trade on the Nasdaq Capital Market under the symbol CMMB.

Revenue drivers

• No product revenue — Chemomab is a clinical-stage company with no approved products; it does not currently generate revenue from product sales.
• CM-101 in PSC — Lead clinical program; the Phase 2 PSC trial is enrolling patients in the U.S., Europe and Israel across 10 and 20 mg/kg dose arms plus an open label extension.
• CM-101 in SSc — Second Phase 2 program; the FDA cleared the IND in February 2023 and the company planned to open initial U.S. sites around mid-year 2023.
• CM-101 in NASH liver fibrosis — Completed Phase 2 trial reported in January 2023; results were used to inform the development path for the subcutaneous formulation of CM-101.

Recent performance

Chemomab reported a net loss of $24.2 million for 2023, compared with net losses of $27.6 million in 2022 and $12.5 million in 2021; the net loss narrowed to $13.9 million in 2024 and $9.0 million in 2025. Operating cash flow was negative $23.6 million in 2023, improving to negative $15.4 million in 2024 and negative $11.1 million in 2025. At December 31, 2025, total assets were $13.8 million, total liabilities $1.5 million, shareholder equity $12.3 million, and cash and equivalents $7.6 million. In the first quarter of 2023, the company reported top-line results from the CM-101 Phase 2 NASH liver fibrosis trial showing the trial met its primary endpoint of safety and tolerability with positive activity across multiple liver fibrosis biomarkers.

Strategy

Chemomab's stated priority is advancing CM-101 as a treatment for fibro-inflammatory diseases, with two Phase 2 programs in PSC and SSc and a completed Phase 2 trial in NASH liver fibrosis. The company has added clinical sites and a higher dose cohort plus an open label extension to the PSC trial, and received FDA clearance of its IND to study CM-101 in SSc. It is supporting these programs with scientific presentations and publications, and in May 2023 extended its estimated cash runway through the first half of 2024 while maintaining resources for the two clinical data read-outs expected in the second half of 2024. Management has also strengthened the executive team, adding a Chief Medical Officer and a Vice President of Corporate Development and Strategy.

Risks

• No approved products or revenue — Chemomab has no product revenue and depends on external financing to fund its clinical programs and operations.
• Clinical development risk — CM-101 remains unapproved, and the Phase 2 PSC and SSc trials may fail to show sufficient safety or efficacy to support further development.
• Cash runway and funding needs — Cash and equivalents were $7.6 million at December 31, 2025, and the company has historically consumed cash through operating losses, requiring additional capital.
• Regulatory and competitive risk — The company must obtain regulatory clearances beyond the SSc IND and compete for trial sites, patients, and eventual market position in PSC, SSc, and NASH liver fibrosis.

Outlook

Management said in May 2023 that it expected top-line data from the Phase 2 PSC trial in the second half of 2024 and data from the Phase 2 SSc trial in the latter part of 2024, and extended its estimated cash runway through the first half of 2024. The company also said it remained focused on advancing its two clinical programs toward those data read-outs. The filings provided do not include subsequent guidance on timelines or cash runway.