aibioChemomab reports 2025 results, cites FDA alignment and partner talks
Tickers CMMB
The March 19, 2026 release recalls an August 2025 ADS ratio change that worked as a one-for-four reverse ADS split.
Key facts
- Company
- Chemomab Therapeutics Ltd. (NASDAQ: CMMB)
- News type
- Listings
- Primary source
- Chemomab Therapeutics Ltd. 6-K (2026-03-19)
The results
Chemomab Therapeutics Ltd. reported full-year and fourth-quarter 2025 results in a press release dated March 19, 2026. The release says cash, cash equivalents and short-term bank deposits were $10.4 million at December 31, 2025, compared with $14.3 million a year earlier. The company says the current cash runway is expected to last through the end of the first quarter of 2027.
The net loss for 2025 was $9.0 million, compared with $13.9 million for 2024. The fourth-quarter net loss was $1.9 million, compared with $3.0 million a year earlier. The release attributes the lower research and development expense to the completion of the nebokitug Phase 2 PSC trial. General and administrative expenses rose to $3.7 million for the year from $3.4 million.
At December 31, 2025 the company had 575,381,320 ordinary shares outstanding, equal to 7,192,267 ADSs, compared with 377,132,220 ordinary shares, or 4,714,153 ADSs, a year earlier.
The FDA meeting and the Phase 3 plan
The release says an End-of-Phase 2 meeting with the FDA produced alignment on a pathway to potential approval of nebokitug in primary sclerosing cholangitis, based on a single Phase 3 trial. The trial is described as a pivotal study with a primary composite endpoint made up of clinical events linked to PSC progression. Chief Executive Officer Adi Mor said the company believes the endpoint helps de-risk the Phase 3 program. That is the company's view, and the release does not show how an event-based endpoint would perform in the trial.
The release says discussions with potential strategic partners continue to advance, as the company works on activities needed for the timely start of the Phase 3 trial. It also says the company is evaluating other indications for nebokitug. The Phase 3 trial has not started, and the release does not give a start date.
The Phase 2 data
The release calls the Phase 2 SPRING trial successful, and Chief Executive Officer Adi Mor says many experts view its data as the strongest to date in PSC. The release's own description of the December 2025 publication is more measured. It says the trial showed nebokitug was generally safe and well tolerated, and that patients on the drug had numerical improvements in a range of inflammation and fibrosis biomarkers, particularly at the 20 mg/kg dose and in a pre-specified subgroup with moderate or advanced fibrosis. The word "numerical" is the release's own, and it does not describe statistically significant differences.
The release also cites a 48-week open-label extension, with data presented at a November 2025 conference. The presented data show what the company calls continued positive effects on biomarkers. Those are open-label results with no control arm.
The ADS ratio change
The release recalls that on August 14, 2025 the company said it would change the ratio of its American depositary shares to ordinary shares, from one ADS to 20 ordinary shares to one ADS to 80 ordinary shares, effective August 26, 2025. The company says the change essentially served as a one-for-four reverse ADS split for ADS holders.
The release does not give a reason for the ratio change, and it does not mention a Nasdaq notice or any listing requirement.
Other 2025 events in the release
The release lists several earlier steps. On June 11, 2025 Chemomab said the FDA confirmed its chemistry, manufacturing and controls strategy and agreed that additional animal toxicology testing may run in parallel with the Phase 3 trial. On June 3, 2025 it reported two new patents covering nebokitug in liver diseases, issued in China and Russia. On April 15, 2025 it named David M. Weiner, MD, as Interim Chief Medical Officer and promoted Jack Lawler to Chief Development Officer. None of these items changes the financing picture: the company reports $10.4 million of cash and short-term bank deposits and a runway that the release puts at the end of the first quarter of 2027, while partner talks continue and the Phase 3 trial has not started.