Chemomab Therapeutics Ltd. (CMMB): Business Model Canvas [Apr-2026 Updated]

You're digging into the mechanics of Chemomab Therapeutics Ltd. right now, specifically as they gear up for that crucial, event-driven Phase 3 trial for nebokitug in Primary Sclerosing Cholangitis (PSC)-a potential first-in-class disease-modifying therapy. Honestly, looking at the numbers from the first nine months of 2025, they burned through about $\mathbf{\$4.8}$ million in R&D and $\mathbf{\$2.9}$ million in G&A, leaving them with $\mathbf{\$10.2}$ million in cash as of Q3 2025, so financing that next big step is key to their value proposition. This canvas breaks down exactly how Chemomab Therapeutics Ltd. is structuring its partnerships, resources, and revenue strategy-which is currently zero product revenue-to get this asset across the finish line; check out the nine building blocks below to see the full picture.

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

You're looking at the core relationships Chemomab Therapeutics Ltd. (CMMB) needs to execute its late-stage plan for nebokitug, which is a big lift financially. The company's cash runway, as of June 30th, 2025, was projected to last through the end of the second quarter of 2026. That timeline makes securing the right external support for Phase 3 absolutely critical.

Actively seeking strategic collaborations for Phase 3 funding and commercialization

Chemomab Therapeutics Ltd. is deep in discussions to bring in a strategic partner to shoulder the cost and execution of the nebokitug Phase 3 program in primary sclerosing cholangitis (PSC). As of the second quarter of 2025, the company confirmed it was progressing discussions with potential strategic collaborators. The stated objective is clear: secure a partner to optimize development resources, accelerate the Phase 3 launch, and maximize the commercial potential of nebokitug as the first potential disease-modifying therapy for PSC. This search for external capital and commercial muscle is a primary focus, especially given the Q1 2025 cash position of $10.6 million.

The company is actively looking for alignment on the path forward, which includes:

• Securing funding for the Phase 3 registration-enabling trials.
• Optimizing development resources for the global trial.
• Maximizing the commercial potential of nebokitug.

Expanded manufacturing partnership with AGC Biologics for Phase II/III supply

The relationship with AGC Biologics, a global Contract Development and Manufacturing Organization (CDMO), is an established one, expanded previously to cover manufacturing for Phase II/III supply of CM-101 (nebokitug). This partnership centers on optimizing, upscaling, and locking the manufacturing process at AGC Biologics' Copenhagen site to support Phase II/III clinical testing and launch readiness. This manufacturing alignment is current, as Chemomab Therapeutics Ltd. confirmed in June 2025 that the FDA agreed with the Chemistry, Manufacturing, and Controls (CMC) strategy proposed by Chemomab and its contract manufacturing partner.

Collaboration with clinical research organizations (CROs) for global trial execution

While specific CRO names aren't public, the structure for the global trial execution is being set through agency alignment. Chemomab Therapeutics Ltd. is planning a global Phase 3 trial that will incorporate many sites within the E.U.. Executing a trial of this scope defintely requires established relationships with specialized CROs to manage site activation, patient enrollment, and data collection across multiple territories.

Engagement with regulatory bodies (FDA, EMA) for streamlined trial design

The engagement with regulatory bodies has been highly productive, resulting in a streamlined pathway for the Phase 3 program. As of Q3 2025, Chemomab Therapeutics Ltd. reported productive discussions with both agencies.

Key regulatory milestones achieved through these partnerships include:

The FDA and EMA have both agreed that a single Phase 3 registration trial, utilizing a composite of clinically relevant events as the primary endpoint, should be sufficient for approval. This single-trial approach is a major de-risking factor, especially when compared to older pathways that required liver biopsies or confirmatory studies.

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

You're focused on the critical, high-stakes activities that define Chemomab Therapeutics Ltd.'s path to market, especially as they transition from Phase 2 success to Phase 3 execution. Here's the breakdown of what the company is actively driving right now, grounded in their late 2025 operational status.

Advancing nebokitug (CM-101) into a single, event-driven Phase 3 trial for PSC

The core activity is setting up the pivotal Phase 3 trial for nebokitug in Primary Sclerosing Cholangitis (PSC). Chemomab Therapeutics Ltd. has achieved significant regulatory de-risking here. They aligned with the U.S. Food and Drug Administration (FDA) on a design for a single pivotal trial based on a clinical event primary endpoint, which offers a streamlined pathway to potential full regulatory approval. This design specifically avoids the need for liver biopsies, a major hurdle in past PSC trials.

The company is actively laying the groundwork for this launch, having submitted the Phase 3 protocol to the FDA and engaging in a similar process with the European Medicines Agency (EMA), with EMA guidance supporting a single registration trial. Nebokitug already holds both FDA Fast Track and EMA Orphan Drug designations for PSC treatment. This entire push is informed by positive data from the Phase 2 SPRING trial, which enrolled 76 patients across 33 sites in the US, UK, Germany, Spain, and Israel.

Key milestones related to the Phase 3 advancement include:

• FDA agreement on the Chemistry, Manufacturing, and Controls (CMC) strategy as of June 11, 2025.
• FDA agreement that additional animal toxicology testing can run in parallel with the Phase 3 trial.
• Phase 3 design near completion following positive FDA feedback as of late November 2025.

Research and Development (R&D) focused on the CCL24 mechanism of action

Chemomab Therapeutics Ltd.'s R&D remains centered on validating and expanding the utility of neutralizing the soluble protein CCL24. Nebokitug is a humanized IgG1 anti-CCL24 monoclonal antibody that neutralizes CCL24, a protein shown to promote cellular processes regulating inflammatory and fibrotic activities via the CCR3 receptor.

The financial commitment to this activity shows a shift following the Phase 2 trial completion:

This decrease in R&D expenses, for example, from $2.9 million in Q2 2024 to $1.3 million in Q2 2025, primarily resulted from the winding down of activities related to the Phase 2 SPRING trial. The scientific foundation is continually reinforced; for instance, a peer-reviewed publication in the journal Cells in January 2025 further confirmed the key role of CCL24 in driving fibro-inflammatory pathologies underlying PSC and systemic sclerosis.

Securing non-dilutive financing via strategic licensing or collaboration deals

A major operational focus is securing a strategic partner to help fund and execute the capital-intensive Phase 3 program. The stated goal is to 'secure the right partner to optimize development resources, accelerate the Phase 3 launch and maximize the commercial potential of nebokitug.' The company is actively progressing discussions with potential strategic collaborators.

While the focus is on non-dilutive deals, the company's recent capital structure is important context. As of June 30, 2025, Chemomab Therapeutics Ltd.'s cash, cash equivalents, and short-term bank deposits stood at $9.5 million. This liquidity position was expected to fund operations through the end of the fourth quarter of 2026, based on the September 30, 2025, update. This runway necessitates securing a deal to fully fund the Phase 3 trial, which is a key near-term risk. The company previously secured approximately $10 million in a Private Investment in Public Equity (PIPE) deal around July 2024.

Maintaining and expanding the intellectual property portfolio (patents to 2041)

Protecting the asset is paramount, and Chemomab Therapeutics Ltd. has been actively expanding its patent estate. The company believes it has developed a strong intellectual property portfolio and will continue to seek, maintain, and defend its patent rights.

Recent expansions include:

• Two new patents covering nebokitug use for liver diseases, including PSC, were issued in China and Russia on June 3, 2025.
• The Russian patent provides protection through the year 2041.
• The Chinese patent provides coverage through 2038.
• These additions expand protections beyond existing composition of matter and methods and use patents in the U.S., Europe, and Japan.

This layered IP strategy, securing method-of-use patents specific to PSC, creates multiple layers of protection around nebokitug.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets Chemomab Therapeutics Ltd. (CMMB) is banking on right now to move nebokitug forward. These aren't just ideas; they are tangible data points and regulatory achievements that define the company's current value proposition.

Nebokitug (CM-101) stands as the primary tangible asset. This is a first-in-class anti-CCL24 monoclonal antibody, designed with dual activity to neutralize the soluble protein CCL24, which is central to fibro-inflammatory diseases like Primary Sclerosing Cholangitis (PSC). The program has already reported positive results from a total of four clinical trials in patients.

Financially, the immediate resource is the balance sheet strength as of the third quarter. As of September 30, 2025, Chemomab Therapeutics Ltd. held $10.2 million in cash, cash equivalents, and short-term bank deposits. This figure is an increase from the $9.5 million reported at the end of Q2 2025, but lower than the $14.2 million on hand at the close of 2024. Critically, management believes this liquidity extends the cash runway through the end of the fourth quarter of 2026.

The regulatory environment provides significant, non-financial resources. Nebokitug has secured key designations from the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA) for PSC treatment. Specifically, the drug candidate has received both Orphan Drug and Fast Track designations from the FDA. Furthermore, the company achieved alignment with the FDA on a clear and efficient path forward, requiring only a single, clinical-events-driven Phase 3 pivotal trial for potential full regulatory approval.

The clinical evidence base is a crucial, non-replicable resource. The Phase 2 SPRING trial data strongly supports the disease-modifying potential of nebokitug. Data presented at DDW 2025 showed the drug was well-tolerated with a safety profile comparable to placebo over the initial 15-week, double-blind period. Open-label extension data, extending up to 48 weeks of treatment, reinforced safety and showed sustained improvements in fibrotic and inflammatory biomarkers, particularly in patients with moderate to advanced disease receiving the 20 mg/kg dose.

Here's a quick look at the key operational and financial metrics supporting these resources as of late 2025:

The regulatory clarity itself is a massive resource, streamlining the path to market. The planned Phase 3 study is an events-driven design, similar to oncology registration trials, with the primary endpoint focused on time-to-first clinical event. Over 90% of eligible SPRING trial participants opted to enroll in the Open Label Extension (OLE) phase, showing high commitment to the drug's potential.

The company's structure also reflects resource allocation:

• Nebokitug Phase 3 trial preparation is ongoing.
• The company is actively advancing multiple partnering options for executing the Phase 3 program.
• The drug candidate has shown improvements in key biomarkers like ELF scores and stabilization of liver stiffness in a subgroup of patients.

Finance: review the burn rate implications of the Q3 operating expenses against the Q4 2026 runway projection by next Tuesday.

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:

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:

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).

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.

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.

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:

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:

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.