CLYM Stock — Climb Bio Inc.: Cash, EV, Pipeline

What they do

We have built our pipeline by strategically acquiring or in-licensing product candidates that we believe have clear biological rationale, well-defined development pathways, and the potential to address multiple indications. We are developing our product candidates for multiple immune-mediated diseases, as summarized in the pipeline figure below.

Source: 10-K FY2025 via SEC EDGAR

Share price

$10.29

Market cap

$591.0M

Cash

$227.6M

Enterprise value

$363.4M

Balance sheet

Cash	$227.6M
Debt	$0.0M
Net cash	$227.6M
Enterprise value	$363.4M
Basic shares	58.7M shares
Fully diluted shares	90.8M shares
Fully diluted market cap	$934.2M
Cash per share	$3.88
Quarterly burn	$10.5M
Cash runway	22.7 quarters

Cash figures as of 2026-09-30. Database snapshot: 2026-11-07.

Share structure

Common

57.4M

Pre-funded warrants

22.5M

Options

8.5M

RSUs

0.1M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

2.2M

FDSO

90.8M

Cap table as of 2026-06-30.

Price history

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Next catalyst

CLYM116 · Est. Nov 15, 2026 · quarter midpoint · guided Now

Recently reported

Budoprutug Phase 2 Mixed · 2026-10-26

Primary: Initial PrisMN Phase 2 data in primary membranous nephropathy (pMN): B-cell depletion, PLA2R antibody reduction and immunologic remission at Week 12 with budoprutug (anti-CD19 mAb) — At Week 12, the 200 mg cohort demonstrated B-cell depletion, reductions in PLA2R antibody levels, and immunologic remission, consistent with Phase 1b data (no numeric rates disclosed in the release text)

· Initial data from the ongoing 600 mg cohort suggest greater drug exposure and deeper peripheral B-cell depletion compared with 200 mg

· Enrollment is ongoing in the 1000 mg cohort; additional PrisMN data anticipated in 2027

· Separate minimal change disease case study: one patient achieved three-year steroid-free remission following budoprutug treatment

Safety: 200 mg and 600 mg doses have been generally well-tolerated (follow-up through Week 12 for 200 mg and Week 6 for 600 mg)

Source release →

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
GUIDEDEst. Nov 15, 2026 Now quarter midpoint	CLYM116 Phase 1 study + Mabworks Phase 1 healthy volunteer study in China (medical meeting presentation)	Phase 1	China (medical meeting presentation)	Q4 2026
GUIDEDEst. Apr 1, 2027 in 8 wks half midpoint	CLYM116 NAVIGATE-2 Phase 2 in IgA nephropathy (initial data)	Phase 2	IgA nephropathy ()	H1 2027
May 13 - Jun 24 in 6 mo	Budoprutug	Phase 1	Systemic Lupus Erythematosus	—
Sep 12 - Oct 24 in 10 mo	Budoprutug	Phase 2	Immune Thrombocytopenia (ITP); ITP; Biologics	—
Oct 13 - Nov 24 in 11 mo	Budoprutug	Phase 2	Systemic Lupus Erthematosus	—
Nov 12 - Dec 24 in 12 mo	budoprutug	Phase 2	Primary Membranous Nephropathy	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

budoprutug

Phase 2 · Active Modality: monoclonal antibody (IV and SC formulations)

Target CD19

Partnerships Acelyrin (Alumis): asset purchase ($157.5M milestones, single-digit royalties, sublicense fees; milestone-payment dispute in Delaware Superior Court, filed Dec 2025). Cancer Research Technology (CRH): exclusive license ex-oncology (up to GBP 106.8M milestones; mid-single to high-single-digit royalties)

Indications

Primary membranous nephropathy (pMN) (Phase 2)
Immune thrombocytopenia (ITP) (Phase 1)
Systemic lupus erythematosus (SLE) (Phase 1)

Catalysts

— Q4 2026
— Q4 2026
— Q4 2026
— 2027

Status note Lead program. Orphan-drug designation (Jan 2023) and Fast Track (Apr 2026) for pMN. Phase 2 PrisMN (pMN) enrolling second cohort; Phase 1b/2a ITP and Phase 1b SLE enrolling; China SLE Phase 1b/2a dosing since Jun 2026. IV + high-concentration SC formulation in development.

CLYM116

Phase 1 · Active Modality: monoclonal antibody

Target APRIL

Partnerships Mabworks Biotech: exclusive license ex-Greater China ($9M upfront; up to $30M dev/reg milestones for first indication; up to $832M commercial; low-to-mid single-digit royalties; amended and restated Jul 2026)

Indications

IgA nephropathy (IgAN) (Phase 1)

Catalysts

— September 3, 2026
— Q3 2026
— 2027

Status note Phase 1 healthy-volunteer dosing completed June 2026; partner Mabworks running parallel Phase 1/2 in China (healthy volunteers and IgAN).

ETX-123

Stage not disclosed · Active Modality: small molecule (potassium channel opener)

Target Kv7.2/3

Status note Legacy lead program from the company's prior neuronal-excitability focus; development paused July 2023 and the company intends to seek a partner. Soft wind-down, not formally discontinued.

ETX-155

Stage not disclosed · Active

Status note Legacy/previous product candidate from the prior neuronal-excitability program; no active development stated in this filing.

Per-asset detail extracted from the 10-Q filed 2026-08-06. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	Budoprutug
Lead indication	Immune Thrombocytopenia (ITP)
Lead phase	Phase 2
Active trials	5

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT07043946	Phase 2	Recruiting	Sponsor	CLYM	—	Immune Thrombocytopenia (ITP); ITP; Biologics	—
NCT07564596	Phase 2	Recruiting	Sponsor	CLYM	—	Systemic Lupus Erthematosus	—
NCT07096843	Phase 2	Recruiting	Sponsor	CLYM	—	Primary Membranous Nephropathy	—
NCT07011043	Phase 1	Recruiting	Sponsor	CLYM	—	Systemic Lupus Erythematosus	—
NCT07248865	Phase 1	Recruiting	Sponsor	CLYM	—	Healthy Volunteers	—

Sponsor-matched active trials from ClinicalTrials.gov (5 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 5 active trials for Climb Bio, Inc. on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
RA Capital Management	11,300,939	no change	1.28%	2026-08-14
Braidwell LP	2,797,375	+1,267,700	1.35%	2026-08-14
Cormorant Asset Management	2,106,000	+2,106,000	1.41%	2026-08-14
Great Point Partners	1,000,000	-334,130	3.07%	2026-08-14
ADAR1 Capital Management	822,649	+224,987	0.50%	2026-08-14
Sphera Biotech	483,747	+64,500	0.90%	2026-08-14
Ikarian Capital	300,000	+300,000	0.64%	2026-08-14
Ally Bridge Group	249,172	+249,172	4.19%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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CLYM — Climb Bio Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Recently reported

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

CLYM — Climb Bio Inc.