Transaction Expands Climb Bio’s Pipeline of B-cell Targeted Therapeutics to Address Immune-mediated Diseases New Program is a Highly Potent, Fc-engineered anti-APRIL Monoclonal Antibody Specifically Designed to Address Patient Needs Preclinical Data Expected to be Shared Later in 2025 WELLESLEY HILLS, Mass., Jan. 09, 2025 (GLOBE NEWSWIRE) -- Climb Bio, Inc. (Nasdaq: CLYM) today announced it has entered into an exclusive license agreement with Beijing Mabworks Biotech Co., Ltd. (NEEQ Code: 874070, Mabworks) ...

Exhibit 99.2 UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS On June 27, 2024 (the "Closing Date"), Climb Bio, Inc. (the "Company" or "Climb"), formerly known as Eliem Therapeutics, Inc., completed its acquisition of Tenet Medicines, Inc., a Delaware corporation ("Tenet"), pursuant to the terms of the Agreement and Plan of Merger and Reorganization, dated as of April 10, 2024 (the "Acquisition Agreement"), by and among the Company, Tango Merger Sub, Inc., a Delaware corporation and a wholly ...

Core Insights - Climb Bio, Inc. has made significant progress in its development strategy for immune-mediated diseases, particularly with the FDA clearance of its IND for budoprutug in systemic lupus erythematosus (SLE) [2][3] - The company has strengthened its leadership team by appointing Douglas Williams, Ph.D. as Chair of the Board and Gary Hao, Ph.D. as Vice President of Chemistry, Manufacturing and Controls [4] - Climb Bio's financial position is robust, with a cash runway expected to last through 2027, allowing for the advancement of key clinical trials and product development [8] Company Developments - The FDA has cleared the IND for budoprutug, enabling the initiation of a Phase 1b clinical trial in patients with active lupus, focusing on safety and B-cell depletion [3][4] - The management team has been expanded to enhance operational capabilities, with Dr. Williams bringing over 30 years of experience in biotechnology and Dr. Hao contributing 17 years of CMC development expertise [4] - Climb Bio aims to develop treatments for approximately 50 million patients in the U.S. and many more globally suffering from immune-mediated diseases [2] Clinical Trials and Milestones - The Phase 1b trial for budoprutug in SLE is set to begin in the first half of 2025 following FDA clearance [7] - The company has completed a Phase 1b trial for primary membranous nephropathy (pMN) and plans to advance budoprutug for pMN to late-phase development in 2025 [7] - A Phase 2 clinical trial for immune thrombocytopenia (ITP) is planned for the first half of 2025, pending regulatory clearance [7] Financial Performance - As of September 30, 2024, Climb Bio reported cash, cash equivalents, and marketable securities totaling $217.9 million, up from $106.8 million at the end of 2023 [8] - Research and Development (R&D) expenses for Q3 2024 were $6.2 million, compared to $2.9 million in the same period of 2023, indicating increased investment in clinical development [8] - The net loss for Q3 2024 was $8.9 million, compared to a net loss of $4.0 million in Q3 2023, reflecting the company's ongoing investment in R&D and operational expansion [8]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-40708 CLIMB BIO, INC. (Exact Name of Registra ...

Company Overview - Climb Bio, Inc. is a clinical-stage biotechnology company focused on developing therapeutics for patients with immune-mediated diseases [4] - The company's lead product candidate, budoprutug, is an anti-CD19 monoclonal antibody that has shown potential in treating a broad range of B-cell mediated diseases [4] Leadership Changes - Douglas E. Williams, Ph.D., has been appointed as the Chair of Climb Bio's Board of Directors, succeeding Andrew Levin, who will remain on the Board as a director [1] - Liam Ratcliffe will step down from his position as a director [1] - Dr. Williams brings over 30 years of executive leadership experience in the biotechnology sector, having held significant roles in research and development and successfully guided companies from development to commercialization [1][2] Strategic Focus - Dr. Williams emphasized the potential of budoprutug across various B-cell mediated diseases, indicating it as a cornerstone for the company's expansion [3] - The company aims to develop better treatments for approximately 50 million patients in the U.S. and many more globally suffering from immune-mediated diseases [2] Previous Experience of Dr. Williams - Dr. Williams has held leadership positions at several notable biotechnology companies, including President of Research and Development at Sana Biotechnology, CEO of Codiak BioSciences, and Executive Vice President at Biogen [2] - He has a proven track record in building successful biotechnology companies and has overseen multiple successful mergers [2][3]