UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR SECTION 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 O ...

─Completed Successful FDA End-of-Phase 2 Meeting Following Positive Nebokitug Phase 2 SPRING Trial Results in Primary Sclerosing Cholangitis (PSC)─ ─Achieved Alignment with FDA on Clear and Efficient Pathway to Potential Approval for the Treatment of PSC─ ─Multiple Scientific Presentations and Publications Raised Awareness of Nebokitug’s Potential to Become the First Disease-Modifying Treatment for PSC and Its Relevance to Other Fibro-Inflammatory Conditions─ ─Discussions with Strategic Partners Continue to ...

Summary of Chemomab Therapeutics FY Conference Call Company Overview - **Company**: Chemomab Therapeutics (NasdaqCM:CMMB) - **Industry**: Biotechnology, focusing on inflammatory and fibrotic diseases - **Lead Asset**: Nebokitug, a first-in-class monoclonal antibody targeting CCL24, involved in inflammation and fibrosis across multiple indications [2][3] Core Points and Arguments Clinical Development - **Primary Indications**: - Primary Sclerosing Cholangitis (PSC): A rare liver fibrotic disease with no FDA-approved drugs, approximately 70,000 patients in major markets [5][6] - Systemic Sclerosis (SSc): An inflammatory disease affecting primarily women, with a market potential exceeding $1.5 billion [20] - **Clinical Trials**: - Completed a successful Phase 2 study for PSC, showing significant anti-inflammatory and anti-fibrotic activity [3][4] - Nebokitug is now positioned as a Phase 3-ready program for PSC, with plans to start the trial with a partner [4][18] - The Phase 2 study included 76 patients, with a focus on moderate to advanced disease [7][10] Efficacy and Safety - **Phase 2 Study Results**: - Met primary and secondary endpoints, showing safety and tolerability [9][12] - Significant improvements in liver stiffness and ELF scores, particularly in patients with moderate to advanced disease [10][11][16] - 93% of eligible patients continued into an open-label extension, indicating high compliance [13] - Clinical events in treated patients were significantly lower (4.8%) compared to historical controls (26%) [17][18] Market Potential - **Revenue Projections**: Potential market for PSC could exceed $1 billion, based on conservative estimates focusing on moderate to advanced disease [6][28] - **Competitive Landscape**: Nebokitug is the only late-stage drug suggesting clear disease modification, unlike others focusing on symptom management [6][18] Future Directions - **Phase 3 Trial Design**: - Will focus on clinical events as primary endpoints, including various complications related to PSC [19] - Discussions with FDA have aligned on trial design for full approval [18] - **Expansion into Other Indications**: - Potential for nebokitug in systemic sclerosis and other fibrotic diseases, leveraging its dual anti-fibrotic and anti-inflammatory mechanism [23][24] Additional Important Information - **Financial Position**: Chemomab reported approximately $20.8 million in cash, sufficient to support activities through the end of 2026, including Phase 3 preparations [39] - **Partnership Strategy**: Seeking partners with financial commitment and expertise in commercialization to enhance trial efficiency and reduce costs [30][33] Conclusion Chemomab Therapeutics is advancing its lead asset, nebokitug, through clinical trials with promising results in treating PSC and potential applications in systemic sclerosis. The company is well-positioned for a Phase 3 trial, with significant market opportunities and a strong focus on disease modification.

Company Overview - Chemomab Therapeutics Ltd. is a clinical stage biotechnology company focused on developing innovative therapeutics for fibro-inflammatory diseases with high unmet need [3] - The company has developed nebokitug, a first-in-class dual activity monoclonal antibody that neutralizes the soluble protein CCL24, which plays a role in promoting fibrosis and inflammation [3] - Nebokitug has shown disease-modifying potential and a favorable safety profile in clinical and preclinical studies, with positive results reported from five clinical trials [3] Clinical Development - Chemomab has aligned with the FDA on the design of a Phase 3 registration trial for nebokitug in patients with primary sclerosing cholangitis (PSC) based on positive data from its Phase 2 SPRING trial [3] - Nebokitug has received Orphan Drug designations from the FDA and EMA for the treatment of PSC, as well as Fast Track designation from the FDA [3] - The nebokitug program for systemic sclerosis has also received Orphan Drug designations and has an open U.S. IND [3] Upcoming Events - Chemomab's CEO Dr. Adi Mor and senior management will present at the virtual Oppenheimer 36 Annual Healthcare Life Sciences Conference on February 26, 2026 [1] - The corporate presentation will be webcast live and available for 90 days on the Chemomab investor relations website [1]

Core Insights - Chemomab Therapeutics has announced positive results from its Phase 2 SPRING trial for nebokitug, a treatment for primary sclerosing cholangitis (PSC), which supports advancing to a Phase 3 registration trial [1][3] Group 1: Trial Results - The Phase 2 SPRING trial demonstrated that nebokitug was generally safe and well tolerated for up to 48 weeks, with significant improvements in biomarkers for inflammation and fibrosis, particularly at the 20 mg/kg dose [2][7] - In patients with moderate/advanced fibrosis, nebokitug showed a dose-dependent biological activity, with about half of the study population falling into this category [7][10] - The trial included 76 patients across 33 sites in the US, UK, Germany, Spain, and Israel, with over 90% of eligible patients opting for an open-label extension study [6] Group 2: Mechanism of Action - Nebokitug is a humanized IgG1 anti-CCL24 monoclonal antibody that targets CCL24, which is associated with inflammatory and fibrotic processes in PSC [5][12] - Elevated CCL24 levels have been linked to disease severity in PSC, and inhibiting CCL24 with nebokitug has shown therapeutic benefits in experimental models [5][12] Group 3: Future Prospects - Based on the positive data from the SPRING trial, Chemomab is preparing to initiate a Phase 3 trial, which will focus on a clinical event primary endpoint to streamline the regulatory approval process [12] - Nebokitug has received Orphan Drug and Fast Track designations from the FDA, indicating its potential significance in treating PSC [12]

Core Insights - Chemomab Therapeutics Ltd. is a clinical stage biotechnology company focused on developing innovative therapeutics for fibro-inflammatory diseases with significant unmet medical needs [4] Group 1: Company Overview - Chemomab is developing nebokitug, a first-in-class dual activity monoclonal antibody targeting the soluble protein CCL24, which plays a role in fibrosis and inflammation [4] - Nebokitug has shown a favorable safety profile and has been well-tolerated in clinical and preclinical studies, with potential applications in multiple severe fibro-inflammatory diseases [4] - The company has reported positive results from five clinical trials of nebokitug, particularly from its Phase 2 SPRING trial in primary sclerosing cholangitis (PSC) [4] - Chemomab is preparing to initiate a Phase 3 trial for nebokitug in PSC, which is designed as a single pivotal trial with a clear pathway to regulatory approval [4] - Nebokitug has received Orphan Drug and Fast Track designations from the FDA and EMA for the treatment of PSC [4] Group 2: Upcoming Events - Co-founder and CEO Adi Mor will participate in Oppenheimer's Movers in Rare Disease Summit on December 11, 2025, in New York City [1][3] - Dr. Mor will present a corporate overview and will be available for one-on-one meetings with registered attendees during the summit [2][3]

Core Insights - Chemomab Therapeutics is advancing its preparations for the Phase 3 trial of nebokitug for primary sclerosing cholangitis (PSC), with positive feedback from both the FDA and EMA indicating that a single registration trial will suffice for approval [3][10] - The Phase 2 SPRING trial data presented at AASLD 2025 showed favorable safety and consistent improvements in key biomarkers for PSC patients treated with nebokitug for up to 48 weeks [4][10] - The company has multiple partnering options to support the Phase 3 program and expects its cash runway to last through the end of Q4 2026 [1][8] Regulatory Developments - The FDA and EMA have aligned on the trial design, allowing a composite of clinically relevant events as the study endpoint, which streamlines the pathway to potential regulatory approval [3][10] - The support from the PSC community at the AASLD 2025 conference indicates growing interest and recognition of nebokitug's potential as a disease-modifying therapy [3][4] Clinical Data - Data from the Phase 2 SPRING trial highlighted nebokitug's positive effects on inflammatory and fibrotic biomarkers, confirming its good safety profile and disease-modifying potential [4][10] - New insights into nebokitug's mechanism of action were presented, emphasizing its role in halting or slowing disease progression in PSC [4][10] Financial Performance - As of September 30, 2025, Chemomab reported cash and cash equivalents of $10.2 million, an increase from $9.5 million as of June 30, 2025, and $14.2 million as of December 31, 2024 [8] - Research and Development expenses decreased to approximately $1 million in Q3 2025 from $2.8 million in Q3 2024, primarily due to the conclusion of the Phase 2 SPRING trial activities [8][13] - The net loss for Q3 2025 was $1.7 million, a reduction from a net loss of $3.5 million in Q3 2024, reflecting improved financial management [8][13]

Core Insights - Chemomab Therapeutics announced new clinical data from the Phase 2 SPRING trial of nebokitug for primary sclerosing cholangitis (PSC), showing favorable safety and consistent improvements in key biomarkers over 48 weeks of treatment [1][2] Group 1: Clinical Trial Results - The open-label extension (OLE) of the SPRING trial demonstrated that nebokitug was well-tolerated and maintained its anti-inflammatory and anti-fibrotic effects for up to 48 weeks, with significant improvements in biomarkers such as ELF score and liver stiffness [2][3] - Out of 54 eligible patients who completed the initial 15-week double-blind portion, 50 chose to continue in the OLE, receiving up to 33 additional weeks of treatment [3] - The results support the evaluation of nebokitug at a dosage of 20 mg/kg in a Phase 3 trial for PSC patients [3] Group 2: Mechanism of Action - Nebokitug targets macrophage-mediated mechanisms in PSC, showing dose-dependent reductions in serum macrophage-related proteins, particularly in patients with moderate to advanced disease [4][5] - The treatment led to increased expression of macrophage stimulating protein 1 (MST1), which is functionally impaired in PSC patients due to a genetic variant [6] - Changes in MST1 levels were associated with improvements in liver stiffness measurements, indicating its potential as a biomarker for nebokitug's activity [6] Group 3: Future Directions - Chemomab is preparing for a Phase 3 trial based on positive data from the Phase 2 SPRING trial, with a focus on a clinical event primary endpoint to streamline regulatory approval [10] - Nebokitug has received FDA and EMA Orphan Drug designations and FDA Fast Track designation for PSC treatment, highlighting its potential in addressing unmet medical needs [10]

Core Insights - Three stocks are highlighted with strong momentum characteristics and a buy rank as of October 23, including Par Pacific Holdings, Chemomab Therapeutics, and Guess, Inc. [1][2][3] Group 1: Par Pacific Holdings, Inc. (PARR) - Par Pacific Holdings has a Zacks Rank 1 and saw its earnings estimate increase by 100.6% over the last 60 days [1] - The company's shares increased by 17.5% over the last three months, outperforming the S&P 500, which advanced by 6% [1] - Par Pacific possesses a Momentum Score of A [1] Group 2: Chemomab Therapeutics Ltd. (CMMB) - Chemomab Therapeutics also holds a Zacks Rank 1, with a 70% increase in its earnings estimate over the last 60 days [2] - The stock gained 18.9% in the last month, significantly outperforming the S&P 500's 1.7% increase [2] - Chemomab has a Momentum Score of A [2] Group 3: Guess?, Inc. (GES) - Guess has a Zacks Rank 1, with an 8.1% increase in its earnings estimate over the last 60 days [3] - The company's shares rose by 27.4% over the last three months, again outperforming the S&P 500's 6% advance [3] - Guess possesses a Momentum Score of B [3]

Core Insights - Biotech stocks experienced significant gains in after-hours trading on October 22, 2023, primarily driven by Ventyx Biosciences' positive Phase 2 data, which led to an 88% surge in its stock price [1][2]. Company Performance - Ventyx Biosciences Inc. (VTYX) saw its shares increase by over 88% following the announcement of positive results from its Phase 2 study of VTX3232 for patients with obesity and cardiovascular risk factors [2]. - Medpace Holdings, Inc. (MEDP) reported better-than-expected Q3 results, resulting in an over 18% increase in its stock price during after-hours trading [2]. - Inhibrx Biosciences Inc. (INBX) shares rose over 10% to $34.98 after announcing a live webcast presentation to discuss topline results from the ChonDRAgon study [3]. - SCYNEXIS Inc. (SCYX) shares increased by over 11% to $0.87 [4]. - Acumen Pharmaceuticals Inc. (ABOS) experienced a notable rise of over 24.9% to $2.31 [4]. - Rani Therapeutics Holdings Inc. (RANI) shares were up over 9% at $2.64 [4]. - iBio Inc. (IBIO) shares increased by over 7% to $1.50 [4]. - Chemomab Therapeutics Ltd. (CMMB) shares rose over 7% to $3.32 [4]. - Nautilus Biotechnology Inc. (NAUT) shares increased by over 7% to $1.35 [4]. - ProQR Therapeutics N.V. (PRQR) shares were up over 7% at $2.92 [4]. - Tyra Biosciences Inc. (TYRA) shares increased by over 7% to $15.00 [4]. - Imunon Inc. (IMNN) shares rose over 4% to $4.90 [4].