Financial Performance - Climb Bio, Inc. reported a net loss of $20.8 million for the three months ended March 31, 2025, compared to a net loss of $1.7 million for the same period in 2024, resulting in an accumulated deficit of $250.7 million as of March 31, 2025[127]. - Total operating expenses for Q1 2025 were $23.0 million, up 666.0% from $3.0 million in Q1 2024[150]. - The net loss for Q1 2025 was $20.8 million, compared to a net loss of $1.7 million in Q1 2024, marking an increase of 1124.6%[150]. - General and administrative expenses rose from $1.9 million in Q1 2024 to $5.7 million in Q1 2025, reflecting a 197.3% increase[152]. - Research and development expenses increased from $1.1 million in Q1 2024 to $17.3 million in Q1 2025, a rise of 1488.2%[151]. - The company has not generated any revenue from product sales since inception and expects to continue incurring operating losses for the foreseeable future[132]. Cash and Investments - The company has cash, cash equivalents, and marketable securities totaling $197.8 million as of March 31, 2025, which is projected to fund operations through 2027[128]. - Cash, cash equivalents, and marketable securities as of March 31, 2025, were $197.8 million, down from $212.5 million as of December 31, 2024[155]. - Net cash used in operating activities for Q1 2025 was $15.4 million, significantly higher than $1.8 million in Q1 2024[164]. - Net cash used in investing activities for Q1 2025 was $42.8 million, primarily due to purchases of marketable securities[167]. - Interest income increased from $1.3 million in Q1 2024 to $2.3 million in Q1 2025, a growth of 70.5%[154]. - Foreign currency loss increased from $33,000 in Q1 2024 to $50,000 in Q1 2025, reflecting a 51.5% rise[153]. Research and Development - Budoprutug, the cornerstone product candidate, has shown promising results in a Phase 1b clinical trial for primary membranous nephropathy (pMN), with 60% of patients achieving complete remission of proteinuria[124]. - Climb Bio, Inc. received FDA clearance for a Phase 2 clinical trial of budoprutug in pMN and anticipates dosing the first patient in the second half of 2025[124]. - The company is also developing CLYM116, with preclinical data expected in the second half of 2025 and plans to submit an IND for a Phase 1 clinical trial in IgA nephropathy (IgAN) in the same timeframe[125]. - Total research and development expenses for the three months ended March 31, 2025, were $17.3 million, a significant increase from $1.1 million in the same period in 2024[140]. - The company anticipates substantial increases in research and development expenses as it conducts ongoing clinical trials and studies[142]. - The company anticipates that expenses will continue to increase as it advances product candidates and expands corporate infrastructure[158]. Corporate Actions - Climb Bio, Inc. acquired Tenet Medicines, Inc. for $52.8 million, including $41.9 million in common stock and $5.8 million in transaction costs[133]. - The company entered into a technology transfer and exclusive license agreement with Mabworks for CLYM116, involving an upfront payment of $9.0 million[134]. Regulatory and Compliance - The company is classified as an emerging growth company under the JOBS Act, allowing it to delay adopting new accounting standards until they apply to private companies[174]. - The company will remain an emerging growth company until it reaches total annual gross revenue of $1.235 billion or more, issues more than $1.0 billion of non-convertible debt, becomes a "large accelerated filer" with at least $700.0 million of outstanding equity securities, or until December 31, 2026[175]. - The consolidated financial statements may not be comparable to those of companies that comply with new accounting pronouncements as of public company effective dates[175]. - As a smaller reporting company, the company is not required to provide certain market risk disclosures[176].
Eliem Therapeutics(ELYM) - 2025 Q1 - Quarterly Report