Financial Performance - Climb Bio, Inc. reported a net loss of $20.8 million for Q1 2025, compared to a net loss of $1.7 million for Q1 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, compared to $3.0 million in Q1 2024, reflecting a 666.0% increase[150]. - The net loss for Q1 2025 was $20.8 million, significantly higher than the $1.7 million loss in Q1 2024, marking an increase of 1124.6%[150]. - Net cash used in operating activities for Q1 2025 was $15.4 million, compared to $1.8 million in Q1 2024[164]. - Net cash used in investing activities for Q1 2025 was $42.8 million, primarily due to $58.8 million in marketable securities purchases[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]. Cash and Funding - The company has cash, cash equivalents, and marketable securities of $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]. Research and Development - Research and development expenses for Q1 2025 totaled $17.3 million, a significant increase from $1.1 million in Q1 2024[140]. - Climb Bio, Inc. anticipates substantial increases in research and development expenses as it conducts ongoing clinical trials and studies[142]. - The company has paused the development of its Kv7 program, previously focused on neuronal excitability disorders, while seeking a partner for further development[126]. - The Mabworks Agreement for CLYM116 included an upfront payment of $9.0 million, with additional milestone payments and royalties expected[134]. - 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]. Product Development - Budoprutug, the cornerstone product candidate, showed a 60% complete remission rate in a Phase 1b trial for primary membranous nephropathy (pMN)[124]. - Climb Bio, Inc. received FDA clearance for a Phase 2 clinical trial of budoprutug in pMN, with patient dosing anticipated in the second half of 2025[124]. - The company is also developing CLYM116, with preclinical data expected in the second half of 2025 and an IND submission planned for the same period[125]. Corporate Actions - The acquisition of Tenet Medicines, Inc. was completed for $52.8 million, including $41.9 million in common stock and $10.8 million in transaction costs and loans[133]. Administrative Expenses - General and administrative expenses rose from $1.9 million in Q1 2024 to $5.7 million in Q1 2025, an increase of 197.3%[152]. Company Classification - 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].
Climb Bio, Inc(CLYM) - 2025 Q1 - Quarterly Report