Chemomab Therapeutics(CMMB) - 2025 Q2 - Quarterly Report

Financial Performance - The company reported a net loss of $5,380,000 for the six months ended June 30, 2025, compared to a net loss of $7,499,000 for the same period in 2024, indicating a reduction in losses of about 28.3%[6] - The net loss for the six months ended June 30, 2025, was $5,380 thousand, compared to a net loss of $7,499 thousand for the same period in 2024, representing a 28.3% improvement[28] - Total operating expenses for the six months ended June 30, 2025, were $5,749,000, down from $7,816,000 in the prior year, reflecting a decrease of approximately 26.5%[6] - Research and development expenses decreased to $3,780,000 for the six months ended June 30, 2025, from $6,080,000 in 2024, a reduction of about 37.8%[6] - General and administrative expenses for the six months ended June 30, 2025, were $1,969 thousand, an increase of 13.4% from $1,736 thousand in 2024[33] Assets and Equity - As of June 30, 2025, total assets decreased to $11,129,000 from $16,964,000 as of December 31, 2024, representing a decline of approximately 34.5%[4] - The company’s total shareholders' equity decreased to $9,699,000 as of June 30, 2025, from $13,537,000 at the end of 2024, a decline of approximately 28.5%[4] Cash Flow and Resources - The company incurred negative cash flows from operating activities of $6,144,000 for the six months ended June 30, 2025, compared to $7,191,000 in the same period of 2024, indicating an improvement of about 14.6%[10] - Cash and cash equivalents, along with restricted cash, totaled $5,596,000 at the end of the period, compared to $5,110,000 at the same time last year, showing an increase of about 9.5%[10] - Current cash resources are projected to be sufficient to meet planned expenditures through the end of June 2026[13] Shareholder Information - The company had a weighted average number of ordinary shares outstanding of 459,829,621 for the six months ended June 30, 2025, up from 285,111,876 in the prior year, representing an increase of approximately 61.1%[6] - The weighted-average number of ordinary shares used in computing net loss per share attributable to ordinary shareholders increased to 459,829,621 for the six months ended June 30, 2025, from 285,111,876 in 2024[28] - The total share-based compensation expenses for the six months ended June 30, 2025, were $245 thousand, a decrease of 31% from $355 thousand for the same period in 2024[25] Fundraising Activities - The Company entered into an At the Market Offering Agreement with Roth Capital Partners, allowing the sale of ADSs with an aggregate offering price of up to $2,863,664[23] - From October 30, 2023, to June 30, 2025, the Company issued 3,326,113 ADSs at an average price of approximately $1.18 per ADS, resulting in net proceeds of $3,641 thousand[24] - The Company signed a Sales Agreement in July 2025 for an ATM Offering with potential gross proceeds of up to $7.26 million[34] Product Development Status - The company has no products approved for sale as of June 30, 2025, and will need to raise additional funds to support operations[12]