Chemomab Therapeutics Reports Q1 2024 Financials and Corporate Update

Chemomab Therapeutics Ltd., a biotechnology company focused on creating innovative treatments for fibro-inflammatory diseases, has announced its first-quarter financial and operational results for 2024, along with a corporate update. The highlight of the period was the early completion of patient enrollment for its CM-101 Phase 2 trial in primary sclerosing cholangitis (PSC), achieved six months ahead of schedule. This milestone has advanced the expected topline data readout to mid-2024.

Dr. Adi Mor, co-founder, CEO, and Chief Scientific Officer of Chemomab, expressed optimism over the company's progress. The early enrollment completion in the Phase 2 PSC trial is a significant step forward, potentially leading to transformative outcomes for Chemomab. The company anticipates further catalysts later in the year or early in 2025, including data from the 33-week open-label extension of the PSC trial and feedback from the FDA regarding a potential Phase 3 trial design. Dr. Mor attributed these achievements to the dedication of the medical and clinical development teams, the support of PSC investigators, and the enthusiastic participation of patients.

In addition to the PSC trial, Chemomab has made strides in its systemic sclerosis (SSc) program. New peer-reviewed publications have reinforced the pivotal role of their novel CCL24 target and the potential of their CCL24-neutralizing antibody, CM-101, in treating both PSC and SSc. The CM-101 program for SSc is Phase 2-ready, awaiting the availability of resources to start patient enrollment. The company's patent portfolio for CM-101 has also been strengthened with new patents from the E.U., Brazil, and Israel, further securing the intellectual property around their therapeutic developments.

Chemomab hosted an influential webinar on PSC in April 2024, featuring experts who discussed current diagnosis and treatment approaches, surrogate biomarkers, noninvasive clinical endpoints, and the role of patient advocacy groups. This event highlighted the emerging consensus on using surrogate biomarkers in PSC clinical development, adding to the company's momentum.

Additional significant updates from the first quarter of 2024 include the publication of a study in "Arthritis Care and Research" that confirmed the key role of CCL24 in systemic sclerosis. This study involved over 200 SSc patients and demonstrated that CCL24 is linked to increased mortality and severity of the disease's fibrotic and vascular manifestations.

In March 2024, the European Patent Office granted a new patent for CM-101, covering its use for treating hepatic diseases, including PSC. This follows earlier patents in Brazil and Israel, which cover CM-101 and related antibodies' use in treating inflammatory, fibrotic, and autoimmune diseases.

Moreover, Chemomab published new research in January 2024 in the journal "Cells," supporting the clinical potential of CM-101 in PSC. The proteomic analyses of human samples highlighted the unique role of CCL24 in activating PSC-related disease mechanisms.

Turning to financials, Chemomab reported a cash position of $16.0 million as of March 31, 2024, down from $19.9 million at the end of 2023. Research and development expenses for the first quarter of 2024 were $3.1 million, a significant reduction from the $6.9 million reported in the same period of 2023. This decrease is attributed to the early completion of patient enrollment in the CM-101 Phase 2 PSC trial. General and administrative expenses also decreased to $0.9 million from $2.2 million in the previous year, reflecting reductions in headcount and consulting fees. The net loss for the quarter was $3.9 million, compared to $8.8 million in the first quarter of 2023, with a weighted average of approximately 14.2 million ADSs outstanding for the period.

Chemomab believes its current liquidity will support operations through March 2025, indicating robust financial health as the company progresses toward its upcoming milestones in PSC and systemic sclerosis research.