Climb Bio, Inc. (CLYM)

Price$15.52Cached quoteAs of 2026-09-05 20:08 UTC

AI: Fair-priced

Clinical-stage immune-disease pipeline without commercial revenueClimb Bio develops budoprutug and CLYM116 antibodies for immune-mediated diseases, with no approved products or product revenue.

The latest results and Form 10-Q, published 6 August, cover the quarter ended 30 June 2026. Quarterly net loss was $13.498 million, or $0.18 per basic and diluted share, versus $8.666 million and $0.13 a year earlier. Clinical progress has not yet translated into profitability. Budoprutug is an anti-CD19 antibody and CLYM116 targets APRIL.

Speculative valuation rather than an earnings-based investmentFair-priced is a low-confidence qualitative judgement: funding and early clinical signals balance losses, dilution and clinical-failure risk.

This is not a calculated intrinsic value or price target. The latest close was about 23% above April's $9.50 common-share placement price, but a financing price does not establish fair value. Earnings multiples are not meaningful while losses persist. MarketWatch reports September 25 volume of 1.53 million shares versus a 65-day average of 1.5 million; this activity does not guarantee execution depth for large orders.

Cash reserves are financed, not internally generatedJune-end cash, cash equivalents and marketable securities totalled $239.2 million; first-half operations consumed $24.925 million.

The balance sheet lists no borrowed-money debt and $6.747 million of total liabilities, including leases. The 29 April placement raised approximately $110 million gross, already included in June liquidity. Capital is funding clinical development: quarterly research spending was $9.714 million versus $6.575 million a year earlier. Management expects funding into the second half of 2028 under its operating plan; this is guidance, not guaranteed runway or a September cash balance.

Dilution, licensing and financial-control risksAn unused $100 million at-the-market program and pre-funded warrants create potential share dilution.

The quarterly filing reports an unresolved Alumis/Acelyrin milestone-payment dispute and unremediated financial-control weaknesses. CLYM116 commercial rights exclude Greater China and carry milestone and royalty obligations. Trial failure, regulatory delays, manufacturing dependence and competing treatments could undermine pipeline value despite the cash cushion. The filing reported no sales under the at-the-market program through 30 June; authorization capacity is not cash received.

AI: News

CLYM116 shows sustained biological activityInitial results from a 46-subject Phase 1 study showed biomarker suppression after a single 320 mg dose, without serious adverse events.

On 3 September, Climb reported approximately 60–75% IgA and Gd-IgA1 suppression through 12 weeks. These are early biomarker findings, not proof of clinical benefit in kidney disease. The NAVIGATE-2 Phase 2 trial is ongoing, with initial data anticipated in the first half of 2027 and Phase 3 initiation planned in 2027. Separately, budoprutug data in membranous nephropathy, immune thrombocytopenia and lupus remain anticipated for the fourth quarter of 2026. These are management timelines, not completed milestones.

Insider sale disclosure amid sector volatilityA director reported selling shares under a pre-existing trading plan, while a broad development-stage biotechnology sell-off also hit Climb.

The latest reviewed SEC filing, a September 17 Form 4, reports director Stephen Basil Thomas selling 100,000 shares on September 15 at a weighted-average $13.6682, under a trading plan adopted June 16. This was a shareholder transaction, not financing proceeds for Climb, and the filing does not establish a clinical concern. On September 23, Investor's Business Daily identified Climb among stocks affected by a broad development-stage biotechnology sell-off; this market report is not an announcement of trial failure.

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Revenue

2022

2023

2024

2025

Net income

2020

2021

2022

2023

2024

2025

Free cash flow

2023

2024

2025

Total cash / debt

CashTotal debt

2020

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2023

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2025

Financial statements

	2025	2024	2023	2022	2021	2020
Revenue	$0	$0	$0	$0	—	—
Research & development	$46.7M	$14.3M	$15.4M	$26.2M	$23.3M	$8.8M
Operating expenses	$67.9M	$82.0M	$40.3M	$45.1M	$35.7M	$20.9M
Operating income	−$67.9M	−$82.0M	−$40.3M	−$45.1M	−$35.7M	−$20.9M
EBITDA	−$67.8M	−$82.0M	−$40.3M	−$45.1M	—	—
Net income	−$59.9M	−$73.9M	−$35.1M	−$45.2M	−$47.5M	−$20.7M
Basic EPSper basic share	-$0.88	-$1.53	-$1.30	-$1.72	-$4.24	-$10.49
Diluted EPSper diluted share	-$0.88	-$1.53	-$1.30	-$1.72	-$4.24	-$10.49

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Owners

Reported shareholders

Reference date Jun 30, 2026

19.68%of listed shares

RA CAPITAL MANAGEMENT, L.P.11.3M shares · Jun 30, 2026

View holders

Top 20 reported holders of CLYM
Holder	% owned
RA CAPITAL MANAGEMENT, L.P.	19.68%11.3M shares
FMR LLC	11.82%6.79M shares
UBS Group AG	5.93%3.4M shares
BRAIDWELL LP	4.87%2.8M shares
ADAGE CAPITAL PARTNERS GP, L.L.C.	4.36%2.51M shares
BlackRock, Inc.	4.10%2.35M shares
PRICE T ROWE ASSOCIATES INC /MD/	3.70%2.13M shares
Cormorant Asset Management, LP	3.67%2.11M shares
FRONTIER CAPITAL MANAGEMENT CO LLC	3.38%1.94M shares
VANGUARD CAPITAL MANAGEMENT LLC	2.96%1.7M shares
Woodline Partners LP	2.75%1.58M shares
CITADEL ADVISORS LLC	2.26%1.3M shares
Redmile Group, LLC	2.14%1.23M shares
GREAT POINT PARTNERS LLC	1.74%1M shares
Affinity Asset Advisors, LLC	1.69%972K shares
MILLENNIUM MANAGEMENT LLC	1.58%908.2K shares
ADAR1 Capital Management, LLC	1.43%822.65K shares
Driehaus Capital Management LLC	1.38%790K shares
GEODE CAPITAL MANAGEMENT, LLC	1.36%782.2K shares
STEMPOINT CAPITAL LP	1.29%742.75K shares

Percentages use 57.44M shares of this listed class outstanding on Jun 30, 2026.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys5$50.73M disclosed value

Sells (SEC code S)25$4.77M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 29, 2026Form 4 · 10b5-1	Brennan AoifePresident and CEO	SellCommon Stock	30.9K	$13.17	$407.0K	87.7K
Feb 26, 2026Form 4 · 10b5-1	Thomas Stephen BasilDirector	SellCommon Stock	16.3K	$7.01	$114.4K	154.7K
Feb 25, 2026Form 4 · 10b5-1	Thomas Stephen BasilDirector	SellCommon Stock	33.7K	$7.00	$235.8K	171.0K
Feb 13, 2026Form 4 · 10b5-1	Thomas Stephen BasilDirector	SellCommon Stock	10.0K	$5.81	$58.1K	204.7K
Feb 12, 2026Form 4 · 10b5-1	Thomas Stephen BasilDirector	SellCommon Stock	90.0K	$5.23	$470.7K	214.7K