Hemab Therapeutics Holdings, Inc. (COAG)

Price$44.48Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkThe valuation looks demanding but defensible for a cash-rich biotech nearing a pivotal trial.

Hemab Therapeutics Holdings, Inc. trades on the Nasdaq Global Select Market as COAG and remains a pre-revenue clinical-stage biotech. Its equity value is about $2.08 billion, while June liquidity was $457.5 million, leaving roughly $1.6 billion of enterprise value for the pipeline; enterprise value means market value after allowing for surplus cash and debt. That is a meaningful premium, but not clearly excessive given sutacimig’s Phase 3 readiness and HMB-002’s early clinical proof. Conventional price-to-earnings ratios are not useful because Hemab is loss-making.

Big pictureCash should fund several years, while rising research spending remains the main financial pressure.

For the first half of 2026, Hemab reported a $46.8 million net loss and $49.7 million of operating expenses, with research spending rising as trials advanced. Cash, cash equivalents and marketable securities totaled $457.5 million at June 30, and management says that should fund operations and capital needs into 2029. Total liabilities were only $13.5 million, mostly payables, accruals and leases, so balance-sheet debt is not the central risk. Biotech demand is not conventionally cyclical, but financing conditions and investor risk appetite can be.

Business strengthLead clinical data are encouraging, and multiple programs create several potential paths to value.

Sutacimig’s Phase 2 long-term extension showed sustained bleed reductions, and the FDA endorsed the clinical package and weekly dose for a Phase 3 trial in Glanzmann thrombasthenia. HMB-002 produced dose-dependent increases of at least 2.4-fold in key clotting proteins, supporting its mechanism in von Willebrand disease. HMB-003 adds a preclinical program aimed first at heavy menstrual bleeding. The main caution is safety and execution: three sutacimig participants had Grade 2 thromboembolic events, while broader efficacy and durability still need confirmation in larger studies.

What could change the storyLate-stage success could justify the premium; trial setbacks or dilution could quickly undermine it.

The bull case assumes sutacimig starts Phase 3 on schedule, confirms meaningful bleed reduction with manageable safety, and HMB-002 preserves its early biological effect with repeated dosing. The bear case assumes delays, weaker efficacy, safety concerns or faster cash burn, forcing the market to discount future approvals more heavily. Capital allocation matters because the IPO funded several programs at once, and management has broad discretion over that cash. As of June 30, about 4.34 million warrants were outstanding, creating potential dilution, meaning existing owners could hold a smaller percentage if more shares are issued.

AI: News

Q2 extends cash runwayHemab’s August results showed higher spending, but IPO proceeds left substantial liquidity for planned development.

On August 11, Hemab reported second-quarter results with $457.5 million of cash, cash equivalents and marketable securities at June 30. Research and development expense rose to $20.3 million for the quarter, and net loss widened to $24.2 million. Management said the post-IPO balance should fund operating expenses and capital requirements into 2029. That reduces near-term financing pressure while the company advances multiple clinical programs, although spending should continue rising as later-stage trials begin.

Sutacimig moves toward Phase 3Long-term Phase 2 data supported durable bleed reduction and regulatory alignment for a pivotal study.

On July 14, Hemab presented sutacimig long-term extension results in Glanzmann thrombasthenia. Among participants who had bled during the run-in period, 92% had lower treated bleed rates on therapy, and the low-dose weekly group showed an approximately 84% mean reduction. The FDA had endorsed the clinical package as sufficient to proceed to Phase 3 with an agreed weekly regimen. Three participants experienced Grade 2 thromboembolic events, making dose selection and safety monitoring important in the pivotal program.

HMB-002 validates mechanismEarly HMB-002 data strengthened the von Willebrand program, while Hemab also introduced HMB-003.

On July 12, Hemab reported first-in-human HMB-002 data showing dose-dependent increases of at least 2.4-fold in von Willebrand factor and Factor VIII, plus normalization of selected clotting measures. The durability observed supported the possibility of monthly subcutaneous dosing, while multiple-dose assessment continued. Hemab also unveiled HMB-003, a peptide-based plasmin inhibitor being developed first for heavy menstrual bleeding. The update broadened the pipeline, but both programs remain earlier-stage than sutacimig and carry substantial development risk.

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Revenue

2024

2025

Net income

2024

2025

Free cash flow

2024

2025

Total cash / debt

CashTotal debt

2024

2025

Financial statements

	2025	2024
Revenue	$0	$0
Research & development	$59.6M	$41.4M
Operating expenses	$70.1M	$50.4M
Operating income	−$70.1M	−$50.4M
EBITDA	−$69.8M	−$50.1M
Net income	−$63.9M	−$48.7M
Basic EPSper basic share	-$2.33	-$1.77
Diluted EPSper diluted share	-$67.56	-$51.49

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

16.72%of listed shares

RA CAPITAL MANAGEMENT, L.P.7.81M shares · Jun 30, 2026

View holders

Top 20 reported holders of COAG
Holder	% owned
RA CAPITAL MANAGEMENT, L.P.	16.72%7.81M shares
AI DEN-MAB LLC / Access Industries Holdings LLC / Blavatnik Len / ACCESS INDUSTRIES MANAGEMENT, LLC / AI Biotechnology LLC	≈10.44%4.88M shares
NOVO HOLDINGS A/S	8.95%4.18M shares
FMR LLC	7.92%3.7M shares
Capital International Investors	7.72%3.6M shares
Deep Track Capital, LP	7.71%3.6M shares
Siren, L.L.C.	4.47%2.09M shares
Avoro Capital Advisors LLC	4.12%1.93M shares
Bain Capital Life Sciences Investors, LLC	3.53%1.65M shares
JPMORGAN CHASE & CO	2.47%1.15M shares
VANGUARD CAPITAL MANAGEMENT LLC	1.67%780.76K shares
PRICE T ROWE ASSOCIATES INC /MD/	1.60%746.04K shares
Driehaus Capital Management LLC	1.53%715.79K shares
Rock Springs Capital Management LP	1.23%575.43K shares
Bellevue Group AG	1.18%550K shares
CITADEL ADVISORS LLC	1.12%523.45K shares
BlackRock, Inc.	0.61%283.83K shares
DEERFIELD MANAGEMENT COMPANY, L.P.	0.59%275K shares
ExodusPoint Capital Management, LP	0.47%218.29K shares
GEODE CAPITAL MANAGEMENT, LLC	0.45%211.8K shares

Percentages use 46.71M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

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

Buys16$55.46M disclosed value

Sells (SEC code S)0$0.00 disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 16, 2026Form 4	RA CAPITAL MANAGEMENT, L.P. +3TenPercentOwner	BuyCommon Stock · indirect	61.5K	$24.98	$1.54M	6.44M
Jun 15, 2026Form 4	RA CAPITAL MANAGEMENT, L.P. +3TenPercentOwner	BuyCommon Stock · indirect	6.1K	$24.89	$153.0K	6.38M
May 20, 2026Form 4	RA CAPITAL MANAGEMENT, L.P. +3TenPercentOwner	BuyCommon Stock · indirect	996	$24.94	$24.8K	6.38M
May 19, 2026Form 4	RA CAPITAL MANAGEMENT, L.P. +3TenPercentOwner	BuyCommon Stock · indirect	3.8K	$24.97	$94.9K	6.38M
May 12, 2026Form 4	Kolchinsky Peter +3TenPercentOwner	BuyCommon Stock · indirect	6.4K	$24.90	$159.0K	6.37M

Review ownership filings at SEC.gov ↗

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Hemab Therapeutics Holdings, Inc. (COAG)

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