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Pipeline (4 active programs)

Capital (as filed)

Cash

$7.6M cash and cash equivalents · Dec 31, 2025 (20-F)

Operating cash flow

−$2.8M annual ÷ 4, year to Dec 31, 2025 (20-F)

As stated in coverage

$2.3M cash per the update of Sep 25, 2026 — the company's own words as read there, not the filed figure

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (2)

• 2026-09-25 UPDATE: Chemomab Therapeutics (CMMB) - The S-4 Lands, and the Counterparty Is Thinner Than Advertised 🔒 Paid
• 2026-08-28 Chemomab Therapeutics (CMMB) — Scientific Deep Dive for Nebokitug and Pipeline Products 🔒 Paid

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (2 calls)

Every verdict Biotech Distilled has published on Chemomab Therapeutics, oldest first — the full history, never a selection. How calls are scored: the track record.

1. 2026-08-28 Watch Chemomab Therapeutics (CMMB) — Scientific Deep Dive for Nebokitug and Pipeline Products The safety database and CVR structure are real, but the drug has never separated from placebo in a full randomized population, the pivot indication carries the highest placebo response rate in immunology, and the 68% counterparty cannot be evaluated until the S-4 discloses Scipher's audited financials.
2. 2026-09-25 Avoid UPDATE: Chemomab Therapeutics (CMMB) - The S-4 Lands, and the Counterparty Is Thinner Than Advertised The S-4 revealed a counterparty with a 79% revenue decline, negative gross margin, $2.3M cash, a $10M lawsuit, and a $40M CVR payable in stock at the acquirer's discretion — the named de-risking event moved the stance in the wrong direction.

• Avoid call · opened Sep 28, 2026 at $1.64 · -19.5% vs XBI -2.8% (Nov 6, 2026)

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Timing, in the company's words (2 quotes from 1 filing)

Sentences quoted verbatim from the company's SEC filings, newest filing first. Each sits under the filing it appeared in; the "matched to" tag names the calendar row it was read for.

• 2026-08-19 6-K in filings ↓

  • “Planned Phase 2 study overview Together with Scipher, we expect to complete pre-IND activities and submit an IND in 2026; The combined company expect to obtain IND approval and begin Phase 2 recruitment in the first half of 2027; complete enrollment during the second half of 2027; and report 12-week Phase 2 data in the first half of 2028.”

    matched to Nebokitug RA · topline data · read as first half of 2027

  • “The companies expect the Merger to close in the fourth quarter of 2026, subject to SEC review, shareholder approvals and other customary closing conditions.”

    matched to Nebokitug RA · topline data · read as fourth quarter of 2026

Timing sentences quoted from the company's own SEC filings, each under the filing it appeared in. The 'matched to' tag is the calendar row the sentence was read for; the filing is the source. Not investment advice.

Filings & releases (20)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from Aug 31, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

• Nov 3, 20266-KForeign issuer report
• Nov 2, 2026ReleaseChemomab Therapeutics and Scipher Medicine Announce SEC Registration Statement on Form S-4 Is EffectiveThe S-4 is effective and the shareholder vote is set for December 4 — the merger clock is now running, and existing holders face a hard deadline on the CVR record-date decision with the stock down another 45% since my last update.company site may be offline after the acquisition
• Oct 30, 2026DEFM14AMerger proxyThe definitive proxy arrived after the close tonight, setting the shareholder vote for December 4 and locking the conversion ratio at 0.187 SCIP shares per CMMB ADS — the clock is now running on whether holders can salvage the CVRs.
• Oct 29, 2026S-4/AS-4/A
• Oct 19, 2026S-4/AS-4/ASummary on the 6-K
• Oct 19, 20266-KForeign issuer reportAmendment No. 2 halves the combined company's share count to 5 million and resets the ADS conversion ratio — every CMMB holder's math just changed — while the S-4/A confirms in registered form the same Scipher wreckage I flagged in September and adds a shareholder meeting vote that will determine whether CVR holders get to keep their contingent rights.
• Sep 30, 20266-KForeign issuer reportCMMB has collapsed 45% in five trading days to $1.19 — implying a combined-company value of ~$37M, now well below even the PIPE warrant strike. A procedural merger amendment filed after today's close confirms the deal is still alive, but the tape is pricing it like it isn't.
• Sep 25, 2026S-4Merger registration→ BD updateThe S-4 that I told readers to wait for just landed — and Scipher's audited financials reveal a diagnostics business in freefall: revenue down 53% year-over-year in 2025 and another 79% in H1 2026, a $328M accumulated deficit, its own going-concern language, and a $10M lawsuit from a former partner.
• Sep 9, 2026SCHEDULE 13D/A13D amendment
• Aug 31, 2026ReleaseChemomab Therapeutics to Present at H.C. Wainwright 28th Annual Global Investor ConferenceBD extracted 1 program update from this document → CMMB pipelinecompany site may be offline after the acquisition
• Aug 19, 20266-KForeign issuer report · EX-99.1 EXHIBIT 99.1
• Jul 16, 2026SCHEDULE 13DActivist / >5% holder (13D)
• Jul 8, 20266-KForeign issuer report · EX-99.1 EXHIBIT 99.1
• Jun 2, 20266-KForeign issuer report
• May 14, 20266-KForeign issuer report · EX-99.1 EXHIBIT 99.1
• May 6, 20266-KForeign issuer report
• Apr 28, 20266-KForeign issuer report
• Mar 23, 202620-FAnnual report (foreign)
• Mar 20, 20266-KForeign issuer report · EX-99.1 EXHIBIT 99.1
• Mar 19, 20266-KForeign issuer report · EX-99.1 EXHIBIT 99.1