Climb Bio — Third Quarter 2026 Earnings Summary

Financial Performance:

• Cash, cash equivalents, and marketable securities totaled $227.6 million as of September 30, 2026, compared to $160.7 million as of December 31, 2025.
• Research and development expenses were $11.0 million for the three months ended September 30, 2026, an increase from $9.1 million in the same period of 2025.
• General and administrative expenses were $5.8 million for the three months ended September 30, 2026, consistent with $5.8 million in the comparable 2025 period.
• Other income, net was $2.3 million for the three months ended September 30, 2026, compared to $2.0 million in the same period of 2025.
• Net loss for the three months ended September 30, 2026, was $14.6 million ($0.18 per share), compared to a net loss of $12.9 million ($0.19 per share) in 2025.
• Net loss for the nine months ended September 30, 2026, was $41.8 million ($0.56 per share), compared to $42.3 million ($0.63 per share) in 2025.
• Total operating expenses for the nine months ended September 30, 2026, were $47.5 million, compared to $48.6 million in 2025.
• Total assets were $236.6 million as of September 30, 2026, compared to $167.7 million as of December 31, 2025.

Guidance and Future Outlook:

• The Company expects its current cash balance to fund operations into the second half of 2028.
• Initial NAVIGATE-2 Phase 2 trial data for CLYM116 in IgA nephropathy is expected in the first half of 2027.
• A global Phase 3 trial for CLYM116 is anticipated to initiate in 2027, pending regulatory feedback.
• Additional data from all PrisMN Phase 2 cohorts, including longer-term follow-up, is expected in 2027.
• Additional Phase 1b data for budoprutug in ITP is expected to be presented at the American Society of Hematology meeting in December 2026.
• Initial data for the subcutaneous formulation of budoprutug in autoimmune disease patients is anticipated in 2027.
• Additional data from the ongoing SLE Phase 1b trial and the parallel Phase 1b/2a trial in China is expected in 2027.

Business Segments and Product Lines:

• CLYM116: Phase 1 data in healthy volunteers showed sustained >90% free APRIL suppression and ~70% Gd-IgA1 reduction at 12 weeks after a single dose, supporting a Q12W dosing regimen. Dosing has been initiated in the NAVIGATE-2 Phase 2 trial in IgA nephropathy.
• Budoprutug (PrisMN): Initial Phase 2 data in primary membranous nephropathy (pMN) at 200 mg showed B-cell depletion, PLA2R antibody reduction, and immunologic remission at 12 weeks. The 600 mg cohort showed deeper B-cell depletion. Enrollment is ongoing in the 1000 mg cohort.
• Budoprutug (SLE): Initial Phase 1b data demonstrated dose-dependent B-cell depletion (mean 84% reduction at 100 mg) and SLEDAI-2K score reductions in 7 of 12 participants in the 30 mg and 100 mg cohorts. No serious adverse events were reported.
• Budoprutug (ITP): Additional data from the 500 mg and 1000 mg cohorts will be presented at ASH in December 2026.
• Budoprutug (MCD): A case study presented at ASN Kidney Week 2026 highlighted a durable response in a patient with minimal change disease.
• Budoprutug (SC Formulation): Plans are in place to initiate a study of the subcutaneous formulation in autoimmune disease patients following positive single-dose data in May 2026.
• CLYM116 (Safety): Across Phase 1 trials in Australia and China, CLYM116 was generally well tolerated with no dose-limiting toxicities, treatment-related serious adverse events, or hypogammaglobulinemia.
• Budoprutug (Safety): Budoprutug was generally well tolerated in pMN and SLE trials to date, with no serious adverse events, discontinuations due to adverse events, or infusion-related reactions reported.

Management Commentary and Tone:

• CEO Aoife Brennan stated the Company is "building significant momentum" across its CLYM116 and budoprutug programs.
• Management highlighted that CLYM116 data supports a "best-in-class anti-APRIL profile" and budoprutug data demonstrated "meaningful B-cell depletion and immunologic remission."
• The Company expressed confidence in closing out a "data-rich year" with multiple anticipated data readouts in 2027 and the potential to initiate pivotal studies.

Other Key Points:

• Budoprutug has been granted Orphan Drug Designation and Fast Track Designation by the FDA for the treatment of primary membranous nephropathy.
• CLYM116 employs an engineered pH-dependent bind-and-release 'sweeper' mechanism to extend its half-life.
• Budoprutug targets CD19-expressing B cells, including plasmablasts and certain plasma cells.
• The Company has entered into an exclusive license agreement with Beijing Mabworks Biotech Co. Ltd. for technology transfer in China.
• The NAVIGATE-2 trial is a randomized, open-label study evaluating an 800 mg loading dose followed by 400 mg every 8 weeks or every 12 weeks.
• The PrisMN trial is a global open-label, dose-escalation Phase 2 study in patients with persistent proteinuria despite optimized renin-angiotensin-aldosterone system inhibition.
• The SLE Phase 1b trial enrolled 17 participants across 10 mg, 30 mg, and 100 mg single-dose cohorts as of October 7, 2026.
• The ITP Phase 1b trial is a global open-label, dose-escalation study in previously treated patients.