Exhibit
|
Description
|
|
|
|
CHEMOMAB THERAPEUTICS LTD.
|
|
|
|
|
Date: May 9, 2024
|
By:
|
/s/ Sigal Fattal
|
|
|
Sigal Fattal
|
|
|
Chief Financial Officer
|
• |
In April, 2024, Chemomab announced the publication of a new study in the journal Arthritis Care and Research that further confirms the key role of its novel target CCL24 in systemic sclerosis. The longitudinal study of a cohort of more than 200 SSc patients showed that CCL24 is associated with increased mortality and disease severity across the fibrotic and vascular manifestations of the disease.
|
• |
In April, 2024, Chemomab hosted a well-attended webinar on primary sclerosing cholangitis featuring Christopher Bowlus, MD, of UC Davis Health; Ricky Safer, founder and CEO of PSC Partners Seeking a Cure and Massimo Pinzani, MD, PhD, of the UCL Institute for Liver and Digestive
Health and UPMC ISMETT. Topics included an overview of current PSC diagnosis and treatment, the emerging consensus around surrogate biomarkers and other noninvasive clinical endpoints and the role of patient advocacy groups in supporting
advances in treatment. Click here for a replay of the webinar.
|
• |
In March, 2024, Chemomab reported that the European Patent Office had granted a new patent for CM-101, Chemomab’s first-in-class monoclonal antibody, covering the use of CM-101 and sequence-related anti-CCL24
antibodies for the treatment of hepatic (liver) diseases, including PSC. In February, the company announced new patents were granted in Brazil and Israel. The Brazilian patent includes claims broadly covering CM-101 and related anti-CCL24
antibodies along with their use for the treatment of fibrotic, inflammatory and autoimmune diseases. The Israeli patent covers the use of CM-101 in the treatment of hepatic diseases, including PSC. These patents supplement the extensive
protections afforded by CM-101 patents issued and allowed in the U.S. and other major territories.
|
• |
In January, 2024, Chemomab reported publication of new proteomics research in the peer-reviewed journal Cells reinforcing the clinical potential of CM-101 in primary sclerosing cholangitis. The
proteomic analyses of human samples highlighted the unique role of CCL24 in activating key PSC-related disease mechanisms. These findings further confirm the potential of CM-101 as a promising therapy for PSC.
|
• |
In January, 2024, Chemomab announced early completion of patient enrollment in the CM-101 Phase 2 PSC SPRING trial and moved up the expected topline data readout to midyear 2024, rather than in the second half of 2024 as had been
previously projected.
|
◾ |
Cash Position: Cash, cash equivalents and short-term bank deposits were $16.0 million as of March 31, 2024, compared to $19.9 million as of December 31, 2023.
|
◾ |
Research and Development (R&D) Expenses: R&D expenses were $3.1 million for the first quarter of 2024, compared to $6.9 million for the first quarter of 2023. The decrease in R&D
expenses in the first quarter of 2024 compared to the first quarter of 2023 primarily resulted from the early completion of patient enrollment in the company’s CM-101 Phase 2 PSC trial.
|
◾ |
General and Administrative (G&A) Expenses: G&A expenses were $0.9 million for the first quarter of 2024, compared to $2.2 million for the first quarter of 2023. The decrease in G&A
expenses primarily reflected reductions in headcount, consulting fees and other cost savings.
|
◾ |
Net Loss: Net loss was $3.9 million, or a net loss of approximately $0.01 per basic and diluted ordinary share for the first quarter of 2024, compared to $8.8 million, or a net loss of approximately
$0.04 per basic and diluted ordinary share for the first quarter of 2023. The weighted average number of ordinary shares outstanding, basic and diluted, was 284,151,752 (equal to approximately 14.2 million ADSs) for the first quarter of 2024.
|
◾ |
Liquidity and Capital Resources: Chemomab believes its existing liquidity resources as of March 31, 2024 will enable it to fund its operations through March 31, 2025.
|
March 31,
|
December 31,
|
|||||||
2024
|
2023
|
|||||||
Assets
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
4,665
|
9,292
|
||||||
Short term bank deposits
|
11,212
|
10,492
|
||||||
Restricted cash
|
75
|
76
|
||||||
Other receivables and prepaid expenses
|
885
|
1,037
|
||||||
Total current assets
|
16,837
|
20,897
|
||||||
Non-current assets
|
||||||||
Long term prepaid expenses
|
516
|
559
|
||||||
Property and equipment, net
|
289
|
303
|
||||||
Operating lease right-of-use assets
|
367
|
392
|
||||||
Total non-current assets
|
1,172
|
1,254
|
||||||
Total assets
|
18,009
|
22,151
|
||||||
Current liabilities
|
||||||||
Trade payables
|
527
|
516
|
||||||
Accrued expenses
|
3,401
|
3,423
|
||||||
Employee and related expenses
|
360
|
823
|
||||||
Operating lease liabilities
|
110
|
76
|
||||||
Total current liabilities
|
4,398
|
4,838
|
||||||
Non-current liabilities
|
||||||||
Operating lease liabilities - long term
|
280
|
316
|
||||||
Total non-current liabilities
|
280
|
316
|
||||||
Total liabilities
|
4,678
|
5,154
|
||||||
Shareholders' equity (*)
|
||||||||
|
|
|||||||
Ordinary shares no par value - Authorized: 650,000,000 shares as of March 31, 2024 and December 31, 2023;
|
- |
-
|
||||||
Issued and outstanding: 284,379,960 Ordinary shares as of March 31, 2024 and 284,094,700 as of December 31, 2023;
|
-
|
-
|
||||||
Additional paid in capital
|
105,877
|
105,675
|
||||||
Accumulated deficit
|
(92,546
|
)
|
(88,678
|
)
|
||||
Total shareholders’ equity
|
13,331
|
16,997
|
||||||
Total liabilities and shareholders’ equity
|
18,009
|
22,151
|
Three months
|
Three months
|
|||||||
Ended
|
Ended
|
|||||||
March 31,
|
March 31,
|
|||||||
2024
|
2023
|
|||||||
Operating expenses
|
||||||||
Research and development
|
3,112
|
6,887
|
||||||
General and administrative
|
936
|
2,162
|
||||||
Total operating expenses
|
4,048
|
9,049
|
||||||
Financing income, net
|
180
|
317
|
||||||
Loss before taxes
|
3,868
|
8,732
|
||||||
Taxes on income
|
-
|
21
|
||||||
Net loss for the period
|
3,868
|
8,753
|
||||||
Basic and diluted loss per Ordinary Share (*)
|
0.014
|
0.040
|
||||||
Weighted average number of Ordinary Shares outstanding, basic, and diluted (*)
|
284,151,752
|
220,996,240
|