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• Google's DeepMind for drug discovery.
• An Amgen built on an AI engine.
• The Moderna of AI-powered drug development.

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• Iopofosine I-131 (CLR 131): An investigational small-molecule phospholipid drug conjugate designed to selectively deliver a cytotoxic radioisotope to cancer cells, currently in clinical trials for various hematologic cancers and solid tumors.

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As Climb Bio (symbol: CLYM) does not appear to be an identifiable public company in current financial databases, the following information is provided based on the typical business model for a biotechnology company focused on developing novel therapeutics.

Assuming Climb Bio operates as a biotechnology company developing innovative drug candidates or platforms, it would primarily sell to other companies. Its major customers would typically be larger pharmaceutical companies or other biotechnology firms that engage in licensing agreements, strategic partnerships, or acquisitions for Climb Bio's intellectual property, drug candidates, or technological platforms.

Examples of such potential customer companies (illustrative, as specific customer data for a non-existent company cannot be provided) include:

• Pfizer Inc. (NYSE: PFE)
• Johnson & Johnson (NYSE: JNJ)
• Merck & Co., Inc. (NYSE: MRK)

These companies are major players in the pharmaceutical industry that frequently seek to expand their portfolios through external innovation from companies like Climb Bio.

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Aoife Brennan, MB, ChB President and Chief Executive Officer

Aoife Brennan brings over 20 years of experience leading drug development organizations across various stages and therapeutic areas. She most recently served as President and Chief Executive Officer of Synlogic Inc., a clinical-stage biotechnology company, a position she was promoted to in October 2018 after joining as Chief Medical Officer in 2016. Prior to Synlogic, Dr. Brennan was Vice President and Head of the Rare Disease Innovation Unit at Biogen, Inc. She has also served as a director and advisor to several public and private biotech companies, including Ra Pharmaceuticals, Inc., which was acquired by UCB.

Susan Altschuller, PhD, MBA Chief Financial Officer

Susan Altschuller was appointed Chief Financial Officer of Climb Bio, effective October 1, 2025, bringing over two decades of strategic and financial leadership experience in biopharmaceuticals. She previously served as Chief Financial Officer of Cerevel Therapeutics, Inc., a publicly traded clinical-stage biopharmaceutical company, from May 2023 until its acquisition by AbbVie Inc. for $8.7 billion in August 2024. Before Cerevel, she was the Chief Financial Officer of ImmunoGen, Inc. from July 2020 to March 2023, where she supported the company's first commercial launch. Her career also includes senior finance and investor relations roles at Alexion Pharmaceuticals, Inc. and Bioverativ Inc.

Perrin Wilson, PhD Chief Business Officer

Edgar Charles, MD Chief Medical Officer

Edgar Charles was appointed Chief Medical Officer of Climb Bio on June 18, 2025, and contributes over 20 years of immunology-focused pharmaceutical development experience. Before joining Climb Bio, he held clinical roles of increasing responsibility at Bristol Myers Squibb (BMS) since 2015, most recently as Vice President and Senior Global Program Lead, Immunology.

Cindy J. Driscoll, MBA Senior Vice President, Finance

Cindy Driscoll was appointed Senior Vice President, Finance for Climb Bio on June 18, 2025. She possesses over two decades of experience in the biotechnology industry, with deep expertise in building and scaling financial and administrative operations to support corporate growth. Prior to her role at Climb Bio, she served as Senior Vice President of Finance at HC Bioscience.

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The key risks to the business of Climb Bio (CLYM) include:

1. Clinical Trial and Regulatory Risk: As a clinical-stage biotechnology company, Climb Bio's success is heavily dependent on the successful development, regulatory approval, and commercialization of its product candidates, budoprutug and CLYM116. There is an inherent risk that positive results from early-stage clinical trials may not be replicated in later stages. The company also faces significant challenges in obtaining and maintaining necessary approvals from the U.S. Food and Drug Administration (FDA) and other regulatory authorities, as well as approvals from investigational review boards at clinical trial sites. Delays in trial timelines or outright failures to demonstrate safety and efficacy in human studies could significantly impact the business.
2. Financial Risk and Need for Additional Capital: Climb Bio has reported net losses and anticipates incurring significant expenses as it progresses its clinical programs. While the company has a strong cash position that is expected to fund operations through 2027, there is an ongoing risk related to its ability to raise substantial additional capital on a timely basis. Failure to secure adequate funding could impede the continued development of its product candidates.
3. Competition and Intellectual Property Risk: Climb Bio operates in a highly competitive biotechnology industry, with numerous other companies developing treatments for similar immune-mediated diseases. The company must successfully compete with these entities to gain market share. Furthermore, maintaining and protecting its intellectual property rights related to budoprutug, CLYM116, and other potential product candidates is critical. Failure to do so could diminish the company's competitive advantage and future revenue potential.

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The addressable markets for Climb Bio's (CLYM) main products are:

• CLYM116 (anti-APRIL monoclonal antibody) for IgA Nephropathy (IgAN):
  • The U.S. market opportunity for IgA Nephropathy is estimated at $10-20 billion, with approximately 170,000 patients.
  • Globally, the IgA Nephropathy treatment market was valued at US$ 759.50 million in 2024 and is expected to reach US$ 3,238.53 million by 2033, growing at a CAGR of 18.1%.
  • Another global estimate projects the IgA Nephropathy market to increase from USD 46.82 billion in 2025 to USD 99.66 billion by 2035, at a CAGR of 7.6%.
  • A different global forecast predicts the market for immunoglobulin A nephropathy to reach $8.3 billion by 2033, expanding at a CAGR of 42.1%.
  • For the top 7 markets (US, EU4, UK, and Japan), the IgA Nephropathy market reached USD 127.0 million in 2024 and is expected to reach USD 536.6 million by 2035, with a CAGR of 14%.
• Budoprutug (anti-CD19 monoclonal antibody) for Primary Membranous Nephropathy (pMN):
  • The global Membranous Nephropathy market size is expected to reach $540 million by 2032.
  • The global market valuation for Membranous Nephropathy is approximately USD 0.35 billion in 2024, with projections indicating growth to USD 0.62 billion by 2035, at a CAGR of 5.37%.
  • Another global estimate projects the Membranous Nephropathy Treatment Market to grow from USD 124.39 million in 2023 to an estimated USD 168.41 million by 2032, with a CAGR of 3.86%.
  • Across the top 7 markets (US, EU4, UK, and Japan), the membranous nephropathy market reached USD 130.6 million in 2024, and is expected to reach USD 195.4 million by 2035, exhibiting a growth rate (CAGR) of 3.94%.
  • North America's Membranous Nephropathy market accounted for USD 0.1 billion in 2022.
• Budoprutug (anti-CD19 monoclonal antibody) for Immune Thrombocytopenia (ITP):
  • The global Immune Thrombocytopenia (ITP) market size was valued at USD 2.99 billion in 2018 and is projected to reach USD 3.30 billion by 2032, exhibiting a CAGR of 0.2%.
  • North America dominated the Immune Thrombocytopenia market with a market share of 52.84% in 2018.
  • The global Immune Thrombocytopenia market was valued at USD 3.08 billion in 2021 and is projected to grow up to USD 3.35 billion by 2029, with an expected CAGR of 1.04%.
  • Another projection indicates the global Immune Thrombocytopenia (ITP) market is projected to grow from 3.63 USD billion in 2025 to 4.13 USD billion by 2035, at a CAGR of 1.30%.
  • The global Immune Thrombocytopenia market size was valued at USD 3.57 billion in 2025 and is set to exceed USD 4.53 billion by 2035, expanding at over 2.4% CAGR.
  • North America accounted for the largest revenue share in the global Immune Thrombocytopenia market in 2022 with 48% of the market share.
• Budoprutug (anti-CD19 monoclonal antibody) for Systemic Lupus Erythematosus (SLE):
  • The global Systemic Lupus Erythematosus (SLE) market size was valued at USD 2.60 billion in 2023 and is projected to reach USD 4.26 billion by 2030, growing at a CAGR of 7.3%.
  • North America dominated the global Systemic Lupus Erythematosus market, accounting for the largest share of 39.4% in 2023.
  • The global Systemic Lupus Erythematosus market expanded from USD 2.24 billion in 2024 to USD 2.49 billion in 2025, and is projected to reach USD 5.15 billion by 2032, at a CAGR of 10.91%.
  • The global Systemic Lupus Erythematosus (SLE) drugs market size reached USD 2.8 billion in 2024 and is expected to reach USD 4.7 billion by 2033, exhibiting a growth rate (CAGR) of 5.54%.
  • The global market for lupus drugs (systemic lupus erythematosus and lupus nephritis) is estimated to reach $5.1 billion by 2033, expanding at a CAGR of 8.9%.
  • North America accounted for the largest share (more than 75%) for both systemic lupus erythematosus and lupus nephritis.
  • The Systemic Lupus Erythematosus market size is estimated at USD 2.61 billion in 2025 and is expected to reach USD 3.66 billion by 2030, at a CAGR of 7.01%.

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Climb Bio (CLYM) is a clinical-stage biotechnology company with several key initiatives poised to drive future revenue growth over the next 2-3 years. As the company currently reports no revenue, these drivers are centered on the successful advancement and potential commercialization or strategic leveraging of its pipeline.

1. Advancement and Commercialization of Budoprutug: Climb Bio's lead product candidate, budoprutug, an anti-CD19 monoclonal antibody, is undergoing clinical trials for various immune-mediated diseases, including primary membranous nephropathy (pMN), immune thrombocytopenia (ITP), and systemic lupus erythematosus (SLE). The company is also developing a subcutaneous formulation of budoprutug, with initial Phase 1 data expected in the first half of 2026. Positive clinical trial results and subsequent regulatory approvals for these indications would be a significant driver of future revenue through product sales.
2. Advancement and Commercialization of CLYM116: Climb Bio expanded its pipeline by licensing CLYM116, an anti-APRIL monoclonal antibody, for the treatment of IgA nephropathy (IgAN) and other B-cell mediated diseases outside of Greater China. A Phase 1 clinical trial for CLYM116 is slated to begin by the end of 2025, with initial data anticipated in mid-2026. This asset is considered a potential best-in-class therapy with a large market opportunity in IgAN, which could contribute significantly to future revenue.
3. Strategic Partnerships and Licensing Agreements: Climb Bio's business model includes licensing proprietary technologies to other biotech and pharmaceutical companies and engaging in collaborative research. The existing licensing agreement for CLYM116 exemplifies this strategy. Further successful partnerships or out-licensing deals for its technologies or pipeline assets could generate upfront payments, milestone payments, and royalties, providing diversified revenue streams.
4. Expansion into New Product Categories and Innovation: Climb Bio is committed to investing in research and development to stay at the forefront of biotechnology advancements and plans to explore new product categories, such as microbiome-based therapies and renewable bio-based materials. While these are longer-term initiatives, successful innovation and the introduction of new products or services in these areas within the next 2-3 years could open new markets and revenue streams.

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Share Repurchases

• No significant share repurchases were identified over the last 3-5 years.

Share Issuance

• The number of shares outstanding for Climb Bio increased by 139.53% year-over-year as of late 2025, reaching 67.76 million shares.
• This substantial increase in shares, coupled with a rise in cash, cash equivalents, and marketable securities from $106.8 million as of December 31, 2023, to $212.5 million as of December 31, 2024, indicates a significant equity financing that raised approximately $105.7 million.
• Climb Bio's common stock began trading on the Nasdaq Global Select Market on August 10, 2021, marking its initial public offering.

Inbound Investments

• In September 2022, Climb Bio strengthened its capital position through a non-dilutive financing, adding $124.4 million to its balance sheet, net of expenses.

Outbound Investments

• Climb Bio completed the acquisition of Tenet Medicines, Inc. in June 2024, incurring $51.7 million in acquired in-process research and development expenses for the full year 2024.

Capital Expenditures

• Capital expenditures for the 12 months ending approximately November 2025 were reported as -$77,000.
• For a clinical-stage biotechnology company like Climb Bio, the primary focus of capital deployment is directed towards research and development (R&D) and clinical trials, rather than large physical assets. R&D expenses were $14.3 million for the full year 2024 and $9.1 million for the third quarter of 2025.