Here are a few analogies to describe Climb Bio:

• An early-stage AbbVie, focused on developing novel antibody treatments for autoimmune diseases.
• Like a smaller, specialized Regeneron or Amgen, but dedicated to creating antibody drugs for autoimmune conditions.

Major Products:

• budoprutug: An anti-CD19 monoclonal antibody therapy for various autoimmune diseases, including systemic lupus erythematosus, lupus nephritis, immune thrombocytopenia, and membranous nephropathy.

Aoife Brennan, MB, ChB President and Chief Executive Officer

Dr. Aoife Brennan has served as the President and Chief Executive Officer of Climb Bio (formerly Eliem Therapeutics) since June 2024. Prior to joining Climb Bio, she led Synlogic as CEO from 2018 to 2024. She also held senior leadership positions at Biogen, where she was responsible for overseeing the global approvals of ALPROLIX, ELOCTATE, and SPINRAZA. Dr. Brennan currently serves on the boards of directors for Fibrogen Inc. (since August 2020) and Xilio Therapeutics (since June 2024), and previously served on the board of Ra Pharmaceuticals, Inc. until its acquisition in April 2020.

Susan Altschuller, PhD, MBA Chief Financial Officer

Susan Altschuller was appointed Chief Financial Officer and Treasurer of Climb Bio, Inc. on October 1, 2025. She brings over two decades of strategic and financial leadership experience in the biopharmaceutical industry. Most recently, she served as Chief Financial Officer of Dragonfly Therapeutics, Inc., a private biotechnology company, from August 2024 to December 2024. Prior to that, Dr. Altschuller was the Chief Financial Officer of Cerevel Therapeutics, Inc., a publicly traded clinical-stage biopharmaceutical company, from May 2023 until its acquisition by AbbVie Inc. in August 2024. She also served as Chief Financial Officer of ImmunoGen, Inc. from July 2020 to March 2023, where she supported the company's first commercial launch. Her experience also includes roles at Alexion Pharmaceuticals, Inc., where she was Head of Enterprise Finance and Head of Investor Relations, and at Bioverativ Inc. as Head of Investor Relations. Dr. Altschuller began her career as a consultant with the Frankel Group.

Perrin Wilson, PhD Chief Business Officer

Dr. Perrin Wilson was appointed Chief Business Officer of Climb Bio in February 2025. She possesses over 17 years of experience in the pharmaceutical and biotech sectors. In her role, she is responsible for leading pre-commercial planning, communications, and business development initiatives. Before joining Climb Bio, Dr. Wilson held significant positions at Nuvalent and Forma Therapeutics, where she played a key role in major transactions, including a $1.1 billion acquisition by Novo Nordisk.

Edgar Charles, MD, MSc Chief Medical Officer

Dr. Edgar Charles was appointed Chief Medical Officer of Climb Bio in June 2025. He brings over 20 years of experience in immunology-focused pharmaceutical development, academic research, and clinical medicine. Prior to joining Climb Bio, Dr. Charles held clinical roles of increasing responsibility at Bristol Myers Squibb (BMS) since 2015, where he led the development of numerous therapeutic candidates through various clinical trial phases and FDA product approval. Most recently at BMS, he served as Vice President and Senior Global Program Lead, Immunology.

Cindy J. Driscoll, MBA Senior Vice President, Finance

Cindy J. Driscoll was appointed Senior Vice President, Finance for Climb Bio in June 2025. She is a financial executive with over two decades of experience guiding biotechnology companies. Before her role at Climb Bio, she served as Senior Vice President of Finance at HC Bioscience, where she oversaw financial reporting, budgeting, audit, tax, human resources, IT, and facilities. Earlier in her career, Ms. Driscoll held senior finance positions at Magenta Therapeutics and Tokai Pharmaceuticals, where she managed the development of finance and G&A infrastructure to support IPOs and public financings totaling over $450 million. She also led the implementation of Sarbanes-Oxley (SOX) compliance. After the appointment of Susan Altschuller as CFO, Ms. Driscoll continued in her role as the company's principal accounting officer.

The key risks for Climb Bio (CLYM) are primarily centered around the inherent challenges of clinical-stage biotechnology development.

1. Clinical Trial and Regulatory Approval Risk: As a clinical-stage biotechnology company without commercial revenue, Climb Bio's success hinges on the outcomes of its clinical trials and subsequent regulatory approvals. Failures in clinical trials, the emergence of safety signals, or disappointing efficacy results for its lead product candidates, budoprutug and CLYM116, could lead to significant declines in stock value. Furthermore, there is a risk that positive results from early-stage trials may not be replicated in later, larger studies. Obtaining and maintaining the necessary approvals from regulatory bodies such as the U.S. Food and Drug Administration (FDA) is a critical and uncertain process.
2. Cash Burn and Dilution Risk: Climb Bio is currently unprofitable and generates no product revenue. While the company reported a cash balance that management anticipates will fund operations into 2028, its research and development (R&D) and general and administrative (G&A) expenses are increasing. Should further development work or slower patient enrollment lead to a faster-than-expected cash burn, the company may need to raise additional capital through equity offerings or partnership deals, which could dilute the ownership of existing shareholders.
3. Competition Risk: Climb Bio operates in highly competitive therapeutic areas, with numerous large pharmaceutical and biotechnology companies developing treatments for B-cell, APRIL, and renal autoimmune indications. If competing therapies demonstrate superior safety, efficacy, or commercial attractiveness, Climb Bio's product candidates could face significant market challenges. The market potential for Climb Bio's offerings could also be impacted by the historical performance of comparable existing therapies.

The addressable markets for Climb Bio's main products, which include therapies for autoimmune-driven inflammatory diseases, can be sized as follows:

• Systemic Lupus Erythematosus (SLE): The global systemic lupus erythematosus market size was valued at USD 2.60 billion in 2023 and is projected to reach USD 4.26 billion by 2030. Another estimate places the global market at USD 2.8 billion in 2024, expected to grow to USD 4.7 billion by 2033. In North America, the market was valued at USD 1 billion in 2023 and is projected to reach USD 1.9 billion by 2032. The United States market size was approximately USD 2,600 million in 2023.
• Lupus Nephritis (LN): The global lupus nephritis market size was valued at USD 2.21 billion in 2025 and is projected to reach USD 6.28 billion by 2035. Another report indicates the global market was valued at approximately USD 1.24 billion in 2023 and is projected to reach USD 2.17 billion by 2032. The market size in the seven major markets (7MM), which includes the US, EU4 (Germany, Spain, Italy, France), and the UK and Japan, was estimated to be around USD 1,800 million in 2024. The United States is expected to be the largest market for lupus nephritis treatment.
• Immune Thrombocytopenia (ITP): The global immune thrombocytopenia (ITP) market size was valued at USD 3.57 billion in 2025 and is projected to exceed USD 4.53 billion by 2035. Another source estimates the global market to be valued at USD 3.65 billion in 2025 and expected to reach USD 4.08 billion by 2032. In 2023, the total market size in the 7MM for ITP was estimated to be nearly USD 4.10 billion, with the US accounting for approximately 66% of this total, or nearly USD 2.80 billion. North America is projected to hold a 52.6% share of the ITP market by 2035.
• Membranous Nephropathy (MN): The global membranous nephropathy market size was valued at USD 377.56 million in 2025 and is expected to reach USD 575.21 million by 2035. Another projection indicates the global market will grow from USD 124.39 million in 2023 to an estimated USD 168.41 million by 2032. For the 7MM (US, EU4, UK, and Japan), the market reached USD 130.6 million in 2024 and is expected to reach USD 195.4 million by 2035. North America holds the largest market share, anticipated to account for approximately 31.7% by 2035.
• IgA Nephropathy (IgAN): The addressable market size for IgA Nephropathy is not clearly provided in the search results. While one source mentions a market expected to reach ~$10-20B annually, this appears to be a forward-looking internal projection rather than a definitive market report figure.

Climb Bio, Inc. (CLYM), a clinical-stage biotechnology company, is focused on developing therapies for autoimmune-driven inflammatory diseases. With no current product revenue, the company's future revenue growth over the next 2-3 years is primarily expected to be driven by the advancement and potential commercialization of its pipeline assets, budoprutug and CLYM116. Analysts generally forecast Climb Bio to have zero revenue in 2026 and 2027, with potential revenue generation commencing in 2028.

The key drivers of future revenue growth for Climb Bio include:

1. Successful Clinical Development and Potential Regulatory Approval of Budoprutug in Primary Membranous Nephropathy (pMN): Climb Bio is actively conducting a Phase 2 trial of budoprutug, an anti-CD19 monoclonal antibody, in primary membranous nephropathy. Initial data from this trial are anticipated in the second half of 2026. Positive outcomes and progression toward regulatory approval would be a significant revenue driver.
2. Advancement and Potential Approval of Budoprutug in Immune Thrombocytopenia (ITP) and Systemic Lupus Erythematosus (SLE): The company has ongoing Phase 1b/2a and Phase 1b trials for budoprutug in ITP and SLE, respectively, with initial data expected in the second half of 2026. Additionally, regulatory clearance was obtained in December 2025 for an SLE Investigational New Drug (IND) in China, which could also allow for evaluation in lupus nephritis. Success in these indications could open significant market opportunities.
3. Progress of CLYM116 in IgA Nephropathy (IgAN) and other Renal Indications: Climb Bio is developing CLYM116, an anti-APRIL monoclonal antibody, with initial data from its Phase 1 healthy volunteer study expected around mid-2026. CLYM116 is being developed for IgA nephropathy, a significant unmet medical need, and positive data could pave the way for future commercialization.
4. Development of a Subcutaneous Formulation for Budoprutug: A Phase 1 trial evaluating a subcutaneous (SC) formulation of budoprutug is underway, with data expected in the first half of 2026. The development of a more convenient subcutaneous administration could enhance patient adherence and market adoption upon commercialization, contributing to revenue growth.
5. Strategic Partnerships and Licensing Agreements: As a clinical-stage company, successful progression of its pipeline, particularly with positive clinical data readouts, could lead to strategic partnerships, licensing deals, or collaborations. These agreements typically include upfront payments, milestone payments, and potential royalties on future sales, which would represent significant revenue streams for Climb Bio.

Share Issuance

• Eliem Therapeutics completed its Initial Public Offering (IPO) in August 2021, raising $80 million by issuing 6.4 million shares at $12.50 per share.
• In June 2024, Eliem Therapeutics completed a $120 million private placement of common stock in conjunction with its acquisition of Tenet Medicines.
• As of a March 2026 report, Climb Bio had 47.77 million shares outstanding, with the number of shares increasing by 40.80% in one year.

Inbound Investments

• Eliem Therapeutics launched in March 2021 with $80 million in financing since its inception in 2019, receiving funding from RA Capital Management, Access Biotechnology, and Intermediate Capital Group (ICG).
• RA Capital Management acquired approximately $49.95 million worth of Eliem Therapeutics stock on June 27, 2024, as part of the $120 million private placement.
• The company secured a $120 million private placement of common stock in June 2024, which, combined with existing cash, was projected to provide approximately $210 million in cash and equivalents to support operations until 2027.

Outbound Investments

• Eliem Therapeutics acquired Tenet Medicines, Inc. in June 2024, a strategic move that pivoted the company's focus toward immunology and inflammation.

Capital Expenditures

• In the last 12 months, Climb Bio reported capital expenditures of approximately -$186,000.
• Climb Bio invested $0 in capital expenditures in Q4 2025.
• Eliem Therapeutics (now Climb Bio) showed CapEx Per Share of $0.00 for 2024 and 2025 across various reporting periods, indicating minimal capital expenditures during this time.