CMMB Chemomab Therapeutics Ltd

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

 

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of March 2024

 

Commission File Number 001-38807

 

CHEMOMAB THERAPEUTICS LTD.
(Translation of registrant’s name into English)

 

Kiryat Atidim, Building 7, Tel-Aviv, Israel

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

 

Form 20-F ☒           Form 40-F ☐

EXPLANATORY NOTE

 

On March 7, 2024, Chemomab Therapeutics Ltd. (the “Registrant”) issued a press release titled “Chemomab Therapeutics Announces Year End and Fourth Quarter 2023 Financial Results and Provides a Corporate Update”, a copy of which is furnished as Exhibit 99.1 herewith. The financial information included in the consolidated balance sheets and consolidated statements of operations contained in the press release attached as Exhibit 99.1 to this Report on Form 6-K is hereby incorporated by reference into the Registrant’s Registration Statements on Form F-3 (File No. 333-275002) and Form S-8 (File No. 333-259489 and No. 333-266868).

 

EXHIBIT INDEX

 

	CHEMOMAB THERAPEUTICS LTD.
Date: March 7, 2024	By:	/s/ Sigal Fattal
		Sigal Fattal
		Chief Financial Officer

─Cash Runway Extended through End of First Quarter 2025 as a Result of Early Completion of

Phase 2 PSC Trial and Effective Financial Management

─2023 Achievements Position Chemomab for a Potentially Transformational 2024─

TEL AVIV, Israel, March 7, 2024 -- Chemomab Therapeutics, Ltd. (Nasdaq: CMMB), a clinical stage biotechnology company focused on the discovery and development of innovative therapeutics for fibro-inflammatory diseases with high unmet need, today announced financial and operating results for the full year and fourth quarter ended December 31, 2023, and provided a corporate update.

“In 2023 Chemomab achieved great progress, positioning the company for what we believe could be major catalysts in 2024 and early 2025,” said Adi Mor, PhD, co-founder, Chief Executive Officer and Chief Scientific Officer of Chemomab. “The superb work of our clinical and medical teams enabled us to complete patient enrollment in our Phase 2 primary sclerosing cholangitis (PSC) trial ahead of schedule and move up the topline readout to midyear 2024. Building on the positive data we have reported from our Phase 2a clinical trial in patients with liver fibrosis, we expect a successful readout would be a potential major catalyst for Chemomab, providing the first substantial clinical proof-of-concept for CM-101 and affording us the potential to advance to a registrational trial in consultation with the FDA, with an End-of-Phase 2 meeting possible later this year. We also look forward to a second readout from the trial’s open label extension, expected in late 2024 or early 2025, which we believe will provide additional clinical data on longer-term safety and activity, as well as another potential catalyst. Additionally, I am proud that our team has accomplished so much while maintaining tight fiscal discipline. As a result, we have been able to extend our cash runway until the end of the first quarter of 2025.“

Dr. Mor continued, “We started the year reporting positive safety and activity data from our Phase 2a trial in liver fibrosis patients, showing that CM-101 demonstrated consistent positive effects across a range of biomarkers associated with fibrosis and inflammation. Our multiple scientific presentations and publications during the year further confirmed the role of our CCL24 target in driving key fibro-inflammatory pathways and CM-101’s ability to interrupt these disease processes.”

Dr. Mor added, “We are collaborating with thought leaders and advocates who are working to build consensus around the use of non-invasive biomarker and imaging endpoints that will facilitate the conduct of late-stage PSC clinical trials. We are encouraged by the emerging view that these regulatory changes are both feasible and essential to advance new treatments for this  rare orphan disorder that currently lacks any FDA-approved therapies.”

Dr. Mor concluded, “The success of our Phase 2 PSC trial would be transformational for Chemomab, potentially allowing us to advance into a Phase 3 trial and to initiate additional clinical trials in other indications. We invite you to attend our upcoming webinar on Breaking New Ground: Expert Perspectives on Primary Sclerosing Cholangitis scheduled for April 10, 2024, and look forward to reporting on our further progress during the year.”

2023 and Recent Highlights:

 

 

 

 

 

 

 

 

 

 

 

 

Full Year and Fourth Quarter 2023 Financial Highlights:

 

 

 

The weighted average number of Ordinary Shares outstanding, basic and diluted was 234,998,859 (equal to 11,749,943 ADSs) for the year ended December 31, 2023, and 227,589,288 (equal to 11,379,464 ADSs) for the year ended December 31, 2022, respectively.

For further details on the company’s financial results for the year ended December 31, 2023, please refer to the company’s annual report on Form 20-F, which will be filed with the SEC later this month.

About Chemomab Therapeutics Ltd.

Chemomab is a clinical stage biotechnology company developing innovative therapeutics for fibro-inflammatory diseases with high unmet need. Based on the unique and pivotal role of CCL24 in promoting fibrosis and inflammation, Chemomab developed CM-101, a monoclonal antibody that neutralizes CCL24 activity. In clinical  and preclinical studies, CM-101 appears safe, with the potential to treat multiple severe and life-threatening fibro-inflammatory diseases. Chemomab has reported positive results from three clinical trials of CM-101 in patients, including a Phase 2a liver fibrosis trial in NASH patients and an investigator-initiated study in patients with severe lung injury. A Phase 2 trial in primary sclerosing cholangitis has completed patient enrollment, with topline data expected midyear 2024. Chemomab’s CM-101 program for the treatment of systemic sclerosis is Phase 2-ready. For more information about Chemomab, visit chemomab.com.

Forward Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements include, among other things, statements regarding the clinical development pathway for CM-101; the expectation that Chemomab will report topline data from the PSC clinical trial by mid-year 2024; the length, duration and impact of the war in Israel on Chemomab’s business and operations; the future operations of Chemomab and its ability to successfully initiate and complete clinical trials and achieve regulatory milestones; the nature, strategy and focus of Chemomab; the development and commercial potential and potential benefits of any product candidates of Chemomab; and that the product candidates have the potential to address high unmet needs of patients with serious fibrosis-related diseases and conditions. Any statements contained in this communication that are not statements of historical fact may be deemed to be forward-looking statements. These forward-looking statements are based upon Chemomab's current expectations. Forward-looking statements involve risks and uncertainties. Because such statements deal with future events and are based on Chemomab's current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of Chemomab could differ materially from those described in or implied by the statements in this presentation, including those found under the caption "Risk Factors" and elsewhere in Chemomab's filings and reports with the SEC. Chemomab expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Chemomab's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based, except as required by law.

Contacts:

Media and Investors:

Barbara Lindheim

Consulting Vice President, Investor & Public Relations, Strategic Communications

Phone: +1 917-355-9234

 

In USD thousands (except share and per share amounts)

		December 31,				December 31,
		2023				2022
Assets		Unaudited				Audited
Current assets
Cash and cash equivalents			9,292				13,519
Short-term bank deposit			10,492				26,374
Restricted cash			76				77
Other receivables and prepaid expenses			1,037				1,766
Total current assets			20,897				41,736
Non-current assets
Long-term prepaid expenses			559				733
Property and equipment, net			303				367
Operating lease right-of-use assets			392				227
Total non-current assets			1,254				1,327
Total assets			22,151				43,063
Current liabilities
Trade payables			516				1,688
Accrued expenses			3,423				3,378
Employee and related expenses			825				1,560
Operating lease liabilities			76				123
Total current liabilities			4,840				6,749
Non-current liabilities
Non-current operating lease liabilities			316				91
Total non-current liabilities			316				91
Commitments and contingent liabilities
Total liabilities			5,156				6,840
Shareholders' equity (*)
Ordinary Shares no par value - Authorized: 650,000,000 Ordinary Shares as of December 31, 2023 and 2022;
Issued and outstanding: 284,094,700 Ordinary shares at December 31, 2023 and 232,636,700 Ordinary shares at December 31, 2022			-				-
Treasury share at cost (11,640,460 shares as of December 31, 2022)			-				(1,218	)
Additional paid-in capital			105,675				101,260
Accumulated deficit			(88,680	)			(63,819	)
Total shareholders’ equity			16,995				36,223
Total liabilities and shareholders’ equity			21,151				43,063

 (*) 1 American Depositary Share (ADS) represents 20 Ordinary Shares

In USD thousands (except share and per share amounts)

(*) 1 American Depositary Share (ADS) represents 20 Ordinary Shares

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