Climb Bio Reports $59.9 Million Net Loss for 2025, Advances Clinical Trials for Budoprutug

Climb Bio, Inc. reported a net loss of $59.9 million for the year ended December 31, 2025, compared to a net loss of $73.9 million for the previous year. The company's operating expenses totaled $67.9 million, a decrease from $82.0 million in 2024. This decrease was primarily due to a $51.7 million acquired in-process research and development (IPR&D) expense recognized in 2024 related to the acquisition of Tenet Medicines, Inc., which did not recur in 2025. Research and development expenses increased to $46.7 million from $14.3 million, driven by the advancement of clinical trials for budoprutug and the addition of the CLYM116 program. General and administrative expenses also increased to $21.2 million from $16.0 million, mainly due to higher personnel-related and legal expenses.

The company's research and development expenses were allocated to specific programs, with $25.0 million spent on budoprutug and $12.0 million on CLYM116. These expenses included upfront and milestone payments under license agreements, as well as costs associated with nonclinical studies, clinical trials, and manufacturing. The company's cash, cash equivalents, and marketable securities totaled $160.7 million as of December 31, 2025. Management estimates that these resources will be sufficient to fund operations into 2028, based on current operating plans and assumptions.

Strategic developments during the year included the ongoing clinical trials for budoprutug in primary membranous nephropathy (pMN), immune thrombocytopenia (ITP), and systemic lupus erythematosus (SLE). The company also initiated a Phase 1 clinical trial for a subcutaneous (SC) formulation of budoprutug in healthy volunteers. In January 2025, Climb Bio entered into a license agreement with Beijing Mabworks Biotech Co., Ltd. for CLYM116, an anti-APRIL monoclonal antibody, and initiated a Phase 1 clinical trial in healthy volunteers. These activities reflect the company's focus on developing treatments for immune-mediated diseases.

Key operational developments included the first patient dosed in the Phase 2 PrisMN clinical trial of budoprutug in pMN in November 2025. The company also received FDA clearance for Phase 1b/2a clinical trial of budoprutug in ITP and Phase 1b clinical trial of budoprutug in SLE. In December 2025, the company received clearance of its IND to initiate a separate, parallel Phase 1b clinical trial in SLE patients in China. The company also initiated a Phase 1 clinical trial of the SC formulation of budoprutug in healthy volunteers in Australia. In October 2025, the company received clearance for its CTA in Australia to initiate a Phase 1 clinical trial of CLYM116 in healthy volunteers.

Looking ahead, Climb Bio plans to advance budoprutug into late-stage development for pMN and continue evaluating it in ITP and SLE. The company also aims to advance the SC formulation of budoprutug and explore opportunities to expand its pipeline through business development. The company anticipates sharing data from the Phase 1 clinical trial of the SC formulation of budoprutug in the first half of 2026. The company also anticipates reporting initial data from the first, low dose cohort, including B cells and anti-PLA2R, in the PrisMN Phase 2 trial in the second half of 2026.