Chemomab shares fall 10.37% intraday as cash runway through Q4 2026 raises financing concerns before Phase 3 trial.

Chemomab Therapeutics (CMMB) fell 10.37% intraday following its Nov. 20, 2025, announcement of Q3 2025 results and corporate updates. The company reported $10.2M in cash and a $1.7M net loss but highlighted regulatory alignment with the FDA and EMA for a single nebokitug Phase 3 trial in primary sclerosing cholangitis (PSC), with a composite clinical endpoint. While Phase 2 data showed favorable safety and biomarker improvements, the stock declined amid concerns over the company’s narrow cash runway through Q4 2026 and reliance on securing financing or partnerships to advance the trial. The market appeared to price in heightened risk of execution delays or failure to secure capital, despite regulatory progress and clinical validation. Key uncertainties include enrollment challenges, full data consistency, and funding dependencies, which outweighed the positive regulatory developments in the near-term outlook.