Climb Bio Q3 net loss widens as operating expenses rise

Overview

• US biotechnology firm's Q3 net loss widened from prior year

• Operating expenses rose to $16.9 mln in Q3, up from $14.9 mln last year

• Company ended Q3 with $227.6 mln in cash, expects runway into H2 2028

Outlook

• Company expects cash runway into the second half of 2028

• Initial NAVIGATE-2 Phase 2 data expected in H1 2027; Phase 3 trial initiation planned for 2027

• Additional budoprutug Phase 2 data, including longer-term follow-up, expected in 2027

Result Drivers

• R&D SPENDING - Q3 research and development expenses rose to $11.0 mln from $9.1 mln a year earlier as company advanced clinical programs

• CLINICAL TRIAL PROGRESS - Co cited initiation and ongoing enrollment in multiple Phase 1 and 2 trials for CLYM116 and budoprutug as key activities during the quarter

• INCREASED OPERATING EXPENSES - Higher total operating expenses in Q3 driven by clinical development and related activities

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "strong buy" and the breakdown of recommendations is 16 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy."

• Wall Street's median 12-month price target for Climb Bio Inc is $28.00, about 200.1% above its November 4 closing price of $9.33

Reuters Recommended Reads

• Nov 4 - Solid Biosciences Q3 net loss widens on higher R&D costs

• Nov 4 - Lyell Immunopharma Q3 net loss widens on higher R&D spending

• Nov 3 - Spyre Therapeutics Q3 net loss widens more than expected on higher trial costs

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)