Climb Bio (CLYM) AI Stock Analysis

• Market Cap: $344.33M
• Dividend Yield: N/A
• Average Volume (3M): 679.46K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.24
• Revenue Growth: N/A
• EPS Growth: 64.81%
• Country: US
• Employees: 17
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.19
• Shares Outstanding: 68,184,430
• 10 Day Avg. Volume: 607,895
• 30 Day Avg. Volume: 679,461
• PEG Ratio: -0.07
• Price to Book (P/B): 0.41
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -5.57
• Enterprise Value/Market Cap: 0.93
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -8.40K
• Enterprise Value/Ebitda: -5.76
• 1Y Price Target: $10.50
• Price Target Upside: 107.92% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 60 Neutral
• Price Target: $5.50 ▲(8.91% Upside)

Overall score reflects a solid balance sheet and improving technical trend as key positives, offset by pre-revenue losses with worsening cash burn and limited valuation support (negative P/E, no dividend). Corporate events are supportive on clinical progress but tempered by legal/payment uncertainty.

Positive Factors

Conservative balance sheet

Climb Bio's extremely low debt and sizable equity base materially reduce refinancing and interest-rate risk, giving management flexibility to fund multi-year clinical programs. A conservative capital structure supports continuity of R&D spending without near-term leverage pressure, stabilizing long-term operations.

Funded runway into 2028

A cash runway through 2028 is a structural advantage for a clinical-stage biotech: it allows completion of multiple Phase 1/2 and Phase 2 readouts without immediate financing, reducing binary dilution risk and enabling the company to progress value-generating milestones that can materially derisk programs over the next 2–3 years.

Institutional strategic investor

RA Capital's sizable stake and structured exchange indicates strong institutional alignment and potential access to specialist biotech capital and governance expertise. Long-term, this can ease future financings, signal credibility to partners, and support strategic decisions during multi-year clinical development.

Negative Factors

High cash burn

Substantial and worsening cash burn implies elevated and persistent financing needs despite current runway. If clinical timelines extend or readouts delay, the company may need to raise capital, diluting shareholders or increasing financing costs; sustained negative cash flow also constrains strategic optionality.

Pre-revenue model

As a pre-commercial biotech with no product revenue and structurally negative margins, Climb depends on external capital and milestone outcomes to create value. This profile raises execution risk: long timelines to commercialization mean returns hinge on clinical success rather than steady operating cash flow.

Contractual/legal overhang

A disputed earn‑out and royalty claim tied to acquired assets introduces potential large contingent liabilities and legal uncertainty. An adverse outcome could require material cash payments or settlement, reducing runway and redirecting management focus away from clinical execution over the next several quarters.

Climb Bio Business Overview & Revenue Model

Company Description

Climb Bio, Inc., a biotechnology company, focuses on developing therapies for autoimmune-driven inflammatory diseases. It develops budoprutug, an anti-CD19 monoclonal antibody for various autoimmune diseases, including systemic lupus erythematosus and lupus nephritis, immune thrombocytopenia, and membranous nephropathy. The company was formerly known as Eliem Therapeutics, Inc. and changed its name to Climb Bio, Inc. in October 2024. Climb Bio, Inc. was incorporated in 2018 and is headquartered in Wilmington, Delaware.

How the Company Makes Money

Climb Bio Financial Statement Overview

Summary

Strong, low-debt balance sheet (very low total debt and sizable equity) supports runway, but financial performance is constrained by a pre-revenue model, deeply negative profitability, and materially worsening operating/free cash flow burn in TTM.

Income Statement

Across the annual periods and TTM (Trailing-Twelve-Months), the company reports no revenue, consistent with a pre-commercial biotechnology profile. Losses are sizable and volatile, with net income at -$50.8M in TTM (Trailing-Twelve-Months) versus -$74.0M in 2024 (improvement), but still deeply negative. Profitability remains structurally weak (negative gross profit in TTM), indicating ongoing R&D and operating cost burden with no offsetting product revenue.

Balance Sheet

The balance sheet is conservatively levered, with very low debt (TTM total debt ~$0.6M) and a minimal debt-to-equity ratio (~0.003), which reduces refinancing and interest-rate risk. Equity remains sizable at ~$177.0M in TTM (Trailing-Twelve-Months), supporting operating runway, though it has declined from ~$211.9M in 2024 alongside continued losses. Returns on equity are meaningfully negative due to persistent net losses, which is the key weakness despite low leverage.

Cash Flow

Cash generation is weak with sustained cash burn: operating cash flow is -$44.2M and free cash flow is -$44.4M in TTM (Trailing-Twelve-Months), materially worse than 2024 (both about -$15.6M). Free cash flow broadly tracks net income (about 1.0x in TTM), suggesting losses are translating into real cash outflow rather than being cushioned by non-cash items. While free cash flow growth is positive in the dataset, the absolute level remains strongly negative, keeping funding needs elevated.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-38.00K	0.00	0.00	0.00	0.00	0.00
EBITDA	-55.42M	-30.36M	-40.27M	-45.13M	-35.67M	-11.77M
Net Income	-50.75M	-73.90M	-35.12M	-45.24M	-47.48M	-20.67M
Balance Sheet
Total Assets	182.30M	217.19M	110.47M	134.99M	173.24M	24.63M
Cash, Cash Equivalents and Short-Term Investments	86.90M	150.92M	106.80M	123.57M	136.48M	20.49M
Total Debt	580.00K	532.00K	349.00K	480.00K	0.00	0.00
Total Liabilities	5.30M	5.31M	2.87M	6.28M	6.04M	3.06M
Stockholders Equity	177.00M	211.88M	107.60M	128.72M	167.20M	21.57M
Cash Flow
Free Cash Flow	-44.43M	-15.56M	-20.60M	-37.37M	-36.07M	-14.10M
Operating Cash Flow	-44.24M	-15.56M	-20.60M	-37.37M	-36.07M	-14.10M
Investing Cash Flow	-76.11M	-121.09M	68.98M	34.44M	-114.97M	8.08M
Financing Cash Flow	41.00K	130.73M	841.00K	0.00	177.23M	4.92M

Climb Bio Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 5.05
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CLYM, the sentiment is Positive. The current price of 5.05 is above the 20-day moving average (MA) of 4.62, above the 50-day MA of 3.70, and above the 200-day MA of 2.19, indicating a bullish trend. The MACD of 0.33 indicates Positive momentum. The RSI at 58.75 is Neutral, neither overbought nor oversold. The STOCH value of 63.43 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CLYM.

Climb Bio Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CLYM	60 Neutral	$344.33M	-6.73	-25.65%	―	―	64.81%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
OVID	47 Neutral	$192.67M	-2.90	-60.06%	―	946.61%	-11.30%
CGTX	47 Neutral	$90.92M	-2.17	-109.73%	―	―	50.39%
AGEN	45 Neutral	$98.28M	-1.36	―	―	-33.41%	81.19%
HURA	41 Neutral	$28.16M	-0.71	-418.06%	―	―	99.21%
TVGN	41 Neutral	$56.51M	-1.58	―	―	―	-234.46%

Climb Bio Corporate Events

Climb Bio outlines 2026 clinical milestones and cash runway

On January 8, 2026, Climb Bio announced that during 2025 it initiated multiple clinical trials across its two lead antibody programs, including first-patient dosing in the PrisMN Phase 2 trial of budoprutug in primary membranous nephropathy in November 2025, ongoing Phase 1b/2a dosing in immune thrombocytopenia and a global Phase 1b trial in systemic lupus erythematosus, clearance in December 2025 to start a parallel SLE trial in China that will also enroll lupus nephritis patients, and completion of first-cohort dosing for both a subcutaneous formulation of budoprutug and its newly in-licensed anti‑APRIL antibody CLYM116 in healthy volunteers. The company highlighted a “data-rich” 2026, with initial readouts expected across all ongoing budoprutug and CLYM116 studies, alongside refreshed guidance that its cash, cash equivalents and marketable securities are expected to fund operations into 2028, positioning Climb Bio to advance its diversified autoimmune and renal disease portfolio while it expands leadership and board capabilities and deepens its global clinical and regulatory footprint, including through its collaboration with Beijing Mabworks in China.

The most recent analyst rating on (CLYM) stock is a Hold with a $4.00 price target. To see the full list of analyst forecasts on Climb Bio stock, see the CLYM Stock Forecast page.

Climb Bio Challenges Alumis Milestone and Royalty Obligations

On December 31, 2025, Climb Bio, Inc. filed a complaint in Delaware Superior Court against Alumis Inc. and its wholly owned subsidiary Acelyrin, Inc., seeking a declaratory judgment over payment obligations tied to a January 11, 2024 Asset Purchase Agreement under which Climb’s subsidiary Tenet Medicines acquired budoprutug-related assets from Acelyrin. Climb contends that no “Royalty-Bearing Patents” were ever transferred or filed within the defined period under the agreement, meaning its budoprutug program does not meet the contract’s definition of a “Product” and therefore does not trigger milestone payments, including a $3 million milestone Alumis has invoiced for January 1, 2026 following Climb’s first Phase 2 patient dosing on November 17, 2025. The lawsuit underscores a significant contractual and financial dispute that could determine whether Climb owes up to roughly $100 million in additional earn-outs for a drug it says it is advancing without any patent protection contributed by Alumis or Acelyrin, with implications for Climb’s future cash commitments and for how similar biotech asset purchase structures are interpreted when key intellectual property is absent.

The most recent analyst rating on (CLYM) stock is a Hold with a $4.50 price target. To see the full list of analyst forecasts on Climb Bio stock, see the CLYM Stock Forecast page.

Climb Bio Enters Exchange Agreement with RA Capital

On December 11, 2025, Climb Bio, Inc. entered into an exchange agreement with RA Capital Management and its affiliate, wherein 20,440,000 shares of Climb Bio’s common stock were exchanged for a pre-funded warrant to purchase an equivalent number of shares. This transaction, which is exempt from registration under the Securities Act, will result in RA Capital and its affiliates holding approximately 23% of the company’s voting power. The agreement includes provisions to prevent RA Capital from exceeding 33% ownership of the company’s stock, ensuring a balanced voting power among shareholders.

The most recent analyst rating on (CLYM) stock is a Buy with a $10.00 price target. To see the full list of analyst forecasts on Climb Bio stock, see the CLYM Stock Forecast page.