Executive Summary

Q4 2024 delivered a clean operational update with net loss per share of $0.13, broadly flat versus Q3 and prior year, and an in-line pre‑revenue profile; cash and marketable securities ended at $212.5M with runway expected through 2027 .
Regulatory and pipeline momentum was strong: FDA clearance for budoprutug trials in pMN and ITP, SLE IND clearance maintained, and initial patient dosing remains targeted for 1H 2025 (ITP/SLE) and 2H 2025 (pMN) .
Manufacturing readiness advanced via completion of process optimization and cell line switch for budoprutug (FDA-cleared for clinical use), with new patent applications filed; CLYM116 in-licensed for IgAN with IND‑enabling studies ongoing .
Street EPS consensus for Q4 2024 was −$0.15 (1 estimate); reported EPS of −$0.13 represents a modest beat; revenue expected at $0, consistent with pre-revenue stage; target price consensus is $9.20 (5 estimates)*. Values retrieved from S&P Global.
Additional financing flexibility via a new “at-the-market” (ATM) program up to $22.35M enhances optionality to fund the pipeline while preserving runway through 2027 .

What Went Well and What Went Wrong

What Went Well

FDA clearances across indications strengthened budoprutug’s clinical execution path; management emphasized, “Our momentum continues in 2025, which marks a critical year of execution across our portfolio” .
Manufacturing de‑risking: completed studies supporting cell line switch for budoprutug; FDA cleared material for clinical trials; patent filings expected to protect through 2045 .
Pipeline expansion: in-licensed CLYM116 (anti‑APRIL) outside Greater China; IND‑enabling underway with initial preclinical data expected 2H 2025 .

What Went Wrong

Full-year net loss widened to $73.9M, driven by $51.7M acquired IPR&D from the Tenet acquisition; quarterly net loss rose to $8.4M vs. $3.6M in Q4 2023 .
Q4 operating expenses increased year-over-year (R&D $6.0M vs. $3.1M; G&A $5.0M vs. $2.0M), reflecting higher investment and corporate scale‑up .
Coverage remains thin: only one Q4 EPS and revenue estimate, limiting breadth of Street validation; potential dilution watchpoint given new ATM facility ($22.35M) . Values retrieved from S&P Global.*

Financial Results

Revenue, EPS, Net Loss vs. prior periods and estimate

Metric	Q4 2023	Q3 2024	Q4 2024	Q4 2024 Consensus
Revenue ($USD Millions)	— (pre‑revenue)	— (pre‑revenue)	— (pre‑revenue)	$0.0*
EPS ($USD)	$(0.13)	$(0.13)	$(0.13)	$(0.15)*
Net Loss ($USD Millions)	$(3.64)	$(8.90)	$(8.42)	N/A

Notes: Values retrieved from S&P Global for consensus estimates.*
CLYM reported no revenue; condensed statements of operations begin with operating expenses .

Operating Expense and Other Items (Quarterly)

Metric ($USD Millions)	Q4 2023	Q3 2024	Q4 2024
Research & Development	$3.13	$6.24	$5.96
General & Administrative	$2.00	$5.49	$4.95
Other Income, Net	$1.48	$2.84	$2.50
Net Loss	$(3.64)	$(8.90)	$(8.42)

Key Performance Indicators

KPI	Q3 2024	Q4 2024
Cash, Cash Equivalents & Marketable Securities ($USD Millions)	$217.9	$212.5
Shares Outstanding (Millions)	—	~67.3
Cash Runway Guidance	Through 2027	Through 2027

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Budoprutug – ITP: First patient dosing	1H 2025	Initiate Phase 2 in 1H 2025, subject to clearance	Phase 1b/2a; anticipate first patient dosing 1H 2025	Maintained (clarified design)
Budoprutug – SLE: First patient dosing	1H 2025	Initiate Phase 1b in 1H 2025	On track; anticipate first patient dosing 1H 2025	Maintained
Budoprutug – pMN: First patient dosing	2H 2025	Advance to late‑phase development in 2025	FDA‑cleared Phase 2; anticipate first patient dosing 2H 2025	Raised specificity (timing set to 2H 2025)
Cash Runway	Through 2027	Through 2027	Through 2027	Maintained
Financing Optionality (ATM)	N/A	N/A	ATM up to $22.35M filed/available	New

Earnings Call Themes & Trends

Note: No Q4 2024 earnings call transcript was available in the document set.

Topic	Previous Mentions (Q-2 and Q-1)	Current Period (Q4 2024)	Trend
Regulatory/Clinical Progress	SLE IND cleared; preparing ITP/PMN advancement	FDA clearance for pMN Phase 2 and ITP Phase 1b/2a; SLE on track	Positive momentum
Manufacturing/CMC	Building team; CMC VP appointed	Cell line switch completed; FDA cleared new material; patents filed	De‑risking and scalability improving
Pipeline Breadth	Focus on budoprutug	In‑licensed CLYM116 (anti‑APRIL) for IgAN, IND‑enabling ongoing	Broader pipeline
Financial Runway	Through 2027	Through 2027; added ATM program	Runway maintained, flexibility added
External Data	ASN Kidney Week pMN data (60% CR; robust B‑cell depletion)	Continued emphasis on clinical rationale across indications	Validation sustained

Management Commentary

“2024 was a transformational year for Climb Bio…Our momentum continues in 2025, which marks a critical year of execution across our portfolio.” — Aoife Brennan, President & CEO .
“With two highly differentiated assets in our pipeline, a strong balance sheet, and a deeply experienced team, we are well positioned to execute on our goals…” — Aoife Brennan .

Q&A Highlights

No Q4 2024 earnings call transcript was available; therefore, no Q&A highlights or call-based guidance clarifications could be extracted from primary sources in this period set.

Estimates Context

Q4 2024 EPS: Reported −$0.13 vs. consensus −$0.15 (1 estimate); modest beat given lighter coverage . Values retrieved from S&P Global.*
Q4 2024 Revenue: Reported pre‑revenue, in line with consensus $0 (1 estimate). Values retrieved from S&P Global.*
Target Price Consensus: $9.20 (5 estimates); Recommendation text not available via the source used. Values retrieved from S&P Global.

Metric	Q4 2024 Actual	Q4 2024 Consensus	# of Estimates
EPS ($USD)	$(0.13)	$(0.15)*	1*
Revenue ($USD Millions)	— (pre‑revenue)	$0.0*	1*
Target Price ($USD)	N/A	$9.20*	5*

Notes: Values retrieved from S&P Global.*

Key Takeaways for Investors

Climb Bio remains a pre‑revenue, clinical‑stage story with clear near‑term clinical catalysts: first patient dosing for SLE and ITP in 1H 2025 and for pMN in 2H 2025 .
Manufacturing readiness and IP positioning (cell line switch, FDA‑cleared new material, filings through 2045) lower execution risk for later‑stage development and commercialization pathways .
Balance sheet supports execution (year‑end cash $212.5M, runway through 2027) with incremental flexibility from a $22.35M ATM program; monitor potential usage and associated dilution .
Budoprutug has multi‑indication potential (pMN, ITP, SLE) supported by prior pMN data (including ASN Kidney Week results) and B‑cell depletion rationale; clinical updates in 2025 will be stock‑moving .
The CLYM116 (anti‑APRIL) program adds optionality in IgAN; IND‑enabling studies ongoing with preclinical data expected in 2H 2025 .
Expense profile is scaling with pipeline advancement; watch quarterly R&D/G&A trends against milestones and maintain awareness of non‑cash items (e.g., acquired IPR&D) influencing reported losses .
Street coverage is thin (single EPS/Revenue estimate); as trials initiate, expect broader sell‑side engagement and potential re‑rating tied to clinical data flow*. Values retrieved from S&P Global.

Citations:

Q4 2024 press release and financials:
Q3 2024 press release and financials:
ATM facility details:
Preliminary cash and share count:

Notes on Estimates: Values retrieved from S&P Global.*

Climb Bio, Inc. (CLYM)·Q4 2024 Earnings Summary