Climb Bio
CLYM on Nasdaq. Climb Bio develops antibody medicines for people with immune system diseases. Market value $635m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Look carefully before going further
Why it could be worth it
Read the warning sign in its own filings
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-8.36 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns -43 cents a year. Above 10 is good.
Quality score: 40 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$11.05 a share, 618% above its 1-year low
Over the past year the price has ranged from $1.54 to $18.33.
Pays no dividend
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | n/a | n/a | n/a | n/a | n/a |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Shares outstanding | |||||
| Shares outstanding | 0.03bn | 0.03bn | 0.07bn | 0.07bn | 0.06bn |
Health checks
- Free cash flow positive0 of 3 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)Yes
- Debt0.00× equity
- Revenue growth, five yearsUnknown
- Buying back its own sharesNo, 116% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- A loss of $13 million, compared with a loss of $9 million a year ago.
- Over the past 12 months it spent $53 million more cash than it brought in, compared with $40 million a year earlier.
- 13% more shares than a year ago. Each share owns a bit less of the company.
- It has $44 million more cash than debt, up from $23 million a year ago.
| Quarter to | Amount |
|---|---|
| September 2024 | -$9m |
| December 2024 | -$8m |
| March 2025 | -$21m |
| June 2025 | -$9m |
| September 2025 | -$13m |
| December 2025 | -$18m |
| March 2026 | -$14m |
| June 2026 | -$13m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 5 March 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
None of the long-term investors we follow own it. 109 funds in all.
Largest holders overall
- RA Capital Management, L.P.$147m
- FMR$89mAdded
- UBS Group AG$44mAdded
- Braidwell LP$36mAdded
- Adage Capital Partners GP, L.L.C.$33mNew
- BlackRock$31mAdded
- Price T Rowe Associates$28mAdded
- Cormorant Asset Management, LP$27mNew
- Frontier Capital Management$25mNew
- Vanguard Capital Management$22mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- at least 33.0%0.0 pts(filed with 4 related holders)Since 2 July 2026
What they said
Item 4 of the Statement is hereby amended and supplemented as follows: On June 29, 2026 Dr. Breanna Celebi (O'Reilly), an Analyst of RA Capital, was appointed to the Board of Directors of the Issuer as the designee of RA Capital, replacing Dr. Andrew Levin, who resigned from the…
Read the filing - FMR LLCPassive investorat least 11.9%(filed with 1 related holder)Since 30 June 2026
- Pontifax VI G.P. L.P.Passive investorat least 7.7%(filed with 3 related holders)Since 27 June 2024
- Sera Medicines, LLCSold down below 5%Since 27 April 2026
- MPM BioImpact LLCPassive investorSold down below 5%Since 30 June 2026
- AI ETI LLCPassive investorSold down below 5%Since 14 October 2025
- BML Investment Partners, L.P.Passive investorSold down below 5%Since 31 December 2024
| Holder | Stake | Since | |
|---|---|---|---|
at least 33.0%0.0 pts (filed with 4 related holders) | 2 July 2026 | What they saidItem 4 of the Statement is hereby amended and supplemented as follows: On June 29, 2026 Dr. Breanna Celebi (O'Reilly), an Analyst of RA Capital, was appointed to the Board of Directors of the Issuer as the designee of RA Capital, replacing Dr. Andrew Levin, who resigned from the… Read the filing | |
FMR LLC Passive investor | at least 11.9% (filed with 1 related holder) | 30 June 2026 | |
Pontifax VI G.P. L.P. Passive investor | at least 7.7% (filed with 3 related holders) | 27 June 2024 | |
Sera Medicines, LLC | Sold down below 5% | 27 April 2026 | |
MPM BioImpact LLC Passive investor | Sold down below 5% | 30 June 2026 | |
AI ETI LLC Passive investor | Sold down below 5% | 14 October 2025 | |
BML Investment Partners, L.P. Passive investor | Sold down below 5% | 31 December 2024 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $779,626 of shares on the open market. 2 sold $3m, $3m of it under preset trading plans.
- Thomas Stephen BasilDirectorSoldunder a preset trading plan
- Date
- 15 September 2026
- Shares
- 100,000
- Price
- $13.67
- Value
- $1m
- Brennan AoifePresident and CEO, DirectorSoldunder a preset trading plan
- Date
- 29 June 2026
- Shares
- 30,902
- Price
- $13.17
- Value
- $406,979
- Thomas Stephen BasilDirectorSoldunder a preset trading plan
- Date
- 26 February 2026
- Shares
- 16,313
- Price
- $7.01
- Value
- $114,354
- Thomas Stephen BasilDirectorSoldunder a preset trading plan
- Date
- 25 February 2026
- Shares
- 33,687
- Price
- $7.00
- Value
- $235,809
- Thomas Stephen BasilDirectorSoldunder a preset trading plan
- Date
- 13 February 2026
- Shares
- 10,000
- Price
- $5.81
- Value
- $58,100
- Thomas Stephen BasilDirectorSoldunder a preset trading plan
- Date
- 12 February 2026
- Shares
- 90,000
- Price
- $5.23
- Value
- $470,700
- RA Capital Healthcare Fund LPDirectorBought
- Date
- 5 January 2026
- Shares
- 7,111
- Price
- $3.50
- Value
- $24,889
- Kolchinsky PeterDirectorBought
- Date
- 12 December 2025
- Shares
- 101,462
- Price
- $2.86
- Value
- $290,181
- Kolchinsky PeterDirectorBought
- Date
- 11 December 2025
- Shares
- 213,099
- Price
- $2.18
- Value
- $464,556
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 15 September 2026 | Thomas Stephen Basil Director | Sold under a preset trading plan | 100,000 | $13.67 | $1m |
| 29 June 2026 | Brennan Aoife President and CEO, Director | Sold under a preset trading plan | 30,902 | $13.17 | $406,979 |
| 26 February 2026 | Thomas Stephen Basil Director | Sold under a preset trading plan | 16,313 | $7.01 | $114,354 |
| 25 February 2026 | Thomas Stephen Basil Director | Sold under a preset trading plan | 33,687 | $7.00 | $235,809 |
| 13 February 2026 | Thomas Stephen Basil Director | Sold under a preset trading plan | 10,000 | $5.81 | $58,100 |
| 12 February 2026 | Thomas Stephen Basil Director | Sold under a preset trading plan | 90,000 | $5.23 | $470,700 |
| 5 January 2026 | RA Capital Healthcare Fund LP Director | Bought | 7,111 | $3.50 | $24,889 |
| 12 December 2025 | Kolchinsky Peter Director | Bought | 101,462 | $2.86 | $290,181 |
| 11 December 2025 | Kolchinsky Peter Director | Bought | 213,099 | $2.18 | $464,556 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in Climb Bio’s filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 5 Mar 2026, plus the 10-Q filed 6 Aug 2026 and 12 later 8-Ks.
Weak checks on its own accounts
SeriousThe company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.
“Based on our evaluation, our chief executive officer and chief financial officer have concluded that our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) were not effective as of June 30, 2026 because of the material weaknesses in our internal control over financial reporting described below.”
Show the full paragraph
Our management, under the supervision and with the participation of our chief executive officer and chief financial officer (our principal executive officer and principal financial officer, respectively), evaluated the effectiveness of our disclosure controls and procedures as of June 30, 2026. Based on our evaluation, our chief executive officer and chief financial officer have concluded that our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) were not effective as of June 30, 2026 because of the material weaknesses in our internal control over financial reporting described below.
From the 10-Q filed 6 August 2026, Part I, Item 4. Controls and Procedures. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.