CLYM116 Initial Safety Data at ERA Bode Well For Phase 1 PK/PD Data in Late Summer 2026. CLYM116 Phase 2 Dosing in IgAN Patients in China Study Expected to Start in 3Q26.

研报英文原文证据摘录

CLYM116 Initial Safety Data at ERA Bode Well For Phase 1 PK/PD Data in Late Summer 2026. CLYM116 Phase 2 Dosing in IgAN Patients in China Study Expected to Start in 3Q26.

Investment Thesis

We view Climb Bio’s “Uplizna 2.0” well-positioned to thrive in a wide range of I&I opportunities spanning IgG4-mediated, single

organ IgG1-3, and complex systemic disorders. Compared to other modalities, anti-CD19 mAbs have an encouragingly clean

safety profile that we believe likely supports broader use compared to TCEs and DNA-based CAR-T therapies. Despite the well-

established target and modality, CLYM's budoprutug is only the second anti-CD19 mAb that has been advanced into the clinic

for I&I development. We expect budoprutug to emerge as the best-in-class mAb supported by a longer half-life, higher solubility,

and higher affinity compared to Uplizna. That said, we think there is likely enough room for both therapies to be commercially

successful and each emerge as a "pipeline in a product," as there are so many B-cell-driven diseases where CD19 represents anBIOTECHNOLOGY ideal target (more active than CD20 and generally safer than BCMA). CLYM’s lead efforts are in primary membranous nephropathy

where development and potential registration is guided by well-established (and less expensive) surrogate endpoints in lieu of

long-term clinical outcomes. CLYM also has an anti-APRIL mAb that, through Fc region and pH optimization, we think could support

best-in-class activity in IgAN and other IgA-driven disorders – recent acquisitions of Alpine Immune Sciences ($4.9B upfront) and

Chinook Therapeutics ($3.2B upfront) lead us to believe the program could support significant value creation. CLYM’s anti-APRILEQUITY