Wellesley Hills, Massachusetts-based Climb Bio, Inc. (Nasdaq: CLYM) announced a USD 110.0 million private placement to fund continued clinical development of its two pipeline assets targeting immune-mediated diseases, including kidney conditions. The Climb Bio private placement, expected to close on or about April 29, 2026, was structured to provide capital runway for advancing budoprutug and CLYM116 through their respective development programs. Gross proceeds are stated before deducting placement agent fees and other offering expenses.
The transaction involved the sale of 9,481,000 shares of common stock at USD 9.50 per share. In lieu of common stock, certain investors received pre-funded warrants to purchase up to 2,106,000 shares of common stock, priced at USD 9.4999 per pre-funded warrant, with an exercise price of USD 0.0001 per share. The pre-funded warrants are exercisable immediately, subject to beneficial ownership limitations set by each holder, and remain exercisable until exercised in full. The combined share and warrant structure brings the total potential share count to 11,587,000. Participating institutional investors included Adage Capital Partners, L.P., ADAR1 Capital Management, Affinity Asset Advisors, LLC, Ally Bridge Group, Cormorant Asset Management, Driehaus Capital Management, Great Point Partners, LLC, RA Capital Management, Redmile, Sirenia Capital Management LP, and Woodline Partners LP, alongside additional unnamed institutional investors described as new and existing shareholders. Leerink Partners and Piper Sandler served as lead placement agents.
Company overview and pipeline
Climb Bio is a clinical-stage biotechnology company focused on developing therapeutics for immune-mediated diseases, with a particular emphasis on conditions affecting kidney health. The company was formed following the acquisition of Tenet Medicines, Inc. in June 2024, an all-stock transaction that brought in budoprutug and prompted the rebranding from Eliem Therapeutics to Climb Bio. That acquisition was accompanied by a USD 120.0 million private placement at the time of closing.
Budoprutug is an anti-CD19 monoclonal antibody from Tenet Medicines and represents the company's lead asset. It targets B-cell mediated diseases and is being evaluated across a range of indications including systemic lupus erythematosus and immune thrombocytopenia. The mechanism involves depleting CD19-expressing B cells, a pathway with established relevance across multiple autoimmune conditions. No specific clinical trial identifier for a current budoprutug study was available in the source materials reviewed for this report.