Jul. 14 at 6:10 PM
$CMMB Part 1
Since announcing the proposed merger, Chemomab's market cap has fallen to roughly
$11M, implying a combined company value of less than
$50M. Shareholders have funded approximately
$115M to advance nebokitug through years of development, including a Phase 3-ready PSC program, a systemic sclerosis program, and now an AI-guided rheumatoid arthritis opportunity. While past investment alone doesn't determine value, today's market valuation raises serious questions. Before asking shareholders to approve this transaction, the Board should demonstrate that every reasonable alternative has been explored to maximize shareholder value.