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Minimal debt; cash-funded clinical-stage biotech with ~$50M+ cash runway, negligible long-term debt, so 20bp rate move has near-zero P&L impact

Low sensitivity; company holds cash in money-market instruments, so rising rates marginally improve interest income rather than increase debt service costs

Low intensity; China and India supply >60% of global API inputs, creating concentration risk.

1) Israeli CMO/CRO concentration (geopolitical risk in Middle East); 2) Single-source API manufacturing for CCL24/CM-101 biologics, likely EU or US-based

Minimal commercial revenue; clinical operations in US/Israel/EU expose company to NIS/EUR fluctuation, but spend-side FX risk is modest given USD-denominated grants

Primary operations in Israel and US; NIS devaluation reduces Israeli opex costs in USD terms but also pressures local talent retention; EU clinical sites add EUR exposure

Low intensity; commodities: Active Pharmaceutical Ingredients, Rare Earth Elements, Natural Gas (energy), Plastics/Resins, Ethanol, Packaging Materials; geopolitical: China and India supply >60% of global API inputs, creating concentration risk.

High; single-source biologic manufacturer for CM-101 likely represents non-substitutable critical input; replacing CMO would delay trials 12-24 months

Clinical-stage drug developer; no SaaS or cloud-dependent revenue model; cloud disruption affects administrative systems only, not core operations

Pre-revenue R&D biotech; secondary model is grant/collaboration funding; cloud termination would disrupt data management but not existential to pipeline

Low API coupling risk; company uses standard clinical data platforms (e.g., Medidata, Veeva); switching costs exist but are manageable within 3-6 months

Low Howey risk; revenue model is drug development/licensing, not a token or investment scheme; Nasdaq-listed equity is standard security outside Howey scope

Very High

Moderate; clinical trial data from EU sites subject to GDPR; patient data handling requires DPAs with CROs; CCPA exposure minimal given B2B/clinical-only data flows

Negligible; pre-revenue single-asset biotech with no market share in any commercial drug market; no pricing or M&A activity triggering antitrust scrutiny

Very High burden; regimes: FDA, CMS, HHS, HIPAA, EMA, OIG; Drug pricing legislation and approval delays directly compress revenue visibility.

~100% transactional/milestone-based; no recurring revenue currently; future revenue depends on licensing milestones or eventual drug sales, both non-recurring

Licensing and partnership milestones plus potential royalties on CM-101 if approved; no subscription or retainer revenue stream currently exists

No commercial pricing yet; future pricing would follow rare-disease orphan drug model (~$150K-$500K/year/patient) based on PSC/IPF competitive benchmarks

Potentially high if CM-101 achieves orphan indication approval; rare fibrotic disease space commands premium pricing with limited payer pushback historically

Biologic drug gross margins typically 70-85% at commercial scale; pre-revenue currently, so margin is negative (~-2000% operating margin on R&D spend)

Not applicable; no commercial product or subscription base; free-rider risk irrelevant in clinical-stage drug development context

Sublinear at commercialization; R&D headcount scales modestly with pipeline; partnership/licensing model avoids need to build large commercial sales force

Marginal cost of revenue growth is trial execution and CMC scale-up; doubling pipeline throughput requires roughly 40-60% headcount increase, not 1:1 scaling

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At 10x scale (post-approval), CAC would reflect rare-disease specialist sales force; estimated $50K-$150K CAC per prescribing physician in PSC/IPF niche

No network effects; drug efficacy and regulatory approval are standalone value drivers; physician adoption follows clinical evidence, not user-base size

-65.4% Return on Assets (Negative equity)

Moderate-high resilience; rare disease/orphan drugs with no alternatives maintain reimbursement even in downturns; R&D funding dependent on capital markets (risk)

Future: rare fibrotic disease patients (PSC, IPF) via specialist hepatologists and pulmonologists; currently no paying customers

Potential licensing partners: large pharma (AstraZeneca, Roche, Gilead) with fibrosis/inflammation pipelines seeking differentiated CCL24-targeting assets

["11-0000 Management Occupations", "13-0000 Business and Financial Operations Occupations", "15-0000 Computer and Mathematical Occupations", "19-0000 Life, Physical, and Social Science Occupations", "21-0000 Community and Social Service Occupations", "23-0000 Legal Occupations", "29-0000 Healthcare Practitioners and Technical Occupations", "31-0000 Healthcare Support Occupations", "41-0000 Sales and Related Occupations", "43-0000 Office and Administrative Support Occupations", "51-0000 Production Occupations"]

0.32 (HIL — ~32% of characteristic roles agent-automatable)

Capital allocated almost entirely to clinical trial execution and CMC development; no legacy infrastructure; capex is forward-looking R&D investment, not maintenance

0001534248

CMMB