Climb Bio expands board with two new directors

Climb Bio, Inc., a pharmaceutical company specializing in preparations with a market capitalization of $82.32 million, announced the expansion of its board of directors and the departure of two members. The company’s stock has faced significant challenges, declining over 76% in the past six months, and currently trades near its 52-week low of $1.20. According to InvestingPro analysis, the stock appears slightly undervalued at current levels. On March 27, 2025, the company received notice of Simon Tate’s resignation, effective upon the election of new directors. Tate’s departure is not due to any disagreement with the company’s operations, policies, or practices. In a similar vein, Adam Rosenberg informed Climb Bio that he will not seek re-election at the 2025 annual stockholders’ meeting, also with no disagreements cited.

Following these announcements, Climb Bio’s board increased from seven to eight directors. On March 28, 2025, Alexander (Bo) Cumbo and Kimberlee (Kim) Drapkin were elected to the board. These appointments come at a crucial time for the company, which maintains strong liquidity with a current ratio of 31.41, though InvestingPro data shows it reported a net loss of $73.9 million in the last twelve months. Cumbo will serve until the 2026 annual meeting, and Drapkin until the 2027 meeting. Cumbo is to chair the compensation committee and join the audit committee, while Drapkin will chair the audit committee and join the nominating and corporate governance committee.

Both new directors will be compensated in accordance with Climb Bio’s non-employee director policy. They each received an option to purchase 80,000 shares of common stock at $1.28 per share on March 28, 2025, which will vest over three years, contingent upon continued service. Additionally, they will receive annual cash retainers of $40,000 and additional compensation for their committee roles—Cumbo will receive $10,000 and $7,500, and Drapkin will receive $15,000 and $5,000, respectively.

There are no reported arrangements between the new directors and other persons related to their election, no family relationships with current directors or executive officers, and no related-party transactions requiring disclosure. Both Cumbo and Drapkin have entered indemnification agreements with Climb Bio, which may require the company to cover certain legal expenses arising from their service. For deeper insights into Climb Bio’s governance structure and additional financial metrics, including 8 more exclusive ProTips, visit InvestingPro.

This corporate governance update is based on a press release statement and the recent SEC filing by Climb Bio, Inc.

In other recent news, Climb Bio, Inc. has announced the appointment of Perrin Wilson, Ph.D., as its new Chief Business Officer. Dr. Wilson brings over 17 years of experience in the pharmaceutical and biotech industries to the company. Her previous roles include serving as Senior Vice President at Nuvalent and holding positions at Forma Therapeutics/Novo Nordisk and Takeda. Notably, she has been involved in major acquisitions, including a $1.1 billion acquisition and a $5.2 billion acquisition of ARIAD. Climb Bio’s President and CEO, Aoife Brennan, highlighted Dr. Wilson’s track record and commercial acumen as valuable assets for the company’s growth. Dr. Wilson expressed enthusiasm for joining Climb Bio, citing the company’s strong financial position and promising pipeline, which includes budoprutug and CLYM116. These therapeutic candidates are being developed for immune-mediated diseases, with CLYM116 currently in IND-enabling studies. The company also noted forward-looking projections regarding the clinical development of its key assets, although these are subject to risks and uncertainties.

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