Chemomab merging into Scipher in a $150M deal with $30M PIPE — surviving to close is the only question that matters now

Chemomab is a clinical-stage company developing a treatment for primary sclerosing cholangitis, a rare progressive liver disease, which is not yet approved.

Chemomab, built around nebokitug, a CCL24 antibody for primary sclerosing cholangitis, a rare progressive liver disease with no approved therapy, is effectively a shell pending merger with Scipher Medicine. The combined entity's value rests on whether the $150M all-stock deal closes and the $30M PIPE funds — with only $7M in cash and a Q4 2026 runway, pre-close insolvency is the central risk. The RA precision-medicine pivot using Scipher's PrismRA platform is entirely unproven, with Phase 2 readout not expected until H1 2028.