Chemomab Therapeutics Ltd. reported its financial results for the first quarter of 2025. The company experienced a net loss of $3.3 million, which is a slight improvement compared to the net loss of $3.9 million recorded in the same period of 2024. The net loss per basic and diluted ordinary share remained less than $0.01 for both quarters. The company's cash position stood at $10.6 million as of March 31, 2025, down from $14.3 million at the end of 2024. This cash reserve is projected to support the company's operations until the second quarter of 2026. Research and development expenses decreased to $2.5 million in the first quarter of 2025 from $3.1 million in the first quarter of 2024, primarily due to the reduction in activities related to the Phase 2 SPRING trial. Conversely, general and administrative expenses increased to $1.0 million from $0.9 million in the previous year, mainly due to higher share-based expenses. In terms of business operations, Chemomab announced significant progress in its nebokitug program for the treatment of primary sclerosing cholangitis $(PSC.AU)$. The company reported positive 48-week data from the SPRING trial, showing improvements in key biomarkers of liver injury, inflammation, and fibrosis. Additionally, Chemomab has aligned with the FDA on a regulatory pathway for nebokitug, potentially advancing it to Phase 3 trials and positioning it as a candidate for FDA approval. The company is also exploring multiple partnering options to support the execution of the nebokitug program.