SCHEDULE: HBM Healthcare Investments Exercises Warrants

HBM Healthcare Investments formally notified Chemomab Therapeutics Ltd. of its election to exercise pre-funded warrants, fulfilling obligations under a Shareholder Support Agreement.

Summary

• HBM Healthcare Investments (Cayman) Ltd. (HBM) has filed an amendment to its Schedule 13D, reporting its beneficial ownership of Chemomab Therapeutics Ltd. (Chemomab) ordinary shares.
• HBM owns American Depositary Shares (ADSs), with each ADS representing 80 ordinary shares.
• As of the filing date, HBM beneficially owns 80,971,680 ordinary shares, representing 12.5% of the class.
• On September 7, 2026, HBM exercised its pre-funded warrants to meet its voting obligations under a Shareholder Support Agreement.
• The voting and investment power over the shares represented by ADSs is exercised by the board of directors of HBM Healthcare Investments (Cayman) Ltd.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a neutral to slightly positive filing, primarily due to the exercise of pre-funded warrants and the fulfillment of voting obligations, indicating continued engagement and commitment from HBM Healthcare Investments.

Positives

• HBM Healthcare Investments has exercised its pre-funded warrants, demonstrating commitment to its investment in Chemomab Therapeutics.
• The exercise of warrants fulfills HBM's voting obligations under a Shareholder Support Agreement, indicating adherence to prior commitments.
• HBM continues to hold a significant stake of 12.5% in Chemomab Therapeutics, represented by 80,971,680 ordinary shares.

Negatives

• The filing does not contain any new financial results or operational updates for Chemomab Therapeutics, focusing solely on HBM's ownership and warrant exercise.
• No specific details are provided regarding the terms or implications of the Shareholder Support Agreement beyond the fulfillment of voting obligations.

Risks

• The filing does not explicitly detail new risks, but the reliance on a Shareholder Support Agreement implies potential governance or strategic alignment risks if the agreement's terms are not met or evolve.
• Concentration of voting power within HBM's board of directors could lead to governance concerns if not managed transparently.

Future Outlook

The filing does not provide forward-looking statements or guidance for Chemomab Therapeutics. It solely addresses HBM's actions regarding its investment and voting obligations.

Management Comments

• Voting and investment power over the Ordinary Shares represented by the ADSs held by HBM Healthcare Investments (Cayman) Ltd. is exercised by the board of directors of HBM Healthcare Investments (Cayman) Ltd. (the "Board").
• The Board consists of Jean-Marc LeSieur, Richard H. Coles, Sophia Harris, Dr. Andreas Wicki, Mark Kronenfeld, M.D., and Richard Paul Woodhouse, none of whom has individual voting or investment power with respect to the Ordinary Shares represented by ADSs.

Industry Context

StockSavvy.ai notes that the exercise of pre-funded warrants and adherence to shareholder support agreements are common mechanisms for significant investors to solidify their influence and voting rights, particularly in biotechnology or growth-stage companies like Chemomab Therapeutics.

Stakeholder Impact

• Shareholders: The exercise of warrants and fulfillment of voting obligations by a significant holder like HBM may influence corporate governance and strategic decisions, potentially impacting shareholder value.
• Management: HBM's continued engagement through its board's oversight suggests an active role in the company's direction.

Next Steps

• HBM will continue to exercise voting and investment power through its board of directors.
• The implications of the Shareholder Support Agreement will continue to guide HBM's actions regarding its voting obligations.

Key Dates

Keywords

Chemomab Therapeutics, HBM Healthcare Investments, Schedule 13D, Warrants, Shareholder Support Agreement, Beneficial Ownership, ADSs, Ordinary Shares