Slide 1: R&D Spotlight: Budoprutug and the CD19 Opportunity
R&D Spotlight: Budoprutug and the CD19 Opportunity MAY 5, 2026 Exhibit 99.2
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation statements regarding: future expectations, plans and prospects for Climb Bio; expectations regarding the therape
Slide 3: Webcast Agenda
Webcast Agenda Corporate Strategy & Budoprutug Opportunity Aoife Brennan, M.B., Ch.B. President and CEO, Climb Bio CD19: A Key Driver of B-Cell Mediated Autoimmune Disease David Jayne, M.D. Professor of Clinical Autoimmunity at the University of Cambridge Director of the Vasculitis and Lupus Service
Slide 4: Developing differentiated mAb therapeutics for immune-mediated diseases
Developing differentiated, monoclonal antibody (mAb) therapeutics for immune-mediated diseases, including those affecting kidney health, with expansive commercial opportunities Leveraging clinically validated B cell targets, proven mAb modality, and indications with well-defined endpoints and establ
Slide 5: Pipeline of Highly Differentiated mAbs
Initial Global Ph1b data Q4 ‘26 FPI China Ph1b Q2 ‘26 Pipeline of Highly Differentiated mAbs Anticipating initial readouts from all ongoing trials in 2026 Budoprutug SC and CLYM116 Phase 1 trials conducted in healthy volunteers (HV). *Climb Bio has worldwide rights outside Greater China (defined as
Slide 6: CD19 mAb Targeting Remains a White Space
CD19 mAb Targeting Remains a White Space Low competitive intensity for an established modality translates into opportunity for budoprutug mAb = monoclonal antibody; TCEs = T cell engagers 1 ClinicalTrials.gov, April 2026; includes clinical stage programs and approved programs (inebilizumab) Budoprut
Slide 7: Opportunity for a CD19 B-Cell Depleting mAb is Significant
Opportunity for a CD19 B-Cell Depleting mAb is Significant Inebilizumab's commercial success in rare neurological diseases supports the viability of a CD19 mAb approach gMG = generalized myasthenia gravis, IgG4-RD = immunoglobulin G4-related disease, mAb = monoclonal antibody, NMOSD = neuromyelitis
Slide 8: Lead indications: pMN, ITP and SLE
EPIDEMIOLOGY (US) Progressive renal disease characterized by proteinuria, nephrotic syndrome and progressive loss of renal function5 No approved therapies Primary Membranous Nephropathy (pMN) ~75,000 patients1,2 Potential for long-term disease remission based on initial clinical data Fast Track Desi
Slide 9: Targeting CD19 in autoimmunity
Targeting CD19 in autoimmunity David Jayne, M.D. University of Cambridge, UK Disclosures: Consultancy or lecture fees from Abbvie, Alentis, Amgen, Astra-Zeneca, Climb Bio, CSL Vifor, Fate, GSK, Novartis and Otsuka, and grants from CSL Vifor, GSK, Roche/Genentech and UCB
Slide 10: Functions of B cells in autoimmunity
Functions of B cells in autoimmunity Develop into plasmablasts and plasma cells that generate pathogenic antibodies (e.g. pMN, ITP, SLE) Support T cell autoreactivity (e.g. RA, MS) Typically targeted by anti-CD20 monoclonal antibodies (e.g. rituximab, ocrelizumab) pMN = primary membranous nephropath
Slide 11: Limitations with targeting CD20
Failure to remove circulating autoantibodies Incomplete removal of tissue resident B cells SLE: anti-DNA antibodies after rituximab SLE: B cells in the kidney drive poor prognosis Catapano F et al, Nephrol Dial Transpl 2010. Chang et al, J Immunol 2011 Only partial efficacy and high relapse rate Lim
Slide 12: Why target CD19?
Why target CD19 ? CD19 promotes the growth, activation, proliferation, and signaling of B lymphocytes CD19+ cells play an important role in the pathogenesis of autoimmune disorders CD19 has a broad distribution within B cell and plasma cell development
Slide 13: Rationale for Use of CD19 Strategies
Zhang Z et al, Frontiers in Immunology (14) 2023 Rationale for Use of CD19 Strategies Unlike CD20, CD19 is expressed on pro-B cells, plasmablasts and many plasma cells
Slide 14: CD19 targets other pathogenic B cell subsets
CD19 targets other pathogenic B cell subsets “Double-Negative” (DN) B Cells precursors of autoantibody-secreting cells expanded in autoimmune diseases like SLE Defined by: CD19+ IgD- CD27-CXCR5- CD24lo Yuzi L et al, Clin Exp Immunol 2023
Slide 15: Other key roles of CD19 in pathogenesis
Suan D et al, J Immunol 2025 Other key roles of CD19 in pathogenesis Autoantibody-secreting surface Ig+ CD20− CD19+ CD38+ plasma cells in rituximab-refractory autoimmune patients Clinical remission of rituximab-refractory autoimmune disease induced by anti-CD19 chimeric antigen receptor T cells CD19
Slide 16: CD19 CAR-T in vasculitis: B and plasma cell depletion
Ioanna Minopoulou et al, Ann Rheum Dis 2024 CD19 CAR-T in vasculitis: B and plasma cell depletion Combined CD19 CD20 CD138 Before CAR T After CAR T B cell compartment
Slide 17: Tissue depletion with anti-CD20 monoclonals
Tissue depletion with anti-CD20 monoclonals Lymph node B cells after: Tur C et al, Ann Rheum Dis 2025 anti-CD19 CAR-T Post-CAR Rituximab Post-RTX Obinutuzumab Post-OBI HE CD19+
Slide 18: Conclusions
Conclusions Durable remissions are associated with a B cell reset and deep depletion of B cells and plasma cells Targeting CD19 rather than CD20 offers potential for more complete B cell depletion, which can potentially be achieved with a monoclonal antibody approach This is likely to be particularl
Slide 19: Budoprutug: A Differentiated CD19 mAb with Broad Autoimmune Potential
Budoprutug: A Differentiated CD19 mAb with Broad Autoimmune Potential
Slide 20: CD19 is Emerging as a Preferred Pan-B-Cell Target
CD19 is Emerging as a Preferred Pan-B-Cell Target CLP = common lymphoid progenitor, GC = germinal center, mAbs = monoclonal antibodies 1 Adapted from Suan J Immunol 2025, 2 Tur Annals Rheum Dis 2024 Broad B-cell expression profile with potential for achieving deeper and more durable B-cell depletion
Slide 21: Budoprutug is a Highly Potent, Fc-Enhanced Anti-CD19 mAb
Budoprutug is a Highly Potent, Fc-Enhanced Anti-CD19 mAb Designed for optimal biological activity, with potential for both IV and subcutaneous administration ADCC = antibody-dependent cellular cytotoxicity, IV = intravenous, mAb = monoclonal antibody, pM = picomolar 18 pM precisely-tuned, low-fucosy
Slide 22: Budoprutug Has the Potential to Deliver Deep B-Cell Depletion
Budoprutug Has the Potential to Deliver Deep B-Cell Depletion Budoprutug demonstrated depletion of tissue-resident B cells in a human CD19 transgenic mouse model Company data on file. huCD19 transgenic C57BL/6J mice treated with budoprutug IV or Vehicle IV QW x 4. B-cell measurements taken at sacrif
Slide 23: Clinical Proof-of-Concept in pMN Phase 1b
AEs = adverse events, DLTs = dose limiting toxicities, LLOD = lower limit of detection, PLA2R = phospholipase A2 receptor, pMN = primary membranous nephropathy, SAEs = serious adverse events, UPCR = urine protein creatinine ratio 1 Cortazar ASN 2024, 2 Cortazar ASN 2025; Phase 1b pMN: budoprutug (10
Slide 24: Developing Budoprutug Across Multiple Diseases
Developing Budoprutug Across Multiple Diseases Pursuing development in lead indications with high unmet need and clear B-cell driven pathology Primary Membranous Nephropathy (pMN) Progressive IgG4-mediated renal disease with clear pathophysiology support targeting of CD19-expressing B cells, with de
Slide 25: Living with primary membranous nephropathy
Seferiana Living with primary membranous nephropathy
Slide 26: pMN is a Progressive Renal Disease With Poor Outcomes
pMN is a Progressive Renal Disease With Poor Outcomes Patients with uncontrolled pMN suffer from kidney failure and other comorbidities pMN = primary membranous nephropathy 1 Adapted from Nazareth J Mang Care Spec Pharm 2019, 2 Adapted from Troyanov Kid Intl 2004 Goal is to induce complete remission
Slide 27: Clear Pathophysiology Supporting Targeting of CD19 in pMN
Clear Pathophysiology Supporting Targeting of CD19 in pMN Pathogenic antibodies are IgG4 isotype and are secreted by CD19+ B cells GBM = glomerular basement membrane, PLA2R = phospholipase A2 receptor, pMN = primary membranous nephropathy Adapted from Ronco Nature Rev Disease Primers 2021, MENTOR: F
Slide 28: Anti-PLA2R is a Predictive and Prognostic Biomarker in pMN
Anti-PLA2R is a Predictive and Prognostic Biomarker in pMN Immunologic recovery precedes proteinuria resolution; titer has been associated with long-term risk of disease progression Abs = antibodies, PLA2R = phospholipase A2 receptor, pMN = primary membranous nephropathy 1 Adapted from Lener KI 2021
Slide 29: No Approved Therapies for pMN, Unmet Need Remains High
No Approved Therapies for pMN, Unmet Need Remains High KDIGO Guideline recommends off-label use of rituximab or CNIs, but remission rates are low, highlighting the need for disease-modifying therapies that deliver complete remission of proteinuria Ab = antibody, eGFR = estimated glomerular filtratio
Slide 30: Large Addressable Patient Population in pMN
Large Addressable Patient Population in pMN Majority of patients who do not achieve spontaneous remission will require treatment to prevent risk of progressive loss of kidney function PLA2R = phospholipase A2 receptor, pMN = primary membranous nephropathy 1 McGrogan Nephrol Dial Transplant 2011; ~1
Slide 31: Budoprutug Has a Highly Competitive Profile in pMN
Budoprutug Has a Highly Competitive Profile in pMN High serologic remission (anti-PLA2R negativity) and complete clinical remission rates support a potentially strong and differentiated clinical profile IV = intravenous, PLA2R = phospholipase A2 receptor, pMN = primary membranous nephropathy, q6m =
Slide 32: PrisMN: Budoprutug Phase 2 pMN Study
PrisMN: Budoprutug Phase 2 pMN Study Global, open-label, dose escalation study enrolling patients with moderate to severe pMN NCT07096843 ACEi = angiotensin converting enzyme inhibitor, ARB = angiotensin receptor blocker, eGFR = estimated glomerular filtration rate, MN = membranous nephropathy, PLA2
Slide 33: PrisMN: Budoprutug Phase 2 pMN Study Endpoints
PrisMN: Budoprutug Phase 2 pMN Study Biomarker endpoints provide potential to rapidly identify a Phase 3 dose NCT07096843 eGFR = estimated glomerular filtration rate, Ig = immunoglobulin, IV = intravenous, LTFU = long term follow-up, PD = pharmacodynamic, PK = pharmacokinetic, PLA2R = phospholipase
Slide 34: Living with immune thrombocytopenia
John Living with immune thrombocytopenia
Slide 35: ITP is a Chronic Bleeding Disorder with Multiple Comorbidities
ITP is a Chronic Bleeding Disorder with Multiple Comorbidities Autoantibody-mediated disease characterized by low platelet counts, leading to bruising, bleeding episodes, hemorrhage, and fatigue ITP = immune thrombocytopenia , QoL = quality of life 1 Adapted from Cooper ‘Perceptions’ AJH 2020, 2 Mic
Slide 36: Anti-CD19 is a Potentially Disease Modifying Approach in ITP
Anti-CD19 is a Potentially Disease Modifying Approach in ITP Targeting CD19 has potential to eliminate pathogenic, autoantibody-producing B cells, which are a critical disease driver in ITP ITP = immune thrombocytopenia Adapted from Lopez Blood Reviews 2025 B cells secrete anti-platelet autoantibodi
Slide 37: Potential for Sustained Elimination of Pathogenic B Cells with CD19
Potential for Sustained Elimination of Pathogenic B Cells with CD19 Broader expression of CD19 across B cell lineage may overcome limitations of anti-CD20 therapies ITP = immune thrombocytopenia, mAbs = monoclonal antibodies 1 Adapted from Mahevas J Clin Invest 2013, 2 Crickx Kidney Intl 2020, 3 Luc
Slide 38: ITP Remains Poorly Controlled After Steroid Failure
ITP Remains Poorly Controlled After Steroid Failure Limited effective options, with a need for therapies that deliver durable platelet responses with improved safety and lower treatment burden ASH = American Society of Hematology, BID = twice daily, BTK = Bruton’s tyrosine kinase, ITP = immune throm
Slide 39: Significant Opportunity for a Disease Modifying Approach in ITP
Significant Opportunity for a Disease Modifying Approach in ITP Chronic ITP patients often cycle through multiple therapies to maintain platelet control ~80-85% Require Initial Therapy3,4 3L = third line, ITP = immune thrombocytopenia 1 Feudjo-Tepie 2008, 2 U.S. Census Estimates 2020-2025,3 Moulis H
Slide 40: Budoprutug Phase 1b/2a ITP Trial
Budoprutug Phase 1b/2a ITP Trial Multi-center, open-label, dose escalation study enrolling previously treated patients with ITP NCT07043946 ITP = immune thrombocytopenia Evaluation of 3 doses, ranging from 250-1000 mg 500 mg, n=9 1000 mg, n=9 250 mg, n=6 OPEN-LABEL, DOSE ESCALATION STUDY Up to 9 pat
Slide 41: Budoprutug Phase 1b/2a ITP Trial Design
Budoprutug Phase 1b/2a ITP Trial Designed to define dose and establish depth and duration of B-cell depletion and platelet response NCT07043946 ITP = immune thrombocytopenia, IV = intravenous, LTFU = long term follow-up Primary Objective Safety and tolerability Secondary Objectives Pharmacokinetic p
Slide 42: Living with systemic lupus erythematosus
Marisa Living with systemic lupus erythematosus
Slide 43: Strong Rationale for Anti-CD19 mAb in SLE
Strong Rationale for Anti-CD19 mAb in SLE CD19 mAb approach could provide optimal profile of disease control, safety, and broad patient accessibility BAFF = B-cell activating factor, CAR = chimeric antigen receptor, CRS = cytokine release syndrome; ICANS = immune effector cell associated neurotoxici
Slide 44: Parallel Global and China SLE Studies
Parallel Global and China SLE Studies Designed to assess B-cell depletion and kinetics of re-repopulation of B-cell subsets Global study: NCT07011043 China study: NCT07564596 FPI = first patient in, IV = intravenous, LTFU = long term follow-up, SLE = systemic lupus erythematosus, SLEDAI = SLE diseas
Slide 45: Budoprutug – Subcutaneous (SC) Formulation
Budoprutug – Subcutaneous (SC) Formulation
Slide 46: Budoprutug SC Formulation Phase 1 Trial Completed
Budoprutug SC Formulation Phase 1 Trial Completed NCT07090655 HV = healthy volunteers, IV = intravenous, SC = subcutaneous Follow-up continued for subjects whose B cell count was not above 50% of baseline or above lower limit of normal by week 8 Day 1 = Budoprutug SC or IV, Day 1 INPATIENT Week 8 Da
Slide 47: Robust B-cell Depletion Observed with Budoprutug SC in HV
AUC = area under the curve, HV = healthy volunteers, IV = intravenous, SC = subcutaneous Company data on file Budoprutug SC administration demonstrated ~80% B-cell depletion; similar magnitude and time course of depletion between SC and IV Robust B-cell Depletion Observed with Budoprutug SC in HV Bu
Slide 48: Budoprutug SC: Future Direction
Budoprutug SC: Future Direction Data in NHPs and healthy volunteers support continued development of SC formulation, with plans to advance to a study in patients to confirm dose and regimen PD = pharmacodynamic, NHPs = nonhuman primates, SC = subcutaneous Healthy Volunteers (low dose) Next Steps Non
Slide 49: Laying the Foundation for Budoprutug's Long-Term Potential
Dose pMN ITP GL SLE CH SLE 10 mg 30 mg 100 mg 200 mg 250 mg 300 mg 500 mg 600 mg 1000 mg ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ Laying the Foundation for Budoprutug’s Long-Term Potential Emerging data will further inform safety and the ability to achieve deep B-cell depletion, the optimal dose in renal and non-renal i
Slide 50: Budoprutug: A Differentiated CD19 mAb
ITP = immune thrombocytopenia; mAb = monoclonal antibody, pMN = primary membranous nephropathy, SLE = systemic lupus erythematosus Meaningful Near-Term Milestones Upcoming data expected to define dose, durability, and clinical profile for budoprutug Market White Space CD19 monoclonal antibodies rema
Slide 51: Q&A Session
Q&A Session Aoife Brennan, M.B., Ch.B. President and CEO, Climb Bio David Jayne, M.D. Professor, University of Cambridge Edgar Charles, M.D. Chief Medical Officer, Climb Bio Perrin Wilson, Ph.D. Chief Business Officer, Climb Bio Susan Altschuller, Ph.D., MBA Chief Financial Officer, Climb Bio