On December 11, 2025, Climb Bio, Inc. (CLYM) entered into an exchange agreement with RA Capital Management, L.P. and an affiliated entity. The 8-K filing disclosed the exchange of 20,440,000 shares of common stock for a pre-funded warrant to purchase an equal number of shares.

The agreement, signed by Climb Bio CEO Aoife Brennan and RA Capital Managing Partner Rajeev Shah, was expected to close on the same date. According to Exhibit 10.1, the exchange is subject to standard adjustments for stock splits and recapitalizations.

Exhibit 4.1 details the form of the pre-funded warrant, which carries a nominal exercise price of $0.0001 per share. The warrant is exercisable at any time after issuance, according to the filing.