CohBar, Inc. (CWBR): History, Ownership, Mission, How It Works & Makes Money

When you look at CohBar, Inc. (CWBR), a company once pioneering mitochondria-based therapeutics, do you see a biotech phoenix or a cautionary tale of R&D burn rate? The reality today is stark: this entity, now trading on the over-the-counter market, carries a market capitalization of just $1.19 million with trailing twelve-month revenue of $0, reflecting its strategic shifts and operational cessation in late 2023. Understanding the journey from its founding mission to its current financial structure-where its net loss was still a staggering -$12.55 million in the most recent reporting period-is defintely crucial for any investor navigating the high-risk, high-reward world of clinical-stage pharmaceuticals.

CohBar, Inc. (CWBR) History

CohBar, Inc.'s journey is a classic biotech story of a scientific breakthrough pivoting sharply in the face of clinical and financial realities. The company started with a novel focus on mitochondrial-derived peptides (MDPs) for age-related diseases but fundamentally transformed its identity in 2024, shifting entirely to personalized cancer immunotherapy.

This pivot culminated in the entity that was CohBar, Inc. becoming the shell for the oncology-focused business, with a new corporate name and ticker symbol expected to reflect this change in 2025. You really need to understand this history to grasp the current risk profile of the stock, which is now a clinical-stage oncology play.

Given Company's Founding Timeline

Year established

CohBar was established in 2007, originating from foundational research into the therapeutic potential of the mitochondrial genome.

Original location

The company was initially based on research from the University of Southern California and the Albert Einstein College of Medicine, later establishing its first headquarters in Menlo Park, California.

Founding team members

The company was co-founded by pioneers in aging and metabolic disease research, based on their discovery of Mitochondrial Derived Peptides (MDPs):

• Dr. Pinchas Cohen
• Dr. Nir Barzilai
• Dr. John Amatruda
• David Sinclair

Initial capital/funding

Early funding was secured through foundational research grants and initial seed investments to translate the MDP discoveries into drug candidates. CohBar, Inc. later raised a total funding of approximately $1.45 million over five rounds before its initial public offering.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The single most transformative decision was the 2024 merger with Morphogenesis Inc. This wasn't a slight adjustment; it was a total strategic pivot driven by the challenges in advancing the original MDP pipeline and the perceived higher value of the acquired oncology assets.

Honest to goodness, the old company is gone. The new entity, operating under the CohBar, Inc. shell before the name change, is a high-risk, high-reward clinical-stage firm focused solely on oncology.

Here's the quick math on the financial reality of the transition: In the first quarter of 2024, the company reported a net loss of $4.0 million, with approximately $1.8 million spent on research and development under the new structure. This cash burn rate is the real limit on its near-term runway, making the successful execution of clinical trials and securing future funding absolutely critical.

The immediate action for investors is to stop thinking about the original CohBar, Inc. and start analyzing the new business, which you can do by reading Exploring CohBar, Inc. (CWBR) Investor Profile: Who's Buying and Why? The new focus is on advancing the lead asset, IFx-Hu2.0, in cancer immunotherapy.

CohBar, Inc. (CWBR) Ownership Structure

The ownership structure of CohBar, Inc. (CWBR) is currently defined by a reverse merger that fundamentally transformed the company, which now operates as TuHURA Biosciences, Inc. (NASDAQ: HURA). The entity is a publicly traded, clinical-stage biotechnology company, but the ownership is highly concentrated, with insiders holding a significant majority of the shares.

This structure means strategic decisions are defintely driven by a tight-knit group of insiders and major pre-merger stakeholders, so understanding their interests is crucial for any investor. You can dive deeper into the major players and their motivations here: Exploring CohBar, Inc. (CWBR) Investor Profile: Who's Buying and Why?

Given Company's Current Status

CohBar, Inc. (CWBR) completed a merger with Morphogenesis, Inc. in late 2023, with the combined entity rebranding as TuHURA Biosciences, Inc. and trading under the ticker HURA on the NASDAQ Capital Market. The original CohBar shareholders retained approximately 15% of the combined company, with the former Morphogenesis shareholders controlling the remaining 85%. This was a strategic pivot, shifting the company's focus from mitochondrial-based therapeutics to a Phase 3 immuno-oncology pipeline.

As of November 2025, the company's market capitalization stands at approximately $124.12 million, with about 50.05 million shares outstanding. The high concentration of ownership among insiders is a key feature of this new structure, which is typical for a clinical-stage biotech firm where success hinges on a few major drug candidates like IFx-2.0.

Given Company's Ownership Breakdown

The ownership breakdown for TuHURA Biosciences, Inc. (HURA), the successor to CohBar, Inc. (CWBR), shows a clear concentration of control in the hands of insiders, which is a strong signal of vested interest in the clinical pipeline's success. Here's the quick math on who holds the equity:

Given Company's Leadership

The leadership team is primarily drawn from the former Morphogenesis, Inc. management, reflecting the strategic and financial control gained by that entity in the reverse merger. This team is focused on advancing the lead immuno-oncology candidate, IFx-2.0, through its Phase 3 pivotal trial.

The key executive and board members steering TuHURA Biosciences, Inc. as of November 2025 include:

• James Bianco, M.D.: President and Chief Executive Officer (CEO). Dr. Bianco is a 30-year biopharmaceutical veteran, providing deep experience in drug development and regulatory approval.
• Dan Dearborn, CPA: Executive Vice President of Finance and Chief Financial Officer (CFO).
• Bertrand Le Bourdonnec, Ph.D.: Executive Vice President, Head of Drug Discovery, Early Development, and Program Management.
• Michael Turner, Ph.D.: Vice President of Immunology, appointed in November 2025, bolstering the team's oncology expertise.
• James S. Manuso: Independent Chairman of the Board.

The management compensation for the CEO, James Bianco, M.D., is notable at approximately $6.02 million, which is substantially higher than the market average for companies of a similar size, but it reflects the high-stakes nature of leading a Phase 3 biotech company.

CohBar, Inc. (CWBR) Mission and Values

The mission of CohBar, Inc. has fundamentally shifted following its strategic merger, moving from a broad focus on age-related diseases to a high-stakes, targeted effort in oncology. This transition reflects a core purpose that prioritizes scientific discovery and clinical execution over immediate profitability, a common trait in early-stage biotech.

Given Company's Core Purpose

Before its corporate restructuring in 2024, CohBar's core purpose was to translate novel mitochondrial science-specifically, Mitochondrial Derived Peptides (MDPs)-into therapeutic candidates. The current purpose, however, is laser-focused on advancing its lead asset, IFx-Hu2.0, a personalized cancer vaccine, through clinical trials to address unmet needs in specific cancer types.

This is a high-risk, high-reward model. The company's market capitalization is a modest $1.19 million as of early 2025, and its Return on Equity (ROE) sits at a challenging -83.97%, which defintely underscores the capital-intensive nature of its mission.

Official mission statement

A formally published mission statement for the post-merger CohBar, Inc. is not widely available, but its consistent strategic focus strongly implies a mission centered on clinical execution in immuno-oncology. The legacy mission, which still informs its foundational science, was clear:

• Develop novel mitochondria-based therapeutics to treat chronic and age-related diseases.
• Translate the therapeutic potential of Mitochondrial Derived Peptides into viable drug candidates.

Here's the quick math on the cost of this mission: The company spent approximately $1.8 million on research and development in the first quarter of 2024 alone, showing where the resources-and the mission-are truly concentrated. You can explore the foundational elements guiding its path further at Mission Statement, Vision, & Core Values of CohBar, Inc. (CWBR).

Vision statement

The company's vision has also evolved. The legacy long-term aspiration was ambitious: To unlock the therapeutic potential of mitochondrial biology to extend healthy lifespan. The current, more pragmatic vision aligns with its new oncology focus:

• Validate the IFx platform technology through successful clinical trials.
• Establish a differentiated immunotherapy approach for cancer treatment.
• Secure a strategic partnership or acquisition to fund late-stage development and commercialization.

This vision is being pursued by a very lean team-the company reported an employee count of just 10, as of early 2025. That's a small group carrying a massive clinical-stage burden.

Given Company slogan/tagline

CohBar, Inc. did not prominently feature a specific company-wide slogan in its public communications during its later operational period. Its identity has always been more closely tied to its scientific platform and lead drug candidates than to a marketing tagline. The science is the slogan, so to speak.

CohBar, Inc. (CWBR) How It Works

CohBar, Inc. (CWBR) has fundamentally pivoted its operations following a strategic merger in late 2023, shifting its focus entirely from mitochondria-based therapeutics to a clinical-stage immuno-oncology platform. The company now works by advancing a personalized cancer vaccine technology, IFx-Hu2.0, through pivotal clinical trials to address significant unmet needs in the treatment of advanced cancers, particularly those resistant to standard immune checkpoint inhibitors.

CohBar, Inc.'s Product/Service Portfolio

CohBar, Inc.'s Operational Framework

The company's operational framework is now a lean, clinical-execution model centered on advancing its lead oncology candidate, IFx-Hu2.0, through the regulatory pathway. This is a high-risk, high-reward biotech model where value creation is tied directly to clinical milestones, not product sales.

• Clinical Execution: The core process is managing the Phase 3 accelerated approval trial for IFx-Hu2.0, which, as of June 2025, was cleared to proceed with site activation and initiation following the FDA's removal of a manufacturing-related partial clinical hold.
• Funding Mechanism: Operations are funded primarily through equity financing and strategic private placements, as the company has no product revenue. Achieving the partial clinical hold removal in June 2025 was a crucial milestone, triggering the payment of an additional $2.23 million tranche from a private placement (PIPE) financing.
• Resource Allocation: The focus is on Research and Development (R&D) and general administrative costs. For context, in the first quarter of 2024, the company reported spending approximately $1.8 million on R&D, contributing to a net loss of $4.0 million for that period.
• Lean Structure: The combined entity operates with a very small team, reporting an employee count of only 10 in early 2025.

The entire operation is a race against the clock to hit a clinical endpoint before cash runs out. You can read more about the strategic realignment here: Mission Statement, Vision, & Core Values of CohBar, Inc. (CWBR).

CohBar, Inc.'s Strategic Advantages

CohBar, Inc.'s market success hinges on the novelty and clinical traction of the acquired Morphogenesis technology, which is its sole strategic asset. The company is defintely a pure-play bet on this platform.

• Differentiated Mechanism of Action: IFx-Hu2.0, an in situ (in place) cancer vaccine, is designed to overcome primary resistance to immune checkpoint inhibitors (ICIs) by 'immune priming,' a significant hurdle in current immuno-oncology.
• Advanced Clinical Stage: The lead asset is in a pivotal Phase 3 trial for Merkel Cell Carcinoma (MCC), which is a relatively late-stage position that offers a potential path to accelerated approval, significantly shortening the time to market compared to preclinical or Phase 1 assets.
• FDA Special Protocol Assessment (SPA): The Phase 3 trial is being conducted under an SPA Agreement with the FDA, which provides a formal agreement on the trial design, endpoints, and statistical analysis, reducing regulatory risk and providing a clearer path to approval if the trial is successful.
• Intellectual Property (IP) Portfolio: The company holds an IP portfolio protecting the Immune Fx (IFx) platform and its TME Modulator technologies, providing a barrier to entry in the niche of personalized cancer vaccines and tumor microenvironment modulation.

Here's the quick math: with a market capitalization of only approximately $1.19 million in early 2025, the stock valuation is almost entirely a reflection of the risk-adjusted value of the IFx-Hu2.0 pipeline, not current revenue or physical assets. Finance: monitor the cash burn rate against the next clinical data readout date.

CohBar, Inc. (CWBR) How It Makes Money

CohBar, Inc., which is expected to be renamed TuHURA Biosciences, Inc. following its strategic merger, does not generate revenue from the sale of commercial products. As a clinical-stage biotechnology company focused on developing novel oncology therapeutics like IFx-Hu2.0, its financial engine is powered entirely by capital raises, such as equity financing and warrants, which fund its research and development (R&D) pipeline. Success is a binary event: clinical trial success leads to massive valuation growth, and failure necessitates more dilution or a strategic shift.

CohBar, Inc.'s Revenue Breakdown

For a company at this stage, the term 'revenue' is misleading, as it refers to operational income. The company's true financial lifeline is its ability to raise capital. Based on the 2025 fiscal year financial fundamentals, the company's reported revenue from core operations is $0. The table below reflects the sources of funds that support the business, which is the functional equivalent of revenue for a pre-commercial biotech.

Business Economics

The core economics of CohBar, Inc. are defined by a high cash burn rate and a single, massive cost center: Research and Development. This is a classic 'valley of death' model, where the company must raise enough capital to cross the chasm from clinical trials to commercialization or a lucrative partnership.

• R&D Intensity: The business is a pure R&D play. For example, the company spent $1.8 million on research and development in the first quarter of 2024 under its new structure, which is the primary driver of cash outflow.
• Pricing Strategy: There is no current product pricing strategy. The future pricing of its lead asset, IFx-Hu2.0, will be determined by the oncology market landscape, the severity of the diseases it treats (e.g., advanced Merkel Cell Carcinoma), and the therapeutic benefit demonstrated in Phase 3 trials.
• Capital Infusion: The company's survival hinges on its ability to secure funding. The $15 million Initial Financing secured just before the merger is a concrete example of the capital required to keep the lights on and the trials running. This is how the company defintely makes money.
• Dilution Risk: Every capital raise, especially through equity offerings, increases the number of outstanding shares, which dilutes the ownership stake and earnings per share for existing shareholders.

You need to view this as an option on a future drug, not a traditional operating business. You can dive deeper into the strategic direction here: Mission Statement, Vision, & Core Values of CohBar, Inc. (CWBR).

CohBar, Inc.'s Financial Performance

The company's financial performance metrics are focused on cash runway and burn rate, not profitability, as of November 2025. The numbers clearly reflect a company in the capital-intensive development stage.

• Total Revenue: The trailing twelve months (TTM) revenue is $0, consistent with a pre-commercial biotech.
• Net Loss: The TTM net income (or loss) is -$12.55 million, indicating the significant cost of maintaining the R&D pipeline and general operations without product sales.
• Market Valuation: As of April 22, 2025, CohBar, Inc.'s market capitalization was only $1.192 million. Here's the quick math: a tiny market cap for a Nasdaq-listed entity highlights the extreme risk and uncertainty tied to its clinical pipeline.
• Liquidity: The company's liquidity is a key metric. While older data shows a strong current ratio (e.g., 15.69 TTM), this reflects the cash from recent financing rounds relative to short-term liabilities, and the cash is quickly consumed by R&D expenses.
• Employee Efficiency: The TTM Profits Per Employee is approximately -$1.27 million (based on a 10-employee count and a TTM Net Loss of -$12.55 million), underscoring that every employee is an investment in future product value, not current profit generation.

CohBar, Inc. (CWBR) Market Position & Future Outlook

CohBar, Inc. (CWBR) has completely pivoted its strategy following the 2023 merger with Morphogenesis, Inc., shifting from mitochondrial therapeutics to a high-risk, high-potential focus on personalized cancer immunotherapy. The company's future hinges entirely on the clinical success of its lead candidate, the personalized cancer vaccine IFx-Hu2.0, positioning it as a clinical-stage oncology firm rather than a commercial entity with current market share.

With a market capitalization of approximately $1.19 million as of November 2025, the company's valuation reflects its pre-revenue status and the inherent risk of its single-asset pipeline, but the personalized cancer vaccine market is projected to reach over $272.1 million in 2025 alone, showing the massive potential if IFx-Hu2.0 succeeds. The company is defintely playing an all-or-nothing game right now.

Competitive Landscape

While CohBar, Inc. operates in the massive global Immuno-oncology market, which is projected to reach $106.92 billion in 2025, its direct competition lies within the emerging, high-growth personalized cancer vaccine segment. Since CohBar, Inc. has no approved products, its market share from product sales is 0%.

Opportunities & Challenges

The company's strategic initiatives for late 2025 and beyond are laser-focused on clinical execution and financial stability, especially after reporting a net loss of $4.0 million in the first quarter of 2024 under the new structure, with R&D expenses around $1.8 million for that period. That cash burn is the real-world constraint.

Industry Position

CohBar, Inc.'s industry standing is that of a small, high-leverage clinical-stage biotechnology company. It does not compete on revenue or market share, but on the potential of its technology. It's a technology-driven play in the immuno-oncology space.

• Technology Differentiator: The company's core value is the IFx platform, a personalized cancer vaccine technology that aims to generate robust anti-tumor immune responses, a unique approach in the field.
• Financial Footing: Its market cap of $1.19 million and OTC listing place it firmly in the micro-cap, high-risk category, far removed from the multi-billion-dollar valuations of its competitors.
• Strategic Focus: The shift to oncology is a move toward the highest-value segment of the biotech market, aiming to address significant unmet needs in cancer treatment. You can find more detail on their new direction here: Mission Statement, Vision, & Core Values of CohBar, Inc. (CWBR).
• Pipeline Status: The company is pre-commercial, meaning its entire valuation is based on the probability of success for IFx-Hu2.0, which is still in early-to-mid-stage clinical development.

The ultimate measure of its position will be the data readout from the IFx-Hu2.0 trials; good data means a massive re-rating, bad data means liquidation. It's that simple.