Cm7(b5)/Gb = Cm7b5/Gb Slash Chord on Guitar

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Slash chord, „[1]m7b5 over [b5]”. On the left side of the slash you can see a chord, on the right side the lowest tone (bass).

The [1]m7b5 chord consists of the tones [1] (1), [m3] (m3), [b5] (b5) and [7] (7). As you can see, the bass [b5] is part of the basic triad of the chord. The bass on the right of the slash does not necessarily be part of the chord symbol on the left, except the bass is part of the basic triad. In this case it wouldn't make any difference, since even without the flat 5th, the chord on the left would be written as [1]m7b5.

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You can find the [1]m7b5/[b5] chord in the same situations where a [b6]7/[b5] (=[b6]/[b5]) could be written respectively played. Let me explain: you can nearly always add a 9th to a dominant 7th chord. By moving the root of the [b6]7/[b5] two frets up to [7], you end up with the same chord shape as the [1]m7b5/[b5] chord. Thus, you may interpret the [1]m7b5/[b5] chord as [b6]9/[b5] that is played without its root [b6].

[m3]m6/[b5]: the [1]m7b5 chord consists of the same tones as a [m3]m6 chord. Thus, the [1]m7b5/[b5] can also be seen as [m3]m6/[b5] chord. In fact, you can play/write the [1]m7b5/[b5] in the same harmonic context where a [m3]m6 might be played/written. To make it even easier, you can see the [1], the 6th of the [m3]m6, as just a melody tone and write the [1]m7b5/[b5] as [m3]m/[b5].

Example progressions:
[b6]  [1]m7b5/[b5]  [4]m7  [7]m7b5/[b4]  [b6]/[m3]  [b2]/[m3]  [b6]
[b6]  [1]m7b5/[b5]  [b2]maj7/[4]  [7]m7b5/[b4]  [7]7/[4]  [b2]/[m3]  [b6]
[b6]  [1]m7/[5]  [1]m7b5/[b5]  [4]7alt*  [7]m7  [m3]7/[5]  [b5]/[b6]  [b6]9
[b5]6  [1]m7b5/[b5]  [m3]7/[5]  [1]m7/[5]  [b5]/[b6]  [b6]9  [b2]maj7
[6]m7  [1]m7b5/[b5]  [3]m/[5]  [3]m7

*) [4]7alt = altered dominant 7th chord, e.g. [4]7(b9), [4]7(#9), [4]7(b13)