Corbus Pharmaceuticals Holdings, Inc. Quarterly Report on Form 10-Q for the Quarter Ended March 31, 2024
Corbus Pharmaceuticals Holdings, Inc. Quarterly Report on Form 10-Q for the Quarter Ended March 31, 2024
Corbus Pharmaceuticals Holdings, Inc. has reported a financial update for the quarter ended March 31, 2024. The company’s financial statements include condensed consolidated balance sheets, statements of operations and comprehensive loss, stockholders’ equity, and cash flows. The report also covers management’s discussion and analysis of financial condition and results of operations, quantitative and qualitative disclosures about market risk, controls and procedures, legal proceedings, risk factors, unregistered sales of equity securities, defaults on senior securities, mine safety disclosures, and other information.
Overview
Corbus Pharmaceuticals is a precision oncology company focused on developing drugs targeting solid tumors. The pipeline includes:
CRB-701, a next-generation antibody drug conjugate licensed from CSPC that targets Nectin-4. A phase 1 trial in China showed CRB-701 was well-tolerated and had a 43% overall response rate. A US phase 1 trial started in April 2024.
CRB-601, an anti-TGFβ antibody that showed enhanced efficacy combined with a PD-1 inhibitor in preclinical studies. The FDA cleared an IND in January 2024 for a phase 1 trial starting in summer 2024.
CRB-913, a peripheral CB1 inverse agonist for obesity. Preclinical data showed weight loss and metabolic improvements alone and combined with GLP-1 analogs. A phase 1 trial is expected to start in Q1 2025.
Recent Developments
Regained compliance with Nasdaq minimum stockholders’ equity rule in February 2024 after actions including an at-the-market offering that raised $21 million.
Completed a public offering in February 2024 raising $94.5 million in gross proceeds.
Filed a new $150 million at-the-market offering facility in March 2024.
$1.1 million of debt was converted into equity in March 2024.
Financial Operations
No product revenue to date. Net losses were $6.9 million in Q1 2024 and $17.7 million in Q1 2023.
Expenses expected to decline in 2024 after upfront CRB-701 license payment in 2023. Significant spending still required for clinical programs.
$120.8 million in cash, cash equivalents and investments at March 31, 2024 provides runway into Q1 2027 based on current operating plan. Further funding will be needed to continue operations.
Results of Operations
| Q1 2024 | Q1 2023 | Change | |
|---|---|---|---|
| R&D Expenses | $5.8 million | $13.4 million | Decreased by $7.6 million due to lower CRB-701 and CRB-601 licensing costs |
| G&A Expenses | $3.9 million | $3.9 million | Decreased by $0.05 million |
| Other Income | $2.7 million | $(0.4) million | Increased by $3.2 million primarily due to R&D tax credits |
Liquidity and Capital Resources
- $120.8 million in cash, cash equivalents and investments provides runway into Q1 2027 based on current operating plan
- Further funding needed to continue clinical programs and operations
- Funding may not be available when needed or on acceptable terms
Conclusion
Corbus made significant progress advancing its pipeline in 2023 after licensing CRB-701 and filing an IND for CRB-601. Key upcoming milestones are phase 1 data for CRB-701 and starting the CRB-601 trial. The company is well-funded into 2027 but will require further financing to continue operations. Execution of the clinical programs and raising additional capital are key priorities.