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Mar 31, 2020
Corbus Pharmaceuticals Q1 2020 Earnings Report
Reported financial results for the first quarter of 2020 and provided clinical and corporate updates.
Key Takeaways
Corbus Pharmaceuticals reported a net loss of $29.657 million, or $0.43 per diluted share, for the quarter ended March 31, 2020. Revenue decreased by $0.1 million to $1.8 million. The company completed a public offering in February 2020 that raised approximately $43 million in net proceeds and ended the quarter with approximately $46.6 million in cash and cash equivalents.
Implemented a comprehensive mitigation and monitoring COVID-19 plan to help ensure the integrity of clinical programs.
Reiterated expectation of topline data for RESOLVE-1 this summer, followed by Phase 2b study results in cystic fibrosis.
Other programs remain on track, with focused emphasis on preparations for potential lenabasum NDA submission, FDA approval and commercial launch.
Organization is functioning well with remote working practices.