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Jun 30, 2020
Corbus Pharmaceuticals Q2 2020 Earnings Report
Reported a net loss for the second quarter of 2020, decreased revenue, and increased operating expenses.
Key Takeaways
Corbus Pharmaceuticals reported a net loss of $38.1 million for Q2 2020, with revenue decreasing by $28.8 million to $0.3 million due to the absence of a licensing payment from Kaken Pharmaceuticals that was present in Q2 2019. Operating expenses increased by $11.0 million to $38.4 million. The company expects its cash and cash equivalents on hand of approximately $101 million at July 28, 2020 to fund operations into the third quarter of 2021.
Reported a net loss of $38.1 million, or $0.52 per diluted share, for the quarter ended June 30, 2020.
Revenue decreased by $28.8 million to $0.3 million compared to the same period in 2019.
Operating expenses increased by $11.0 million to $38.4 million for the quarter ended June 30, 2020.
Received $71 million in gross proceeds from its at-the-market offering and entered a $50 million debt financing facility with K2 HealthVentures.
Corbus Pharmaceuticals
Corbus Pharmaceuticals
Forward Guidance
Corbus expects its cash and cash equivalents on hand of approximately $101 million at July 28, 2020 to fund operations into the third quarter of 2021.