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Sep 30, 2022
Corbus Pharmaceuticals Q3 2022 Earnings Report
Corbus Pharmaceuticals reported financial results for the third quarter of 2022 and provided a corporate update.
Key Takeaways
Corbus Pharmaceuticals reported a net loss of approximately $8.8 million, or a net loss per diluted share of $0.07, for the three months ended September 30, 2022. The company's cash and investments on hand of $67 million is expected to fund operations through the second quarter of 2024.
Latest pre-clinical data for CRB-601 monotherapy and in combination with anti-PD1 therapy to be presented this Thursday at SITC 2022
IND submission for CRB-601 is on track for mid-2023
Expanding oncology pipeline through strategic transactions remains key priority
Cash and investments on hand of $67 million funds operations through the second quarter of 2024
Corbus Pharmaceuticals
Corbus Pharmaceuticals
Forward Guidance
Corbus Pharmaceuticals is progressing CRB-601 toward the clinic on schedule and on budget and is actively engaged in business development activities with the goal of expanding their pipeline while also bringing in non-dilutive funding by monetizing their portfolio of endocannabinoid assets through new partnerships.
Positive Outlook
- CRB-601 demonstrates an enhancement of anti-tumor activity when combined with anti PD-1 therapy compared to either single agent alone.
- Blockade of latent TGFb production by CRB-601 can lead to changes in immune cell infiltration in the tumor microenvironment, potentially enhancing the benefit of PD-1 blockade.
- IND-enabling activities for CRB-601 are ongoing and the program is on schedule for an IND submission in mid-2023.
- CRB-913 has demonstrated weight loss and improvement in multiple metabolic parameters, as monotherapy and in combination within liraglutide, semaglutide and tirzepatide in animal models of diet-induced obesity.
- The Company amended its debt agreement with K2 HealthVentures LLC to defer commencement of principal payments by one year until September 2023 which improved the Company’s liquidity and cash runway.
Challenges Ahead
- Reported a net loss of approximately $8.8 million for the three months ended September 30, 2022
- Net loss per diluted share of $0.07 for the three months ended September 30, 2022
- The prior year third quarter included a $12.3 million refundable tax credit received from a foreign tax authority.
- Operating expenses for Q3 2022 decreased by $5.8 million to approximately $8.2 million for the three months ended September 30, 2022, compared to $14.0 million in the comparable period in the prior year.
- The decrease was primarily attributable to decreased clinical trial and drug manufacturing costs, and an overall reduction in compensation expense.