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Sep 30, 2023
Corbus Pharmaceuticals Q3 2023 Earnings Report
Corbus Pharmaceuticals reported financial results for the third quarter of 2023 and provided a corporate update.
Key Takeaways
Corbus Pharmaceuticals reported a net loss of $10.1 million for the third quarter of 2023, compared to a net loss of $8.8 million for the same period in 2022. Operating expenses increased to $9.5 million, primarily due to manufacturing costs for CRB-601 clinical trial material.
Data from dose escalation study for CRB-701 is on track for release in early 2024, along with the start of U.S./EU study.
IND submission for CRB-601 is on track for Q4 2023.
Pre-clinical data for CRB-913 was published in Obesity and presented at Obesity Week.
Phase 1 clinical trial with CRB-701 targeting Nectin-4 positive solid tumors is recruiting dose level 6 and is ongoing in China.
Forward Guidance
Corbus Pharmaceuticals is focused on advancing its pipeline of precision oncology therapeutics, including CRB-701, CRB-601, and CRB-913.
Positive Outlook
- CRB-701: Phase 1 clinical trial data expected in Q1 2024, U.S./EU trial initiation.
- CRB-601: IND submission on track for Q4 2023.
- CRB-913: Pre-clinical data shows potential for obesity treatment, both as monotherapy and in combination with incretin analogs.
- CRB-701 is designed to achieve an improved therapeutic index relative to PADCEV.
- CRB-601 advances immunotherapeutic strategies by antagonizing integrin αvβ8 and enhancing the efficacy of immune checkpoint inhibitors in vivo.
Challenges Ahead
- Clinical trial timelines are subject to change and potential delays.
- Regulatory approvals are not guaranteed.
- Competition in the oncology and obesity treatment spaces is intense.
Historical Earnings Impact
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