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Sep 30, 2024
Corbus Pharmaceuticals Q3 2024 Earnings Report
Reported financial results for the quarter ended September 30, 2024.
Key Takeaways
Corbus Pharmaceuticals reported a net loss of $13.8 million, or $1.15 per diluted share, for the three months ended September 30, 2024. As of September 30, 2024, the Company had $159.4 million in cash, cash equivalents and investments on hand, which is expected to fund operations through Q3 2027.
Completed enrollment of the dose escalation part of its bridging Phase 1 clinical trial of CRB-701 in the U.S. and Europe, with first data expected in Q1 2025.
Presented new pre-clinical data for CRB-913 at Obesity Week 2024, with Phase 1 trial expected to commence in Q1 2025.
Expects to dose the first patient in Q4 2024 for the Phase 1 portion of the CRB-601 clinical study.
The company had $159.4 million in cash, cash equivalents and investments on hand as of September 30, 2024.
Corbus Pharmaceuticals
Corbus Pharmaceuticals
Forward Guidance
The Company expects to report the first data from the CRB-701 U.S. bridging study in Q1 2025. The Company continues to conduct IND-enabling studies on CRB-913 and expects to dose the first patient in a Phase 1 study in Q1 2025. The Company expects to dose the first patient in Q4 2024 for the Phase 1 portion of the CRB-601 clinical study
Positive Outlook
- First data from the CRB-701 U.S. bridging study is expected in Q1 2025.
- Emerging efficacy and safety data presented at ASCO 2024 was promising and demonstrated the drug is clinically active with a differentiated safety profile.
- Expected to dose the first patient in a Phase 1 study of CRB-913 in Q1 2025.
- CRB-601: The Company expects to dose the first patient in Q4 2024 for the Phase 1 portion of the CRB-601 clinical study
- As of September 30, 2024, the Company had $159.4 million in cash, cash equivalents and investments on hand, which is expected to fund operations through Q3 2027
Challenges Ahead
- Reported a net loss of approximately $13.8 million for the three months ended September 30, 2024.
- Operating expenses increased by $6.0 million to approximately $15.5 million for the three months ended September 30, 2024
- Increase was primarily attributable to an increase of $3.2 million in CRB-701 clinical trial costs with our contract research organization ("CRO") and clinical sites
- IND-enabling studies for CRB-913 of $1.0 million
- Higher compensation costs of $1.6 million mainly due to stock-based compensation expense.