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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.
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
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