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Dec 31, 2023
Corbus Pharmaceuticals Q4 2023 Earnings Report
Corbus Pharmaceuticals reported financial results for the fourth quarter of 2023.
Key Takeaways
Corbus Pharmaceuticals reported a net loss of $8.0 million for the fourth quarter of 2023. The company's operating expenses decreased by $0.7 million compared to the same period in the prior year. The company had $20.9 million of cash, cash equivalents, and investments on December 31, 2023, and $127 million on February 2, 2024 after raising $116 million of capital in 2024.
CRB-701 (SYS6002) first-in-human data was presented at ASCO-GU 2024, with the first patient expected to be dosed in the US Ph1 study by the end of March 2024.
The IND application for CRB-601 was cleared, and the Ph1 study is on track to commence in the summer of 2024.
Pre-clinical data for CRB-913 was presented at Obesity Week, and the IND filing is on track by the end of 2024.
The company reported $127M of cash & investments at February 2, 2024, projecting a runway through Q1 2027.
Forward Guidance
Corbus Pharmaceuticals is focused on advancing its pipeline of precision oncology therapeutics, with key milestones expected in 2024, including the initiation of clinical trials for CRB-701 and CRB-601, and the filing of an IND for CRB-913.
Positive Outlook
- First patient expected to be dosed in US Ph1 study of CRB-701 by the end of March 2024.
- Ph1 study of CRB-601 on track to commence in Summer of 2024.
- IND filing for CRB-913 on track by the end of 2024.
- Raised $116 million of capital in 2024, providing a projected runway of over 3 years.
- Appointed Dr. Dominic Smethurst as Chief Medical Officer.
Challenges Ahead
- The company reported a net loss for the fourth quarter of 2023.
- The company has accumulated significant deficit.
- The company is dependent on the successful development and commercialization of its product candidates.
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