Workflow
Corbus Pharmaceuticals(CRBP) - 2024 Q3 - Quarterly Report
CRBPCorbus Pharmaceuticals(CRBP)2024-11-07 21:58

Financial Performance - Corbus Pharmaceuticals reported a net loss of approximately 13.8millionforthethreemonthsendedSeptember30,2024,comparedtoanetlossof13.8 million for the three months ended September 30, 2024, compared to a net loss of 10.1 million for the same period in 2023, reflecting an increase in losses of about 36.6%[91]. - Total operating expenses for the three months ended September 30, 2024, were approximately 15.5million,a6315.5 million, a 63% increase from 9.5 million in the same period of 2023[95]. - The company has an accumulated deficit of approximately 467.4millionasofSeptember30,2024[91].−Otherincome(expense),netforthethreemonthsendedSeptember30,2024wasapproximately467.4 million as of September 30, 2024[91]. - Other income (expense), net for the three months ended September 30, 2024 was approximately 1.7 million in income, compared to an expense of approximately 0.6millionforthesameperiodin2023,reflectingachangeof0.6 million for the same period in 2023, reflecting a change of 2.3 million[98]. Research and Development - Research and development expenses increased to approximately 10.8millionforthethreemonthsendedSeptember30,2024,up6510.8 million for the three months ended September 30, 2024, up 65% from 6.6 million in the prior year, primarily due to costs associated with CRB-701 clinical trials[95]. - Research and development expenses for the nine months ended September 30, 2024 totaled approximately 23.4million,adecreaseof23.4 million, a decrease of 0.8 million from approximately 24.2millionforthesameperiodin2023,primarilyduetodecreasesinlicensingcosts[99].−CRB−701demonstratedanoverallresponserateof4424.2 million for the same period in 2023, primarily due to decreases in licensing costs[99]. - CRB-701 demonstrated an overall response rate of 44% and a disease control rate of 78% in metastatic urothelial cancer during clinical trials[86]. - CRB-913 is expected to enter Phase 1 studies in the first quarter of 2025, following IND-enabling studies[87]. General and Administrative Expenses - General and administrative expenses rose to approximately 4.7 million for the three months ended September 30, 2024, a 60% increase from 2.9millioninthesameperiodof2023[97].−GeneralandadministrativeexpensesfortheninemonthsendedSeptember30,2024totaledapproximately2.9 million in the same period of 2023[97]. - General and administrative expenses for the nine months ended September 30, 2024 totaled approximately 12.7 million, an increase of 1.9millionfromapproximately1.9 million from approximately 10.8 million for the same period in 2023, driven by higher stock-based compensation costs[101]. Cash Flow and Financing - Net cash used in operating activities for the nine months ended September 30, 2024 was approximately 30.9million,whichincludesanetlossofapproximately30.9 million, which includes a net loss of approximately 30.7 million[105]. - Cash used by investing activities for the nine months ended September 30, 2024 totaled approximately 130.0million,primarilyrelatedtopurchasesofinvestments[106].−CashprovidedbyfinancingactivitiesfortheninemonthsendedSeptember30,2024totaledapproximately130.0 million, primarily related to purchases of investments[106]. - Cash provided by financing activities for the nine months ended September 30, 2024 totaled approximately 166.6 million, related to the issuance of common stock[107]. - The company expects its cash, cash equivalents, and investments of approximately 159.4millionatSeptember30,2024willbesufficienttomeetitsoperatingandcapitalrequirementsthroughthethirdquarterof2027[108].−ThecompanywillneedtoraisesignificantadditionalcapitaltocontinuefundingclinicaltrialsforCRB−701,CRB−601,andCRB−913[109].DebtandAgreements−TheloanfromK2HealthVenturesLLCwasfullypaidoffwithafinalpaymentof159.4 million at September 30, 2024 will be sufficient to meet its operating and capital requirements through the third quarter of 2027[108]. - The company will need to raise significant additional capital to continue funding clinical trials for CRB-701, CRB-601, and CRB-913[109]. Debt and Agreements - The loan from K2 HealthVentures LLC was fully paid off with a final payment of 11.8 million on August 1, 2024[90]. - The CSPC License Agreement will remain effective on a Licensed Product until the expiration of the Royalty Term, which is determined by the later of the expiration of the last-to-expire Valid Claim, 10 years after the First Commercial Sale, or expiration of Regulatory Exclusivity[118]. - The Royalty Term begins from the First Commercial Sale of the Licensed Product in the country[118]. - The CSPC License Agreement may be terminated earlier for material breach, advance notice by Corbus, or upon a party's bankruptcy[118].