Corbus Pharmaceuticals(CRBP) - 2024 Q3 - Quarterly Report

Financial Performance - Corbus Pharmaceuticals reported a net loss of approximately $13.8 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 $15.5 million, a 63% increase from $9.5 million in the same period of 2023[95]. - The company has an accumulated deficit of approximately $467.4 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 $0.6 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 $10.8 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 $23.4 million, a decrease of $0.8 million from approximately $24.2 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 $2.9 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 $1.9 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 $30.9 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 $130.0 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 $159.4 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].