Corbus Pharmaceuticals(US:CRBP)2025-11-12 21:30Financial Performance - For the three months ended September 30, 2025, the total operating expenses were approximately $24.4 million, an increase of 57% compared to $15.5 million for the same period in 2024[106] - The accumulated deficit as of September 30, 2025 was approximately $534.9 million, with net losses of approximately $23.3 million for the three months ended September 30, 2025, compared to $13.8 million for the same period in 2024[101] - Total operating expenses for the nine months ended September 30, 2025 were approximately $63.3 million, an increase of $27.2 million or 75% compared to $36.1 million for the same period in 2024[111] - Total other income, net for the nine months ended September 30, 2025 was approximately $5.4 million, a slight decrease of $0.1 million or 1% from $5.4 million recorded for the same period in 2024[115] Research and Development - Research and development expenses for the three months ended September 30, 2025 totaled approximately $20.9 million, reflecting a 93% increase from approximately $10.8 million in the same period of 2024[106] - Research and development expenses for the nine months ended September 30, 2025 totaled approximately $51.7 million, an increase of $28.3 million from approximately $23.4 million recorded for the same period in 2024, representing a 121% increase[111] - CRB-701's program-specific costs increased by $5.4 million due to higher clinical costs as more sites were activated and participants enrolled in the ongoing Phase 1/2 clinical trial[107] - CRB-601's program-specific costs increased by $3.6 million as a result of higher clinical and drug supply-related costs, with the first participant dosed in December 2024[107] - Total program-specific costs increased by $25.7 million for the nine months ended September 30, 2025, with CRB-701 costs rising by $12.5 million due to higher clinical and drug supply costs[112] - CRB-913 is currently in a Phase 1 study, with the first participant dosed in the first quarter of 2025, and data from this study is expected to be reported in the fourth quarter of 2025[97] - The company plans to engage with the FDA regarding the design of a registrational study for CRB-701, anticipating to commence this study by mid-2026[98] Capital and Financing - The company raised gross proceeds of approximately $75.0 million from a public offering completed on November 3, 2025, with net proceeds of approximately $70.2 million after deducting underwriting discounts and commissions[100] - The company expects to continue incurring significant operating losses and will need additional financing to support ongoing operations[102] - The company will need to raise significant additional capital to continue funding clinical trials for CRB-701, CRB-601, and CRB-913[122] Cash and Assets - At September 30, 2025, total current assets were approximately $107.6 million, with current liabilities of approximately $17.1 million, resulting in working capital of approximately $90.5 million[117] - The company expects its cash, cash equivalents, and investments of approximately $104.0 million at September 30, 2025, along with net proceeds of $73.8 million from stock sales, to be sufficient for operating and capital requirements for at least twelve months[121] Personnel and Administrative Expenses - Personnel-related costs increased by $2.7 million for the nine months ended September 30, 2025, primarily due to an increase in headcount[113] - General and administrative expenses for the nine months ended September 30, 2025 totaled approximately $11.7 million, a decrease of $1.0 million from approximately $12.7 million for the same period in 2024[114]