Corbus Pharmaceuticals(US:CRBP)2022-08-08 16:00Financial Performance - Revenue from awards for the three months ended June 30, 2022, was $136,558, compared to $784,382 for the same period in 2021, indicating a decrease of about 82.6%[13] - The net loss for the three months ended June 30, 2022, was $13.25 million, compared to a net loss of $17.14 million for the same period in 2021, reflecting an improvement of about 22.1%[13] - The company reported a basic and diluted net loss per share of $0.11 for the three months ended June 30, 2022, compared to $0.15 for the same period in 2021[13] - The net loss for the second quarter of 2022 was $13,248,888, compared to a net loss of $17,138,376 for the same period in 2021, reflecting a decrease of approximately 22%[62] - For the three months ended June 30, 2022, the net loss was approximately $13.25 million, compared to a net loss of $17.14 million for the same period in 2021, representing a decrease of 22%[139] - For the six months ended June 30, 2022, the company recognized $0 in revenue, compared to $784,000 in revenue for the same period in 2021[155] Expenses and Liabilities - Total operating expenses for the three months ended June 30, 2022, were $12.34 million, down from $16.84 million in the same period of 2021, a reduction of approximately 26.5%[13] - The company incurred $5 million in litigation settlement expenses during the three months ended June 30, 2022[13] - Research and development expenses for the three months ended June 30, 2022, totaled approximately $2.5 million, a decrease of $8.77 million from $11.27 million in the same period of 2021[149] - General and administrative expenses for the three months ended June 30, 2022, were approximately $4.84 million, down from $5.57 million in the same period of 2021[151] - Research and development expenses for the six months ended June 30, 2022, were approximately $5.79 million, a decrease of $16.2 million from $21.99 million in the same period of 2021[156] - Interest expense for the three and six months ended June 30, 2022, was approximately $698,000 and $1,382,000, respectively[94] Assets and Equity - Total assets decreased from $107.73 million on December 31, 2021, to $82.07 million as of June 30, 2022, representing a decline of approximately 23.9%[10] - Total stockholders' equity decreased from $61.16 million on December 31, 2021, to $49.47 million as of June 30, 2022, a decline of approximately 19.1%[16] - Cash and cash equivalents increased slightly from $25.01 million on December 31, 2021, to $25.77 million as of June 30, 2022, an increase of approximately 3.1%[10] - Current liabilities decreased from $17.01 million on December 31, 2021, to $15.63 million as of June 30, 2022, a decline of about 8.1%[10] - As of June 30, 2022, total current assets were approximately $75.24 million, with current liabilities of approximately $15.63 million, resulting in working capital of approximately $59.61 million[162] Cash Flow - For the six months ended June 30, 2022, net cash used in operating activities was $22,844,404, a reduction from $39,338,076 in the same period of 2021[22] - Cash flows from investing activities resulted in a net cash provided of $24,265,670 for the six months ended June 30, 2022, compared to a net cash used of $70,523,241 in the same period of 2021[22] - Net cash used in operating activities for the six months ended June 30, 2022, was approximately $22.84 million[163] - Cash provided by investing activities for the six months ended June 30, 2022, totaled approximately $24.27 million, primarily related to sales and purchases of marketable securities[164] Future Outlook and Financing - The company anticipates ongoing operating losses due to costs related to research funding and development of product candidates[28] - The company will need to raise significant additional capital to fund operations and product candidate development, potentially through equity sales or debt financing[168] - Future financing availability will depend on market conditions and the progress of clinical development programs[169] - The company expects cash, cash equivalents, and marketable securities of approximately $73.3 million will be sufficient to meet operating and capital requirements into Q1 2024[167] Research and Development - The company plans to expand its pipeline in immuno-oncology through internal efforts and business development, focusing on immune modulators for various disease states[25] - The company incurred research and development expenses that are expensed as incurred, with no material adjustments to prior period estimates for clinical trials in 2022[49] - The company has not experienced significant changes in estimates of accrued research and development expenses following each reporting period[184] Legal and Settlement - The company made a $5 million settlement payment to Venn Therapeutics on May 26, 2022, resolving all claims against it[85] - Litigation settlement expense for the three months ended June 30, 2022, totaled $5 million due to a settlement with Venn Therapeutics, LLC[152] Stock and Shares - The weighted average number of common shares outstanding increased from 116.36 million in the second quarter of 2021 to 125.26 million in the second quarter of 2022[13] - As of June 30, 2022, the Company had 125,268,381 shares of common stock issued and outstanding, compared to 125,230,881 shares as of December 31, 2021[109] - The Company was authorized to sell up to $150,000,000 of shares under the August 2020 Sale Agreement, but did not sell any shares during the three and six months ended June 30, 2022[110] Investments and Securities - The Company reported total investments of $47,652,000 as of June 30, 2022, with a fair value of $47,533,000, reflecting a gross unrealized loss of $119,000[68] - The total fair value of financial assets as of June 30, 2022, was $69,316,000, with derivative liabilities amounting to $134,000[70] - The Company has classified all marketable debt securities as available-for-sale, with unrealized gains and losses reported as accumulated other comprehensive gain or loss[37] Risk Factors - The company continues to monitor the impact of the COVID-19 pandemic on its business and operations, indicating potential risks to future performance[27] - There have been no material changes in risk factors since the last annual report[196]