Corbus Pharmaceuticals(US:CRBP)2021-03-15 16:24Financial Data and Key Metrics Changes - The company's cash position has significantly strengthened, now standing at approximately $127 million, providing a cash runway into early 2024 based on current expectations [7][20]. - The expected operational burn rate is projected to be around $10 million per quarter, down from $21 million in the previous quarter, due to completed pivotal studies and workforce reductions [26]. Business Line Data and Key Metrics Changes - The Phase 3 DETERMINE study for lenabasum in dermatomyositis is progressing on schedule, with all subjects having completed their week 28 visits, and topline results expected in the second quarter of 2021 [9][10]. - A discontinuation rate of around 8% was reported in the dermatomyositis study, which is lower than anticipated, with approximately 166 patients completing the week 28 visit [28]. Market Data and Key Metrics Changes - The approval of Roche's Actemra for treating interstitial lung disease in systemic sclerosis, despite failing primary efficacy endpoints, has prompted the company to reassess its own data regarding lenabasum [10][30]. Company Strategy and Development Direction - The company aims to maximize the value of lenabasum, advance its internal pipeline into clinical testing in 2022, and engage with potential partners to expand its pipeline [5][6]. - There is a focus on diversifying the pipeline beyond the endocannabinoid system and autoimmune diseases, seeking best-in-class compounds supported by scientific data [18]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the potential of lenabasum and the internal pipeline, anticipating significant data inflection points in the near future [5][21]. - The company is committed to advancing its pipeline and bringing in external assets that complement existing capabilities [21]. Other Important Information - The NIH-sponsored Phase 2 study of lenabasum in Systemic Lupus Erythematosus is nearing completion of enrollment, with topline data expected in the second half of the year [12]. - The company is exploring the implications of recent findings in forced vital capacity related to lenabasum, particularly in the context of systemic sclerosis [10][30]. Q&A Session Summary Question: Comfort level in selecting candidates for CB1 and CB2 programs - Management expressed confidence in reaching a desirable profile for CB1 inverse agonists, with promising compounds identified, while the CB2 agonist program is slightly behind but also shows potential [24][25]. Question: Clarification on cash runway and operational expenses - The CFO explained that the reduced operational expenses are due to completed studies and workforce reductions, projecting a $10 million burn rate going forward [26]. Question: Details on the dermatomyositis study and patient enrollment - Approximately 166 patients completed the week 28 visit, with an 8% discontinuation rate, and 90% of eligible subjects have enrolled in the open-label extension [28]. Question: Next steps following Actemra's approval - Management indicated that the next update on potential pathways would depend on the dermatomyositis study data, with timelines expected in the second half of the year [30][31].