Corbus Pharmaceuticals Q1 2024 Financial Results and Corporate Update

Corbus Pharmaceuticals Holdings, Inc., a precision oncology company listed on NASDAQ under the ticker CRBP, has provided a corporate update and financial results for the quarter ending March 31, 2024. The company, based in Norwood, Massachusetts, highlighted significant advancements in its pipeline and financial stability.

In the first quarter of 2024, Corbus made substantial progress, notably by dosing the first U.S. patient in its Phase 1 clinical trial of CRB-701, an advanced antibody drug conjugate targeting Nectin-4. This compound was previously presented at the ASCO GU symposium in January 2024, showing promising safety and pharmacokinetic profiles, along with emerging efficacy signals in bladder and cervical cancer patients. CRB-701 is being developed in collaboration with CSPC, which will present updated data at the ASCO Annual Meeting on June 1, 2024.

Corbus also progressed with CRB-913, a second-generation CB1 receptor inverse agonist designed to treat obesity. Preclinical studies demonstrated that CRB-913 significantly reduced body weight and improved several metabolic parameters in diet-induced obesity models. The company aims to dose the first patient in a Phase 1 trial by Q1 2025.

Additionally, CRB-601, an anti-αvβ8 monoclonal antibody, received IND clearance from the FDA in January 2024. This compound targets TGFβ activation on cancer cells and has shown enhanced anti-tumor activity when combined with anti-PD-1 therapies in preclinical models. Corbus plans to start a Phase 1 study in the summer of 2024.

Financially, Corbus bolstered its resources by raising $116 million in Q1 2024 through a public offering and ATM sales. This capital extends the company's cash runway through Q1 2027. The company appointed Dr. Dominic Smethurst as Chief Medical Officer in February 2024, who brings over two decades of experience in pharmaceutical and biotechnology sectors.

For the quarter ending March 31, 2024, Corbus reported a net loss of approximately $6.9 million, significantly lower than the $17.7 million loss in the same period of 2023. Operating expenses decreased to $9.6 million, down from $17.3 million the previous year, mainly due to a one-time licensing fee recorded in 2023. The company had $120.1 million in cash, cash equivalents, and investments as of March 31, 2024, expected to fund operations through Q1 2027 based on current plans.

In summary, Corbus Pharmaceuticals is advancing its oncology pipeline with promising candidates like CRB-701, CRB-913, and CRB-601, while securing substantial financial backing to support its operations through the next few years. The company's strategic appointments and pipeline developments position it well for future growth and clinical success.