Corbus Pharmaceuticals Q2 2024 Financial Results and Corporate Update

Corbus Pharmaceuticals Holdings, Inc. has provided a corporate update and released financial results for the second quarter ending June 30, 2024. Dr. Yuval Cohen, CEO of Corbus, shared the company's progress, highlighting significant developments in their research pipeline.

A key achievement for Corbus is the promising data for their drug candidate CRB-701 (SYS6002). Clinical data presented at ASCO 2024 reaffirmed the drug's safety and efficacy in patients with metastatic urothelial cancer and cervical cancer. The results showcased a 44% overall response rate (ORR) and a 78% disease control rate (DCR) for metastatic urothelial cancer, and a 43% ORR with an 86% DCR for cervical cancer. Encouragingly, no dose-limiting toxicities have been reported up to doses of 4.5 mg/Kg. The ongoing Phase 1 clinical trial in the U.S. and Europe, initiated in April 2024, aims to assess the safety, efficacy, and pharmacokinetics (PK) of CRB-701 in advanced solid tumors with high nectin-4 expression. This trial's dose escalation phase is expected to conclude by Q4 2024, with data to be presented in Q1 2025.

Another significant pipeline candidate is CRB-913, a peripherally restricted CB1 receptor inverse agonist designed to combat obesity. In preclinical studies involving diet-induced obesity mouse models, CRB-913 showed potential in reducing body weight both as a monotherapy and in combination with incretin analogs like tirzepatide and semaglutide. CRB-913 also demonstrated improvements in several metabolic markers. The company anticipates starting a Phase 1 study for CRB-913 in the first quarter of 2025.

CRB-601, an anti-αvβ8 monoclonal antibody, is another promising candidate in Corbus's portfolio. This antibody inhibits TGFβ activation in the tumor microenvironment. Preclinical models have shown that CRB-601 enhances anti-tumor activity when combined with anti-PD-1 checkpoint inhibitors, compared to either treatment alone. The FDA cleared the Investigational New Drug (IND) application for CRB-601 in January 2024, and Phase 1 trials are scheduled to begin in Q4 2024.

On the financial front, Corbus reported a net loss of approximately $10.0 million, or $0.90 per diluted share, for the quarter ending June 30, 2024. This is a slight increase compared to the $8.8 million net loss for the same period in 2023. Operating expenses rose to $11.0 million, primarily due to increased costs associated with the clinical trials of CRB-701 and manufacturing expenses for CRB-913. These expenses were partially offset by reduced toxicology costs as the company transitions from preclinical to clinical phases for CRB-601.

As of June 30, 2024, Corbus reported $147 million in cash, cash equivalents, and investments. This strong financial position was bolstered by raising $35.6 million in net proceeds through its ATM program during the second quarter. Additionally, from July 1 to August 1, 2024, the company secured an extra $28.8 million. This funding is projected to sustain operations through Q3 2027, supporting the ongoing and planned clinical trials.

Corbus is making significant strides in its mission to develop innovative treatments for serious illnesses. With a robust pipeline and solid financial foundation, the company is well-positioned to continue advancing its clinical programs and potentially bring new therapies to market.

In summary, Corbus Pharmaceuticals is advancing its diverse oncology pipeline with promising clinical data and robust financial health, aiming to deliver new treatment options for patients with serious health conditions.

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