Corbus Pharmaceuticals Q3 2024 Financial Results and Corporate Update

Corbus Pharmaceuticals Holdings, Inc., a company focused on oncology and obesity treatments, has announced a series of updates and financial results for the quarter ending September 30, 2024. The company, headquartered in Norwood, Massachusetts, has reported significant progress in its various drug development programs.

Yuval Cohen, Ph.D., CEO of Corbus, expressed his satisfaction with the company's advancements. He noted the expectation to present initial data from the CRB-701 U.S. bridging study in the first quarter of 2025, building on promising clinical data from their development partner CSPC at ASCO 2024. The data indicated the potential efficacy and safety of CRB-701, showcasing its clinical activity and unique safety profile.

CRB-701, a next-generation antibody-drug conjugate (ADC) targeting Nectin-4, is undergoing a Phase 1 clinical trial. This trial, conducted in the U.S. and Europe, aims to evaluate its safety, pharmacokinetics, and efficacy in patients with advanced solid tumors. The company completed enrollment for the dose escalation segment of this trial, expecting to share initial results in early 2025. Preliminary data from China demonstrated encouraging outcomes, with high objective response rates (ORR) and disease control rates (DCR) in metastatic urothelial cancer and cervical cancer patients.

Additionally, Corbus is advancing CRB-913, a CB1 receptor inverse agonist designed to treat obesity. Pre-clinical data presented at Obesity Week 2024 showed promising results, including significant weight loss in diet-induced obesity mice and enhanced fat loss when switching from semaglutide to CRB-913. The company plans to commence a Phase 1 trial in the first quarter of 2025.

Corbus also highlighted CRB-601, an anti-αvβ8 monoclonal antibody targeting TGFβ activation in cancer cells. This drug has shown enhanced anti-tumor activity in pre-clinical studies when combined with anti-PD-1 checkpoint inhibitors. The company aims to start dosing patients in a Phase 1 clinical study by the end of 2024.

On the financial front, Corbus reported a net loss of approximately $13.8 million for the quarter, an increase from the $10.1 million loss in the same period of the previous year. This rise in operating expenses, primarily driven by increased clinical trial costs for CRB-701 and IND-enabling studies for CRB-913, as well as higher compensation expenses, was noted. Despite these losses, Corbus has a strong financial position with $159.4 million in cash, cash equivalents, and investments, expected to fund operations through the third quarter of 2027. The company also raised $35.6 million in net proceeds during the third quarter through its ATM program and fully paid off a loan as of August 2024.

Corbus Pharmaceuticals remains committed to advancing its pipeline, which includes CRB-701, CRB-601, and CRB-913, aiming to develop innovative therapies for cancer and obesity. With a robust financial foundation and ongoing clinical trials, Corbus is poised to make significant contributions to treating serious illnesses.