Corbus Pharmaceuticals Holdings, Inc. (NASDAQ: CRBP) (“Corbus” or
the “Company”), a clinical-stage drug development company
pioneering transformative medicines that target the endocannabinoid
system, today reported financial results for the first quarter of
2021 and provided corporate updates.
Pipeline Updates:
- Lenabasum, a novel, oral, selective cannabinoid receptor type 2
(CB2) agonist:
- Dermatomyositis: The last
subject completed the final visit in the Phase 3
“DETERMINE”
study on March 30, 2021. Topline data are on
schedule for Q2 2021.
-
Systemic lupus erythematosus: The
last subject was enrolled in the National
Institutes of Health-sponsored Phase 2 study on April 20,
2021. Topline data are expected in the second half
of 2021.
- Cannabinoid receptor type 1 (CB1) inverse agonists for
metabolic diseases:
- Corbus compounds promote weight
loss and improve glucose tolerance and insulin sensitivity in a
preclinical model of diet-induced obesity. Corbus is moving toward
candidate selection and first-in-human clinical studies in
2022.
- CB2 agonists for cancer:
- Multiple Corbus compounds have
demonstrated activity against tumor cells in vitro, and several
show activity as monotherapy in animal models of solid
tumors. The Company plans candidate selection later this
year and first-in-human clinical studies in 2022.
Yuval Cohen, Ph.D., Chief Executive Officer
said, “We are making progress on our plan to expand our pipeline
with our internal cannabinoid programs as well as actively engaging
with potential partners to add new assets.”
Dr. Cohen continued, “We benefit from a strong
financial position with approximately $125M of cash and investments
on hand, which is expected to fund the Company into the first
quarter of 2024.”
Financial Results for First Quarter Ended March 31,
2021:
Revenue from awards and licenses was
approximately $648,000 for the three months ended March 31, 2021,
compared to approximately $1.8 million in the comparable period in
2020.
Operating expenses decreased by $15.5 million to
approximately $16.1 million for the three months ended March 31,
2021, compared to $31.6 million in the comparable period in the
prior year. The decrease was primarily attributable to decreased
clinical trial and drug manufacturing costs, and an overall
reduction in compensation expense.
The Company reported a net loss of approximately
$16.1 million, or a net loss per diluted share of $0.14, for the
three months ended March 31, 2021, compared to a net loss of
approximately $29.7 million, or a net loss per diluted share of
$0.43, for the same period in 2020.
Cash, cash equivalents and investments were $125
million as of March 31, 2021. During the first quarter of 2021, the
Company raised $58.9 million in net proceeds from the Company’s ATM
facility.
The $125 million of cash and investments on
hand, as of March 31, 2021, is expected to fund operations into the
first quarter of 2024, based on the current planned
expenditures.
About Corbus
Corbus Pharmaceuticals Holdings, Inc. is a
clinical-stage company focused on the development and
commercialization of novel medicines designed to target the
endocannabinoid system. The Company’s lead product candidate,
lenabasum, is a novel, oral, selective cannabinoid receptor type 2
(CB2) agonist designed to provide an alternative to
immunosuppressive medications in the treatment of chronic
inflammatory and fibrotic diseases. Lenabasum is currently being
evaluated in dermatomyositis and systemic lupus erythematosus.
Corbus is also developing a pipeline of other preclinical drug
candidates from its endocannabinoid system platform.
Lenabasum is not approved for the treatment of
any indication. For more information on Corbus’ clinical programs,
please visit here.
For more information, visit
http://www.corbuspharma.com/, and connect with us on Twitter,
LinkedIn, and Facebook.
Forward-Looking Statements
This press release contains certain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934 and Private Securities Litigation Reform Act, as
amended, including those relating to the Company's restructuring,
trial results, product development, clinical and regulatory
timelines, market opportunity, competitive position, possible or
assumed future results of operations, business strategies,
potential growth opportunities and other statement that are
predictive in nature. These forward-looking statements are based on
current expectations, estimates, forecasts and projections about
the industry and markets in which we operate and management's
current beliefs and assumptions.
These statements may be identified by the use of
forward-looking expressions, including, but not limited to,
"expect," "anticipate," "intend," "plan," "believe," "estimate,"
"potential,” "predict," "project," "should," "would" and similar
expressions and the negatives of those terms. These statements
relate to future events or our financial performance and involve
known and unknown risks, uncertainties, and other factors,
including the potential impact of the recent COVID-19 pandemic and
the potential impact of sustained social distancing efforts, on our
operations, clinical development plans and timelines, which may
cause actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Such
factors include those set forth in the Company's filings with the
Securities and Exchange Commission. Prospective investors are
cautioned not to place undue reliance on such forward-looking
statements, which speak only as of the date of this press release.
The Company undertakes no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future events or otherwise.
Corbus Pharmaceuticals
Holdings, Inc.Condensed Consolidated Balance
Sheets
|
|
March 31, |
|
|
December 31, |
|
|
|
2021 (unaudited) |
|
|
2020 |
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
66,613,246 |
|
|
$ |
85,433,441 |
|
Marketable Securities |
|
|
57,399,179 |
|
|
|
— |
|
Restricted cash |
|
|
350,000 |
|
|
|
350,000 |
|
Stock subscriptions receivable |
|
|
— |
|
|
|
960,033 |
|
Prepaid expenses and other current assets |
|
|
3,658,794 |
|
|
|
3,712,861 |
|
Contract asset |
|
|
2,266,120 |
|
|
|
1,618,296 |
|
Total current assets |
|
|
130,287,339 |
|
|
|
92,074,631 |
|
Restricted cash |
|
|
669,900 |
|
|
|
669,900 |
|
Property and equipment,
net |
|
|
3,787,596 |
|
|
|
4,067,837 |
|
Operating lease right of use
asset |
|
|
5,096,165 |
|
|
|
5,248,525 |
|
Other assets |
|
|
304,037 |
|
|
|
234,038 |
|
Total assets |
|
$ |
140,145,037 |
|
|
$ |
102,294,931 |
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Notes payable |
|
$ |
408,278 |
|
|
$ |
710,158 |
|
Accounts payable |
|
|
3,615,366 |
|
|
|
7,381,183 |
|
Accrued expenses |
|
|
17,742,474 |
|
|
|
22,005,432 |
|
Derivative liability |
|
|
803,000 |
|
|
|
797,000 |
|
Operating lease liabilities, current |
|
|
1,036,297 |
|
|
|
1,004,063 |
|
Total current liabilities |
|
|
23,605,415 |
|
|
|
31,897,836 |
|
Long-term debt, net of debt
discount |
|
|
18,199,289 |
|
|
|
18,029,005 |
|
Operating lease liabilities,
noncurrent |
|
|
6,823,339 |
|
|
|
7,093,165 |
|
Total liabilities |
|
|
48,628,043 |
|
|
|
57,020,006 |
|
Stockholders’ equity |
|
|
|
|
|
|
|
|
Preferred Stock $0.0001 par value: 10,000,000 shares authorized, no
shares issued and outstanding at March 31, 2021 and December 31,
2020 |
|
|
— |
|
|
|
— |
|
Common stock, $0.0001 par value; 150,000,000 shares authorized,
125,033,006 and 98,852,696 shares issued and outstanding at March
31, 2021 and December 31, 2020, respectively |
|
|
12,503 |
|
|
|
9,885 |
|
Additional paid-in capital |
|
|
411,691,762 |
|
|
|
349,358,378 |
|
Accumulated other comprehensive loss |
|
|
(28,765 |
) |
|
|
— |
|
Accumulated deficit |
|
|
(320,158,506 |
) |
|
|
(304,093,338 |
) |
Total stockholders’ equity |
|
|
91,516,994 |
|
|
|
45,274,925 |
|
Total liabilities and stockholders’ equity |
|
$ |
140,145,037 |
|
|
$ |
102,294,931 |
|
Corbus Pharmaceuticals
Holdings, Inc.Condensed Consolidated Statements of
Operations (Unaudited)
|
|
For the Three Months Ended |
|
|
|
March 31, |
|
|
|
2021 |
|
|
2020 |
|
Revenue from awards and
licenses |
|
$ |
647,824 |
|
|
$ |
1,762,059 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
Research and development |
|
|
10,720,823 |
|
|
|
23,947,866 |
|
General and administrative |
|
|
5,341,197 |
|
|
|
7,699,479 |
|
Total operating expenses |
|
|
16,062,020 |
|
|
|
31,647,345 |
|
Operating loss |
|
|
(15,414,196 |
) |
|
|
(29,885,286 |
) |
Other income (expense),
net: |
|
|
|
|
|
|
|
|
Other income (expense), net |
|
|
(15,094 |
) |
|
|
- |
|
Interest income (expense), net |
|
|
(646,550 |
) |
|
|
101,993 |
|
Change in fair value of derivative liability |
|
|
(6,000 |
) |
|
|
- |
|
Foreign currency exchange loss, net |
|
|
16,672 |
|
|
|
126,493 |
|
Other income (expense), net |
|
|
(650,972 |
) |
|
|
228,486 |
|
Net loss |
|
$ |
(16,065,168 |
) |
|
$ |
(29,656,800 |
) |
Net loss per share, basic and
diluted |
|
$ |
(0.14 |
) |
|
$ |
(0.43 |
) |
Weighted average number of
common shares outstanding, basic and diluted |
|
|
116,344,900 |
|
|
|
69,272,402 |
|
Corbus Pharmaceuticals Contacts: Ted Jenkins,
Senior Director, Investor Relations and Corporate Communications
Phone: +1 (617) 415-7745 Email: ir@corbuspharma.com
Lindsey Smith, Director, Investor Relations and Corporate
Communications Phone: +1 (617) 415-7749 Email:
mediainfo@corbuspharma.com
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