NORWOOD, Mass., Nov. 12, 2021 /PRNewswire/ -- Corbus
Pharmaceuticals Holdings, Inc. (NASDAQ: CRBP) ("Corbus" or the
"Company"), an immunology company, today provided corporate updates
and reported financial results for the third quarter of 2021.
Key Programs' Updates:
- Anti-integrin monoclonal antibody (mAb) program targeting solid
tumors continues to advance toward the clinic with first patient
dosed anticipated in first half of 2023 following filing of an
IND. The solid tumor program is focused on inhibiting
αvβ8-activation of diffusible and non-diffusible TGFβ, a
multifunctional cytokine which mediates immune evasion and plays a
key role in promoting cancer growth and metastasis via its
immunosuppressive effects in the tumor microenvironment (TME).
- Lenabasum: Topline data from the National Institutes of
Health-sponsored Phase 2 study of lenabasum in systemic lupus
erythematosus is on track and expected in Q4 2021. The Company is
also working on gaining clarity from the FDA on the potential path
forward in the dermatomyositis program.
- Cannabinoid receptor type 1 (CB1) small molecule program is
progressing through preclinical studies and regulatory pathway
evaluation. Corbus' CB1 inverse agonists are in development for
treatment of obesity and related metabolic diseases. In animal
models of diet-induced obesity, Corbus compounds induce weight loss
both as a monotherapy and in combination with a GLP-1 agonist.
Yuval Cohen, Ph.D., Chief
Executive Officer said, "The third quarter was productive for
Corbus as we advanced our lead programs toward the clinic. It is
exciting to see the developments in integrin biology and begin to
appreciate the potential impact of our program. We have the
operating capabilities in place and are in a strong financial
position to execute our strategy to progress our diversified
pipeline."
The Company is continuing to explore development pathways for
its cannabinoid receptor type 2 (CB2) program targeting cancer and
anti-integrin mAb program targeting fibrosis.
Financial Results for First Quarter Ended September 30, 2021:
Revenue from awards and licenses was approximately $97,000 for the three months ended September 30, 2021, compared to approximately
$1,231,000 in the comparable period
in 2020.
Operating expenses decreased by $21.2
million to approximately $14.0
million for the three months ended September 30, 2021, compared to $35.2 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 $2.2 million, or a net loss per diluted share of
$0.02, for the three months ended
September 30, 2021, compared to a net
loss of approximately $34.9 million,
or a net loss per diluted share of $0.43, for the same period in 2020.
As of September 30, 2021, the
company has $108 million of cash and
investments on hand which is expected to fund operations into the
first quarter of 2024, based on the current planned
expenditures.
About Corbus
Corbus is committed to connecting innovation to our purpose of
improving lives by developing new medicines that target
inflammation, fibrosis, metabolism and immuno-oncology, by building
upon our underlying expertise in immunology. Corbus' current
pipeline includes small molecules that activate or inhibit the
endocannabinoid system and anti-integrin monoclonal antibodies that
block activation of TGFβ. Corbus is headquartered in Norwood, Massachusetts. For more information
on Corbus, visit corbuspharma.com. 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 Contacts:
Lindsey Smith, Director, Investor
Relations and Corporate Communications
Phone: +1 (617) 415-7749
Investors: ir@corbuspharma.com
Media: mediainfo@corbuspharma.com
Corbus
Pharmaceuticals Holdings, Inc.
|
Condensed
Consolidated Balance Sheets
|
|
|
|
September 30,
2021
|
|
|
December 31,
2020
|
|
|
|
(Unaudited)
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
37,118,654
|
|
|
$
|
85,433,441
|
|
Marketable
securities
|
|
|
69,744,151
|
|
|
|
—
|
|
Restricted
cash
|
|
|
192,475
|
|
|
|
350,000
|
|
Stock subscriptions
receivable
|
|
|
—
|
|
|
|
960,033
|
|
Prepaid expenses and
other current assets
|
|
|
2,111,858
|
|
|
|
3,712,861
|
|
Contract
asset
|
|
|
2,500,000
|
|
|
|
1,618,296
|
|
Total current
assets
|
|
|
111,667,138
|
|
|
|
92,074,631
|
|
Restricted
cash
|
|
|
477,425
|
|
|
|
669,900
|
|
Property and
equipment, net
|
|
|
2,652,828
|
|
|
|
4,067,837
|
|
Operating lease right
of use assets
|
|
|
4,776,571
|
|
|
|
5,248,525
|
|
Other
assets
|
|
|
—
|
|
|
|
234,038
|
|
Total
assets
|
|
$
|
119,573,962
|
|
|
$
|
102,294,931
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Notes
payable
|
|
$
|
—
|
|
|
$
|
710,158
|
|
Accounts
payable
|
|
|
2,545,919
|
|
|
|
7,381,183
|
|
Accrued
expenses
|
|
|
13,368,133
|
|
|
|
22,005,432
|
|
Derivative
liability
|
|
|
126,857
|
|
|
|
797,000
|
|
Operating lease
liabilities, current
|
|
|
1,102,727
|
|
|
|
1,004,063
|
|
Total current
liabilities
|
|
$
|
17,143,636
|
|
|
|
31,897,836
|
|
Long-term debt, net
of debt discount
|
|
|
18,550,502
|
|
|
|
18,029,005
|
|
Operating lease
liabilities, noncurrent
|
|
|
6,251,038
|
|
|
|
7,093,165
|
|
Total
liabilities
|
|
$
|
41,945,176
|
|
|
|
57,020,006
|
|
Stockholders'
equity
|
|
|
|
|
|
|
Preferred stock,
$0.0001 par value; 10,000,000 shares authorized, no shares
issued and outstanding at September 30, 2021 and December 31,
2020
|
|
|
—
|
|
|
|
—
|
|
Common stock, $0.0001
par value; 300,000,000 shares authorized,
125,230,881 shares issued and outstanding at September 30, 2021
and 150,000,000 shares authorized, and 98,852,696 shares issued
and
outstanding at December 31, 2020
|
|
|
12,523
|
|
|
|
9,885
|
|
Additional paid-in
capital
|
|
|
417,098,261
|
|
|
|
349,358,378
|
|
Accumulated
deficit
|
|
|
(339,473,031)
|
|
|
|
(304,093,338)
|
|
Accumulated other
comprehensive loss
|
|
|
(8,967)
|
|
|
|
—
|
|
Total stockholders'
equity
|
|
|
77,628,786
|
|
|
|
45,274,925
|
|
Total liabilities and
stockholders' equity
|
|
$
|
119,573,962
|
|
|
$
|
102,294,931
|
|
Corbus
Pharmaceuticals Holdings, Inc.
|
Condensed
Consolidated Statements of Operations
|
(Unaudited)
|
|
|
|
For the Three
Months Ended
September 30,
|
|
|
For the Nine
Months Ended
September 30,
|
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
Revenue from awards
and licenses
|
|
$
|
97,323
|
|
|
$
|
1,230,621
|
|
|
$
|
881,705
|
|
|
$
|
3,279,026
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
|
8,695,641
|
|
|
|
27,522,989
|
|
|
|
30,681,684
|
|
|
|
82,156,926
|
|
General and
administrative
|
|
|
5,277,090
|
|
|
|
7,681,573
|
|
|
|
16,190,684
|
|
|
|
23,120,020
|
|
Total operating
expenses
|
|
|
13,972,731
|
|
|
|
35,204,562
|
|
|
|
46,872,368
|
|
|
|
105,276,946
|
|
Operating
loss
|
|
|
(13,875,408)
|
|
|
|
(33,973,941)
|
|
|
|
(45,990,663)
|
|
|
|
(101,997,920)
|
|
Other income
(expense), net:
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense), net
|
|
|
12,033,031
|
|
|
|
(4,972)
|
|
|
|
11,790,328
|
|
|
|
4,005
|
|
Interest income
(expense), net
|
|
|
(391,867)
|
|
|
|
(454,319)
|
|
|
|
(1,439,587)
|
|
|
|
(348,654)
|
|
Change in fair value
of derivative liability
|
|
|
472,143
|
|
|
|
(211,000)
|
|
|
|
670,143
|
|
|
|
(211,000)
|
|
Foreign currency
exchange gain (loss), net
|
|
|
(414,048)
|
|
|
|
(251,117)
|
|
|
|
(409,914)
|
|
|
|
(103,903)
|
|
Other income
(expense), net
|
|
|
11,699,259
|
|
|
|
(921,408)
|
|
|
|
10,610,970
|
|
|
|
(659,552)
|
|
Net loss
|
|
$
|
(2,176,149)
|
|
|
$
|
(34,895,349)
|
|
|
$
|
(35,379,693)
|
|
|
$
|
(102,657,472)
|
|
Net loss per share,
basic and diluted
|
|
$
|
(0.02)
|
|
|
$
|
(0.43)
|
|
|
$
|
(0.29)
|
|
|
$
|
(1.37)
|
|
Weighted average
number of common shares outstanding, basic and diluted
|
|
|
125,209,985
|
|
|
|
81,879,119
|
|
|
|
122,234,847
|
|
|
|
75,037,418
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
loss:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(2,176,149)
|
|
|
$
|
(34,895,349)
|
|
|
$
|
(35,379,693)
|
|
|
$
|
(102,657,472)
|
|
Other comprehensive
income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain (loss)
on marketable debt securities
|
|
|
(3,513)
|
|
|
|
—
|
|
|
|
(8,967)
|
|
|
|
—
|
|
Total other
comprehensive income (loss)
|
|
|
(3,513)
|
|
|
|
—
|
|
|
|
(8,967)
|
|
|
|
—
|
|
Total comprehensive
loss
|
|
$
|
(2,179,662)
|
|
|
$
|
(34,895,349)
|
|
|
$
|
(35,388,660)
|
|
|
$
|
(102,657,472)
|
|
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SOURCE Corbus Pharmaceuticals Holdings, Inc.