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Corbus Pharmaceuticals Reports First Quarter 2022 Financial Results and Provides Corporate Update

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  • Promising pre-clinical data generated for CRB-601 across several tumor models as monotherapy and in combination with anti-PD1 therapy

  • IND submission for CRB-601 is on-track for the first half of 2023

  • Expanding immuno-oncology pipeline through strategic transactions remains key priority

  • Cash and investments on hand of $86.8 million funds operations into the first quarter of 2024

NORWOOD, Mass., May 10, 2022 /PRNewswire/ -- Corbus Pharmaceuticals Holdings, Inc. (NASDAQ: CRBP) ("Corbus" or the "Company"), an immunology company, today provided a corporate update and reported financial results for the first quarter of 2022.

Corbus Pharmaceuticals Logo (PRNewsfoto/Corbus Pharmaceuticals Holdings, Inc.)
Corbus Pharmaceuticals Logo (PRNewsfoto/Corbus Pharmaceuticals Holdings, Inc.)

Key Corporate and Program Updates:

  • Anti-integrin monoclonal antibodies (mAb) program targeting the inhibition of TGFβ is progressing on schedule.

  • A lead candidate, CRB-913, has been selected for the CB1 inverse agonist program. In animal models of diet-induced obesity, CRB-913 induced weight loss and impacted multiple metabolic parameters, both as monotherapy and in combination with semaglutide and tirzepatide. Corbus is seeking partnerships to advance CRB-913 into clinical studies.

  • The National Institutes of Health sponsored Phase 2 study of lenabasum in systemic lupus erythematosus has completed its last patient visit and the clinical database has been locked. The Company is awaiting topline results. Corbus is pursuing potential partnerships to fund further development of lenabasum.

  • A detailed update on the Corbus pipeline can be found in the most recent Corporate Presentation available at: ir.corbuspharma.com/presentations

"We are executing our plan to transform Corbus into a company with a novel and diversified immuno-oncology pipeline. We're excited about the first data to come out of our integrin program and for the opportunity to present it at scientific conferences. We look forward to entering the clinic in 2023," commented Yuval Cohen, Ph.D., Chief Executive Officer of Corbus. "We are actively engaging in business development activities with the goal of expanding our immuno-oncology pipeline while monetizing our ECS assets through new partnerships."

Financial Results for First Quarter Ended March 31, 2022:

The Company reported a net loss of approximately $9.4 million, or a net loss per diluted share of $0.08, for the three months ended March 31, 2022, compared to a net loss of approximately $16 million, or a net loss per diluted share of $0.14, for the same period in 2021.

Operating expenses decreased by $7.5 million to approximately $8.5 million for the three months ended March 31, 2022, compared to $16 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.

As of March 31, 2022, the company has $86.8 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 an immunology company committed to connecting innovation to our purpose of improving lives by developing new medicines that target the nexus between the immune system and cancer. Corbus' current pipeline includes anti-integrin monoclonal antibodies that block activation of TGFβ and small molecules that activate or inhibit the endocannabinoid system. 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.

INVESTOR CONTACT:
Sean Moran
smoran@corbuspharma.com

Corbus Pharmaceuticals Holdings, Inc.
Condensed Consolidated Balance Sheets




March 31, 2022



December 31, 2021




(Unaudited)





ASSETS







Current assets:







Cash and cash equivalents


$

57,026,334



$

25,006,632


Investments



29,094,916




72,640,520


Restricted cash



192,475




192,475


Prepaid expenses and other current assets



2,161,860




2,365,010


Total current assets



88,475,585




100,204,637


Restricted cash



477,425




477,425


Property and equipment, net



2,210,426




2,392,696


Operating lease right of use assets



4,436,376




4,609,110


Other assets



75,275




46,385


Total assets


$

95,675,087



$

107,730,253


LIABILITIES AND STOCKHOLDERS' EQUITY







Current liabilities:







Notes payable


$

440,815



$

767,938


Accounts payable



2,696,810




1,782,277


Accrued expenses



5,496,406




10,093,312


Derivative liability



133,710




133,710


Operating lease liabilities, current



1,171,858




1,136,948


Current portion of long-term debt



5,178,107




3,093,344


Total current liabilities



15,117,706




17,007,529


Long-term debt, net of debt discount



13,728,413




15,636,275


Other long-term liabilities



22,205




22,205


Operating lease liabilities, noncurrent



5,651,480




5,956,217


Total liabilities



34,519,804




38,622,226


Stockholders' equity







Preferred stock, $0.0001 par value; 10,000,000 shares authorized, no shares
issued and outstanding at March 31, 2022 and December 31, 2021







Common stock, $0.0001 par value; 300,000,000 shares authorized,
125,255,881 and 125,230,881 shares issued and outstanding at March 31,
2022 and December 31, 2021, respectively



12,526




12,523


Additional paid-in capital



420,483,456




418,891,713


Accumulated deficit



(359,171,006)




(349,733,764)


Accumulated other comprehensive loss



(169,693)




(62,445)


Total stockholders' equity



61,155,283




69,108,027


Total liabilities and stockholders' equity


$

95,675,087



$

107,730,253


Corbus Pharmaceuticals Holdings, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)






For the Three Months Ended
March 31,




2022



2021


Revenue from awards


$



$

647,824


Operating expenses:







Research and development



3,286,236




10,720,823


General and administrative



5,230,923




5,341,197


Total operating expenses



8,517,159




16,062,020


Operating loss



(8,517,159)




(15,414,196)


Other income (expense), net:







Other income (expense), net



(193,351)




(15,094)


Interest income (expense), net



(458,909)




(646,550)


Change in fair value of derivative liability






(6,000)


Foreign currency exchange gain (loss), net



(267,823)




16,672


Other income (expense), net



(920,083)




(650,972)


Net loss


$

(9,437,242)



$

(16,065,168)


Net loss per share, basic and diluted


$

(0.08)



$

(0.14)


Weighted average number of common shares outstanding,
basic and diluted



125,243,242




116,344,900









Comprehensive loss:







Net loss


$

(9,437,242)



$

(16,065,168)


Other comprehensive income (loss):







Unrealized gain (loss) on marketable debt securities



(107,248)




(28,765)


Total other comprehensive income (loss)



(107,248)




(28,765)


Total comprehensive loss


$

(9,544,490)



$

(16,093,933)


Cision
Cision

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SOURCE Corbus Pharmaceuticals

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