Corbus Pharmaceuticals Reports Q4 and 2024 Financial Results and Provides a Corporate Update

Rhea-AI Summary

Corbus Pharmaceuticals (NASDAQ: CRBP) has reported its Q4 and full-year 2024 financial results, highlighting significant pipeline progress. The company's CRB-701 Nectin-4 targeting ADC showed promising results in Phase 1 Western study and received FDA Fast Track Designation for metastatic cervical cancer treatment.

Financial highlights include a Q4 2024 net loss of $9.5 million ($0.78 per share), compared to $8.0 million ($1.81 per share) in Q4 2023. Full-year 2024 net loss was $40.2 million ($3.68 per share), an improvement from $44.6 million in 2023. Operating expenses increased by $2.5 million to $12.6 million in Q4 2024.

The company maintains a strong financial position with $149.1 million in cash and investments as of December 31, 2024, providing runway through Q3 2027. Their obesity program CRB-913 is scheduled to begin human dosing in March 2025.

Positive

• FDA Fast Track Designation received for CRB-701 in metastatic cervical cancer
• Strong cash position of $149.1M with extended runway through Q3 2027
• Improved annual net loss from $44.6M in 2023 to $40.2M in 2024
• Promising safety and efficacy results from CRB-701 Phase 1 Western study

Negative

• Increased quarterly net loss to $9.5M in Q4 2024 from $8.0M in Q4 2023
• Operating expenses increased by $2.5M to $12.6M in Q4 2024

Insights

Biotech Analyst

Corbus Pharmaceuticals' Q4 and full-year 2024 results reveal a company making meaningful clinical progress while maintaining exceptional financial stability.

The standout achievement is the FDA Fast Track Designation for CRB-701 (Nectin-4 targeting ADC) in metastatic cervical cancer—a significant regulatory milestone that can accelerate development timelines and indicates FDA recognition of the program's potential to address an unmet medical need. This designation, coupled with the encouraging efficacy and safety profile in the Phase 1 Western study, positions CRB-701 competitively in the Nectin-4 ADC space, where approved therapies like Padcev have demonstrated substantial clinical and commercial success.

Financially, Corbus reported a Q4 net loss of $9.5 million ($0.78 per share) and full-year loss of $40.2 million ($3.68 per share)—notably improved from the $44.6 million loss in 2023. Despite increased quarterly operating expenses of $12.6 million (up $2.5 million YoY), the company's cash position of $149.1 million provides runway through Q3 2027, representing approximately 30 months of operational funding.

This financial strength is particularly impressive given Corbus's relatively small market capitalization ($81.7 million), effectively eliminating near-term financing risk and allowing management to focus on execution rather than fundraising. The company's diversified pipeline spanning oncology (CRB-701 and CRB-601) and obesity (CRB-913) provides multiple potential value-creating catalysts in the second half of 2025, while spreading development risk across different therapeutic areas.

The imminent initiation of the CRB-913 obesity program first-in-human study represents entry into a high-growth therapeutic market with substantial commercial potential, further diversifying their opportunity set.

Financial Analyst

Corbus's Q4 and full-year 2024 financial results reveal a biotech company with remarkable financial durability relative to its development stage and market capitalization.

The company's cash position of $149.1 million exceeds its entire market capitalization of $81.7 million—creating an unusual situation where investors are effectively assigning negative enterprise value to the company's clinical pipeline. This cash runway extending through Q3 2027 represents approximately 2.5 years of operational funding, placing Corbus in an enviable position compared to most small-cap biotechs that typically maintain 12-24 month runways.

While Q4 operating expenses increased 24.7% year-over-year to $12.6 million, this reflects appropriate investment in advancing clinical programs rather than concerning cash burn acceleration. The annual net loss improved from $44.6 million in 2023 to $40.2 million in 2024, suggesting enhanced operational efficiency despite progressing multiple clinical programs.

The FDA Fast Track Designation for CRB-701 represents potential time and cost savings in the development pathway, improving the program's economic profile. This regulatory enhancement, combined with the upcoming clinical data readouts across three programs in H2 2025, creates multiple near-term catalysts that could significantly impact valuation.

Corbus's strategic diversification across oncology and obesity provides exposure to two high-value therapeutic areas. The obesity market in particular has attracted substantial investor interest and pharmaceutical investment, potentially positioning CRB-913 as a value driver if early clinical data proves promising.

With substantial cash reserves, multiple catalysts within 12 months, and no near-term financing risk, Corbus presents an unusual risk-reward profile where downside protection (cash) exists alongside multiple shots on goal for potential valuation upside.

• CRB-701 Nectin-4 targeting ADC demonstrates encouraging results in Phase 1 Western study

• Fast Track Designation granted by FDA for CRB-701 to treat metastatic cervical cancer
• CRB 913 SAD/MAD obesity study expected to start in March 2025
• $149m of cash & investments as of December 31,2024 and cash runway expected through Q3 2027

NORWOOD, Mass., March 11, 2025 (GLOBE NEWSWIRE) -- Corbus Pharmaceuticals Holdings, Inc. (NASDAQ: CRBP) (“Corbus” or the “Company”), an oncology and obesity company with a diversified portfolio, today provided a corporate update and reported financial results for the fourth quarter and year ended December 31, 2024.

“During the fourth quarter and into 2025, we made significant progress across our pipeline. Both of our oncology programs (CRB-701 and CRB-601) have been advancing in the clinic and our obesity program (CRB-913) is on schedule for first in human dosing later this month. We were encouraged by the data for CRB-701 from our study in Western patients that has demonstrated a promising safety profile and encouraging evidence of efficacy in multiple advanced tumor types. We look forward to generating informative clinical data from all three of our programs in the 2^nd half of this year” said Yuval Cohen, Ph.D., Chief Executive Officer of Corbus.

Key Corporate and Program Updates

 

	CRB-701 for the treatment of solid tumors, is a next-generation antibody drug conjugate (ADC) targeting Nectin-4 that contains a site-specific, cleavable linker and a precise drug antibody ratio of 2 using monomethyl auristatin E (MMAE) as the payload.
		Western study dose escalation data for CRB-701 Phase 1 was presented as a poster presentation at ASCO GU 2025. The Phase 1/2 study (NCT06265727) is being conducted by Corbus in the U.S. and Europe.
			Study Highlights:
				Safety, tolerability and PK comparable to SYS6002 Ph1 China data presented at ASCO 2024 by our partner CSPC. No dose-limiting toxicities were observed in either study.
				Low levels of peripheral neuropathy and skin toxicity were observed in both studies.
				Clinical responses were seen in urothelial (mUC) and cervical cancer participants in both studies.
				First-time targeting of head and neck squamous cell carcinoma (HNSCC) in the Western study yielded multiple responses.
		Dose optimization is underway with dosing at 2.7 mg/kg and 3.6 mg/kg cohorts in HNSCC, cervical and mUC tumors. More cohorts may be added to address additional tumor types in the expansion phase. The Company expects to complete dose optimization and establish a recommended Phase 2 dose (“RP2D”) under Project Optimus in the fourth quarter of 2025.
		In December 2024, the U.S. Food and Drug Administration (FDA) granted Fast Track designation to CRB-701 for the treatment of relapsed or refractory metastatic cervical cancer.
	CRB-913 is a second-generation, highly peripherally restricted CB1 receptor inverse agonist drug designed to treat obesity. CB1 inverse agonism is a clinically validated mechanism to induce weight loss. CRB-913 will be the most peripherally restricted CB1 inverse agonist to be explored in a clinical setting to date.
		Presented pre-clinical data at Obesity Week 2024 demonstrating CRB-913 is markedly more peripherally restricted than either monlunabant or rimonabant. CRB-913 has a brain to plasma ratio fifty times lower than rimonabant and is fifteen times more peripherally restricted than monlunabant.
		The Company expects to dose the first participant in the Phase 1 SAD/MAD study in March 2025. We expect to commence a Phase 1 dose-range finding study in the fourth quarter of 2025.
	CRB-601 is a potent and selective anti-αvβ8 integrin monoclonal antibody for the treatment of solid tumors.
		The first patient was dosed in December 2024 in a dose escalation portion of a Phase 1 study that is taking place in the U.S. and Europe. We expect to complete dose escalation in the fourth quarter of 2025.

Financial Results for the Quarter and Year Ended December 31, 2024:

The Company reported a net loss of approximately $9.5 million, or a net loss per diluted share of $0.78 per share, for the three months ended December 31, 2024, compared to a net loss of approximately $8.0 million, or a net loss per diluted share of $1.81, for the same period in 2023. For the year-ended December 31, 2024, the Company reported a net loss of approximately $40.2 million, or a net loss per diluted share of $3.68, compared to a net loss of $44.6 million, or a net loss per diluted share of $10.31, for the same period in 2023.

Operating expenses for Q4 2024 increased by $2.5 million to approximately $12.6 million for the three months ended December 31, 2024, compared to $10.1 million in the comparable period in the prior year. The $2.5 million increase was primarily attributable to product development and stock-based compensation costs.

The Company had $149.1 million in cash, cash equivalents and investments on hand at December 31, 2024, which is expected to fund operations through Q3 2027, based on current planned expenditures.

About Corbus
Corbus Pharmaceuticals Holdings, Inc. is an oncology and obesity company with a diversified portfolio and are committed to helping people defeat serious illness by bringing innovative scientific approaches to well-understood biological pathways. Corbus’ pipeline includes CRB-701, a next-generation antibody drug conjugate that targets the expression of Nectin-4 on cancer cells to release a cytotoxic payload, CRB-601, an anti-integrin monoclonal antibody that blocks the activation of TGFβ expressed on cancer cells, and CRB-913, a highly peripherally restricted CB1 receptor inverse agonist for the treatment of obesity. Corbus is headquartered in Norwood, Massachusetts. For more information on Corbus, visit corbuspharma.com. Connect with us on X, 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 trial results, product development, clinical and regulatory timelines, including timing for completion of trials and presentation of data, 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 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.

All product names, logos, brands and company names are trademarks or registered trademarks of their respective owners. Their use does not imply affiliation or endorsement by these companies.

INVESTOR CONTACT:

Sean Moran
Chief Financial Officer
Corbus Pharmaceuticals
smoran@corbuspharma.com

Bruce Mackle
Managing Director
LifeSci Advisors, LLC
bmackle@lifesciadvisors.com

---tables to follow---

Corbus Pharmaceuticals Holdings, Inc. Consolidated Statements of Operations and Comprehensive Loss (in thousands, except share and per share amounts)
	Unaudited For the Three Months Ended December 31,								For the Year Ended December 31,
	2024				2023				2024				2023
Operating expenses:
Research and development	$	8,787			$	6,980			$	32,222			$	31,168
General and administrative		3,818				3,124				16,499				13,910
Total operating expenses		12,605				10,104				48,721				45,078
Operating loss		(12,605	)			(10,104	)			(48,721	)			(45,078	)
Other income (expense), net:
Interest and investment income, net		1,782				350				6,311				1,636
Interest expense		—				(929	)			(1,872	)			(3,858	)
Other income, net		1,293				2,661				4,073				2,696
Total other income, net		3,075				2,082				8,512				474
Net loss	$	(9,530	)		$	(8,022	)		$	(40,209	)		$	(44,604	)
Net loss per share, basic and diluted	$	(0.78	)		$	(1.81	)		$	(3.68	)		$	(10.31	)
Weighted average number of common shares outstanding, basic and diluted		12,179,482				4,423,683				10,915,413				4,327,568
Comprehensive loss:
Net loss	$	(9,530	)		$	(8,022	)		$	(40,209	)		$	(44,604	)
Other comprehensive income:
Change in unrealized gain on marketable debt securities		(172	)			6				36				125
Total other comprehensive income		(172	)			6				36				125
Total comprehensive loss	$	(9,702	)		$	(8,016	)		$	(40,173	)		$	(44,479	)

Corbus Pharmaceuticals Holdings, Inc. Consolidated Balance Sheets (in thousands, except share and per share amounts)
	December 31, 2024				December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents	$	17,198			$	13,724
Investments		131,864				7,182
Restricted cash		285				192
Prepaid expenses and other current assets		3,629				2,448
Total current assets		152,976				23,546
Restricted cash		385				478
Property and equipment, net		385				973
Operating lease right-of-use assets		2,133				3,063
Other assets		—				212
Total assets	$	155,879			$	28,272
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Notes payable	$	—			$	301
Accounts payable		4,786				3,179
Accrued expenses		5,426				11,030
Derivative liability		—				39
Operating lease liabilities, current		1,606				1,437
Loan payable		—				15,908
Total current liabilities		11,818				31,894
Other long-term liabilities		—				44
Operating lease liabilities, noncurrent		1,633				3,239
Total liabilities		13,451				35,177
Stockholders’ equity
Preferred stock, $0.0001 par value; 10,000,000 shares authorized, no shares issued and outstanding at December 31, 2024 and December 31, 2023.		—				—
Common stock, $0.0001 par value; 300,000,000 shares authorized, 12,179,482 and 4,423,683 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively		1				—
Additional paid-in capital		619,285				429,780
Accumulated deficit		(476,893	)			(436,684	)
Accumulated other comprehensive gain (loss)		35				(1	)
Total stockholders’ equity (deficit)		142,428				(6,905	)
Total liabilities and stockholders’ equity	$	155,879			$	28,272

FAQ

What were Corbus Pharmaceuticals (CRBP) Q4 2024 financial results?

CRBP reported a Q4 2024 net loss of $9.5 million ($0.78 per share), with operating expenses of $12.6 million.

How much cash does CRBP have and what is their runway?

Corbus has $149.1 million in cash and investments as of December 31, 2024, with expected runway through Q3 2027.

What progress has CRBP made with their CRB-701 drug candidate?

CRB-701 showed promising safety and efficacy in Phase 1 Western study and received FDA Fast Track Designation for metastatic cervical cancer.

When will CRBP begin human trials for their obesity program CRB-913?

The CRB-913 SAD/MAD obesity study is expected to start in March 2025.