Corbus Pharmaceuticals Holdings Inc (CRBP, Financial) released its Q3 2023 financial results on November 7, 2023. The company reported a net loss of approximately $10.1 million, or a net loss per diluted share of $2.27, for the three months ended September 30, 2023. This is compared to a net loss of approximately $8.8 million, or a net loss per diluted share of $2.11, for the same period in 2022.
Financial Performance
Operating expenses increased by $1.3 million to approximately $9.5 million for the three months ended September 30, 2023, compared to $8.2 million in the comparable period in the prior year. The increase was primarily attributable to manufacturing costs to support the Phase 1 clinical trial material for CRB-601 offset by a reduction in general and administrative compensation expenses. As of September 30, 2023, the company has $28.7 million of cash, cash equivalents, and investments on hand.
Corporate Updates
CRBP provided updates on its diversified portfolio. Data from the dose escalation study for CRB-701, a Nectin-4 ADC to treat solid tumors, is on track for release in early 2024 along with the start of a U.S./EU Study. The IND Submission for CRB-601, an αvβ8 Monoclonal Antibody to treat solid tumors, is on track for Q4 2023. Pre-clinical data for CRB-913, a peripherally restricted CB1 inverse agonist, was published in Obesity and presented at Obesity Week.
Outlook
CRBP is a precision oncology company with a diversified portfolio. The company's 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 which blocks the activation of TGFβ expressed on cancer cells, and CRB-913, a highly peripherally restricted CB1 inverse agonist for the treatment of obesity.
Explore the complete 8-K earnings release (here) from Corbus Pharmaceuticals Holdings Inc for further details.
