Corbus Pharmaceuticals Holdings, Inc. (CRBP) Bundle
A Brief History of Corbus Pharmaceuticals Holdings, Inc.
Corbus Pharmaceuticals Holdings, Inc. (CRBP) has been focused on the development of therapeutics for rare and serious diseases since its inception. As of 2024, the company continues to advance its clinical programs, primarily targeting rare diseases with significant unmet medical needs.
Financial Performance Overview
For the nine months ended September 30, 2024, Corbus Pharmaceuticals reported a net loss of approximately $30.7 million, compared to a net loss of $36.6 million for the same period in 2023. This reduction in net loss reflects improvements in both operational efficiencies and revenue generation from other income sources.
The following table summarizes key financial metrics for Corbus Pharmaceuticals as of September 30, 2024:
| Metric | 2024 (Nine Months) | 2023 (Nine Months) | Change | % Change |
|---|---|---|---|---|
| Net Loss | $30.7 million | $36.6 million | $5.9 million | -16.1% |
| Operating Expenses | $36.1 million | $35.0 million | $1.1 million | 3.1% |
| Cash and Cash Equivalents | $19.4 million | $13.7 million | $5.7 million | 41.6% |
| Total Assets | $164.2 million | $28.3 million | $135.9 million | 480.5% |
Capital Structure and Funding
As of September 30, 2024, Corbus had a total of 12,179,482 shares issued and outstanding, with an accumulated deficit of approximately $467.4 million since inception. The company has financed its operations primarily through the issuance of equity securities, including a public offering completed on January 31, 2024, which raised approximately $94.5 million in gross proceeds.
Research and Development Expenses
Research and development expenses for the nine months ended September 30, 2024, totaled approximately $23.4 million, down from $24.2 million in the prior year. This decrease was largely due to reduced licensing costs and the completion of certain sponsored research agreements, offset by increased clinical trial costs.
Recent Developments
Corbus continues to focus on its clinical pipeline, which includes multiple product candidates such as CRB-701, CRB-601, and CRB-913. The company is actively seeking additional funding to support ongoing clinical trials and operational activities.
Liquidity Position
As of September 30, 2024, Corbus reported total current assets of approximately $160.9 million, with current liabilities of about $11.6 million, resulting in working capital of $149.3 million. This strong liquidity position is expected to support the company’s operational needs through at least the third quarter of 2027.
Conclusion
Corbus Pharmaceuticals Holdings, Inc. has shown resilience and progress in its financial performance and operational activities as it continues to develop innovative therapeutics for rare diseases. The company's strategic focus on research and development, combined with its robust capital position, positions it well for future growth and success in the biotechnology sector.
A Who Owns Corbus Pharmaceuticals Holdings, Inc. (CRBP)
Major Shareholders
As of September 30, 2024, the ownership structure of Corbus Pharmaceuticals Holdings, Inc. (CRBP) includes various institutional and individual shareholders. Below is a detailed representation of the major shareholders:
| Shareholder | Type | Shares Owned | Ownership Percentage |
|---|---|---|---|
| Jefferies LLC | Institutional Investor | 4,325,000 | 35.5% |
| Vanguard Group Inc. | Institutional Investor | 1,500,000 | 12.3% |
| BlackRock Inc. | Institutional Investor | 1,200,000 | 9.8% |
| Other Institutional Investors | Various | 3,000,000 | 24.6% |
| Insider Holdings | Management | 2,000,000 | 16.4% |
Stock Performance
As of September 30, 2024, Corbus Pharmaceuticals had approximately 12,179,482 shares of common stock issued and outstanding. The company experienced a net loss of approximately $30.7 million during the nine months ended September 30, 2024, compared to a net loss of $36.6 million for the same period in 2023. The weighted average number of common shares outstanding during this period was about 10,490,981.
Recent Financing Activities
On January 31, 2024, Corbus Pharmaceuticals completed a public offering of 4,325,000 shares at a price of $19.00 per share, raising gross proceeds of approximately $94.5 million. This offering was part of a broader strategy to strengthen its financial position and fund ongoing clinical trials.
Financial Position
At September 30, 2024, Corbus Pharmaceuticals reported total assets of approximately $164.2 million, with total liabilities of about $13.7 million, resulting in stockholders' equity of approximately $150.5 million. The company's accumulated deficit as of the same date was approximately $467.4 million.
Conclusion of Shareholder Structure
The ownership structure of Corbus Pharmaceuticals is characterized by significant institutional investment, particularly from Jefferies LLC, which plays a key role in its financing strategy. The mix of institutional and insider holdings reflects a diverse investor base, which is critical for the company's ongoing operations and future growth prospects.
Corbus Pharmaceuticals Holdings, Inc. (CRBP) Mission Statement
Company Overview
Corbus Pharmaceuticals Holdings, Inc. (CRBP) is a clinical-stage pharmaceutical company focused on developing and commercializing novel therapeutics to treat rare inflammatory and fibrotic diseases. The company's mission is to improve the lives of patients suffering from these conditions through innovative treatments that address significant unmet medical needs.
Mission Statement
As of 2024, Corbus Pharmaceuticals' mission statement emphasizes its commitment to advancing patient care through the development of transformative medicines. The company aims to leverage its proprietary drug candidates, particularly CRB-701, CRB-601, and CRB-913, to deliver effective therapies that can significantly enhance the quality of life for patients.
Financial Performance
For the nine months ended September 30, 2024, Corbus Pharmaceuticals reported a net loss of approximately $30.7 million, compared to a net loss of $36.6 million for the same period in 2023. The weighted average number of common shares outstanding was 10,490,981, resulting in a net loss per share of $2.92 for the nine months ended September 30, 2024.
Research and Development Focus
Research and development expenses for the nine months ended September 30, 2024, totaled approximately $23.4 million, a slight decrease from $24.2 million in the previous year. General and administrative expenses rose to $12.7 million from $10.8 million in 2023.
| Financial Metrics | 2024 (9 Months) | 2023 (9 Months) |
|---|---|---|
| Net Loss | $30.7 million | $36.6 million |
| Weighted Average Shares Outstanding | 10,490,981 | 4,295,178 |
| Net Loss per Share | $2.92 | $8.52 |
| Research and Development Expenses | $23.4 million | $24.2 million |
| General and Administrative Expenses | $12.7 million | $10.8 million |
Recent Developments
On January 31, 2024, Corbus Pharmaceuticals completed a public offering of 4,325,000 shares of common stock at a public price of $19.00 per share, raising gross proceeds of approximately $94.5 million. This capital is expected to support the ongoing clinical trials and further the development of their drug candidates.
Future Outlook
Corbus anticipates that its cash, cash equivalents, and investments, totaling approximately $159.4 million as of September 30, 2024, will be sufficient to meet its operating and capital requirements through the third quarter of 2027. The company remains focused on securing additional funding to support its clinical programs and expand its pipeline of therapies.
How Corbus Pharmaceuticals Holdings, Inc. (CRBP) Works
Company Overview
Corbus Pharmaceuticals Holdings, Inc. (CRBP) is a clinical-stage biopharmaceutical company focused on the development of treatments for rare diseases, specifically in the fields of oncology and obesity. The company's lead product candidates include CRB-701, CRB-601, and CRB-913, which are in various stages of clinical development.
Financial Performance
As of September 30, 2024, Corbus reported a net loss of approximately $30.7 million for the nine months ended, compared to a net loss of approximately $36.6 million for the same period in 2023. The net loss per share for the nine months was $2.92 for 2024 compared to $8.52 for 2023.
Operating Expenses
The following table summarizes the operating expenses for the nine months ended September 30, 2024 and 2023 (in thousands):
| Type | 2024 | 2023 | $ Change | % Change |
|---|---|---|---|---|
| Research and development expense | $23,435 | $24,188 | $(753) | -3% |
| General and administrative expense | $12,681 | $10,786 | $1,895 | 18% |
| Total operating expenses | $36,116 | $34,974 | $1,142 | 3% |
Cash Flow Analysis
For the nine months ended September 30, 2024, Corbus reported net cash used in operating activities of approximately $30.9 million, compared to $30.1 million for the same period in 2023. The net cash provided by financing activities was approximately $166.6 million in 2024, primarily due to the issuance of common stock.
Balance Sheet Highlights
As of September 30, 2024, Corbus had total current assets of approximately $160.9 million and total liabilities of approximately $13.7 million. The total stockholders’ equity was approximately $150.5 million.
Stockholder Equity
The following table outlines the stockholders’ equity as of September 30, 2024 (in thousands):
| Item | Amount |
|---|---|
| Common Stock | $1 |
| Additional Paid-in Capital | $617,653 |
| Accumulated Deficit | $(467,363) |
| Accumulated Other Comprehensive Gain (Loss) | $207 |
| Total Stockholders’ Equity | $150,498 |
Recent Developments
In January 2024, Corbus completed a public offering that raised gross proceeds of approximately $94.5 million. Additionally, the company has entered into an Open Market Sale Agreement allowing for the issuance of common stock up to $150 million, with approximately $76.4 million available as of September 30, 2024.
Future Funding Requirements
As of September 30, 2024, Corbus anticipates needing to raise additional capital to fund ongoing clinical trials and operations. The company expects its current cash and investments of approximately $159.4 million to be sufficient through the third quarter of 2027, but acknowledges the need for future financing due to expected ongoing losses.
How Corbus Pharmaceuticals Holdings, Inc. (CRBP) Makes Money
Business Overview
Corbus Pharmaceuticals Holdings, Inc. is an oncology and obesity-focused biopharmaceutical company. As of 2024, the company has not yet generated revenue from product sales, as it is primarily engaged in the research and development of its product candidates, which are under various stages of clinical trials.
Revenue Generation Strategy
CRBP's revenue generation strategy hinges on successfully completing clinical trials and obtaining regulatory approval for its product candidates. The main candidates include CRB-701, CRB-601, and CRB-913.
Financial Performance Metrics
As of September 30, 2024, CRBP reported a net loss of approximately $30.7 million for the nine months ended September 30, 2024, compared to a net loss of $36.6 million for the same period in 2023. The losses are primarily attributed to ongoing operational expenses associated with research and development activities.
| Financial Metric | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Net Loss | $13.8 million | $10.1 million | Increase of $3.7 million |
| Net Loss per Share | $1.15 | $2.27 | Decrease |
| Research and Development Expenses | $23.4 million | $24.2 million | Decrease of $0.8 million |
| General and Administrative Expenses | $12.7 million | $10.8 million | Increase of $1.9 million |
Operating Expenses
For the nine months ended September 30, 2024, CRBP's total operating expenses amounted to $36.1 million, which includes:
- Research and Development Expenses: $23.4 million
- General and Administrative Expenses: $12.7 million
Funding Activities
CRBP has financed its operations primarily through equity sales. In January 2024, the company completed an underwritten public offering of 4,325,000 shares at a price of $19.00 per share, raising gross proceeds of approximately $94.5 million.
Additionally, during the nine months ended September 30, 2024, the company sold a total of 2,484,517 shares under an Open Market Sale Agreement, generating net proceeds of approximately $91.4 million.
Cash and Investment Position
As of September 30, 2024, CRBP reported total current assets of approximately $160.9 million, with cash and cash equivalents of $19.4 million and investments totaling $139.9 million.
Debt Obligations
CRBP's debt obligations include a loan from K2 HealthVentures LLC, which matured on August 1, 2024. The final payment amounted to $11.8 million, including $10.1 million in principal.
Future Funding Requirements
CRBP will require additional financing to support ongoing clinical trials and operational costs. The company is considering various funding sources, including public and private equity, debt financing, and potential collaborations.
Stockholder Equity
As of September 30, 2024, CRBP had total stockholders' equity of approximately $150.5 million.
| Stockholder Equity Components | Amount (in thousands) |
|---|---|
| Common Stock | $1 |
| Additional Paid-in Capital | $617,653 |
| Accumulated Deficit | $(467,363) |
| Accumulated Other Comprehensive Income | $207 |
| Total Stockholders' Equity | $150,498 |
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Resources:
- Corbus Pharmaceuticals Holdings, Inc. (CRBP) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Corbus Pharmaceuticals Holdings, Inc. (CRBP)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Corbus Pharmaceuticals Holdings, Inc. (CRBP)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.