Mission Statement, Vision, & Core Values (2024) of Corbus Pharmaceuticals Holdings, Inc. (CRBP)

An Overview of Corbus Pharmaceuticals Holdings, Inc. (CRBP)

General Summary of Corbus Pharmaceuticals Holdings, Inc. (CRBP)

Corbus Pharmaceuticals Holdings, Inc. is a clinical-stage pharmaceutical company focused on developing and commercializing innovative therapies to treat rare and serious diseases. The company was founded in 2014 and has since established a robust pipeline of drug candidates, primarily targeting oncology and obesity-related disorders. As of 2024, Corbus has made significant strides in advancing its lead product candidates, including CRB-701, CRB-601, and CRB-913.

In 2024, Corbus Pharmaceuticals reported total current assets of approximately $160.9 million and current liabilities of about $11.6 million. The company has been actively involved in clinical trials and research and development, which are reflected in its operational expenditures. The total number of shares outstanding as of September 30, 2024, was 12,179,482.

Company's Financial Performance in the Latest Financial Reports

In the most recent financial report for the nine months ended September 30, 2024, Corbus Pharmaceuticals recorded a net loss of approximately $30.7 million, which represents a decrease compared to a net loss of $36.6 million for the same period in 2023. The company’s operating expenses totaled approximately $36.1 million for the nine months ended September 30, 2024, compared to $35.0 million for the same period in 2023.

Research and development expenses for the nine months ended September 30, 2024, were approximately $23.4 million, a slight decrease from $24.2 million in 2023. General and administrative expenses increased to $12.7 million from $10.8 million in the prior year. The company reported approximately $5.4 million in other income for the nine months ended September 30, 2024, compared to an expense of approximately $1.6 million in the same period of 2023.

The company’s cash flows for the nine months ended September 30, 2024, include a net cash used in operating activities of approximately $30.9 million, cash provided by financing activities of approximately $166.6 million, and cash used in investing activities totaling $130.0 million.

Introduction to Company as One of the Leading Companies in the Industry

Corbus Pharmaceuticals Holdings, Inc. has positioned itself as a significant player in the biopharmaceutical industry, particularly in the development of therapies for rare diseases. The company's focus on innovative drug candidates has garnered attention and investment, enabling it to sustain operational activities and clinical trials. As of 2024, the company remains committed to advancing its lead product candidates through clinical trials, with an expectation of generating substantial revenues upon successful product commercialization.

To understand more about Corbus Pharmaceuticals' strategic initiatives and its contributions to the industry, further exploration of its product pipeline and market positioning is encouraged.

Mission Statement of Corbus Pharmaceuticals Holdings, Inc. (CRBP)

Mission Statement of Corbus Pharmaceuticals Holdings, Inc. (CRBP)

The mission statement of Corbus Pharmaceuticals Holdings, Inc. emphasizes their commitment to delivering innovative therapies that improve the lives of patients suffering from serious diseases. This statement serves as a guiding principle for the company's long-term strategy and operational goals.

Core Component 1: Innovation

Corbus Pharmaceuticals prioritizes innovation in drug development, focusing on creating novel therapies for oncology and rare diseases. Their research pipeline includes product candidates such as CRB-701, CRB-601, and CRB-913, aimed at addressing unmet medical needs.

Core Component 2: Quality

Another essential aspect of Corbus's mission is its commitment to quality. The company adheres to rigorous standards in research and development to ensure that its therapies are safe and effective. This commitment is reflected in their operating expenses, with approximately $23.4 million allocated to research and development for the nine months ended September 30, 2024, demonstrating a focus on maintaining high-quality product development .

Core Component 3: Patient-Centric Approach

The mission statement also highlights a patient-centric approach. Corbus aims to develop therapies that not only address symptoms but also improve the overall quality of life for patients. Their ongoing clinical trials are designed with patient outcomes in mind, as evidenced by their investment of approximately $36.1 million in total operating expenses for the same period .

As of September 30, 2024, Corbus has an accumulated deficit of approximately $467.4 million, indicating the significant investments made in research and development to fulfill their mission. The company anticipates continued operating losses as they advance their clinical programs, further underscoring their commitment to patient care and innovative treatments.

Vision Statement of Corbus Pharmaceuticals Holdings, Inc. (CRBP)

Vision Statement Overview

Corbus Pharmaceuticals Holdings, Inc. (CRBP) aims to transform the treatment landscape for patients with serious diseases through innovative therapies. The company's vision focuses on developing novel drug candidates and advancing research to improve patient outcomes.

Commitment to Innovation

At the core of Corbus' vision is a strong commitment to innovation. The company is focused on pioneering research in the fields of oncology and obesity, with several product candidates in various stages of clinical development.

As of September 30, 2024, Corbus has reported:

• Research and development expenses of approximately $23.4 million for the nine months ended September 30, 2024.
• A total of $10.8 million in research and development expenses for the three months ended September 30, 2024, reflecting a 65% increase compared to the same period in 2023.

Focus on Patient-Centric Solutions

Corbus emphasizes a patient-centric approach in its vision, striving to address unmet medical needs. The company is developing therapies designed to significantly improve the quality of life for patients with chronic and debilitating conditions.

The company's leading candidates include:

• CRB-701: Focused on oncology.
• CRB-913: Targeting obesity and related metabolic disorders.

Corbus anticipates that successful clinical trials will lead to regulatory approvals that can place these therapies in the hands of patients who need them most.

Financial Health and Growth Trajectory

Corbus is actively pursuing growth through strategic funding initiatives. The company raised gross proceeds of approximately $94.5 million through a public offering completed on February 2, 2024. This capital is crucial for funding ongoing clinical trials and operational activities.

As of September 30, 2024, key financial metrics include:

Strategic Collaborations and Future Outlook

Corbus is committed to forming strategic collaborations that can enhance its research capabilities and expedite the development of its therapies. The company's vision includes leveraging partnerships to drive innovation and expand its pipeline.

Looking ahead, Corbus expects to continue facing challenges typical for biotech companies, including the need for additional funding to sustain its operations and clinical trials. The company anticipates that its cash and investments, totaling approximately $159.4 million as of September 30, 2024, will support its activities through at least the third quarter of 2027.

Core Values of Corbus Pharmaceuticals Holdings, Inc. (CRBP)

Integrity

Integrity is a core value at Corbus Pharmaceuticals Holdings, Inc. (CRBP), emphasizing the importance of ethical practices and transparency in all business operations.

In 2024, Corbus demonstrated its commitment to integrity by adhering to rigorous compliance standards and maintaining open communication with stakeholders. The company has implemented comprehensive training programs for employees on ethical conduct and compliance with regulatory requirements. This includes regular audits and transparency in reporting financial performance, as evidenced by their detailed financial disclosures.

Innovation

Innovation drives Corbus Pharmaceuticals' mission to develop groundbreaking therapies for patients with severe and rare diseases. The company invests heavily in research and development, allocating approximately $23.4 million for R&D in the nine months ended September 30, 2024, which reflects a slight decrease from $24.2 million in the same period of 2023.

Corbus has made significant advancements in its clinical trials, particularly with CRB-701 and CRB-913. The clinical trial costs for CRB-701 alone increased by $6.6 million, showcasing the company's dedication to pushing the boundaries of medical science and improving patient outcomes.

Collaboration

Collaboration is essential for Corbus as it seeks to leverage partnerships to accelerate drug development. The company has established key collaborations with academic institutions and biopharmaceutical companies, including a license agreement with the University of California, San Francisco (UCSF) to develop novel therapeutics.

As of September 30, 2024, Corbus has recorded approximately 37% of its R&D expenses in the U.K. and Australia, further highlighting its collaborative approach on a global scale. This strategy not only enhances the company's research capabilities but also fosters innovation through shared expertise.

Accountability

Accountability is a fundamental value at Corbus Pharmaceuticals, ensuring that the company remains answerable to its stakeholders and maintains high standards of corporate governance. In the nine months ended September 30, 2024, Corbus reported a net loss of approximately $30.7 million, a decrease from $36.6 million in the same period of 2023.

To strengthen accountability, Corbus has embraced comprehensive reporting practices, including regular updates on financial performance and operational milestones. The company’s decision to increase general and administrative expenses to $12.7 million in 2024, up from $10.8 million in 2023, reflects its commitment to maintaining robust operational oversight and transparency.

Compassion

Compassion underpins Corbus Pharmaceuticals' mission to improve the lives of patients suffering from rare and severe diseases. The company actively engages with patient advocacy groups and incorporates patient feedback into its drug development processes.

In 2024, Corbus has also focused on programs that support patient accessibility to its clinical trials, ensuring that diverse populations have the opportunity to participate. This compassionate approach is evident in their commitment to developing therapies that address unmet medical needs.

Updated on 16 Nov 2024

Resources:

1. 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.
2. 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.