Corbus Pharmaceuticals Holdings, Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>Corbus Pharmaceuticals Holdings, Inc. filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>

AI Summary

Corbus Pharmaceuticals Holdings, Inc. (CRBP) filed a Annual Report (10-K) with the SEC on March 12, 2024. Corbus Pharmaceuticals Holdings, Inc. filed its 2023 10-K report on March 12, 2024. The company's fiscal year ends on December 31st. Corbus Pharmaceuticals Holdings, Inc. is incorporated in Delaware. The company's principal business is Pharmaceutical Preparations (SIC code 2834). The filing includes details on various agreements and financial instruments, including loan agreements and warrants.

Why It Matters

For investors and stakeholders tracking Corbus Pharmaceuticals Holdings, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of the company's financial health, operational status, and strategic direction for the past fiscal year. Investors and stakeholders can use this report to assess the company's performance, identify potential risks, and make informed investment decisions.

Risk Assessment

Risk Level: medium — Corbus Pharmaceuticals Holdings, Inc. shows moderate risk based on this filing. The company's financial disclosures are extensive, indicating a complex financial structure and potential for significant financial risks related to debt and equity instruments.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand the company's current financial position and future outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-03-12 — Filing Date (Filed as of date)
• 2834 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• Corbus Pharmaceuticals Holdings, Inc. (company) — Filer name
• 2023-12-31 (date) — Conformed period of report
• 2024-03-12 (date) — Filed as of date
• 0000950170-24-030133 (accession_number) — Accession number
• 2834 (sic_code) — Standard Industrial Classification
• DE (state) — State of incorporation
• 1934 Act (regulation) — SEC Act
• 001-37348 (sec_file_number) — SEC file number

FAQ

Industry Context

Corbus Pharmaceuticals Holdings, Inc. operates within the Pharmaceutical Preparations industry, focusing on the development and commercialization of innovative medicines.

Regulatory Implications

The company is subject to regulations from the U.S. Securities and Exchange Commission (SEC) as a publicly traded entity, requiring adherence to the '34 Act.

What Investors Should Do

1. Analyze the company's financial statements for revenue, net income, and debt levels.
2. Examine the risk factors section for potential threats to the company's operations and financial stability.
3. Review management's discussion and analysis (MD&A) for insights into strategic priorities and future outlook.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-12: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the annual 10-K report for the fiscal year ending December 31, 2023, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $0.0001 — ch registered Common Stock, par value $0.0001 per share CRBP The Nasdaq Capital M
• $31,168,000 — We incurred expenses of approximately $31,168,000 and $16,137,000 for research and develo
• $16,137,000 — penses of approximately $31,168,000 and $16,137,000 for research and development activities

Filing Documents

• crbp-20231231.htm (10-K) — 2523KB
• crbp-ex10_33.htm (EX-10.33) — 290KB
• crbp-ex21_1.htm (EX-21.1) — 8KB
• crbp-ex23_1.htm (EX-23.1) — 5KB
• crbp-ex31_1.htm (EX-31.1) — 24KB
• crbp-ex31_2.htm (EX-31.2) — 24KB
• crbp-ex32_1.htm (EX-32.1) — 10KB
• crbp-ex32_2.htm (EX-32.2) — 9KB
• crbp-ex97_1.htm (EX-97.1) — 41KB
• img114982030_0.jpg (GRAPHIC) — 86KB
• img114982030_1.jpg (GRAPHIC) — 113KB
• img114982030_2.jpg (GRAPHIC) — 56KB
• img114982030_3.jpg (GRAPHIC) — 44KB
• img114982030_4.jpg (GRAPHIC) — 42KB
• img114982030_5.jpg (GRAPHIC) — 39KB
• img114982030_6.jpg (GRAPHIC) — 49KB
• img114982030_7.jpg (GRAPHIC) — 54KB
• img114982030_8.jpg (GRAPHIC) — 92KB
• img114982030_9.jpg (GRAPHIC) — 65KB
• img114982030_10.jpg (GRAPHIC) — 48KB
• img114982030_11.jpg (GRAPHIC) — 49KB
• img114982030_12.jpg (GRAPHIC) — 71KB
• img114982030_13.jpg (GRAPHIC) — 39KB
• 0000950170-24-030133.txt (&nbsp;) — 13136KB
• crbp-20231231.xsd (EX-101.SCH) — 1672KB
• crbp-20231231_htm.xml (XML) — 1646KB

Risk Factors

Risk Factors 26 1B. Unresolved Staff Comments 54 1C. Cybersecurity 54 2.

Properties

Properties 54 3.

Legal Proceedings

Legal Proceedings 54 4. Mine Safety Disclosures 54 PART II 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 55 6. [Reserved] 55 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 56 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 63 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 63 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 63 9A.

Controls and Procedures

Controls and Procedures 64 9B. Other Information 65 9C. Disclosure Regarding Foreign Jurisdiction that Prevents Inspections 65 PART III 10. Directors, Executive Officers and Corporate Governance 66 11.

Executive Compensation

Executive Compensation 71 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 77 13. Certain Relationships and Related Transactions, and Director Independence 80 14. Principal Accountant Fees and Services 81 PART IV 15. Exhibits and Financial Statement Schedules 83 16. Form 10-K Summary 86 2 PART I SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This report on Form 10-K contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as "may," "can," "anticipate," "assume," "should," "indicate," "would," "believe," "contemplate," "expect," "seek," "estimate," "continue," "plan," "point to," "project," "predict," "could," "intend," "target," "potential" and other similar words and expressions of the future. There are a number of important factors that could cause the actual results to differ materially from those expressed in any forward-looking statement made by us. These factors include, but are not limited to: our history of operating losses; our current and future capital requirements and our ability to satisfy our capital needs; ou

BUSINESS

Item 1. BUSINESS All references in this report to "Corbus," the "Company," "we," "us," or "our" mean Corbus Pharmaceuticals Holdings, Inc. and its subsidiaries unless we state otherwise, or the context otherwise indicates. Overview Corbus Pharmaceuticals Holdings, Inc. (the "Company" or "Corbus") is a precision oncology company with a diversified portfolio and is committed to helping people defeat serious illness by bringing innovative scientific approaches to well- understood biological pathways. Our pipeline is comprised of two experimental drugs targeting solid tumors: CRB-701, a next-generation antibody drug conjugate ("ADC") that targets the expression of Nectin-4 on cancer cells to release a cytotoxic payload and CRB-601, an anti-integrin monoclonal antibody that blocks the activation of TGF expressed on cancer cells. The pipeline also includes CRB-913, a highly peripherally restricted cannabinoid type-1 ("CB1") receptor inverse agonist for the treatment of obesity. Our oncology pipeline: CRB-701 is a next-generation ADC targeting the expression of Nectin-4 on cancer cells to release a cytotoxic payload. In February 2023 we obtained a license from CSPC Megalith Biopharmaceutical Co. Ltd ("CSPC"), a subsidiary of CSPC Pharmaceutical Group Limited, to develop and commercialize the drug in the United States ("U.S."), Canada, the European Union (including the European Free Trade Area), the United Kingdom and Australia (the "CSPC License Agreement"). The Investigational New Drug ("IND") application for CRB-701 was cleared by the U.S. Food and Drug Administration ("FDA") in 2022 and the drug is currently being investigated by CSPC in a Phase 1 dose-escalation clinical trial in patients with advanced solid tumors in China. On January 26, 2024, we presented data from the Phase 1 dose-escalation trial in China for the first eighteen patients reflective of the first six dose cohorts. The data was presented at ASCO-GU. The emerging clinical data shows that CRB-

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View this 10-K filing on SEC EDGAR