Corbus Pharmaceuticals Holdings, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Corbus Pharmaceuticals Holdings, Inc. filed its Q1 2024 10-Q report on May 7, 2024.</b>

AI Summary

Corbus Pharmaceuticals Holdings, Inc. (CRBP) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Corbus Pharmaceuticals Holdings, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024, with a fiscal year end of December 31. The company's principal business is in Pharmaceutical Preparations (SIC 2834). Key dates mentioned include the filing date of May 7, 2024, and the report period of January 1 to March 31, 2024. The company was formerly known as SAV Acquisition Corp, with a name change date of December 20, 2013.

Why It Matters

For investors and stakeholders tracking Corbus Pharmaceuticals Holdings, Inc., this filing contains several important signals. This 10-Q filing provides an update on the company's financial performance and operational status for the first quarter of 2024. Investors and stakeholders can review the company's financial health, including assets, liabilities, and any new developments or risks disclosed.

Risk Assessment

Risk Level: low — Corbus Pharmaceuticals Holdings, Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant negative financial events or disclosures that would elevate the risk level.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand the company's current financial position and strategic outlook.

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report)
• 2024-05-07 — Filing Date (Filed as of date)
• 2013-12-20 — Date of Name Change (Former company name)

Key Players & Entities

• Corbus Pharmaceuticals Holdings, Inc. (company) — Filer name
• SAV Acquisition Corp (company) — Former company name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-07 (date) — Filed as of date
• 0000950170-24-054625 (filing_id) — Accession number
• 2834 (industry_code) — Standard Industrial Classification

FAQ

Industry Context

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

Regulatory Implications

The company is subject to standard SEC regulations for public companies, including the requirement to file quarterly reports (10-Q) detailing financial performance and business operations.

What Investors Should Do

1. Analyze the financial statements (balance sheet, income statement, cash flow) for the quarter ended March 31, 2024.
2. Review the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' section for insights into performance drivers and future outlook.
3. Identify any new risk factors or legal proceedings disclosed in the report.

Key Dates

• 2024-03-31: Period End Date — End of the reporting quarter for the 10-Q filing.
• 2024-05-07: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This filing is a standard 10-Q for the first quarter of 2024. Specific comparative data from the previous filing (e.g., Q1 2023 10-Q) is not detailed within this header information.

Key Financial Figures

• $0.0001 — ch Registered Common Stock, par value $0.0001 per share CRBP The Nasdaq Capital M

Filing Documents

• crbp-20240331.htm (10-Q) — 1346KB
• crbp-ex31_1.htm (EX-31.1) — 15KB
• crbp-ex31_2.htm (EX-31.2) — 15KB
• crbp-ex32_1.htm (EX-32.1) — 9KB
• crbp-ex32_2.htm (EX-32.2) — 9KB
• 0000950170-24-054625.txt (&nbsp;) — 7729KB
• crbp-20240331.xsd (EX-101.SCH) — 1272KB
• crbp-20240331_htm.xml (XML) — 1339KB

— FI NANCIAL INFORMATION

PART I — FI NANCIAL INFORMATION

Financial State ments

Item 1. Financial State ments. Corbus Pharmaceuticals Holdings, Inc. Condensed Consoli dated Balance Sheets (Unaudited) March 31, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 14,103,120 $ 13,723,681 Investments 106,000,091 7,182,325 Restricted cash 284,950 192,475 Prepaid expenses and other current assets 1,308,336 2,447,549 Total current assets 121,696,497 23,546,030 Restricted cash 384,950 477,425 Property and equipment, net 821,526 973,214 Operating lease right-of-use assets 2,841,189 3,062,920 Other assets — 212,804 Total assets $ 125,744,162 $ 28,272,393 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Notes payable $ 189,818 $ 300,664 Accounts payable 2,081,812 3,178,516 Accrued expenses 9,398,225 11,030,506 Derivative liability 10,882 39,450 Operating lease liabilities, current 1,477,669 1,436,723 Current portion of long-term debt 12,764,915 15,908,214 Total current liabilities 25,923,321 31,894,073 Other long-term liabilities — 44,411 Operating lease liabilities, noncurrent 2,855,140 3,238,631 Total liabilities 28,778,461 35,177,115 Stockholders' equity Preferred stock, $ 0.0001 par value; 10,000,000 shares authorized, no shares issued and outstanding at March 31, 2024 and December 31, 2023. — — Common stock, $ 0.0001 par value; 300,000,000 shares authorized, 10,507,237 and 4,423,683 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 1,050 442 Additional paid-in capital 540,875,910 429,780,375 Accumulated deficit ( 443,582,754 ) ( 436,683,983 ) Accumulated other comprehensive loss ( 328,505 ) ( 1,556 ) Total stockholders' equity (deficit) 96,965,701 ( 6,904,722 ) Total liabilities and stockholders' equity $ 125,744,162 $ 28,272,393 See notes to the unaudited condensed consolidated fin

Business

Business 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. Corbus' 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. Since its inception, the Company has devoted substantially all of its efforts to business planning, research and development, recruiting management and technical staff, acquiring operating assets and raising capital. The Company's business is subject to significant risks and uncertainties and the Company will be dependent on raising substantial additional capital before it becomes profitable, and it may never achieve profitability. Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("U.S. GAAP") for interim financial reporting. In the opinion of management of the Company, the accompanying unaudited condensed consolidated interim financial statements reflect all adjustments (which include only normal recurring adjustments) necessary to present fairly, in all material respects, the condensed consolidated financial position of the Company as of March 31, 2024 and the results of its operations and changes in stockholders' equity for the three months ended March 31, 2024 and 2023 and its cash flows for the three months ended March 31, 2024 and 2023. The December 31, 2023 condensed consolidated ba

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View this 10-Q filing on SEC EDGAR