Corbus Pharma Files 10-Q, Details Loan and Warrant Activity
Ticker: CRBP · Form: 10-Q · Filed: Aug 6, 2024 · CIK: 1595097
Sentiment: neutral
Topics: 10-Q, financing, debt, warrants
TL;DR
Corbus Pharma 10-Q out: Loan w/ K2 Health Ventures, warrants detailed. Funding update.
AI Summary
Corbus Pharmaceuticals Holdings, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported on its financial condition, including details on its loan agreements and warrants. Notably, the filing references a loan agreement with K2 Health Ventures LLC and mentions subsequent events occurring between July 1 and August 1, 2024.
Why It Matters
This filing provides investors with an update on Corbus Pharmaceuticals' financial health and ongoing financing arrangements, which are crucial for funding its drug development pipeline.
Risk Assessment
Risk Level: medium — The company's financial disclosures, including debt and warrant information, are critical for assessing its operational viability and future funding needs.
Key Numbers
- 2024-06-30 — Reporting Period End Date (The financial data presented in the 10-Q covers this period.)
- 2024-08-06 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
Key Players & Entities
- Corbus Pharmaceuticals Holdings, Inc. (company) — Filer of the 10-Q
- K2 Health Ventures LLC (company) — Party to a loan agreement
- 2024-06-30 (date) — End of reporting period
- 2024-07-01 (date) — Start of subsequent events period
- 2024-08-01 (date) — End of subsequent events period
FAQ
What are the key terms of the loan agreement with K2 Health Ventures LLC mentioned in the filing?
The filing references a 'LoanAndSecurityAgreementWithK2HealthVenturesLlcMember' but does not provide specific terms within the provided text.
What specific financial results are reported for the quarter ending June 30, 2024?
The provided text is an excerpt and does not detail specific financial results like revenue or net income for the quarter ending June 30, 2024.
What are the significant subsequent events that occurred between July 1 and August 1, 2024?
The filing indicates 'SubsequentEventMember' within this period, but the specific details of these events are not included in the provided text.
What is the nature of the 'crbp:CFFWarrantMember' and 'crbp:InvestmentAgreeme' mentioned?
The provided text mentions these items but does not elaborate on their specific nature or financial implications.
What was Corbus Pharmaceuticals' former company name?
Corbus Pharmaceuticals Holdings, Inc. was formerly known as SAV Acquisition Corp, with a date of name change on 20131220.
Filing Stats: 4,521 words · 18 min read · ~15 pages · Grade level 15.8 · Accepted 2024-08-06 16:38:45
Key Financial Figures
- $0.0001 — ch Registered Common Stock, par value $0.0001 per share CRBP The Nasdaq Capital M
Filing Documents
- crbp-20240630.htm (10-Q) — 1576KB
- crbp-ex31_1.htm (EX-31.1) — 16KB
- crbp-ex31_2.htm (EX-31.2) — 16KB
- crbp-ex32_1.htm (EX-32.1) — 9KB
- crbp-ex32_2.htm (EX-32.2) — 9KB
- 0000950170-24-091922.txt ( ) — 8022KB
- crbp-20240630.xsd (EX-101.SCH) — 1333KB
- crbp-20240630_htm.xml (XML) — 1337KB
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Item 3.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 25 Item 4.
Controls and Procedures
Controls and Procedures 25 PART II OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 26 Item 1A.
Risk Factors
Risk Factors 26 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 29 Item 3. Defaults Upon Senior Securities 29 Item 4. Mine Safety Disclosures 29 Item 5. Other Information 29 Item 6. Exhibits 30
Signatures
Signatures 31 - 2 -
— 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 (in thousands, except share and per share amounts) (Unaudited) June 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 23,686 $ 13,724 Investments 123,339 7,182 Restricted cash 285 192 Prepaid expenses and other current assets 1,001 2,448 Total current assets 148,311 23,546 Restricted cash 385 478 Property and equipment, net 671 973 Operating lease right-of-use assets 2,612 3,063 Other assets — 212 Total assets $ 151,979 $ 28,272 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Notes payable $ 77 $ 301 Accounts payable 1,152 3,179 Accrued expenses 10,488 11,030 Derivative liability — 39 Operating lease liabilities, current 1,519 1,437 Loan payable 10,744 15,908 Total current liabilities 23,980 31,894 Other long-term liabilities — 44 Operating lease liabilities, noncurrent 2,456 3,239 Total liabilities 26,436 35,177 Stockholders' equity Preferred stock, $ 0.0001 par value; 10,000,000 shares authorized, no shares issued and outstanding at June 30, 2024 and December 31, 2023. — — Common stock, $ 0.0001 par value; 300,000,000 shares authorized, 11,498,917 and 4,423,683 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 1 — Additional paid-in capital 579,510 429,780 Accumulated deficit ( 453,580 ) ( 436,684 ) Accumulated other comprehensive loss ( 388 ) ( 1 ) Total stockholders' equity (deficit) 125,543 ( 6,905 ) Total liabilities and stockholders' equity $ 151,979 $ 28,272 See notes to the unaudited condensed consolidated financial statements. - 3 - Corbus Pharmaceuticals Holdings, Inc. Condensed Consolidated Statement s of Operations and Comprehensive Loss (in thousands, except sh