UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): |
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(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
Corbus Pharmaceuticals Holdings, Inc. (the “Company”) issued a press release on November 7, 2023, disclosing financial information and operating metrics for its fiscal quarter ended September 30, 2023 and discussing its business outlook. A copy of the Company’s press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 7.01 Regulation FD Disclosure.
See “Item 2.02 Results of Operations and Financial Condition” above.
The information in this Current Report on Form 8-K under Items 2.02 and 7.01, including the information contained in Exhibit 99.1, is being furnished to the Securities and Exchange Commission, and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as shall be expressly set forth by a specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) The following exhibit is furnished with this report:
Exhibit No. |
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Description |
99.1 |
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Press Release issued by Corbus Pharmaceuticals Holdings, Inc. dated November 7, 2023 |
104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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Corbus Pharmaceuticals Holdings, Inc. |
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Date: |
November 7, 2023 |
By: |
/s/ Yuval Cohen |
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Name: Yuval Cohen |
Exhibit 99.1
Corbus Pharmaceuticals Reports Third Quarter 2023 Financial Results and
Provides Corporate Update
Norwood, MA, November 7, 2023 (GLOBE NEWSWIRE) -- Corbus Pharmaceuticals Holdings, Inc. (NASDAQ: CRBP) (“Corbus” or the “Company”), a precision oncology company with a diversified portfolio, today provided a corporate update and reported financial results for the third quarter of 2023.
“The third quarter was a productive period for Corbus as data was presented for each of our three programs at relevant scientific conferences” said Yuval Cohen, Ph.D., Chief Executive Officer of Corbus. “We are looking forward to our partners at CSPC sharing the first clinical experience with CRB-701 (SYS6002), a next generation Nectin-4 targeting ADC, in early 2024. This novel ADC comprising of a differentiated monoclonal antibody, proprietary site-specific conjugation cleavable linker, and an MMAE as a payload is designed to provide a stable ADC with significantly less free-circulating MMAE. Pre-clinical data has demonstrated marked differentiation from PADCEV and was presented for the first time at the AACR triple meeting held in October. We also presented two data sets related to CRB-601, our latent TGFb blocking mAb targeting the integrin avb8, at the Society for Immunotherapy of Cancer meeting held in San Diego last week. Finally, we presented the first ever comprehensive data on CRB-913, our highly peripherally restricted cannabinoid type-1 receptor (CB1) inverse agonist. We demonstrated that this orthogonal mechanism of action is active both as a monotherapy and is additive to drugs that target the incretin pathway such as liraglutide, semaglutide, and tirzepatide. Unlike incretin analogs, CRB-913 did not result in loss of lean muscle mass. The data was presented at Obesity Week and coincided with the release of a related manuscript in Obesity the journal” concluded Dr. Cohen.
Key Corporate and Program Updates:
Financial Results for Quarter Ended September 30, 2023:
The Company reported a net loss of approximately $10.1 million, or a net loss per diluted share of $2.27, for the three months ended September 30, 2023, compared to a net loss of approximately $8.8 million, or a net loss per diluted share of $2.11, for the same period in 2022.
Operating expenses increased by $1.3 million to approximately $9.5 million for the three months ended September 30, 2023, compared to $8.2 million in the comparable period in the prior year. The increase was primarily attributable to manufacturing costs to support the Phase 1 clinical trial material for CRB-601 offset by a reduction in general and administrative compensation expenses. As of September 30, 2023, the company has $28.7 million of cash, cash equivalents and investments on hand.
About Corbus
Corbus Pharmaceuticals Holdings, Inc. 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 includes CRB-701, a next generation antibody drug conjugate that targets the expression of Nectin-4 on cancer cells to release a cytotoxic payload, CRB-601, an anti-integrin monoclonal antibody which blocks the activation of TGFβ expressed on cancer cells, and CRB-913, a highly peripherally restricted CB1 inverse agonist for the treatment of obesity. Corbus is headquartered in Norwood, Massachusetts. For more information on Corbus, visit corbuspharma.com. Connect with us on Twitter, LinkedIn and Facebook.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and Private Securities Litigation Reform Act, as amended, including those relating to the Company's restructuring, trial results, product development, clinical and regulatory timelines, market opportunity, competitive position, possible or assumed future results of operations, business strategies, potential growth opportunities and other statement that are predictive in nature. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry and markets in which we operate and management's current beliefs and assumptions.
These statements may be identified by the use of forward-looking expressions, including, but not limited to, "expect," "anticipate," "intend," "plan," "believe," "estimate," "potential,” "predict," "project," "should," "would" and similar expressions and the negatives of those terms. These statements relate to future events or our financial performance and involve known and unknown risks, uncertainties, and other factors on our operations, clinical development plans and timelines, which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include those set forth in the Company's filings with the Securities and Exchange Commission. Prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
INVESTOR CONTACT:
Sean Moran
Chief Financial Officer
Corbus Pharmaceuticals
smoran@corbuspharma.com
Bruce Mackle
Managing Director
LifeSci Advisors, LLC
bmackle@lifesciadvisors.com
---tables to follow---
Corbus Pharmaceuticals Holdings, Inc.
Condensed Consolidated Balance Sheets (Unaudited)
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September 30, 2023 |
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December 31, 2022 |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
11,248,806 |
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$ |
17,002,715 |
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Investments |
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17,484,437 |
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42,194,296 |
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Restricted cash |
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192,475 |
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192,475 |
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Prepaid expenses and other current assets |
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2,280,255 |
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791,616 |
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Total current assets |
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31,205,973 |
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60,181,102 |
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Restricted cash |
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477,425 |
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477,425 |
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Property and equipment, net |
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1,120,793 |
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1,613,815 |
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Operating lease right of use assets |
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3,277,943 |
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3,884,252 |
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Other assets |
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201,271 |
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155,346 |
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Total assets |
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$ |
36,283,405 |
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$ |
66,311,940 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Notes payable |
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$ |
— |
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$ |
353,323 |
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Accounts payable |
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4,713,532 |
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2,173,963 |
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Accrued expenses |
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7,545,781 |
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5,999,252 |
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Derivative liability |
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36,868 |
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36,868 |
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Operating lease liabilities, current |
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1,396,585 |
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1,280,863 |
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Current portion of long-term debt |
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17,849,562 |
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2,795,669 |
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Total current liabilities |
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31,542,328 |
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12,639,938 |
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Long-term debt, net of debt discount |
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— |
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15,984,426 |
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License agreement payable, noncurrent |
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775,000 |
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— |
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Other long-term liabilities |
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44,410 |
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22,205 |
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Operating lease liabilities, noncurrent |
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3,610,651 |
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4,675,354 |
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Total liabilities |
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35,972,389 |
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33,321,923 |
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Stockholders’ equity |
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Preferred stock, $0.0001 par value; 10,000,000 shares authorized, no shares issued and outstanding at September 30, 2023 and December 31, 2022. |
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— |
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— |
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Common stock, $0.0001 par value; 300,000,000 shares authorized, |
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442 |
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417 |
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Additional paid-in capital |
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428,981,198 |
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425,196,359 |
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Accumulated deficit |
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(428,662,589 |
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(392,080,667 |
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Accumulated other comprehensive loss |
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(8,035 |
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(126,092 |
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Total stockholders’ equity |
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311,016 |
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32,990,017 |
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Total liabilities and stockholders’ equity |
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$ |
36,283,405 |
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$ |
66,311,940 |
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Corbus Pharmaceuticals Holdings, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
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For the Three Months |
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For the Nine Months |
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2023 |
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2022 |
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2023 |
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2022 |
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Operating expenses: |
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Research and development |
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$ |
6,550,496 |
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$ |
4,108,190 |
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$ |
24,187,544 |
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$ |
9,894,068 |
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General and administrative |
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2,937,442 |
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4,073,266 |
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10,786,410 |
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14,144,557 |
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Litigation settlement |
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— |
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— |
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— |
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5,000,000 |
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Total operating expenses |
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9,487,938 |
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8,181,456 |
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34,973,954 |
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29,038,625 |
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Operating loss |
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(9,487,938 |
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(8,181,456 |
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(34,973,954 |
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(29,038,625 |
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Other expense, net: |
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Other income (expense), net |
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217,545 |
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77,712 |
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629,709 |
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(324,322 |
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Interest expense, net |
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(763,356 |
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(541,889 |
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(2,216,964 |
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(1,491,137 |
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Foreign currency exchange loss, net |
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(19,520 |
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(136,087 |
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(20,713 |
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(613,766 |
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Other expense, net |
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(565,331 |
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(600,264 |
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(1,607,968 |
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(2,429,225 |
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Net loss |
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$ |
(10,053,269 |
) |
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$ |
(8,781,720 |
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$ |
(36,581,922 |
) |
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$ |
(31,467,850 |
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Net loss per share, basic and diluted |
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$ |
(2.27 |
) |
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$ |
(2.11 |
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$ |
(8.52 |
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$ |
(7.55 |
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Weighted average number of common shares outstanding, basic and diluted |
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4,423,617 |
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4,170,881 |
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4,295,178 |
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4,170,466 |
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Comprehensive loss: |
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Net loss |
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$ |
(10,053,269 |
) |
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$ |
(8,781,720 |
) |
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$ |
(36,581,922 |
) |
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$ |
(31,467,850 |
) |
Other comprehensive income (loss): |
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Change in unrealized gain (loss) on marketable debt securities |
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15,753 |
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(87,554 |
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118,057 |
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(144,429 |
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Total other comprehensive income (loss) |
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15,753 |
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(87,554 |
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118,057 |
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(144,429 |
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Total comprehensive loss |
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$ |
(10,037,516 |
) |
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$ |
(8,869,274 |
) |
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$ |
(36,463,865 |
) |
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$ |
(31,612,279 |
) |
Document And Entity Information |
Nov. 07, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Nov. 07, 2023 |
Entity Registrant Name | CORBUS PHARMACEUTICALS HOLDINGS, INC. |
Entity Central Index Key | 0001595097 |
Entity Emerging Growth Company | false |
Securities Act File Number | 001-37348 |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 46-4348039 |
Entity Address, Address Line One | 500 River Ridge Drive |
Entity Address, City or Town | Norwood |
Entity Address, State or Province | MA |
Entity Address, Postal Zip Code | 02062 |
City Area Code | (617) |
Local Phone Number | 963-0100 |
Entity Information, Former Legal or Registered Name | Not Applicable |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, par value $0.0001 per share |
Trading Symbol | CRBP |
Security Exchange Name | NONE |
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