Corbus Pharmaceuticals Holdings ( (CRBP) ) has released its Q3 earnings. Here is a breakdown of the information Corbus Pharmaceuticals Holdings presented to its investors.
Corbus Pharmaceuticals Holdings, Inc., headquartered in Norwood, Massachusetts, specializes in oncology and obesity treatments with a focus on innovative approaches to well-understood biological pathways. The company is currently advancing a diversified portfolio, including drug candidates CRB-701 for cancer and CRB-913 for obesity.
In its third-quarter 2024 earnings report, Corbus Pharmaceuticals announced significant progress in its clinical trials and presented new pre-clinical data. The company highlighted the completion of the dose escalation part of its Phase 1 trial for CRB-701 and shared promising pre-clinical results for CRB-913 at Obesity Week 2024.
Key financial metrics revealed a net loss of $13.8 million for the third quarter of 2024, a slight increase from the previous year, due to enhanced research and development expenses. Additionally, Corbus successfully raised $35.6 million in net proceeds during the period and made its final loan payment, solidifying its financial position with $159.4 million in cash and investments.
Strategic advancements were marked by the completion of enrollment for CRB-701’s Phase 1 trial, with initial data expected in early 2025. This trial aims to address advanced solid tumors with high Nectin-4 expression, leveraging favorable data from collaborative studies. For CRB-913, anticipated Phase 1 trials in 2025 are set to explore its potential in obesity treatment, building on encouraging pre-clinical findings.
Looking ahead, Corbus Pharmaceuticals remains optimistic about its pipeline’s progress, with expectations to continue advancing its clinical programs and leveraging its strong cash position to support future developments through the third quarter of 2027.
