Corbus Pharmaceuticals Holdings, Inc. has reported its financial results for the second quarter of 2024, along with several key corporate updates. The company's net loss for the quarter ended June 30, 2024, was approximately $10.0 million, or a net loss per diluted share of $0.90. This is in comparison to a net loss of approximately $8.8 million, or a net loss per diluted share of $2.05, for the same period in 2023.
Operating expenses increased by $2.8 million to approximately $11.0 million for the three months ended June 30, 2024, compared to $8.2 million in the comparable period in the prior year. The increase was primarily due to higher clinical trial costs for CRB-701, along with drug manufacturing costs for CRB-913. However, toxicology costs decreased as the company transitioned from pre-clinical to clinical phase for CRB-601.
Corbus Pharmaceuticals reported having $147 million in cash, cash equivalents, and investments at June 30, 2024. Additionally, the company raised $35.6 million of net proceeds through its At-The-Market (ATM) program during the second quarter and an additional $28.8 million of net proceeds through August 1, 2024. Together, these funds are expected to finance operations through the third quarter of 2027.
The company provided updates on its pipeline products: CRB-701, a next-generation antibody drug conjugate, showed promising results in a phase 1 study for metastatic urothelial cancer and cervical cancer. The dose escalation phase is expected to be completed in the fourth quarter of 2024. CRB-913, a highly peripherally restricted CB1 inverse agonist designed to treat obesity, demonstrated positive results in a diet-induced obesity mouse model. A phase 1 study is expected to commence in the first quarter of 2025. * CRB-601, a high affinity and selective anti-αvβ8 monoclonal antibody, received FDA clearance for its investigational new drug application and is anticipated to enter a phase 1 study in the fourth quarter of 2024.
Corbus Pharmaceuticals is a precision oncology company headquartered in Norwood, Massachusetts, with a pipeline focused on innovative scientific approaches to well-understood biological pathways. Following these announcements, the company's shares moved -0.7%, and are now trading at a price of $54.63. For the full picture, make sure to review Corbus Pharmaceuticals's 8-K report.
