EX-99.1

 

 

 

Exhibit 99.1

Corbus Pharmaceuticals Reports First Quarter 2022 Financial Results and Provides Corporate Update

Promising pre-clinical data generated for CRB-601 across several tumor models as monotherapy and in combination with anti-PD1 therapy
IND submission for CRB-601 is on-track for the first half of 2023
Expanding immuno-oncology pipeline through strategic transactions remains key priority
Cash and investments on hand of $86.8 million funds operations into the first quarter of 2024

 

Norwood, MA, May 10, 2022 (GLOBE NEWSWIRE) -- Corbus Pharmaceuticals Holdings, Inc. (NASDAQ: CRBP) (“Corbus” or the “Company”), an immunology company, today provided a corporate update and reported financial results for the first quarter of 2022.

 

Key Corporate and Program Updates:

Anti-integrin monoclonal antibodies (mAb) program targeting the inhibition of TGFβ is progressing on schedule.
o
CRB-601, an anti-αvβ8 mAb, is being developed as a potential treatment for solid tumors. Corbus presented the first preclinical data for CRB-601 at the American Association for Cancer Research (AACR) Annual Meeting in April 2022. The poster can be viewed at: www.corbuspharma.com/AACRposter.
o
The most recent data from CRB-601 will be presented on May 11, 2022 at the New York Academy of Sciences Frontiers in Cancer Immunotherapy Conference. This new data demonstrates effects of CRB-601 in additional syngeneic animal models with increasing levels of resistance to check point inhibitors.
o
Across models explored to date, CRB-601 demonstrates an enhancement of anti-tumor activity when combined with anti PD-1 therapy compared to either single agent alone. This enhancement of efficacy is associated with tumor infiltration of proliferating CD4+ and CD8+ T cells in addition to NK cells and M1 macrophages.
o
Collectively, this data supports the hypothesis that blockade of local TGFβ production by CRB-601 can lead to changes in immune cell infiltration in the tumor microenvironment, potentially enhancing the benefit of PD-1 blockade.
o
IND-enabling activities for CRB-601 are ongoing and the program is on schedule for an IND submission in the first half of 2023.
A lead candidate, CRB-913, has been selected for the CB1 inverse agonist program. In animal models of diet-induced obesity, CRB-913 induced weight loss and impacted multiple metabolic parameters, both as monotherapy and in combination with semaglutide and tirzepatide. Corbus is seeking partnerships to advance CRB-913 into clinical studies.
The National Institutes of Health sponsored Phase 2 study of lenabasum in systemic lupus erythematosus has completed its last patient visit and the clinical database has been locked. The Company is awaiting topline results. Corbus is pursuing potential partnerships to fund further development of lenabasum.

 

 

 

 

 


 

 

 

A detailed update on the Corbus pipeline can be found in the most recent Corporate Presentation available at: www.ir.corbuspharma.com/presentations

 

“We are executing our plan to transform Corbus into a company with a novel and diversified immuno-oncology pipeline. We're excited about the first data to come out of our integrin program and for the opportunity to present it at scientific conferences. We look forward to entering the clinic in 2023,” commented Yuval Cohen, Ph.D., Chief Executive Officer of Corbus. “We are actively engaging in business development activities with the goal of expanding our immuno-oncology pipeline while monetizing our ECS assets through new partnerships.

 

 

-2-


 

 

 

Financial Results for First Quarter Ended March 31, 2022:

The Company reported a net loss of approximately $9.4 million, or a net loss per diluted share of $0.08, for the three months ended March 31, 2022, compared to a net loss of approximately $16 million, or a net loss per diluted share of $0.14, for the same period in 2021.


Operating expenses decreased by $7.5 million to approximately $8.5 million for the three months ended March 31, 2022, compared to $16 million in the comparable period in the prior year. The decrease was primarily attributable to decreased clinical trial and drug manufacturing costs, and an overall reduction in compensation expense.


As of March 31, 2022, the company has $86.8 million of cash and investments on hand which is expected to fund operations into the first quarter of 2024, based on the current planned expenditures.

 

About Corbus

 

Corbus is an immunology company committed to connecting innovation to our purpose of improving lives by developing new medicines that target the nexus between the immune system and cancer. Corbus’ current pipeline includes anti-integrin monoclonal antibodies that block activation of TGFβ and small molecules that activate or inhibit the endocannabinoid system. Corbus is headquartered in Norwood, Massachusetts. For more information on Corbus, visit corbuspharma.com. Connect with us on Twitter, LinkedIn and Facebook.

 

 

 

-3-


 

 

 

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, including the potential impact of the recent COVID-19 pandemic and the potential impact of sustained social distancing efforts, 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

smoran@corbuspharma.com

 

 

 

 

-4-


 

 

 

Corbus Pharmaceuticals Holdings, Inc.

Condensed Consolidated Balance Sheets

 

 

 

March 31, 2022

 

 

December 31, 2021

 

 

 

(Unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

57,026,334

 

 

$

25,006,632

 

Investments

 

 

29,094,916

 

 

 

72,640,520

 

Restricted cash

 

 

192,475

 

 

 

192,475

 

Prepaid expenses and other current assets

 

 

2,161,860

 

 

 

2,365,010

 

Total current assets

 

 

88,475,585

 

 

 

100,204,637

 

Restricted cash

 

 

477,425

 

 

 

477,425

 

Property and equipment, net

 

 

2,210,426

 

 

 

2,392,696

 

Operating lease right of use assets

 

 

4,436,376

 

 

 

4,609,110

 

Other assets

 

 

75,275

 

 

 

46,385

 

Total assets

 

$

95,675,087

 

 

$

107,730,253

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Notes payable

 

$

440,815

 

 

$

767,938

 

Accounts payable

 

 

2,696,810

 

 

 

1,782,277

 

Accrued expenses

 

 

5,496,406

 

 

 

10,093,312

 

Derivative liability

 

 

133,710

 

 

 

133,710

 

Operating lease liabilities, current

 

 

1,171,858

 

 

 

1,136,948

 

Current portion of long-term debt

 

 

5,178,107

 

 

 

3,093,344

 

Total current liabilities

 

 

15,117,706

 

 

 

17,007,529

 

Long-term debt, net of debt discount

 

 

13,728,413

 

 

 

15,636,275

 

Other long-term liabilities

 

 

22,205

 

 

 

22,205

 

Operating lease liabilities, noncurrent

 

 

5,651,480

 

 

 

5,956,217

 

Total liabilities

 

 

34,519,804

 

 

 

38,622,226

 

Stockholders’ equity

 

 

 

 

 

 

Preferred stock, $0.0001 par value; 10,000,000 shares authorized, no shares
   issued and outstanding at March 31, 2022 and December 31, 2021

 

 

 

 

 

 

Common stock, $0.0001 par value; 300,000,000 shares authorized,
   125,255,881 and 125,230,881 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively

 

 

12,526

 

 

 

12,523

 

Additional paid-in capital

 

 

420,483,456

 

 

 

418,891,713

 

Accumulated deficit

 

 

(359,171,006

)

 

 

(349,733,764

)

Accumulated other comprehensive loss

 

 

(169,693

)

 

 

(62,445

)

Total stockholders’ equity

 

 

61,155,283

 

 

 

69,108,027

 

Total liabilities and stockholders’ equity

 

$

95,675,087

 

 

$

107,730,253

 

 

 

 

 

 

 

-5-


 

 

 

 

Corbus Pharmaceuticals Holdings, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(Unaudited)

 

 

 

 

For the Three Months Ended
March 31,

 

 

 

2022

 

 

2021

 

Revenue from awards

 

$

 

 

$

647,824

 

Operating expenses:

 

 

 

 

 

 

Research and development

 

 

3,286,236

 

 

 

10,720,823

 

General and administrative

 

 

5,230,923

 

 

 

5,341,197

 

Total operating expenses

 

 

8,517,159

 

 

 

16,062,020

 

Operating loss

 

 

(8,517,159

)

 

 

(15,414,196

)

Other income (expense), net:

 

 

 

 

 

 

Other income (expense), net

 

 

(193,351

)

 

 

(15,094

)

Interest income (expense), net

 

 

(458,909

)

 

 

(646,550

)

Change in fair value of derivative liability

 

 

 

 

 

(6,000

)

Foreign currency exchange gain (loss), net

 

 

(267,823

)

 

 

16,672

 

Other income (expense), net

 

 

(920,083

)

 

 

(650,972

)

Net loss

 

$

(9,437,242

)

 

$

(16,065,168

)

Net loss per share, basic and diluted

 

$

(0.08

)

 

$

(0.14

)

Weighted average number of common shares outstanding, basic and diluted

 

 

125,243,242

 

 

 

116,344,900

 

 

 

 

 

 

 

 

Comprehensive loss:

 

 

 

 

 

 

Net loss

 

$

(9,437,242

)

 

$

(16,065,168

)

Other comprehensive income (loss):

 

 

 

 

 

 

Unrealized gain (loss) on marketable debt securities

 

 

(107,248

)

 

 

(28,765

)

Total other comprehensive income (loss)

 

 

(107,248

)

 

 

(28,765

)

Total comprehensive loss

 

$

(9,544,490

)

 

$

(16,093,933

)

 

-6-