Corbus Pharmaceuticals Holdings, Inc. CRBP
Corbus Pharmaceuticals Holdings, Inc. (the "Company" or "Corbus") is a clinical stage company focused on promising new therapies in oncology and obesity 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 ("ADC") that targets the expression of Nectin-4 on cancer cells to release a cytotoxic payload of monomethyl auristatin E ("MMAE") and CRB-913, a highly peripherally restricted cannabinoid type-1 ("CB1") receptor inverse agonist for the treatment of obesity.
CRB-701 (SYS6002) is a novel clinical stage ADC that targets the expression of Nectin-4 on cancer cells to release a cytotoxic payload of MMAE. In February 2023, the Company obtained a license from CSPC Megalith Biopharmaceutical Co. Ltd. ("CSPC"), a subsidiary of CSPC Pharmaceutical Group Limited, to develop and commercialize the drug in the United States ("U.S."), Canada, the European Union (including the European Free Trade Area), the United Kingdom ("U.K.") and Australia. The Company is conducting a Phase 1/2 study in the U.S. and Europe (the "Western study") enrolling patients with advanced solid tumors associated with Nectin-4 expression. The dose expansion phase of the clinical trial is ongoing. In June 2025, the Company began dosing participants in the PD-1 combination arm with CRB-701 in combination with Keytruda® (pembrolizumab). The Company has received fast track designation for CRB-701 from the U.S. Food and Drug Administration (the "FDA") for the treatment of relapsed or refractory metastatic cervical cancer in December 2024 and in recurrent or metastatic head and neck squamous cell carcinoma ("HNSCC") previously treated with platinum-based chemotherapy and an anti-PD(L)-1 therapy in September 2025. CRB-701 is currently being investigated by CSPC in a Phase 3 clinical trial in patients with cervical cancer in China (the "China study").
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | $0 | $881.7K | $3.9M | $36.1M | $4.8M | $2.4M | $1.9M |
| R&D | $70.1M | $32.2M | $31.2M | $16.1M | $36.4M | $98.3M | $89.6M | $48.6M | $26.0M | $15.4M |
| SG&A | $15.2M | $16.5M | $13.9M | $18.7M | $20.4M | $28.5M | $23.6M | $13.0M | $9.0M | $6.5M |
| Total operating expenses | $85.3M | $48.7M | $45.1M | $39.8M | $56.9M | $126.7M | $113.2M | $61.6M | $35.0M | $21.9M |
| Operating income | -$85.3M | -$48.7M | -$45.1M | -$39.8M | -$56.0M | -$122.8M | -$77.1M | -$56.7M | -$32.6M | -$20.0M |
| Interest expense | $0 | $1.9M | $3.9M | $2.1M | $1.8M | $1.0M | $1.2M | — | — | — |
| Pre-tax income | -$78.5M | -$40.2M | — | — | — | — | — | — | — | — |
| Income tax | $0 | $0 | — | — | — | — | — | — | — | — |
| Net income | -$78.5M | -$40.2M | -$44.6M | -$42.3M | -$45.6M | -$111.3M | -$71.5M | -$55.7M | -$32.4M | -$20.0M |
| EPS, basic | -5.90 | -3.68 | -10.31 | -10.15 | -11.15 | -1.42 | — | — | — | — |
| EPS, diluted | -5.90 | -3.68 | -10.31 | -10.15 | -11.15 | -1.42 | -1.12 | -0.98 | -0.65 | -0.49 |
| Shares, diluted (wtd. avg.) | 13.3M | 10.9M | 4.3M | 4.2M | 4.1M | 78.1M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $28.5M | $17.2M | $13.7M | $17.0M | $25.0M | $85.4M | $31.7M | $41.7M | $62.5M | $15.2M |
| Short-term investments | $134.8M | $131.9M | $7.2M | $42.2M | $72.6M | — | — | — | — | — |
| Total current assets | $167.0M | $153.0M | $23.5M | $60.2M | $100.2M | $92.1M | $38.2M | $44.2M | $65.5M | $17.4M |
| Property, plant and equipment | $159.0K | $385.0K | $973.0K | $1.6M | $2.4M | $4.1M | $5.1M | $2.7M | $1.4M | $435.3K |
| Total assets | $168.2M | $155.9M | $28.3M | $66.3M | $107.7M | $102.3M | $49.1M | $47.0M | $67.0M | $17.9M |
| Accounts payable | $2.2M | $4.8M | $3.2M | $2.2M | $1.8M | $7.4M | $11.1M | $6.3M | $3.1M | $3.4M |
| Short-term debt | — | — | $15.9M | $2.8M | $3.1M | — | — | — | — | — |
| Total current liabilities | $20.7M | $11.8M | $31.9M | $12.6M | $17.0M | $31.9M | $34.9M | $18.1M | $8.2M | $8.9M |
| Long-term debt | — | — | $0 | $16.0M | $15.6M | $18.0M | — | — | — | — |
| Total liabilities | $20.7M | $13.5M | $35.2M | $33.3M | $38.6M | $57.0M | $43.0M | $19.5M | $9.2M | $9.0M |
| Retained earnings | -$555.4M | -$476.9M | -$436.7M | -$392.1M | -$349.7M | -$304.1M | -$192.8M | -$121.4M | -$65.7M | -$33.3M |
| Total equity | $147.5M | $142.4M | -$6.9M | $33.0M | $69.1M | $45.3M | $6.2M | $27.5M | $57.8M | $8.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$64.5M | -$41.8M | -$36.1M | -$37.5M | -$48.2M | -$99.7M | -$45.7M | -$30.1M | -$27.8M | -$13.6M |
| Depreciation and amortisation | $200.0K | $600.0K | $600.0K | $763.0K | $1.0M | $1.1M | $739.0K | — | — | $88.0K |
| Stock-based compensation | $6.3M | $6.1M | $3.5M | $5.7M | $9.5M | $12.5M | $12.0M | $7.6M | $5.7M | $3.2M |
| Capital expenditure | $7.0K | $0 | $0 | $13.4K | $54.2K | $484.5K | $2.7M | $2.3M | $707.4K | $353.0K |
| Investing cash flow | -$1.6M | -$121.3M | $35.6M | $30.1M | -$73.4M | -$484.5K | -$2.7M | -$2.3M | -$707.4K | -$353.0K |
| Financing cash flow | $77.4M | $166.6M | -$2.8M | -$533.6K | $60.8M | $154.9M | $38.5M | $11.4M | $76.0M | $16.7M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-098530.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.9M | $2.4M | $4.8M | $36.1M | $3.9M | $881.7K | $0 | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | -$20.0M | -$32.4M | -$55.7M | -$71.5M | -$111.3M | -$45.6M | -$42.3M | -$44.6M | -$40.2M | -$78.5M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Regulation FD disclosure Item 7.01
- Regulation FD disclosure Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Material agreement signed Item 1.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Regulation FD disclosure Item 7.01
- Officer or director change Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Regulation FD disclosure Item 7.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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