May 11, 2020, 7:05 a.m. EDT

Corbus Pharmaceuticals Reports First Quarter Financial Results and Corporate Updates

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About Corbus

Corbus Pharmaceuticals Holdings, Inc. is a Phase 3 clinical-stage pharmaceutical company focused on the development and commercialization of novel therapeutics to treat inflammatory and fibrotic diseases by leveraging its pipeline of rationally designed, endocannabinoid system-targeting drug candidates. The Company's lead product candidate, lenabasum, is a novel, oral, selective cannabinoid receptor type 2 (CB2) agonist rationally designed to resolve chronic inflammation and fibrotic processes. Lenabasum is currently being evaluated in systemic sclerosis, cystic fibrosis, dermatomyositis and systemic lupus erythematosus.

Corbus is also developing a pipeline of drug candidates targeting the endocannabinoid system. The pipeline includes CRB-4001, a 2nd generation, selective cannabinoid receptor type 1 (CB1) inverse agonist designed to be peripherally restricted. Potential indications for CRB-4001 include nonalcoholic steatohepatitis (NASH), among others. Corbus expects data from its Phase 1 safety study in 2020.

Lenabasum is not approved for the treatment of systemic sclerosis, dermatomyositis, cystic fibrosis or systemic lupus erythematosus. CRB-4001 is not approved for the treatment of NASH/NAFLD. For more information on Corbus' clinical programs, please visit here.

Please visit www.CorbusPharma.com and connect with the Company 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 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, including 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.

Corbus Pharmaceuticals Holdings, Inc.

Condensed Consolidated Balance Sheets







                                                                                                                                                                                       March 31,             December 31,
                                                                                                                                                                                       2020                  2019
                                                                                                                                                                                       (unaudited)
        ASSETS
        Current assets:
        Cash and cash equivalents                                                                                                                                                      $   46,617,921        $    31,748,686
        Prepaid expenses and other current assets                                                                                                                                          3,596,908              3,724,932
        Contract asset                                                                                                                                                                     4,443,124              2,681,065
        Total current assets                                                                                                                                                               54,657,953             38,154,683
        Property and equipment, net                                                                                                                                                        4,851,317              5,083,865
        Operating lease right of use asset                                                                                                                                                 5,680,467              5,818,983
        Other assets                                                                                                                                                                       14,085                 84,968
        Total assets                                                                                                                                                                   $   65,203,822        $    49,142,499
        LIABILITIES AND STOCKHOLDERS' EQUITY
        Current liabilities:
        Notes payable                                                                                                                                                                  $   432,905           $    752,659
        Accounts payable                                                                                                                                                                   9,960,544              11,091,363
        Accrued expenses                                                                                                                                                                   23,516,354             22,447,939
        Operating lease liabilities, current                                                                                                                                               742,893                595,745
        Total current liabilities                                                                                                                                                          34,652,696             34,887,706
        Operating lease liabilities, noncurrent                                                                                                                                            7,859,636              8,097,228
        Total liabilities                                                                                                                                                                  42,512,332             42,984,934
        Commitments and Contingencies
        Stockholders' equity
        Preferred Stock $0.0001 par value:10,000,000 shares authorized, no shares issued and outstanding at March 31, 2020 and December 31, 2019                                           --                     --
        Common stock, $0.0001 par value; 150,000,000 shares authorized, 72,490,449 and 64,672,893 shares issued and outstanding at March 31, 2020 and December
		 31, 2019, respectively      7,249                  6,467
        Additional paid-in capital                                                                                                                                                         245,164,999            198,975,056
        Accumulated deficit                                                                                                                                                                (222,480,758 )         (192,823,958 )
        Total stockholders' equity                                                                                                                                                         22,691,490             6,157,565
        Total liabilities and stockholders' equity                                                                                                                                     $   65,203,822        $    49,142,499
        


Corbus Pharmaceuticals Holdings, Inc.

Consolidated Statements of Operations

(Unaudited)







                                                                                 For the Three Months Ended
                                                                                 March 31,
                                                                                 2020                 2019
        Revenue from awards                                                      $   1,762,059        $   1,885,682
        Operating expenses:
        Research and development                                                     23,947,866           21,783,704
        General and administrative                                                   7,699,479            6,624,747
        Total operating expenses                                                     31,647,345           28,408,451
        Operating loss                                                               (29,885,286 )        (26,522,769 )
        Other income (expense):
        Interest income, net                                                         101,993              334,595
        Foreign currency exchange gain (loss), net                                   126,493              (46,635     )
        Other income, net                                                            228,486              287,960
        Net loss                                                                 $   (29,656,800 )    $   (26,234,809 )
        Net loss per share, basic and diluted                                    $   (0.43       )    $   (0.43       )
        Weighted average number of common shares outstanding, basic and diluted      69,272,402           61,675,904
        


Corbus Pharmaceuticals Contacts:

Ted Jenkins, Senior Director, Investor Relations and Corporate Communications

Phone: +1 (617) 415-7745

Email: ir@corbuspharma.com

Lindsey Smith, Director, Investor Relations and Corporate Communications

Phone: +1 (617) 415-7749

Email: mediainfo@corbuspharma.com

Christina Tartaglia Stern IR, Inc.

Phone: +1 (212) 362-1200

Email: christina.targaglia@sternir.com

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