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.
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
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
Lindsey Smith, Director, Investor Relations and Corporate Communications
Phone: +1 (617) 415-7749
Christina Tartaglia Stern IR, Inc.
Phone: +1 (212) 362-1200
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