Corbus Pharmaceuticals Reports $40.2 Million Net Loss for Fiscal Year 2024

Corbus Pharmaceuticals Holdings, Inc. reported its financial results for the fiscal year ending December 31, 2024, revealing a net loss of approximately $40.2 million, a slight decrease from the $44.6 million loss recorded in 2023. The company has not generated any revenue from product sales, maintaining an accumulated deficit of about $476.9 million since its inception. Total operating expenses for 2024 increased by 8% to $48.7 million, driven primarily by a 19% rise in general and administrative expenses, which totaled $16.5 million, largely due to increased stock-based compensation and professional services.

Research and development expenses rose to $32.2 million, up 3% from the previous year. Notably, costs associated with the CRB-701 program increased by 37% to $12.8 million, reflecting higher clinical and drug supply costs as the company began enrollment in its Phase 1 clinical trial. Conversely, expenses for the CRB-601 program decreased significantly by 66% to $4.8 million, attributed to lower manufacturing costs and milestone payments incurred in the prior year. The CRB-913 program saw a substantial increase in costs, rising to $7.2 million as the company prepared for its Phase 1 study.

In terms of strategic developments, Corbus has made significant progress in its clinical pipeline. The company is advancing CRB-701, a next-generation antibody-drug conjugate targeting Nectin-4, through two Phase 1 clinical trials—one in China and another in the U.S. and U.K. The Western study has completed enrollment for its dose escalation phase, with ongoing dose optimization. Additionally, CRB-601 is in a Phase 1 trial in the U.S., and CRB-913 is expected to enter its Phase 1 study in early 2025.

As of December 31, 2024, Corbus had approximately $149.1 million in cash, cash equivalents, and investments, which the company anticipates will be sufficient to fund operations through the third quarter of 2027. The company has also engaged in capital-raising activities, including a public offering that raised approximately $94.5 million in gross proceeds. Looking ahead, Corbus expects to continue incurring significant operating losses as it advances its clinical programs and seeks additional funding to support its operations. The company remains focused on its goal of obtaining regulatory approvals for its drug candidates, which it acknowledges will require substantial resources and time.