Corbus Pharmaceuticals Holdings, Inc. (CRBP) stock soared 2.91% in the current-market trading session at the price of $1.06 despite no fundamental reason. The last published news was its financial results for the second quarter ended 30th June 2021. CRBP improves the lives of people by producing drugs that target metabolism, fibrosis, inflammation, and immuno-oncology.
CRBP Second Quarter 2021 Financial Results
On 12th August 2021, CRBP published financial results for the second quarter ended 30th June 2021, and provided corporate updates.
Management Comments
Chief Executive Officer of CRBP, Yuval Cohen, remarked that they had made significant progress in their pipeline by licensing two integrin-targeting mAbs. They are on track to advance these assets with their tiny molecules that stimulate and check the endocannabinoid system. The company has cash and investments of approximately $114M. It has a better financial position and resources to advance and develop its diversified pipeline, he added.
CRBP Financial Highlights
CRBP reported $137,000 in revenue from awards and licenses for the three months ended 30th June 2021. Revenue from awards and licenses was $286,000 for the same quarter ended 30th June 2020. Operating expenses were $16.8 million for the three months ended on 30th June 2021. It represents a drop of $21.6 million from $38.4 million for the same quarter of 2020. The decrease resulted from lower clinical trial and drug manufacturing expenses and an overall decline in compensation cost.
For the three months ended 30th June 2021, CRBP reported a net loss o $17.1 million or $0.15 per diluted share. Net loss was $38.1 million, or $0.52 per diluted share, for the same quarter of the previous year. By 30th June 2021, the company acquired a refundable foreign tax credit of $12.2 million. As of 10th August 2021, it has $114.3 million in cash on hand.
Topline Results of DETERMINE Study of Lenabasum
On 24th June 2021, CRBP published topline results from the DETERMINE study of lenabasum to treat rare autoimmune disease dermatomyositis. Chief Executive Officer of CRBP, Yuval Cohen, noted that they look onward to presenting data from Phase II and Phase III studies with regulative authorities. They have a strong cash position and resources to progress their diversified pipeline while also preparing the next steps for lenabasum, he added.
