Corbus Pharmaceuticals Holdings Inc. 2025年季度报告

Washington, DC 20549 FORM10-Q PART I — FINANCIAL INFORMATION Corbus Pharmaceuticals Holdings, Inc.Condensed Consolidated Balance Sheets(in thousands, except share and per share amounts) March 31, 2025December 31, 2024 Corbus Pharmaceuticals Holdings, Inc.Condensed Consolidated Statementsof Operations and Comprehensive Loss Corbus Pharmaceuticals Holdings, Inc.Condensed Consolidated Statements of Stockholders’ Equity Corbus Pharmaceuticals Holdings, Inc.Notes to Unaudited Condensed Consolidated Financial StatementsMarch 31, 2025 1.NATURE OF BUSINESS AND BASIS OF PRESENTATION Nature of Business Corbus Pharmaceuticals Holdings, Inc. (the "Company" or "Corbus") is an oncology and obesity company with a diversifiedportfolio and is committed to helping people defeat serious illness by bringing innovative scientific approaches to well-understood biological pathways. Corbus’ pipeline is comprised of two experimental drugs targeting solid tumors: CRB-701, anext-generation antibody drug conjugate ("ADC") that targets the expression of Nectin-4 on cancer cells to release a cytotoxicpayload of monomethyl auristatin E ("MMAE") and CRB-601, an anti-integrin monoclonal antibody that blocks the activationof TGFβ expressed on cancer cells. The pipeline also includes CRB-913, a highly peripherally restricted cannabinoid type-1("CB1") receptor inverse agonist for the treatment of obesity. Since its inception, the Company has devoted substantially all of Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with generally accepted accountingprinciples in the United States ("U.S. GAAP") for interim financial reporting. In the opinion of management of the Company,the accompanying unaudited condensed consolidated interim financial statements reflect all adjustments (which include onlynormal recurring adjustments) necessary to present fairly, in all material respects, the condensed consolidated financialposition of the Company as of March 31, 2025 and the results of its operations and changes in stockholders’ equity for thethree months ended March 31, 2025 and 2024 and its cash flows for the three months ended March 31, 2025 and 2024. Certainamounts in the prior year's financial statements have been reclassified to conform with the current year presentation. Thesereclassifications did not impact previously reported net loss or cash flows. The December 31, 2024 condensed consolidated Basis of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Allsignificant intercompany transactions and accounts have been eliminated in consolidation. The significant accounting policies used in preparation of these condensed consolidated financial statements in this Form 10-Qare consistent with those discussed in Note 3, "Significant Accounting Policies," in our 2024 Annual Report. Recently Adopted Accounting Pronouncements In November 2023, the FASB issued ASU 2023-09,Improvements to Income Tax Disclosures, which requires entities todisclose disaggregated information about their effective tax rate reconciliations as well as expanded information on incometaxes by jurisdiction. The standard is effective for fiscal years beginning after December 15, 2024 on a prospective basis. The Government Tax Credits The Company is eligible to receive government assistance in the form of refundable research and development tax credits andthe employee retention tax credit ("ERTC"). The Company may qualify for refundable research and development tax creditsfrom foreign authorities in the form of cash that are earned on certain research and development expenses incurred primarilyoutside of the United States ("U.S.") by its foreign subsidiaries in the United Kingdom ("U.K.") and Australia. Under theCoronavirus Aid, Relief, and Economic Security Act of 2020, or CARES Act, the Company was eligible to claim the ERTC,which is a refundable tax credit against certain employment taxes. The Company records these tax credits as other income, netwhen the Company has reasonable assurance any conditions attached to the assistance have been met and the assistance will be 2.LIQUIDITY The accompanying condensed consolidated financial statements have been prepared assuming the Company will continue as agoing concern, which contemplates continuity of operations, realization of assets and the satisfaction of liabilities andcommitments in the normal course of business. The Company has incurred recurring losses since inception and as of March 31,2025, had an accumulated deficit of approximately $493.9million. The Company anticipates operating losses to continue forthe foreseeable future due to, among other things, costs related to research funding, development of its product candidates and The source, timing and availability of any future financing will depend principally upon market conditions, and, morespecifically, on the progress of