Categories Earnings, Health Care

Corbus Pharma’s Q1 results fall short of expectations

Corbus Pharmaceuticals Holdings, Inc. (NASDAQ: CRBP) missed market expectations on revenue and earnings for the first quarter of 2019.

The company reported a net loss of approx. $26.2 million, or $0.43 per share, compared to approx. $11.6 million, or $0.21 per share, last year.

Revenue from awards increased by around $0.9 million to $1.9 million due to revenue recognized from the Development Award Agreement with the Cystic Fibrosis Foundation.

Operating expenses increased by around $15.6 million to $28.4 million, due to increased spending for clinical studies, cost to manufacture and supply Lenabasum for clinical trials, staffing costs, higher non-cash stock compensation expenses and a sub-royalty payment associated with Kaken Pharmaceuticals.

During the quarter, Corbus completed subject enrollment in the RESOLVE-1 Phase 3 study of lenabasum treatment for systemic sclerosis and the company expects to report topline results from this study in the summer of 2020.

Corbus also completed a licensing deal for lenabasum in Japan with Kaken Pharmaceuticals, and received an up-front payment for $27 million, with up to $173 million in potential milestones as well as double-digit royalties.

The company’s cash and cash equivalents balance increased by $48.2 million from December 31, 2018 to $89.9 million at March 31, 2019.

Shares of Corbus have gained 28% so far this year.

 

Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference and much more!

Most Popular

Earnings calendar for the week of March 8

On the heels of lawmakers moving closer to passing the stimulus bill, inflations concerns gripped the market after Federal Reserve chief Jerome Powell at a meeting said the reopening would

Why Costco’s (COST) growth prospects might depend on beating costs, digital lag

Though the retail boom triggered by the pandemic was estimated to be short-lived initially, the shopping spree continued as customers stocked up on essential items, concerned about the persistent market

Gap (GPS) hopes to see a favorable recovery by the second half of 2021

Shares of Gap Inc. (NYSE: GPS) were up 5.8% in afternoon hours on Friday. The stock has gained 103% over the past 12 months. Gap reported mixed results for the

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top