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
Johnson & Johnson to report Q2 earnings on July 16. Here’s what to expect
Johnson & Johnson's (NYSE: JNJ) business strategy for fiscal 2025 is focused on reducing the impact of patent expirations on its revenue. Anticipating sales to benefit from growth initiatives, including
What to expect when United Airlines (UAL) reports its Q2 2025 earnings results
Shares of United Airlines Holdings, Inc. (NASDAQ: UAL) stayed green on Tuesday. The stock has gained 44% over the past three months. The airline company is scheduled to report its
Earnings Preview: Fastenal Company likely to report higher Q2 sales and profit
Fastenal Company (NASDAQ: FAST), a leading provider of industrial and construction supplies, is set to publish its second-quarter results next week. The company is among the hardest hit by the