Sign in

You're signed outSign in or to get full access.

CP

Corbus Pharmaceuticals Holdings, Inc. (CRBP)·Q1 2025 Earnings Summary

Executive Summary

  • Q1 2025 was execution-heavy: Corbus advanced three programs (CRB-701, CRB-913, CRB-601) and reported a larger net loss as clinical spending ramped, with cash and investments at $132.8M and runway now through Q2 2027 .
  • EPS of -$1.39 missed Wall Street consensus of -$1.073*; revenue remained pre-commercial (consensus $0.00*) as the company continues in clinical stages .
  • Clinical updates were constructive: CRB-701 Western Phase 1 data showed responses in HNSCC and cervical cancer with a differentiated safety profile vs EV; dose optimization at 2.7/3.6 mg/kg is underway .
  • Guidance milestones maintained: CRB-701 RP2D in Q4 2025, CRB-913 SAD/MAD completion in Q3 2025, CRB-601 dose escalation completion in Q4 2025; runway trimmed one quarter (Q3 2027 → Q2 2027) .

What Went Well and What Went Wrong

What Went Well

  • CRB-701 Western Phase 1 data mirrored China safety/tolerability and showed multiple HNSCC responses; management emphasized “differentiated safety and tolerability” with efficacy signals in mUC and cervical cancer .
  • CRB-913 progressed: first subject dosed in Phase 1 SAD/MAD (Mar 2025); management highlighted peripherally restricted profile and potential monotherapy/combination/maintenance uses .
  • Program milestones intact: CRB-701 dose optimization (2.7/3.6 mg/kg) toward RP2D in Q4 2025; CRB-601 dose escalation underway with completion targeted Q4 2025 .

“During the first quarter of 2025, we continued to advance our pipeline… we look forward to reporting clinical data from all three of our pipeline programs in the 2nd half of this year…” — Yuval Cohen, Ph.D., CEO .

What Went Wrong

  • Loss widened materially (net loss -$16.978M vs -$6.899M YoY) on higher clinical development expenses; OpEx up $10.2M YoY to $19.775M .
  • EPS missed consensus by ~$0.32 as spending accelerated; the company remains pre-revenue, limiting offsetting gross profit/margins .
  • Cash runway shortened to Q2 2027 from Q3 2027 due to increased spend pace and lower investment balance quarter-over-quarter .

Financial Results

Income Statement and EPS (USD Thousands except per-share and shares)

MetricQ3 2024Q4 2024Q1 2025
Research & Development ($000s)10,808 8,787 15,642
General & Administrative ($000s)4,697 3,818 4,133
Total Operating Expenses ($000s)15,505 12,605 19,775
Operating Loss ($000s)(15,505) (12,605) (19,775)
Other Income, net ($000s)1,722 3,075 2,797
Net Loss ($000s)(13,783) (9,530) (16,978)
Diluted EPS ($USD)-$1.15 -$0.78 -$1.39
Weighted Avg Shares (basic/diluted)12,014,700 12,179,482 12,202,092

Balance Sheet and Liquidity

MetricQ3 2024Q4 2024Q1 2025
Cash & Cash Equivalents ($MM)$19.423 $17.198 $18.900
Investments ($MM)$139.939 $131.864 $113.887
Cash + Investments ($MM)$159.4 $149.1 $132.8
Runway (through)Q3 2027 Q3 2027 Q2 2027

YoY Comparison (Q1 2025 vs Q1 2024; USD Thousands except per-share)

MetricQ1 2024Q1 2025
Research & Development ($000s)5,762 15,642
General & Administrative ($000s)3,861 4,133
Total Operating Expenses ($000s)9,623 19,775
Net Loss ($000s)(6,899) (16,978)
Diluted EPS ($USD)-$0.83 -$1.39

Estimates vs Actual (Q1 2025)

MetricConsensus EstimateActual
EPS ($USD)-$1.07286*-$1.39
Revenue ($USD Millions)$0.00*n/a (pre-commercial; not disclosed)
# of EPS Estimates7*—
# of Revenue Estimates8*—

Values retrieved from S&P Global*

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cash runwayCompany operationsThrough Q3 2027 Through Q2 2027 Lowered
CRB-701 RP2D determination (dose optimization complete)Q4 2025Q4 2025 target maintained Q4 2025 target maintained Maintained
CRB-913 Phase 1 SAD/MAD completionQ3 2025Phase 1 start expected Mar 2025; completion not specified Completion scheduled Q3 2025 New detail/clarified timeline
CRB-601 dose escalation completionQ4 2025Q4 2025 target maintained Q4 2025 target maintained Maintained
CRB-701 FDA Fast Track (cervical cancer)n/aGranted Dec 2024 Status reiterated Maintained

Earnings Call Themes & Trends

Note: A Q1 2025 earnings call transcript was not available via our document tools; themes reflect management disclosures in press releases.

TopicPrevious Mentions (Q3 2024 and Q4 2024)Current Period (Q1 2025)Trend
R&D execution (program pacing)Completed CRB-701 dose-escalation enrollment; first CRB-601 patient planned Q4 2024; CRB-913 IND-enabling ongoing CRB-701 Western Phase 1 dose-escalation data presented at ASCO GU; dose optimization underway at 2.7/3.6 mg/kg Improving execution
CRB-701 efficacy/safety profileChina data: ORR/DCR in mUC/cervical; few DLTs; differentiated tolerability Western study: HNSCC responses; low neuropathy/skin toxicity; proactive ocular protocol reduced AEs vs China Strengthening evidence
Regulatory (Fast Track)Fast Track granted (cervical) Status reiterated Maintained
Obesity program CRB-913Phase 1 expected to start Q1 2025 First subject dosed (Mar 2025); SAD/MAD completion Q3 2025 Advancing to human data
Liquidity/runway$159.4M (Q3 2024); runway through Q3 2027 $132.8M; runway through Q2 2027 Moderating runway

Management Commentary

  • “We look forward to reporting clinical data from all three of our pipeline programs in the 2nd half of this year including: RP2D data from our Nectin-4 ADC (CRB-701), SAD/MAD data from our anti-obesity CB1 inverse agonist (CRB-913) and the first ever dose escalation data in solid tumors for the anti-αvβ8 mAb (CRB-601).” — Yuval Cohen, Ph.D., CEO .
  • “It is gratifying to see that the differentiated safety and tolerability profile has been replicated as have the efficacy signals in both mUC and cervical cancers. A new, previously unexplored potential benefit in HNSCC provides further impetus…” — Dominic Smethurst, CMO .
  • “We are pleased to reach this important milestone with our CRB-913 obesity program… Our pre-clinical data to date suggests a potential clinical use as monotherapy, combination therapy with incretin analogs as well as a maintenance therapy…” — Yuval Cohen, Ph.D., CEO .

Q&A Highlights

  • Q1 2025 earnings call transcript was not available in the document repository; no Q&A themes to extract from press materials [Search unsuccessful; earnings-call-transcript not found for CRBP].

Estimates Context

  • EPS of -$1.39 missed consensus of -$1.07286*, reflecting elevated clinical development expenses as OpEx increased by $10.2M YoY to $19.775M .
  • Corbus remains pre-commercial; revenue consensus was $0.00* and the company did not report product revenue for Q1 2025 .
    Values retrieved from S&P Global*

Key Takeaways for Investors

  • Near-term clinical catalysts in H2 2025 across all programs (CRB-701 RP2D, CRB-913 SAD/MAD, CRB-601 dose escalation data) can drive re-rating if efficacy and safety trends persist—watch HNSCC response depth/durability and ocular AE profile improvements vs EV .
  • EPS miss was driven by purposeful R&D acceleration; expect continued OpEx pressure near term as dose optimization/expansion cohorts progress .
  • Runway trimmed to Q2 2027; liquidity remains adequate for planned milestones, but incremental financing risk rises if development broadens materially .
  • CRB-913’s peripherally restricted profile and oral delivery offer strategic differentiation; monitor human SAD/MAD readouts for tolerability and early pharmacodynamic signals .
  • Regulatory positioning (Fast Track for CRB-701 in cervical cancer) supports expedited development pathways; potential head-to-head narrative vs EV centers on safety/tolerability .
  • Trading: Expect sensitivity to upcoming data flow and any interim dose-optimization updates; absence of revenue means stock reaction will hinge on clinical narratives and financing cadence .
  • Medium-term thesis: A multi-asset pipeline with differentiated ADC, integrin mAb, and obesity small molecule creates multiple shots on goal; execution on RP2D selection and Phase 1b initiation are key de-risking steps .