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Corbus Pharmaceuticals Holdings, Inc. (CRBP)·Q2 2025 Earnings Summary
Executive Summary
- Q2 2025 was operationally active but financially in-line with a development-stage profile: net loss was $17.7M and diluted EPS was -$1.44, reflecting higher R&D spend tied to three advancing clinical programs . EPS missed Wall Street consensus of -$1.33 by $0.11, a modest miss consistent with pre-revenue biotech quarterly variability *.
- Operating expenses rose to $19.2M (+$8.2M YoY) driven by clinical development; QoQ OpEx eased modestly from $19.8M in Q1 as programs transitioned between SAD/MAD and dose-optimization phases .
- Liquidity remained strong with $116.6M in cash, cash equivalents, and investments, and runway guided through Q2 2027, reducing near-term financing overhang .
- Near-term catalysts: ESMO poster for CRB-701 (Oct 19, 2025), SAD/MAD data for CRB-913 later in 2025, Phase 1b initiation for CRB-913 in Q4 2025, and CRB-601 dose-escalation data in Q4 2025—key stock reaction drivers into 2H25 .
What Went Well and What Went Wrong
What Went Well
- Strong execution and upcoming data cadence across all programs: “The second half of 2025 is shaping up to be impactful, with scheduled data readouts anticipated for all three of our clinical programs.” — Yuval Cohen, CEO .
- CRB-701 momentum: ESMO poster acceptance and first PD-1 combo patient dosed, with dose optimization ongoing at 2.7/3.6 mg/kg; FDA Fast Track in metastatic cervical cancer supports regulatory path .
- CRB-913 safety: No treatment-related neuropsychiatric AEs seen in SAD; MAD initiated with once-daily dosing for 7 days, maintaining timeline for Phase 1b in Q4 2025 .
What Went Wrong
- Higher OpEx and net loss: Operating expenses increased $8.2M YoY to $19.2M; net loss widened to $17.7M vs $10.0M YoY, reflecting clinical ramp (acceptable for stage, but still a headline negative) .
- EPS missed consensus by $0.11 due primarily to higher operating costs and limited offset from other income; typical for pre-revenue profile but a reported miss nonetheless *.
- Execution risk into multiple near-term readouts: several 2H25 milestones (ESMO, SAD/MAD data, RP2D selection) concentrate timing risk and raise sensitivity to data quality and regulatory feedback .
Financial Results
Notes:
- Company does not report product revenue line items; margins not meaningful for pre-revenue stage .
- Values marked with an asterisk are retrieved from S&P Global.
Segment breakdown: Not applicable (no revenue segments reported) .
KPIs
Margins
Guidance Changes
Earnings Call Themes & Trends
No Q2 2025 earnings call transcript was available in our document set for CRBP; themes are drawn from press releases and 8-Ks .
Management Commentary
- “The second half of 2025 is shaping up to be impactful, with scheduled data readouts anticipated for all three of our clinical programs.” — Yuval Cohen, Ph.D., CEO .
- “We have been very pleased with the strong rate of enrollment in the CRB-701 study and look forward to presenting the Phase 1/2 dose expansion data at ESMO in October...” — Yuval Cohen, Ph.D., CEO .
- “An absence of treatment-related neuropsychiatric events was noted even at markedly higher doses than our modelling suggests would be required to achieve efficacy...” — Yuval Cohen, Ph.D., CEO (CRB-913) .
- “CRB-701 data demonstrates differentiated safety, tolerability and efficacy profiles in HNSCC, cervical and mUC tumors.” — Dominic Smethurst, MA MRCP, CMO .
- “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 (Q1 remarks) .
Q&A Highlights
No Q2 2025 earnings call transcript or Q&A session was available in our filings and press-release set for CRBP .
Estimates Context
- Q2 2025 EPS was -$1.44 vs Wall Street consensus of -$1.33; EPS missed by $0.11, primarily reflecting higher R&D spending and limited offset from other income. Bold miss likely to be interpreted as consistent with development-stage cost ramp. *
- Revenue: Consensus was $0.00* and the company reported no product revenue line items, consistent with pre-revenue stage *.
- Trajectory: Q1 2025 EPS -$1.39 vs consensus -$1.07* (miss), Q4 2024 EPS -$0.78 vs consensus -$1.26* (beat). Estimate dispersion across quarters reflects timing of OpEx and other income variability * *.
Key Takeaways for Investors
- Liquidity runway through Q2 2027 reduces near-term financing risk; monitor quarterly burn as combined oncology/obesity programs progress .
- Multiple 2H25 catalysts (ESMO CRB-701, CRB-913 SAD/MAD readout, CRB-601 dose-escalation) should drive stock volatility; data quality and safety/tolerability profiles are pivotal .
- The Q2 EPS miss (-$1.44 vs -$1.33*) is not thesis-changing for a pre-revenue biotech but underscores sensitivity to R&D spend timing; expect estimates to fine-tune OpEx trajectories post-quarter *.
- CRB-913’s absence of treatment-related neuropsychiatric events in SAD de-risks a known CB1 inverse agonist class issue; Phase 1b initiation in Q4 2025 sets up efficacy signal-hunting in obese, non-diabetic individuals .
- CRB-701’s PD-1 combination and Fast Track status broaden de-risking avenues across HNSCC/cervical/mUC; ESMO update is the near-term proof point for differentiation vs incumbents .
- Watch RP2D selection and Project Optimus alignment in Q4 2025; this is a key gating item for Phase 2 design and partnering optionality .
- Expect continued lack of revenue; valuation remains driven by probability-weighted clinical outcomes and cash runway.
S&P Global Disclaimer: Values marked with an asterisk were retrieved from S&P Global.