Executive Summary

Q4 2024 delivered steady pipeline execution with CRB-701 Western Phase 1 dose-escalation data presented at ASCO GU 2025, FDA Fast Track granted in December for metastatic cervical cancer, and CRB-601 first-patient dosed in December, while CRB-913 remained on track to begin Phase 1 SAD/MAD dosing in March 2025 .
GAAP net loss improved sequentially to $9.53M (EPS -$0.78) versus Q3’s $13.78M (EPS -$1.15); Q4 operating expenses fell to $12.61M from $15.51M in Q3 but remained up year over year due to product development and stock-based compensation .
Liquidity remains strong with $149.1M in cash, cash equivalents and investments at 12/31/24, supporting a cash runway through Q3 2027 based on current plans .
Estimate comparison: S&P Global consensus was unavailable at time of retrieval; beats/misses vs Street could not be assessed (S&P Global estimates unavailable).

What Went Well and What Went Wrong

What Went Well
- Western CRB-701 Phase 1 data: management reported promising safety (no DLTs), low neuropathy/skin toxicity, and clinical responses in multiple tumor types; HNSCC saw multiple responses for the first time in the Western study .
- Regulatory momentum: FDA Fast Track designation for CRB-701 in relapsed/refractory metastatic cervical cancer enhances regulatory interaction and potential acceleration .
- Funding runway: $149.1M cash/investments at year-end 2024 with runway through Q3 2027; management emphasized progress across programs and anticipated additional datasets in 2H 2025 .
What Went Wrong
- Continued losses: Q4 GAAP net loss of $9.53M and FY 2024 net loss of $40.21M highlight ongoing investment ahead of revenue generation .
- Year-over-year OpEx increase: Q4 operating expenses rose to $12.61M from $10.10M in Q4 2023, primarily on product development and stock-based compensation .
- No revenue reported in quarterly press releases/financial tables; company remains pre-revenue with P&L dominated by R&D and G&A .

Financial Results

Quarterly trend (oldest → newest)

Metric	Q2 2024	Q3 2024	Q4 2024
Net Loss ($USD Millions)	$9.997	$13.783	$9.530
EPS (Basic & Diluted)	-$0.90	-$1.15	-$0.78
Total Operating Expenses ($USD Millions)	$10.988	$15.505	$12.605
R&D Expense ($USD Millions)	$6.865	$10.808	$8.787
G&A Expense ($USD Millions)	$4.123	$4.697	$3.818
Cash, Cash Equivalents & Investments (Quarter-End)	$147.0M (6/30/24)	$159.4M (9/30/24)	$149.1M (12/31/24)

Q4 year-over-year comparison

Metric	Q4 2023	Q4 2024
Net Loss ($USD Millions)	$8.022	$9.530
EPS (Basic & Diluted)	-$1.81	-$0.78
Total Operating Expenses ($USD Millions)	$10.104	$12.605
R&D Expense ($USD Millions)	$6.980	$8.787
G&A Expense ($USD Millions)	$3.124	$3.818

Notes: Company financial statements and press materials did not include a revenue line, indicating no reported product revenue in these periods .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
CRB-701 Western dose-escalation data (first dataset)	Q1 2025	“Report first data in Q1 2025”	“Western study dose-escalation data presented at ASCO GU 2025” (Q1 2025)	Achieved/on time
CRB-701 RP2D under Project Optimus	4Q 2025	Not previously specified	“Expect to complete dose optimization and establish RP2D in 4Q 2025”	New
CRB-913 Phase 1 SAD/MAD first dosing	March 2025	“Phase 1 to commence in Q1 2025”	“Expect to dose first participant in March 2025”	Narrowed timing within Q1
CRB-601 First patient dosed	4Q 2024	“Expect to dose first patient in Q4 2024”	“First patient dosed in December 2024”	Achieved
CRB-601 Dose escalation completion	4Q 2025	Not previously specified	“Expect to complete dose escalation in 4Q 2025”	New
Cash runway	Through Q3 2027	“Runway through Q3 2027” affirmed (6/30/24)	“Runway through Q3 2027” reaffirmed (12/31/24)	Maintained

Earnings Call Themes & Trends

Note: A Q4 2024 earnings call transcript was not available in the document set; themes below reflect company communications (press releases) across quarters.

Topic	Previous Mentions (Q2 2024, Q3 2024)	Current Period (Q4 2024)	Trend
CRB-701 efficacy/safety	ASCO 2024: 44% ORR and 78% DCR in mUC; 43% ORR and 86% DCR in cervical; low neuropathy/skin toxicity; no DLTs	Western study dose-escalation data presented at ASCO GU 2025; safety comparable to China Ph1; low neuropathy/skin toxicity; multiple responses incl. HNSCC	Positive continuity; expanding tumor signals
Regulatory (CRB-701)	—	FDA Fast Track for metastatic cervical cancer (Dec 2024)	Positive inflection
CRB-913 obesity program	Phase 1 expected Q1 2025; preclinical data at Obesity Week 2024	SAD/MAD first dosing expected March 2025; peripherally restricted profile emphasized	On schedule
CRB-601 αvβ8 mAb	IND cleared; Phase 1 start targeted for Q4 2024	First patient dosed Dec 2024; dose escalation expected complete in 4Q 2025	Execution progress
Funding/runway	Cash/investments $147M at 6/30/24; runway through Q3 2027	$149.1M at 12/31/24; runway through Q3 2027 reaffirmed	Stable liquidity

Management Commentary

CEO tone on progress and near-term catalysts: “During the fourth quarter and into 2025, we made significant progress across our pipeline… We were encouraged by the data for CRB-701 from our study in Western patients… We look forward to generating informative clinical data from all three of our programs in the 2nd half of this year” — Yuval Cohen, Ph.D., CEO .
Q3 setup for 2025 readouts: “We expect to report the first data from the CRB-701 U.S. bridging study in Q1 2025… The emerging efficacy and safety data presented at ASCO 2024 was promising… We presented updated pre-clinical data at Obesity Week 2024 and expect to dose the first study participant in Q1 2025” .

Q&A Highlights

No Q4 2024 earnings call transcript was located; the company communicated results via press release and 8-K exhibit . No Q&A highlights available.

Estimates Context

S&P Global consensus estimates for Q4 2024 were unavailable at the time of retrieval (API rate limit), so we cannot provide a vs. Street comparison for revenue/EPS/EBITDA. Values retrieved from S&P Global.
Given limited small-cap biotech coverage and the company’s pre-revenue status in the reported materials, Street estimate visibility may be limited; we recommend revisiting when S&P Global access is available to quantify any beat/miss (S&P Global estimates unavailable).

Key Takeaways for Investors

CRB-701 de-risking: Western Phase 1 dose-escalation data presented at ASCO GU 2025 confirmed a favorable safety profile and activity across tumor types, including HNSCC, complementing earlier China data .
Regulatory momentum: FDA Fast Track for CRB-701 in metastatic cervical cancer should enhance interactions and could expedite development .
Multiple clinical catalysts in 2025: CRB-913 SAD/MAD first dosing in March; CRB-701 dose optimization underway with RP2D targeted in Q4; CRB-601 dose escalation ongoing through 4Q 2025 .
Liquidity provides runway: $149.1M in cash/investments at year-end supports operations through Q3 2027, limiting near-term financing overhang under current plans .
P&L discipline to watch: Sequential OpEx decline from Q3 to Q4 (15.5 → 12.6) after earlier trial/IND ramp; still up YoY due to development/SBC—monitor spending cadence versus milestone delivery .
Pre-revenue profile continues: No revenue reported; investment case remains driven by clinical/regulatory milestones rather than near-term sales/earnings .

Appendix: Other Relevant Q4 2024 Press Releases

CRB-701 Fast Track designation (Dec 3, 2024) .
CRB-601 first patient dosed (Dec 9, 2024) .
CRB-701 Phase 1 dose-escalation enrollment completion (Oct 16, 2024) .

Sources:

Q4/FY 2024 press release and 8-K exhibit .
Q3 2024 press release .
Q2 2024 8-K and press release .

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