Corbus Pharmaceuticals Holdings Inc (NASDAQ:CRBP) Losses Worsen To $14.60 Million Still Has Cash Reserve Of $55.7 Million Corbus Pharmaceuticals Holdings Inc (NASDAQ:CRBP) reported its third quarter results for the period ending September 30 2018 alongside reviews for previous and future goals. According to the report, the company generated revenue of about $1.1 million against $0.8 million for the same period last year.
Aside from the $1.1 million in revenue, the company received a $25 million Development Award Agreement from the Cystic Fibrosis Foundation. The funding is for an ongoing Phase 2b Study of a clinical treatment for cystic Fibrosis- a fatal genetic disease affecting over 75,000 patients globally. The results of the study are expected to be submitted for review in 2020.
Back to the earnings’ summary, Corbus sank deeper into losses of approximately $14.60 million compared to $6.97 million last year. The company’s shares suffered a net loss of $0.26 as opposed to $0.14 for the period ending September 30 2017.
Further, the company made a net loss of approximately $38.37 million for the nine months ending Sep 30 compared to a $21.73 million for the same period last year.
In light of the devastating numbers, the company’s management maintains that it has enough cash and cash equivalents totaling about $55.7 million to finance all the budgeted operations for 2019.
Alongside the Q3 earnings, the company also highlighted key achievements including the completion of the Jenrin Discovery, LLC licensing transaction. The company’s ECS-focused drugs-Lenabasum and CRB-4001 are at crucial stages to becoming adopted for mainstream treatment.
Lenabasum in particular was granted the Orphan Drug Designation for Dermatomyositis treatment by the EMA and Fast Track status for Systemic sclerosis treatment by the FDA. On December 17 2018, the company reported that it has initiated the Phase 3 trial dubbed DETERMINE aimed at evaluating the general efficacy and safety of lenabasum in the treatment of dermantomyositis (DM).
With an impressive patents portfolio, the company is positioning itself as the industry leader in Inflammatory and fibrotic diseases treatment.