Corbus (CRBP) Q2 Loss Beats Estimates

Key Points

• Corbus Pharmaceuticals reported a GAAP net loss per share of $1.44 for Q2 2025, beating the GAAP analyst estimate of $(1.50) for Q2 2025.

• Operating expenses increased 74.5% to $19.2 million for the three months ended June 30, 2025, compared to $11.0 million for the same period in 2024 (GAAP), as the company increased investment in clinical development during this period compared to the prior year.

• Cash, cash equivalents, and investments totaled $116.6 million as of the end of Q2 2025, providing a runway through the second quarter of 2027.

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Corbus Pharmaceuticals (NASDAQ:CRBP), a clinical-stage biotechnology company focused on therapies for oncology and obesity, released its second-quarter 2025 results on August 5, 2025. The headline result was a GAAP net loss per share of $1.44 for Q2 2025, beating analysts’ consensus GAAP estimate of $(1.50) by $0.06 per share for Q2 2025. As expected, no revenue was reported as the company remains in precommercial development. Operating expenses rose significantly, increasing to $19.2 million in Q2 2025 from $11.0 million in Q2 2024 (GAAP), driven by higher research and development spending, but management emphasized that cash resources remain sufficient to fund operations through Q2 2027. The quarter reflected steady progress across development programs, key regulatory milestones.

Source: Analyst estimates for the quarter provided by FactSet.

Business Overview and Key Success Factors

Corbus Pharmaceuticals is a clinical-stage pharmaceutical company developing a pipeline of therapy candidates in oncology and metabolic disease. Its programs include three main drug candidates: CRB-701, an antibody-drug conjugate for cancer; CRB-601, a monoclonal antibody for immuno-oncology; and CRB-913, developed as a peripherally-acting therapy for obesity treatment. The company focuses on advancing these candidates through clinical trials and obtaining necessary regulatory approvals.

Recent business priorities have centered on achieving clinical and regulatory milestones for each lead asset. Key success factors include robust clinical trial execution, demonstration of safety and efficacy, intellectual property protection, successful navigation of the regulatory process, and maintaining adequate financial resources. Corbus also relies on partnerships, such as licensing agreements and manufacturing arrangements, to progress its development and enable potential future commercialization.

Quarter Highlights and Developments

The quarter featured advances in all three major drug candidate programs. For CRB-701, an oncology therapy using antibody-drug conjugate technology and targeting the Nectin-4 protein, the U.S. Food and Drug Administration granted Fast Track designation for use in relapsed or refractory metastatic cervical cancer. The company plans to present dose expansion data at the ESMO conference in October 2025. The focus on differentiation is important as Nectin-4 antibody-drug conjugates face significant competition from products already on the market, such as Pfizer’s PADCEV.

For CRB-913, which is a peripherally restricted CB1 inverse agonist designed for obesity treatment, the single ascending dose phase of its Phase 1 trial reported no neuropsychiatric side effects to date—addressing a major safety concern seen in earlier drugs of this class. The multiple ascending dose portion began in June, and expects to release single and multiple dose data before the end of 2025. Management disclosed that CRB-913 has a brain-to-plasma ratio fifty times lower than an older product, rimonabant, and is fifteen times more peripherally restricted than monlunabant, supporting its development as a safer obesity drug in a highly competitive market led by large pharmaceutical firms such as Novo Nordisk.

The company also advanced CRB-601, a monoclonal antibody targeting integrin alpha v beta 8 for oncological use, with ongoing Phase 1 dose escalation trials in the U.S. and Europe. Initiated in December 2024, these studies are expected to report dose escalation data in the fourth quarter of 2025. The anti-TGF-beta immuno-oncology field remains crowded, so reporter data and any evidence of differentiation will be closely watched.

Financial performance reflected increased investment in research and development, with operating expenses rising to $19.2 million in Q2 2025. Research and development expenditures rose more than 100% for the three months ended June 30, 2025, compared to the same period in 2024 (GAAP). General and administrative expenses remained stable at $4.0 million for the three months ended June 30, 2025. The GAAP net loss widened to $17.7 million in Q2 2025, in line with the company’s stage of development where no product revenues are expected. No one-time gains or losses were called out in the filing, NOR were any dividends declared or changed this quarter. CRBP does not currently pay a dividend.

Looking Ahead

Management reaffirmed that cash and investments totaling $116.6 million as of June 30, 2025, should be sufficient to fund operations through Q2 2027, based on projected expenditures and trial timelines. Corbus did not offer revenue or commercial guidance, which is consistent with its precommercial focus. Upcoming inflection points, such as the October 2025 data presentation for CRB-701, and possible initial data from CRB-913’s multiple dosing portion later in the year, will be critical for shaping near-term investor sentiment and strategic options, including potential partnerships or fundraising events.

Investors should pay close attention to clinical trial progress, the evolving competitive landscape, and regulatory updates. With three lead programs advancing in parallel and a finite cash runway, timely development milestones and clear demonstrations of differentiation will be essential for maintaining momentum and interest in the company. CRBP does not currently pay a dividend.

Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.

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