Corbus Pharmaceuticals Holdings, Inc.

Previous wording

our ability to complete required clinical trials of our product and obtain approval from the FDA or other regulatory agents in different jurisdictions;

Current wording

our ability to complete required clinical trials of our product and obtain approval from the U.S. Food and Drug Administration (the "FDA") or other regulatory agents in different jurisdictions;

Previous wording

Corbus Pharmaceuticals Holdings, Inc. (the "Company," "Corbus," "we," "us," or "our") is a clinical-stage oncology and obesity company and is committed to helping people defeat serious illness by bringing innovative scientific approaches to well-understood biological pathways. Our pipeline is comprised of two experimental drugs targeting solid tumors: CRB-701, a next-generation antibody drug conjugate ("ADC") that targets the expression of Nectin-4 on cancer cells to release a cytotoxic payload of monomethyl auristatin E ("MMAE"); and CRB-601, an anti-integrin monoclonal antibody that blocks the activation of TGFβ expressed on cancer cells. The pipeline also includes CRB-913, a highly peripherally restricted cannabinoid type-1 ("CB1") receptor inverse agonist for the treatment of obesity.

Current wording

Corbus Pharmaceuticals Holdings, Inc. (the "Company," "Corbus," "we," "us," or "our") is a clinical-stage company focused on developing promising new therapies in oncology and obesity and is committed to helping people defeat serious illness by bringing innovative scientific approaches to well-understood biological pathways. Our pipeline includes CRB-701, a next-generation antibody drug conjugate ("ADC") for the treatment of Nectin-4-expressing tumors and CRB-913, an orally delivered highly peripherally restricted cannabinoid type-1 ("CB1") inverse agonist for the treatment of obesity.

Previous wording

CRB-701 is a next-generation ADC that targets the expression of Nectin-4 on cancer cells to release a cytotoxic payload of MMAE. In February 2023, we obtained a license from CSPC Megalith Biopharmaceutical Co. Ltd. ("CSPC"), a subsidiary of CSPC Pharmaceutical Group Limited, to develop and commercialize the drug in the United States ("U.S."), Canada, the European Union (including the European Free Trade Area), the United Kingdom ("U.K.") and Australia. CRB-701 (SYS6002) is currently being investigated by CSPC in a Phase 1/2 clinical trial in participants with advanced solid tumors in China (the "China study"). We commenced a corresponding Phase 1/2 study in the U.S. and the U.K. (the "Western study") in April 2024 and completed enrollment of the dose escalation phase in October 2024. Both studies are enrolling participants with advanced solid tumors associated with Nectin-4 expression. Subsequent to the completion of enrollment in the dose escalation phase, we began enrolling the dose optimization portion of the Western study, added additional clinical sites in Europe, and in June 2025 began dosing participants in the PD-1 combination arm with CRB-701 in combination with Keytruda® (pembrolizumab). We presented the dose optimization data at the European Society for Medical Oncology ("ESMO") in October 2025. Data as of September 1, 2025 was presented from 167 patients, of whom 122 were evaluable for efficacy, from the U.S. and Europe with head and neck squamous cell carcinoma ("HNSCC"), cervical, locally advanced/metastatic urothelial ("mUC") tumors and other solid-tumor types. We expect to engage and consult with the FDA regarding the design of a registrational study and anticipate commencing this study by mid-2026.

Current wording

CRB-701 (SYS6002) is a next-generation clinical-stage ADC that targets the expression of Nectin-4 on cancer cells to release a cytotoxic payload of monomethyl auristatin E ("MMAE"). In February 2023, we obtained a license from CSPC Megalith Biopharmaceutical Co. Ltd. (“CSPC”), a subsidiary of CSPC Pharmaceutical Group Limited, to develop and commercialize the drug in the United States (“U.S.”), Canada, the European Union (including the European Free Trade Area), the United Kingdom (“U.K.”) and Australia. We are conducting a Phase 1/2 study in the U.S. and Europe (the "Western study") enrolling patients with advanced solid tumors associated with Nectin-4 expression. In June 2025, we began dosing participants in the PD-1 combination arm with CRB-701 in combination with Keytruda® (pembrolizumab). We received fast track designation for CRB-701 from the FDA for the treatment of relapsed or refractory metastatic cervical cancer in December 2024 and in recurrent or metastatic head and neck squamous cell carcinoma (“HNSCC”) previously treated with platinum-based chemotherapy and an anti-PD(L)-1 therapy in September 2025. CRB-701 is currently being investigated by CSPC in a Phase 3 clinical trial in patients with cervical cancer in China (the "China study").

Previous wording

CRB-601 is a potent and selective anti-αvβ8 monoclonal antibody that blocks the activation of latent TGFβ found on cancer cells. In pre-clinical models, CRB-601 demonstrates enhanced anti-tumor activity when combined with an anti-PD-1 checkpoint inhibitor compared to each single agent on its own. Pre-clinical data suggests that blockade of latent TGFβ production by CRB-601 can lead to changes in immune cell infiltration in the tumor microenvironment, thus potentially enhancing the benefit of PD-1 blockade. CRB-601 is being developed as a potential treatment for participants with solid tumors in combination with existing therapies, including checkpoint inhibitors. The first participant in a Phase 1 dose escalation study was dosed in December 2024 under an open IND and regulatory approval for the study was received in the U.K. in January 2025. Dose escalation in combination with Keytruda® (pembrolizumab) commenced in June 2025. In November 2025, we presented a study-in-progress poster at the 2025 Society for Immunotherapy of Cancer ("SITC") conference and dose escalation is on-going.

Current wording

Our pipeline formerly included CRB-601, a potent and selective anti-αvβ8 integrin monoclonal antibody for the treatment of solid tumors. CRB-601 is an anti-αvβ8 monoclonal antibody that blocks the activation of latent TGFβ present on cancer cells in the tumor microenvironment. CRB-601 was being evaluated as a potential treatment for patients with solid tumors in combination with existing therapies, including checkpoint inhibitors. We completed a Phase 1 dose escalation study. In November 2025, we presented a study-in-progress poster at the 2025 Society for Immunotherapy of Cancer conference. We have deprioritized the program and do not plan to enroll additional patients.

Previous wording

We are an oncology and obesity company and have not generated any revenues from the sale of products. We do not expect to generate revenue from product sales unless and until we successfully complete development and obtain regulatory approval for the marketing of one of our product candidates, which we expect will take a number of years and is subject to significant uncertainty. We have never been profitable and at September 30, 2025, we had an accumulated deficit of approximately $534.9 million. Our net losses for the three months ended September 30, 2025 and 2024, were approximately $23.3 million and $13.8 million, respectively. Our net losses for the nine months ended September 30, 2025 and 2024, were approximately $58.0 million and $30.7 million, respectively.

Current wording

We are a clinical-stage company focused on developing promising new therapies in oncology and obesity and have not generated any revenues from the sale of products. We do not expect to generate revenue from product sales unless and until we successfully complete development and obtain regulatory approval for the marketing of one of our product candidates, which we expect will take a number of years and is subject to significant uncertainty. We have never been profitable and at March 31, 2026, we had an accumulated deficit of approximately $578.4 million. Our net losses for the three months ended March 31, 2026 and 2025, were approximately $23.0 million and $17.0 million, respectively.

Previous wording

Research and development expenses for the three months ended September 30, 2025 totaled approximately $20.9 million, an increase of $10.1 million from approximately $10.8 million recorded for the three months ended September 30, 2024.

Current wording

Research and development expenses for the three months ended March 31, 2026 totaled approximately $19.8 million, an increase of $4.2 million from approximately $15.6 million recorded for the three months ended March 31, 2025.

Previous wording

Total program-specific costs increased by $9.4 million for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024. Costs related to CRB-601 increased by $3.6 million as a result of higher clinical and drug supply related costs as the first participant in a Phase 1 dose escalation study was dosed in December 2024 and dose escalation is on-going. Costs related to CRB-701 increased by $5.4 million as a result of higher clinical costs as more sites were activated and participants enrolled in the ongoing Phase 1/2 clinical trial, which began in April 2024. CRB-913 costs increased by $0.4 million primarily due to enrollment in the SAD/MAD dose portion of the Phase 1 clinical study, which began in March 2025, partially offset by a decrease in manufacturing costs.

Current wording

Total program-specific costs increased by $3.4 million for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025. Costs related to CRB-701 increased by $1.3 million as a result of higher clinical costs as additional participants are enrolled in the ongoing Phase 1/2 clinical trial, partially offset by a decrease in manufacturing costs. CRB-913 costs increased by $3.6 million primarily due to enrollment in the Phase 1b portion of the clinical study, which began in December 2025. Costs related to CRB-601 decreased by $1.5 million as the Phase 1 dose escalation study was completed and no additional patients were enrolled in Q1 2026.

Previous wording

Personnel-related costs increased by $0.8 million for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024. The increase is primarily due to an increase in headcount.

Current wording

Personnel-related costs increased by $0.7 million for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025. The increase is primarily due to an increase in headcount.

Previous wording

We have a subsidiary in each of the U.K. and Australia. During the three months ended September 30, 2025 and 2024, approximately 40% and 41% of research and development expenses, respectively, were recorded in these entities.

Current wording

We have a subsidiary in each of the U.K. and Australia. During the three months ended March 31, 2026 and 2025, approximately 27% and 38% of research and development expenses, respectively, were recorded in these entities.

Previous wording

General and Administrative. General and administrative expense for the three months ended September 30, 2025 totaled approximately $3.6 million, a decrease of $1.1 million from approximately $4.7 million recorded for the three months ended September 30, 2024. The decrease in fiscal quarter 2025 as compared to fiscal quarter 2024 was attributable to a decrease in compensation costs of $0.7 million primarily due to a decrease in stock-based compensation costs and a $0.3 million decrease in investor relations expense primarily due to issuing stock pursuant to a professional services agreement with a service provider in the prior year.

Current wording

General and Administrative. General and administrative expense for the three months ended March 31, 2026 totaled approximately $4.5 million, an increase of $0.4 million from approximately $4.1 million recorded for the three months ended March 31, 2025. The increase in fiscal quarter 2026 as compared to fiscal quarter 2025 was attributable to an increase in compensation costs of $0.2 million primarily due to an increase in headcount and a $0.2 million increase in recruiting expense primarily due to search costs for open positions in the current year.

Previous wording

Total other income, net for the three months ended September 30, 2025 totaled approximately $1.1 million, a decrease of $0.6 million from approximately $1.7 million recorded for the three months ended September 30, 2024. The decrease in 2025 as compared to 2024 was primarily attributable to lower investment income due to lower cash and investment balances, partially offset by no interest expense on debt in 2025 as principal payments were made in 2024 ultimately leading to the final payment in August 2024.

Current wording

Total other income, net for the three months ended March 31, 2026 totaled approximately $1.3 million, a decrease of $1.5 million from approximately $2.8 million recorded for the three months ended March 31, 2025. The decrease in 2026 as compared to 2025 was primarily attributable to a $1.1 million employee retention credit recorded during 2025. No employee retention credit was recorded during 2026.

Previous wording

Since inception, we have experienced negative cash flows from operations. We have financed our operations primarily through sales of equity-related securities. At September 30, 2025, our accumulated deficit since inception was approximately $534.9 million.

Current wording

Since inception, we have experienced negative cash flows from operations. We have financed our operations primarily through sales of equity-related securities. At March 31, 2026, our accumulated deficit since inception was approximately $578.4 million.

Previous wording

At September 30, 2025, we had total current assets of approximately $107.6 million and current liabilities of approximately $17.1 million, resulting in working capital of approximately $90.5 million. Of our total cash, cash equivalents, investments, and restricted cash of $104.7 million at September 30, 2025, approximately $103.5 million was held within the U.S.

Current wording

At March 31, 2026, we had total current assets of approximately $143.6 million and current liabilities of approximately $18.1 million, resulting in working capital of approximately $125.4 million. Of our total cash, cash equivalents, investments, and restricted cash of $138.6 million at March 31, 2026, approximately $137.0 million was held within the U.S. On May 31, 2023, we entered into Amendment No. 1 to the Open Market Sale Agreement originally dated August 6, 2020 (as amended, the "Open Market Sale Agreement") with Jefferies LLC ("Jefferies"), as sales agent. From April 1, 2026 through the date of filing, we sold 872,917 shares of our common stock pursuant to the Open Market Sale Agreement for which we received net proceeds of approximately $8.9 million. We also filed a new shelf registration statement which was declared effective on March 20, 2026 for which we are authorized to offer and sell securities up to $300.0 million.

Previous wording

The following table summarizes our cash flows for the nine months ended September 30, 2025 and 2024 (in thousands):

Current wording

The following table summarizes our cash flows for the three months ended March 31, 2026 and 2025 (in thousands):

Previous wording

Net cash used in operating activities for the nine months ended September 30, 2025 was approximately $48.6 million, which includes a net loss of approximately $58.0 million, adjusted for non-cash expenses of approximately $4.1 million primarily related to stock-based compensation expense, and approximately $5.3 million of cash provided by net working capital items principally due to an increase in accrued expenses, partially offset by decreases in accounts payable and operating lease liabilities.

Current wording

Net cash used in operating activities for the three months ended March 31, 2026 was approximately $25.6 million, which includes a net loss of approximately $23.0 million, adjusted for non-cash expenses of approximately $1.7 million primarily related to stock-based compensation expense, and approximately $4.3 million of cash used in net working capital items principally due to an increase in prepaid expenses and other current assets and a decrease in accounts payable. In April 2026, we entered into the third amendment to our existing lease of office space (the "April 2026 Lease Agreement"). The April 2026 Lease Agreement commences on December 1, 2026 and extends the term of the lease to February 29, 2032, with an option to extend the lease term for an additional period of five years upon notice to the landlord. In addition, the April 2026 Lease Agreement reduces the leased space from 62,756 square feet under the February 2019 Lease Agreement to 36,471 square feet beginning on the commencement date with new monthly base rent of approximately $65.0 thousand per month beginning March 1, 2027, with annual base rent escalation clauses during the lease term.

Previous wording

Cash provided by investing activities for the nine months ended September 30, 2025 totaled approximately $55.5 million, which was principally related to proceeds from sales and maturities of marketable securities.

Current wording

Cash provided by investing activities for the three months ended March 31, 2026 totaled approximately $22.5 million, which was principally related to proceeds from sales and maturities of marketable securities.

Previous wording

Cash provided by financing activities for the nine months ended September 30, 2025 totaled approximately $2.9 million, which was related to the issuance of common stock. For the nine months ended September 30, 2025, we sold an aggregate of 272,938 shares of common stock under the Open Market Sale Agreement for net proceeds of approximately $2.9 million.

Current wording

No cash was provided by financing activities for the three months ended March 31, 2026.

Previous wording

Based on current operating plans and assumptions regarding clinical timelines and other planned expenditures, we expect our cash, cash equivalents, and investments of approximately $104.0 million at September 30, 2025, together with net proceeds of $73.8 million raised from the sale of our common stock under the Open Market Sales Agreement and the 2025 Public Offering, will be sufficient to meet our operating and capital requirements through at least twelve months from the issuance of this Quarterly Report on Form 10-Q.

Current wording

Based on current operating plans and assumptions regarding clinical timelines and other planned expenditures, we expect our cash, cash equivalents, and investments of approximately $138.2 million at March 31, 2026 will be sufficient to meet our operating and capital requirements through at least twelve months from the issuance of this Quarterly Report on Form 10-Q.

Previous wording

We will need to raise significant additional capital to continue to fund the clinical trials for CRB-701, CRB-601 and CRB-913. We may seek to sell common or preferred equity or convertible debt securities, enter into a credit facility or another form of third-party funding or seek other debt financing. In addition, we may seek to raise cash through collaborative agreements or from government grants. The sale of equity and convertible debt securities may result in dilution to our stockholders and certain of those securities may have rights senior to those of our common shares. If we raise additional funds through the issuance of preferred stock, convertible debt securities or other debt financing, these securities or other debt could contain covenants that would restrict our operations. Any other third-party funding arrangement could require us to relinquish valuable rights.

Current wording

We will need to raise significant additional capital to continue to fund operations, including pre-clinical and clinical costs for our product candidates. We may seek to sell common or preferred equity or convertible debt securities, enter into a credit facility or another form of third-party funding or seek other debt financing. In addition, we may seek to raise cash through collaborative agreements or from government grants. The sale of equity and convertible debt securities may result in dilution to our stockholders and certain of those securities may have rights senior to those of our common shares. If we raise additional funds through the issuance of preferred stock, convertible debt securities or other debt financing, these securities or other debt could contain covenants that would restrict our operations. Any other third-party funding arrangement could require us to relinquish valuable rights.

Previous wording

Pursuant to the terms of the license agreement (the "UCSF License Agreement") with the Regents of the University of California, we are obligated to pay up to $150.8 million in remaining potential milestone payments based upon the achievement of specified development and regulatory milestones, excluding indication milestones for antibodies used for diagnostic products and services that will be an additional $50.0 thousand for each new indication. In addition, we are obligated to pay royalties in the lower, single digits based on net sales of any Licensed Products, as defined in the UCSF License Agreement, and any diagnostic products and services.

Current wording

Pursuant to the terms of the license agreement (the "UCSF License Agreement") with the Regents of the University of California, we are obligated to pay up to $150.8 million in remaining potential milestone payments based upon the achievement of specified development and regulatory milestones, excluding indication milestones for antibodies used for diagnostic products and services that will be an additional $50.0 thousand for each new indication. In addition, we are obligated to pay royalties in the lower, single digits based on net sales of any Licensed Products, as defined in the UCSF License Agreement, and any diagnostic products and services. During the first quarter of 2025, we paid $1.6 million under the UCSF License Agreement for previously achieved milestone payments.

Previous wording

Pursuant to the terms of the license agreement with CSPC (the “CSPC License Agreement”), we are obligated to pay potential milestone payments to CSPC totaling up to $130.0 million based upon the achievement of specified development and regulatory milestones and $555.0 million in potential commercial milestone payments. In addition, we are obligated to pay CSPC royalties in the low, double digits based on net sales of any Licensed Products, as defined in the CSPC License Agreement.

Current wording

Pursuant to the terms of the license agreement with CSPC (the “CSPC License Agreement”), we are obligated to pay potential milestone payments to CSPC totaling up to $130.0 million based upon the achievement of specified development and regulatory milestones and $555.0 million in potential commercial milestone payments. In April 2026, we paid CSPC $10.0 million pursuant to the achievement of a development milestone. In addition, we are obligated to pay CSPC royalties in the low, double digits based on net sales of any Licensed Products, as defined in the CSPC License Agreement.