Corbus Pharmaceuticals Holdings, Inc.
For the period ended Sep 30, 2026. Filed Nov 10, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 10, 2026
CRBP$3.93+11.6%Stored close · as of Nov 10, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-06.
0001193125-26-338274
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-10.
0001193125-26-455614
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 93 previous paragraphs and 97 current paragraphs.
50 unchanged; 29 reworded; 17 added; 13 removed; 1 previous and 1 current paragraphs rearranged.
Tables are not compared: 8 previous and 8 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (17)
Current report
Open Market Sale Agreement
Current report
Research and development expenses for the three months ended September 30, 2026 totaled $34.2 million, an increase of $13.4 million from $20.9 million recorded for the three months ended September 30, 2025.
Current report
Total other income, net for the three months ended September 30, 2026 was comparable to the three months ended September 30, 2025.
Current report
Comparison of Nine Months Ended September 30, 2026 and 2025
Current report
Research and development expenses for the nine months ended September 30, 2026 totaled $85.2 million, an increase of $33.6 million from $51.7 million recorded for the nine months ended September 30, 2025.
Current report
Our future capital requirements will depend on many factors, including:
Current report
the initiation, progress, timing, costs and results of drug discovery, preclinical studies and clinical trials of any of our current or future product candidates;
Current report
the number and characteristics of product candidates that we pursue;
Current report
the outcome, timing and costs of seeking regulatory approvals;
Current report
the costs and timing of obtaining from third parties clinical supplies of our product candidates
Current report
the costs of commercialization activities for any of our product candidates if we receive marketing approval, including the costs and timing of establishing product sales, marketing, distribution and manufacturing capabilities;
Current report
the terms and timing of any future collaborations, licensing or other arrangements that we may establish;
Current report
the amount and timing of any payments we may be required to make, or that we may receive, in connection with the licensing, filing, prosecution, defense and enforcement of any patents or other intellectual property rights, including milestone and royalty payments and patent prosecution fees that we are obligated to pay pursuant to our license agreements;
Current report
the emergence of competing therapies and other adverse market developments;
Current report
the costs associated with hiring additional personnel and consultants as our preclinical and clinical activities increase;
Current report
general economic and industry conditions, including inflation and interest rates, that may affect our costs; and
Current report
the costs of operating as a public company.
Removed paragraphs (13)
Previous report
April 2026 Lease Agreement
Previous report
On April 1, 2026, we entered into the third amendment to our existing lease of office space in Norwood, Massachusetts (the "April 2026 Lease Agreement"). The April 2026 Lease Agreement 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 to 36,471 square feet beginning on December 1, 2026, with new monthly base rent of approximately $65,000 per month beginning March 1, 2027, subject to annual base rent escalation clauses during the lease term.
Previous report
Amendment to 2024 Equity Compensation Plan
Previous report
On May 13, 2026, we held our annual meeting of stockholders (the “Annual Meeting”). At the Annual Meeting, our stockholders approved the amendment (the “2024 Plan Amendment”) to our 2024 Equity Compensation Plan (the “2024 Equity Compensation Plan”) to increase the number of shares of common stock authorized for issuance thereunder by 3,000,000 shares to 5,000,000. Our board of directors (the “Board”) had previously approved the 2024 Plan Amendment on March 20, 2026, subject to stockholder approval, and the 2024 Plan Amendment became effective upon such stockholder approval.
Previous report
Director Appointment
Previous report
On May 13, 2026, the Board, upon the recommendation of the Nominating and Corporate Governance Committee of the Board, appointed Brent Pfeiffenberger to serve as a member of the Board. Subsequently, on May 19, 2026, we granted Brent Pfeiffenberger the following initial equity awards under the 2024 Equity Compensation Plan in connection with his appointment to the Board: (i) a nonqualified stock option to purchase 24,700 shares of our common stock at an exercise price equal to the closing price of a share of common stock on the Nasdaq Capital Market on May 19, 2026, which option vests in three equal annual installments on each of the first three anniversaries of the grant date, subject to Dr. Pfeiffenberger’s continued service to the Company through each applicable vesting date, and expires on May 19, 2036; and (ii) a restricted stock unit award covering 7,500 shares of our common stock, which vests in three equal annual installments on each of the first three anniversaries of the grant date, subject to Dr. Pfeiffenberger’s continued service to the Company through each applicable vesting date.
Previous report
Appointment of Chief Business Officer
Previous report
Effective May 21, 2026, we entered into an employment agreement with Nishant Saxena, which is effective for a period of two (2) years from the date thereof. Mr. Saxena’s employment agreement provides for him to serve as Chief Business Officer. Pursuant to the terms of his employment agreement, Mr. Saxena was granted 192,300 stock options to acquire shares of our common stock at an exercise price equal to the closing price of a share of common stock on the Nasdaq Capital Market on May 21, 2026, which will vest 25% after one year of employment and thereafter monthly over the following 36 months, subject to continuous employment with the Company, and 58,300 restricted stock units, which will vest 25% on each of the first, second, third and fourth annual anniversary of the award date, subject to continuous employment with the Company.
Previous report
2026 Inducement Award Plan
Previous report
On June 17, 2026, the Board adopted the 2026 Inducement Award Plan (the “Inducement Plan”), which will be administered by the Board and/or the Compensation Committee of the Board. The Inducement Plan was adopted without stockholder approval pursuant to Nasdaq Listing Rule 5635(c)(4). Any awards issued pursuant to the Inducement Plan will be issued pursuant to the “inducement” grant exception under 5635(c)(4) of the Marketplace Rules of the Nasdaq Stock Market LLC, as inducements that are material to employees entering into employment with the Company.
Previous report
Research and development expenses for the three months ended June 30, 2026 totaled $31.2 million, an increase of $16.0 million from $15.2 million recorded for the three months ended June 30, 2025.
Previous report
Comparison of Six Months Ended June 30, 2026 and 2025
Previous report
Research and development expenses for the six months ended June 30, 2026 totaled $51.0 million, an increase of $20.2 million from $30.8 million recorded for the six months ended June 30, 2025.
Reworded paragraphs (29)
Previous 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;
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 agencies in different jurisdictions;
Previous wording
Corbus Pharmaceuticals Holdings, Inc. (the "Company," "Corbus," "we," "us," or "our") is a clinical-stage company focused on developing 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.
Current wording
Corbus Pharmaceuticals Holdings, Inc. (the "Company," "Corbus," "we," "us," or "our") is a clinical-stage company focused on developing 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 sutantatug envedotin (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 (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").
Current wording
Sutantatug envedotin (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 patients in the PD-1 combination arm with sutantatug envedotin in combination with Keytruda® (pembrolizumab). We received fast track designation for sutantatug envedotin 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. sutantatug envedotin is currently being investigated by CSPC in a Phase 3 clinical trial in patients with cervical cancer in China (the "China study").
Previous wording
We presented updated clinical data at the 2026 American Society of Clinical Oncology ("ASCO") Annual Meeting held from May 29 – June 2 in Chicago, IL. The new data demonstrate robust activity in the second line ("2L") setting of two solid tumor types that express high levels of Nectin-4 and are primarily driven by human papilloma virus ("HPV"): oropharyngeal squamous cell carcinoma ("OPSCC"), a type of HNSCC, and cervical cancer. The data is derived from an April 1, 2026 data cut with a total safety population of 317 patients encompassing all tumor types and all doses. A total of 75 patients with HNSCC and 72 patients with cervical cancer were enrolled at the 2.7 mg/kg and 3.6 mg/kg doses. The CRB-701 dose expansion phase of the Phase 1/2 Western study is ongoing. The FDA has cleared the start of the Company's registrational study for CRB-701 in 2L OPSCC ("TEMPO-1") and enrollment is expected to begin in September 2026. In addition, we also anticipate reporting data with CRB-701 in combination with Keytruda® in first-line OPSCC patients in Q1 2027 to support potential further registration-enabling trials.
Current wording
We presented updated clinical data at the 2026 American Society of Clinical Oncology ("ASCO") Annual Meeting held from May 29 – June 2 in Chicago, IL. The new data demonstrates robust activity in the second line ("2L") setting of two solid tumor types that express high levels of Nectin-4 and are primarily driven by human papilloma virus ("HPV"): oropharyngeal squamous cell carcinoma ("OPSCC"), a type of HNSCC, and cervical cancer. The data is derived from an April 1, 2026 data cut with a total safety population of 317 patients encompassing all tumor types and all doses. A total of 75 patients with HNSCC and 72 patients with cervical cancer were enrolled at the 2.7 mg/kg and 3.6 mg/kg doses. The sutantatug envedotin dose expansion phase of the Phase 1/2 Western study is ongoing. The FDA has cleared the start of the Company's registrational study for sutantatug envedotin in 2L OPSCC ("TEMPO-1") and the Company dosed the first patient in September 2026. In addition, we also anticipate reporting data with sutantatug envedotin in combination with Keytruda® in first-line OPSCC patients in Q1 2027 to support potential further registration-enabling trials.
Previous wording
CRB-913 is an orally delivered highly peripherally restricted CB1 inverse agonist for the treatment of obesity. CB1 inverse agonism is a clinically validated mechanism to induce weight loss and is a distinct mechanism of action separate from GLP-1s and the incretin class. CRB-913 has been specifically formulated to shift the drug exposure from the brain to the periphery to improve safety and tolerability, including reducing gastrointestinal ("GI") adverse events observed in the incretin class. We completed a single ascending dose (“SAD”) and multiple ascending dose (“MAD”) Phase 1a study in December 2025. The SAD portion of the trial enrolled 64 participants across 8 cohorts. The MAD portion enrolled 48 participants across 4 cohorts, including a dedicated obese cohort. The highest SAD dose tested was 600 mg/day, and the highest MAD dose tested was 150 mg/day. In the dedicated obese MAD cohort (150 mg/day), all CRB-913-treated participants (n=9), and none in the placebo group (n=3), experienced weight loss. The CRB-treated participants achieved a mean 2.9% placebo-adjusted weight loss by Day 14. Weight loss started early and deepened with time. CRB-913 was safe and well-tolerated across all cohorts and all doses studied, including demonstrating a very favorable GI profile with no reports of vomiting, constipation or nausea. Daily neuropsychiatric assessments using CSSRS, PHQ-9, and GAD-7 were negative. We initiated a Phase 1b dose-range finding study (“CANYON-1”) in December 2025. The Phase 1b study plans to follow 240 U.S. patients randomized into 4 arms (placebo, 20 mg, 40 mg, and 60 mg) over a 12-week treatment period followed by a 4-week safety follow-up. The last patient completed their last clinical visit in August 2026. We remain on track to report data in September 2026.
Current wording
CRB-913 is an orally delivered highly peripherally restricted CB1 inverse agonist for the treatment of obesity. CB1 inverse agonism is a clinically validated mechanism to induce weight loss and is a distinct mechanism of action separate from GLP-1s and the incretin class. CRB-913 has been specifically formulated to shift the drug exposure from the brain to the periphery to improve safety and tolerability, including reducing gastrointestinal ("GI") adverse events observed in the incretin class. We initiated a Phase 1b dose-range finding study (“CANYON-1”) in December 2025 and announced topline data in September 2026. The CANYON-1 Phase 1b clinical trial was a 16-week double-blind, placebo-controlled, dose-ranging study that enrolled 254 obese, non-diabetic adult participants at 15 investigational sites in the United States. The trial included three CRB-913 cohorts of 20 mg, 40 mg, and 60 mg dosed orally once-daily as well as a placebo cohort (randomization of 1:1:1:1). A dose titration regimen was used with all participants receiving CRB-913 commencing at 20 mg/day and then titrating up every two weeks to either 40 mg/day or 60 mg/day depending on their assigned cohort. Participants were dosed for 12 weeks and followed for an additional 4 weeks. The data demonstrated statistically significant and clinically meaningful weight loss at all three doses with the 60 mg dose achieving a mean weight loss of 5% at 12 weeks. CRB-913 was associated with a favorable safety profile and fewer GI adverse events based on cross-trial comparison with published data of currently marketed oral GLP-1 drugs. These data support CRB-913’s potential to establish a new class of oral, non-incretin obesity medicines. We will be presenting CANYON-1 data at ObesityWeek® 2026 in November 2026 and will be engaging with the FDA on the clinical development plan.
Previous wording
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. Under the Open Market Sale Agreement, we may issue and sell, from time to time through Jefferies, shares of its common stock having an aggregate offering price of up to $150.0 million. During the three and six months ended June 30, 2026, we sold an aggregate of 894,044 shares of common stock, under the Open Market Sale Agreement, for net proceeds of approximately $9.1 million. As of June 30, 2026, approximately $59.7 million was available for issuance and sale under the Open Market Sale Agreement and we retain the ability to increase this amount at any time by filing a new or additional prospectus supplement, without any contractual or other limitation on our use of this facility. From July 1, 2026, through the date of filing, we sold 738,707 shares of its common stock pursuant to the Open Market Sale Agreement for which we received net proceeds of approximately $6.7 million.
Current wording
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. Under the Open Market Sale Agreement, we may issue and sell, from time to time through Jefferies, shares of our common stock having an aggregate offering price of up to $150.0 million. On August 7, 2026, we filed a new prospectus supplement pursuant to our existing shelf registration statement, providing for the offer and sale of shares of our common stock having an aggregate offering price of up to $127.5 million from time to time through Jefferies pursuant to the Open Market Sale Agreement. The $127.5 million offering amount represents the new aggregate offering amount available as of August 7, 2026, prior to any subsequent sales.
Previous wording
CRB-701 License Agreement Milestone Payment
Current wording
Sutantatug envedotin License Agreement Milestone Payment
Previous wording
In April 2026, we paid CSPC Megalith Biopharmaceutical Co., Ltd. ("CSPC") $10.0 million pursuant to the achievement of a development milestone under our license agreement with CSPC (the "CSPC License Agreement") relating to CRB-701, our next-generation antibody drug conjugate targeting Nectin-4. We are obligated to pay remaining potential milestone payments to CSPC totaling up to $120.0 million based upon the achievement of specified development and regulatory milestones and up to $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
In April 2026, we paid CSPC Megalith Biopharmaceutical Co., Ltd. ("CSPC") $10.0 million pursuant to the achievement of a development milestone under our license agreement with CSPC (the "CSPC License Agreement") relating to sutantatug envedotin, our next-generation antibody drug conjugate targeting Nectin-4. In September 2026, we achieved a second development milestone relating to sutantatug envedotin in the amount of $15.0 million. This amount is included in accrued expenses within our condensed consolidated balance sheet as of September 30, 2026. In addition to this accrual, we are obligated to pay remaining potential milestone payments to CSPC totaling up to $105.0 million based upon the achievement of specified development and regulatory milestones and up to $555.0 million in potential commercial milestone payments. Furthermore, 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.
Previous wording
On July 2, 2026, we entered into an employment agreement with Leonardo Viana Nicacio, MD, effective August 3, 2026, which is effective for a period of two (2) years. Dr. Nicacio’s employment agreement provides for him to serve as Chief Medical Officer. As an inducement to Dr. Nicacio accepting this position, he will be granted an employment inducement award of an aggregate grant date fair value of $2.1 million, consisting of approximately 75% stock options and approximately 25% restricted stock units, pursuant to the Inducement Plan, in accordance with Rule 5635(c)(4) of the Nasdaq Stock Market LLC.
Current wording
On July 2, 2026, we entered into an employment agreement with Leonardo Viana Nicacio, MD, effective August 3, 2026, for a term of two (2) years. Dr. Nicacio’s employment agreement provides for him to serve as Chief Medical Officer. As an inducement to Dr. Nicacio accepting this position, he was granted an employment inducement award with an aggregate grant date fair value of $2.1 million, consisting of approximately 75% stock options and approximately 25% restricted stock units, pursuant to the 2026 Inducement Plan, in accordance with Rule 5635(c)(4) of the Nasdaq Stock Market LLC.
Previous wording
We are a clinical-stage company focused on developing 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 June 30, 2026, we had an accumulated deficit of approximately $613.4 million. Our net losses for the three months ended June 30, 2026 and 2025, were approximately $35.0 million and $17.7 million, respectively. Our net losses for the six months ended June 30, 2026 and 2025 were approximately $58.0 million and $34.6 million, respectively.
Current wording
We are a clinical-stage company focused on developing 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 September 30, 2026, we had an accumulated deficit of approximately $651.2 million. Our net losses for the three months ended September 30, 2026 and 2025, were approximately $37.8 million and $23.3 million, respectively. Our net losses for the nine months ended September 30, 2026 and 2025 were approximately $95.8 million and $58.0 million, respectively.
Previous wording
Total program-specific costs increased by $15.7 million for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025. Costs related to CRB-701 increased by $14.6 million primarily as a result of the $10.0 million development milestone payment made to CSPC in Q2 2026, as well as higher clinical costs as additional participants are enrolled in the ongoing Phase 1/2 clinical trial and we begin preparing for the start of TEMPO-1. CRB-913 costs increased by $4.1 million primarily due to higher clinical costs as the Phase 1b portion of the clinical study has completed enrollment and treatment progresses. Costs related to CRB-601 decreased by $3.0 million as the Phase 1 dose escalation study was completed and no additional patients were enrolled in fiscal year 2026.
Current wording
Total program-specific costs increased by $13.1 million for the three months ended September 30, 2026 as compared to the three months ended September 30, 2025. Costs related to sutantatug envedotin increased by $17.2 million primarily as a result of the $15.0 million CSPC development milestone achieved in Q3 2026, as well as higher clinical and development costs as TEMPO-1 began enrollment. CRB-913 costs increased by $0.6 million primarily due to higher clinical costs related to the Phase 1b portion of the clinical study, which completed participant treatment in the period. Costs related to CRB-601 decreased by $4.7 million as the Phase 1 dose escalation study was completed and no additional patients were enrolled in fiscal year 2026.
Previous wording
We have a subsidiary in each of the U.K. and Australia. During the three months ended June 30, 2026 and 2025, approximately 20% and 31% 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 September 30, 2026 and 2025, approximately 13% and 40% of research and development expenses, respectively, were recorded in these entities.
Previous wording
General and Administrative. General and administrative expenses for the three months ended June 30, 2026 totaled $5.0 million, an increase of $1.0 million from $4.0 million recorded for the three months ended June 30, 2025. The increase in fiscal quarter 2026 as compared to fiscal quarter 2025 was attributable to an increase in compensation costs of $0.4 million primarily due to an increase in headcount, an increase of $0.3 million in legal costs and a $0.2 million increase in recruiting expense primarily due to search costs for open positions in the current year.
Current wording
General and Administrative. General and administrative expenses for the three months ended September 30, 2026 totaled $4.6 million, an increase of $1.0 million from $3.6 million recorded for the three months ended September 30, 2025. The increase in fiscal quarter 2026 as compared to fiscal quarter 2025 was attributable to an increase in compensation costs of $0.6 million primarily due to an increase in headcount, an increase of $0.1 million in legal costs and a $0.1 million increase in recruiting expense primarily due to search costs for open positions in the current year.
Previous wording
Operating Expenses. The following table summarizes our operating expenses for the six months ended June 30, 2026 and 2025 (in thousands):
Current wording
Operating Expenses. The following table summarizes our operating expenses for the nine months ended September 30, 2026 and 2025 (in thousands):
Previous wording
Research and Development. The following table summarizes our research and development expenses for the six months ended June 30, 2026 and 2025 (in thousands):
Current wording
Research and Development. The following table summarizes our research and development expenses for the nine months ended September 30, 2026 and 2025 (in thousands):
Previous wording
Total program-specific costs increased by $19.1 million for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025. Costs related to CRB-701 increased by $15.9 million primarily as a result of the $10.0 million development milestone paid to CSPC in Q2 2026, as well as higher clinical costs as additional participants are enrolled in the ongoing Phase 1/2 clinical trial and we begin preparing for the start of TEMPO-1. CRB-913 costs increased by $7.7 million primarily due to ongoing treatment in the Phase 1b portion of the clinical study, which began enrollment in December 2025 and ended in April 2026. Costs related to CRB-601 decreased by $4.4 million as the Phase 1 dose escalation study was completed and no additional patients were enrolled in fiscal year 2026.
Current wording
Total program-specific costs increased by $32.2 million for the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025. Costs related to sutantatug envedotin increased by $33.1 million primarily as a result of the $10.0 million CSPC development milestone paid to CSPC in Q2 2026 and second CSPC development milestone of $15.0 million achieved in Q3 2026. In addition, clinical and development costs increased for sutantatug envedotin due to the start of TEMPO-1. CRB-913 costs increased by $8.3 million primarily due to clinical costs related to Phase 1b portion of the clinical study, which began enrollment in December 2025. Costs related to CRB-601 decreased by $9.1 million as the Phase 1 dose escalation study was completed and no additional patients were enrolled in fiscal year 2026.
Previous wording
Personnel-related costs increased by $0.9 million for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025. The increase is primarily due to an increase in headcount.
Current wording
Personnel-related costs increased by $1.1 million for the nine months ended September 30, 2026 as compared to the nine months ended September 30, 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 six months ended June 30, 2026 and 2025, approximately 23% and 35% 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 nine months ended September 30, 2026 and 2025, approximately 19% and 37% of research and development expenses, respectively, were recorded in these entities.
Previous wording
General and Administrative. General and administrative expenses for the six months ended June 30, 2026 totaled $9.5 million, an increase of $1.4 million from $8.1 million recorded for the six months ended June 30, 2025. The increase in 2026 as compared to 2025 was attributable to an increase in compensation costs of $0.6 million primarily due to an increase in headcount, an increase of $0.4 million in legal costs and a $0.3 million increase in recruiting expense primarily due to search costs for open positions in the current year.
Current wording
General and Administrative. General and administrative expenses for the nine months ended September 30, 2026 totaled $14.1 million, an increase of $2.4 million from $11.7 million recorded for the nine months ended September 30, 2025. The increase in 2026 as compared to 2025 was attributable to an increase in compensation costs of $1.2 million primarily due to an increase in headcount, an increase of $0.5 million in legal costs, a $0.4 million increase in recruiting expense primarily due to search costs for open positions in the current year and an increase in consulting expense of $0.2 million.
Previous wording
Other Income, Net. The following table summarizes our total other income, net for the six months ended June 30, 2026 and 2025 (in thousands):
Current wording
Other Income, Net. The following table summarizes our total other income, net for the nine months ended September 30, 2026 and 2025 (in thousands):
Previous wording
Total other income, net for the six months ended June 30, 2026 totaled $2.5 million, a decrease of $1.8 million from $4.3 million recorded for the six months ended June 30, 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. The remaining decrease in 2026 as compared to 2025 was primarily attributable to foreign exchange and a decrease in interest and investment income.
Current wording
Total other income, net for the nine months ended September 30, 2026 totaled $3.6 million, a decrease of $1.8 million from $5.4 million recorded for the nine months ended September 30, 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. The remaining decrease in 2026 as compared to 2025 was primarily attributable to foreign exchange and a decrease in interest and investment income.
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 June 30, 2026, our accumulated deficit since inception was approximately $613.4 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 September 30, 2026, our accumulated deficit since inception was approximately $651.2 million.
Previous wording
At June 30, 2026, we had total current assets of approximately $122.8 million and current liabilities of approximately $21.5 million, resulting in working capital of approximately $101.3 million. Of our total cash, cash equivalents, investments, and restricted cash of $118.3 million at June 30, 2026, approximately $115.7 million was held within the U.S.
Current wording
At September 30, 2026, we had total current assets of approximately $119.0 million and current liabilities of approximately $35.0 million, resulting in working capital of approximately $84.0 million. Of our total cash, cash equivalents, investments, and restricted cash of $115.7 million at September 30, 2026, approximately $112.1 million was held within the U.S.
Previous wording
The following table summarizes our cash flows for the six months ended June 30, 2026 and 2025 (in thousands):
Current wording
The following table summarizes our cash flows for the nine months ended September 30, 2026 and 2025 (in thousands):
Previous wording
Net cash used in operating activities for the six months ended June 30, 2026 was $55.2 million, which includes a net loss of $58.0 million, adjusted for non-cash expenses of $3.3 million primarily related to stock-based compensation expense, and $0.5 million of cash used in net working capital items principally due to an increase in accounts payable and prepaid expenses and a decrease in accrued expenses.
Current wording
Net cash used in operating activities for the nine months ended September 30, 2026 was $76.4 million, which includes a net loss of $95.8 million, adjusted for non-cash expenses of $5.0 million primarily related to stock-based compensation expense, and $14.3 million of cash related to net working capital items principally due to an increase in accounts payable and accrued expenses.
Previous wording
Cash provided by investing activities for the six months ended June 30, 2026 totaled $40.7 million, which was principally related to proceeds from sales and maturities of marketable securities.
Current wording
Cash provided by investing activities for the nine months ended September 30, 2026 totaled $50.3 million, which was principally related to proceeds from sales and maturities of marketable securities.
Previous wording
Cash provided by financing activities for the six months ended June 30, 2026 totaled $9.1 million, which was related to the issuance of common stock. During the six months ended June 30, 2026, we sold 894,044 shares of our common stock pursuant to the Open Market Sale Agreement for which we received net proceeds of approximately $9.1 million. No cash was provided by financing activities for the six months ended June 30, 2025.
Current wording
Cash provided by financing activities for the nine months ended September 30, 2026 totaled $27.6 million, which was related to the issuance of common stock. During the nine months ended September 30, 2026, we sold 2,826,665 shares of our common stock pursuant to the Open Market Sale Agreement for which we received net proceeds of approximately $27.6 million.
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 $117.9 million at June 30, 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.
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 $115.3 million at September 30, 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. Our forecast of the period of time through which our financial resources will be adequate to support our operations is a forward-looking statement that involves risks and uncertainties, and actual results could vary materially, including as a result of the factor described in Part II, Item 1A, “Risk Factors.” We have based this estimate on assumptions that may prove to be wrong, and we could deplete our capital resources sooner than we expect.
Previous wording
In April 2026, we paid CSPC $10.0 million pursuant to the achievement of a development milestone. Pursuant to the terms of the CSPC License Agreement, we are obligated to pay remaining potential milestone payments to CSPC totaling up to $120.0 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
In April 2026, we paid CSPC $10.0 million pursuant to the achievement of a development milestone. In September 2026, we achieved a second development milestone in the amount of $15.0 million. This amount is included in accrued expenses within the condensed consolidated balance sheet as of September 30, 2026. Pursuant to the terms of the CSPC License Agreement, in addition to this accrual, we are obligated to pay remaining potential milestone payments to CSPC totaling up to $105.0 million based upon the achievement of specified development and regulatory milestones and up to $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.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
During the three and nine months ended September 30, 2026, we sold an aggregate of 1,932,621 and 2,826,665 shares of common stock, respectively, under the Open Market Sale Agreement, for net proceeds of approximately $18.6 million and $27.6 million, respectively. As of September 30, 2026, approximately $115.2 million was available for issuance and sale under the Open Market Sale Agreement and we retain the ability to increase this amount at any time by filing a new or additional prospectus supplement, without any contractual or other limitation on our use of this facility.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Total other income, net for the three months ended June 30, 2026 totaled $1.2 million, a decrease of $0.3 million from $1.5 million recorded for the three months ended June 30, 2025. The decrease in 2026 as compared to 2025 was primarily attributable to foreign exchange and a decrease in interest and investment income.