Corbus Pharmaceuticals Holdings, Inc. (NASDAQ: CRBP) missed market expectations on revenue and earnings for the first quarter of 2019.
The company reported a net loss of approx. $26.2 million, or $0.43 per share, compared to approx. $11.6 million, or $0.21 per share, last year.
Revenue from awards increased by around $0.9 million to $1.9 million due to revenue recognized from the Development Award Agreement with the Cystic Fibrosis Foundation.
Operating expenses increased by around $15.6 million to $28.4 million, due to increased spending for clinical studies, cost to manufacture and supply Lenabasum for clinical trials, staffing costs, higher non-cash stock compensation expenses and a sub-royalty payment associated with Kaken Pharmaceuticals.
During the quarter, Corbus completed subject enrollment in the RESOLVE-1 Phase 3 study of lenabasum treatment for systemic sclerosis and the company expects to report topline results from this study in the summer of 2020.
Corbus also completed a licensing deal for lenabasum in Japan with Kaken Pharmaceuticals, and received an up-front payment for $27 million, with up to $173 million in potential milestones as well as double-digit royalties.
The company’s cash and cash equivalents balance increased by $48.2 million from December 31, 2018 to $89.9 million at March 31, 2019.
Shares of Corbus have gained 28% so far this year.
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