Corbus製藥季度虧損擴大至3504萬美元 現金儲備1.18億美元

10-Q
 
 
 
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

 s 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
FORM 10-Q
 

 
 
 
 

 
 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

  
For the quarterly period ended June 30, 2026
 
or
 

 
 
 
 

 
 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

  
For the transition period from________ to_________.
 
Commission File Number:
001-37348
 
Corbus Pharmaceuticals Holdings, Inc.
(Exact name of registrant as specified in its charter)
 

 
 
 
 
 
 

 
 Delaware

 

 46-4348039

 

 
 (State or other jurisdiction of
incorporation or organization)

 

 (I.R.S. Employer
Identification Number)

 

  

 
 
 
 
 
 

 
 500 River Ridge Drive
Norwood, MA

 

 02062

 

 
 (Address of principal executive offices)

 

 (Zip code)

 

 
(617) 963-0100
(Registrant’s telephone number, including area code)
 
 
 
(Former Name, Former Address and Former Fiscal Year if Changed Since Last Report): N/A
 
Securities registered pursuant to Section 12(b) of the Act:
 

 
 
 
 
 
 
 
 

 
 Title of Each Class

 

 Trading Symbol

 

 Name of Each Exchange on Which Registered

 

 
 Common Stock, par value $0.0001 per share

 

 CRBP

 

 The Nasdaq Capital Market 

 

 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
 

 
 
 
 
 
 
 
 

 
 Large accelerated filer

 ☐

 

 Accelerated filer

 ☐

 

 
 Non-accelerated filer

 ☒

 

 Smaller reporting company

 ☒

 

 
 

 

 

 Emerging growth company

 ☐

 

 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
 
As of August 4, 2026, 19,341,293 shares of the registrant’s common stock, $0.0001 par value, were issued and outstanding.
 
 

  

 
 

 CORBUS PHARMACEUTICALS HOLDINGS, INC.
 
Quarterly Report on Form 10-Q for the Quarter Ended June 30, 2026
 
TABLE OF CONTENTS
 

 
 
 
 
 

 
  

 Page 

 

 
 PART I 

 

 

 
  

 

 

 
 FINANCIAL INFORMATION 

 

 

 
  

 

 

 
 Item 1. Condensed Consolidated Financial Statements (unaudited) 

 3

 

 
 Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025

 3

 

 
 Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three and Six Months Ended June 30, 2026 and 2025

 4

 

 
 Condensed Consolidated Statement of Stockholders’ Equity for the Three and Six Months Ended June 30, 2026 and 2025

 5

 

 
 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2026 and 2025 

 7

 

 
 Notes to Condensed Consolidated Financial Statements 

 8

 

 
 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 

 19

 

 
 Item 3. Quantitative and Qualitative Disclosures about Market Risk 

 27

 

 
 Item 4. Controls and Procedures 

 27

 

 
  

 

 

 
 PART II 

 

 

 
  

 

 

 
 OTHER INFORMATION 

 

 

 
  

 

 

 
 Item 1. Legal Proceedings 

 29

 

 
 Item 1A. Risk Factors 

 29

 

 
 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 

 29

 

 
 Item 3. Defaults Upon Senior Securities 

 29

 

 
 Item 4. Mine Safety Disclosures 

 29

 

 
 Item 5. Other Information 

 29

 

 
 Item 6. Exhibits 

 30

 

 
 Signatures

 31

 

  

 -2-

 
 

 PART I — FINANCIAL INFORMATION
 
Item 1. Financial Statements.
 
Corbus Pharmaceuticals Holdings, Inc.
Condensed Consolidated Balance Sheets 
(in thousands, except share and per share amounts) 
(Unaudited)
 

 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 June 30, 2026

  

  

 December 31, 2025

  

 

 
  

  

  

  

  

  

  

 

 
 ASSETS

  

  

  

  

  

  

 

 
 Current assets:

  

  

  

  

  

  

 

 
 Cash and cash equivalents

  

 $

 23,370

  

  

 $

 28,492

  

 

 
 Investments

  

  

 94,571

  

  

  

 134,777

  

 

 
 Restricted cash

  

  

 —

  

  

  

 670

  

 

 
 Prepaid expenses and other current assets

  

  

 4,812

  

  

  

 3,015

  

 

 
 Total current assets

  

  

 122,753

  

  

  

 166,954

  

 

 
 Restricted cash

  

  

 385

  

  

  

 —

  

 

 
 Property and equipment, net

  

  

 71

  

  

  

 159

  

 

 
 Operating lease right-of-use assets

  

  

 3,779

  

  

  

 1,082

  

 

 
 Total assets

  

 $

 126,988

  

  

 $

 168,195

  

 

 
 LIABILITIES AND STOCKHOLDERS’ EQUITY

  

  

  

  

  

  

 

 
 Current liabilities:

  

  

  

  

  

  

 

 
 Accounts payable

  

 $

 5,254

  

  

 $

 2,215

  

 

 
 Accrued expenses

  

  

 15,230

  

  

  

 16,844

  

 

 
 Operating lease liabilities

  

  

 999

  

  

  

 1,633

  

 

 
 Total current liabilities

  

  

 21,483

  

  

  

 20,692

  

 

 
 Operating lease liabilities, noncurrent

  

  

 3,265

  

  

  

 —

  

 

 
 Total liabilities

  

  

 24,748

  

  

  

 20,692

  

 

 
 Stockholders’ equity:

  

  

  

  

  

  

 

 
 Preferred stock, $0.0001 par value; 10,000,000 shares authorized, no shares issued and outstanding at June 30, 2026 and December 31, 2025

  

  

 —

  

  

  

 —

  

 

 
 Common stock, $0.0001 par value; 300,000,000 shares authorized,
18,671,498 and 17,611,511 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively

  

  

 2

  

  

  

 2

  

 

 
 Additional paid-in capital

  

  

 715,781

  

  

  

 702,984

  

 

 
 Accumulated deficit

  

  

 (613,436

 )

  

  

 (555,430

 )

 

 
 Accumulated other comprehensive loss

  

  

 (107

 )

  

  

 (53

 )

 

 
 Total stockholders’ equity

  

  

 102,240

  

  

  

 147,503

  

 

 
 Total liabilities and stockholders’ equity

  

 $

 126,988

  

  

 $

 168,195

  

 

  
See notes to the unaudited condensed consolidated financial statements.

 -3-

 
 

 Corbus Pharmaceuticals Holdings, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(in thousands, except share and per share amounts) 
(Unaudited)
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 For the Three Months
Ended June 30,

  

  

 For the Six Months Ended 
June 30,

  

 

 
  

  

 2026

  

  

 2025

  

  

 2026

  

  

 2025

  

 

 
 Operating expenses:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Research and development

  

 $

 31,175

  

  

 $

 15,187

  

  

 $

 50,994

  

  

 $

 30,829

  

 

 
 General and administrative

  

  

 5,015

  

  

  

 3,965

  

  

  

 9,500

  

  

  

 8,098

  

 

 
 Total operating expenses

  

  

 36,190

  

  

  

 19,152

  

  

  

 60,494

  

  

  

 38,927

  

 

 
 Operating loss

  

  

 (36,190

 )

  

  

 (19,152

 )

  

  

 (60,494

 )

  

  

 (38,927

 )

 

 
 Other income (expense), net:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Interest and investment income, net

  

  

 1,164

  

  

  

 1,314

  

  

  

 2,566

  

  

  

 2,995

  

 

 
 Other (expense) income, net

  

  

 (11

 )

  

  

 176

  

  

  

 (78

 )

  

  

 1,292

  

 

 
 Total other income, net

  

  

 1,153

  

  

  

 1,490

  

  

  

 2,488

  

  

  

 4,287

  

 

 
 Net loss

  

 $

 (35,037

 )

  

 $

 (17,662

 )

  

 $

 (58,006

 )

  

 $

 (34,640

 )

 

 
 Net loss per share, basic and diluted

  

 $

 (1.81

 )

  

 $

 (1.44

 )

  

 $

 (3.04

 )

  

 $

 (2.83

 )

 

 
 Weighted average number of common shares outstanding, basic and diluted

  

  

 19,407,688

  

  

  

 12,240,443

  

  

  

 19,059,092

  

  

  

 12,221,373

  

 

 
 

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Comprehensive loss:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Net loss

  

 $

 (35,037

 )

  

 $

 (17,662

 )

  

 $

 (58,006

 )

  

 $

 (34,640

 )

 

 
 Other comprehensive loss:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Change in unrealized gain (loss) on marketable debt securities

  

  

 54

  

  

  

 (16

 )

  

  

 (54

 )

  

  

 (74

 )

 

 
 Total other comprehensive income (loss)

  

  

 54

  

  

  

 (16

 )

  

  

 (54

 )

  

  

 (74

 )

 

 
 Total comprehensive loss

  

 $

 (34,983

 )

  

 $

 (17,678

 )

  

 $

 (58,060

 )

  

 $

 (34,714

 )

 

  
See notes to the unaudited condensed consolidated financial statements.
 

 -4-

 
 

 Corbus Pharmaceuticals Holdings, Inc.
Condensed Consolidated Statements of Stockholders’ Equity
(in thousands, except share amounts) 
(Unaudited)
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 For the Three Months Ended June 30, 2026

  

 

 
  

  

 Common Stock

  

  

 Additional
Paid-in

  

  

 Accumulated

  

  

 Accumulated
Other
Comprehensive

  

  

 Total
Stockholders’

  

 

 
  

  

 Shares

  

  

 Amount

  

  

 Capital

  

  

 Deficit

  

  

 Loss

  

  

 Equity

  

 

 
 Balance at March 31, 2026

  

  

 17,738,870

  

  

 $

 2

  

  

 $

 704,900

  

  

 $

 (578,399

 )

  

 $

 (161

 )

  

 $

 126,342

  

 

 
 Issuance of common stock, net of issuance costs

  

  

 894,044

  

  

  

 —

  

  

  

 9,067

  

  

  

 —

  

  

  

 —

  

  

  

 9,067

  

 

 
 Issuance of common stock upon exercise of stock options

  

  

 812

  

  

  

 —

  

  

  

 8

  

  

  

 —

  

  

  

 —

  

  

  

 8

  

 

 
 Issuance of common stock upon vesting of restricted stock units

  

  

 37,772

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

 

 
 Stock-based compensation expense

  

  

 —

  

  

  

 —

  

  

  

 1,806

  

  

  

 —

  

  

  

 —

  

  

  

 1,806

  

 

 
 Change in unrealized gain on marketable debt securities

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 54

  

  

  

 54

  

 

 
 Net loss

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (35,037

 )

  

  

 —

  

  

  

 (35,037

 )

 

 
 Balance at June 30, 2026

  

  

 18,671,498

  

  

 $

 2

  

  

 $

 715,781

  

  

 $

 (613,436

 )

  

 $

 (107

 )

  

 $

 102,240

  

 

  
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 For the Three Months Ended June 30, 2025

  

 

 
  

  

 Common Stock

  

  

 Additional
Paid-in

  

  

 Accumulated

  

  

 Accumulated
Other
Comprehensive

  

  

 Total
Stockholders’

  

 

 
  

  

 Shares

  

  

 Amount

  

  

 Capital

  

  

 Deficit

  

  

 Loss

  

  

 Equity

  

 

 
 Balance at March 31, 2025

  

  

 12,232,853

  

  

 $

 1

  

  

 $

 620,999

  

  

 $

 (493,871

 )

  

 $

 (23

 )

  

 $

 127,106

  

 

 
 Issuance of common stock upon vesting of restricted stock units

  

  

 21,216

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

 

 
 Stock-based compensation expense

  

  

 —

  

  

  

 —

  

  

  

 1,563

  

  

  

 —

  

  

  

 —

  

  

  

 1,563

  

 

 
 Change in unrealized loss on marketable debt securities

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (16

 )

  

  

 (16

 )

 

 
 Net loss

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (17,662

 )

  

  

 —

  

  

  

 (17,662

 )

 

 
 Balance at June 30, 2025

  

  

 12,254,069

  

  

 $

 1

  

  

 $

 622,562

  

  

 $

 (511,533

 )

  

 $

 (39

 )

  

 $

 110,991

  

 

  
See notes to the unaudited condensed consolidated financial statements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 -5-

 
 

 Corbus Pharmaceuticals Holdings, Inc.
Condensed Consolidated Statements of Stockholders’ Equity
(in thousands, except share amounts) 
(Unaudited)
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 For the Six Months Ended June 30, 2026

  

 

 
  

  

 Common Stock

  

  

 Additional
Paid-in

  

  

 Accumulated

  

  

 Accumulated
Other
Comprehensive

  

  

 Total
Stockholders’

  

 

 
  

  

 Shares

  

  

 Amount

  

  

 Capital

  

  

 Deficit

  

  

 Loss

  

  

 Equity

  

 

 
 Balance at December 31, 2025

  

  

 17,611,511

  

  

 $

 2

  

  

 $

 702,984

  

  

 $

 (555,430

 )

  

 $

 (53

 )

  

 $

 147,503

  

 

 
 Issuance of common stock, net of issuance costs

  

  

 894,044

  

  

  

 —

  

  

  

 9,067

  

  

  

 —

  

  

  

 —

  

  

  

 9,067

  

 

 
 Issuance of common stock upon exercise of stock options

  

  

 812

  

  

  

 —

  

  

  

 8

  

  

  

 —

  

  

  

 —

  

  

  

 8

  

 

 
 Issuance of common stock upon vesting of restricted stock units

  

  

 165,131

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

 

 
 Stock-based compensation expense

  

  

 —

  

  

  

 —

  

  

  

 3,722

  

  

  

 —

  

  

  

 —

  

  

  

 3,722

  

 

 
 Change in unrealized loss on marketable debt securities

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (54

 )

  

  

 (54

 )

 

 
 Net loss

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (58,006

 )

  

  

 —

  

  

  

 (58,006

 )

 

 
 Balance at June 30, 2026

  

  

 18,671,498

  

  

 $

 2

  

  

 $

 715,781

  

  

 $

 (613,436

 )

  

 $

 (107

 )

  

 $

 102,240

  

 

  
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 For the Six Months Ended June 30, 2025

  

 

 
  

  

 Common Stock

  

  

 Additional
Paid-in

  

  

 Accumulated

  

  

 Accumulated
Other
Comprehensive

  

  

 Total
 Stockholders’

  

 

 
  

  

 Shares

  

  

 Amount

  

  

 Capital

  

  

 Deficit

  

  

 (Loss) Income

  

  

 Equity

  

 

 
 Balance at December 31, 2024

  

  

 12,179,482

  

  

 $

 1

  

  

 $

 619,285

  

  

 $

 (476,893

 )

  

 $

 35

  

  

 $

 142,428

  

 

 
 Issuance of common stock upon vesting of restricted stock units

  

  

 74,587

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

 

 
 Stock-based compensation expense

  

  

 —

  

  

  

 —

  

  

  

 3,277

  

  

  

 —

  

  

  

 —

  

  

  

 3,277

  

 

 
 Change in unrealized loss on marketable debt securities

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (74

 )

  

  

 (74

 )

 

 
 Net loss

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (34,640

 )

  

  

 —

  

  

  

 (34,640

 )

 

 
 Balance at June 30, 2025

  

  

 12,254,069

  

  

 $

 1

  

  

 $

 622,562

  

  

 $

 (511,533

 )

  

 $

 (39

 )

  

 $

 110,991

  

 

  
See notes to the unaudited condensed consolidated financial statements.
 

 -6-

 
 

 Corbus Pharmaceuticals Holdings, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands) 
(Unaudited)
 

 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Six Months Ended June 30,

  

 

 
  

  

 2026

  

  

 2025

  

 

 
 Cash flows from operating activities:

  

  

  

  

  

  

 

 
 Net loss

  

 $

 (58,006

 )

  

 $

 (34,640

 )

 

 
 Adjustments to reconcile net loss to net cash used in operating activities:

  

  

  

  

  

  

 

 
 Stock-based compensation expense

  

  

 3,722

  

  

  

 3,277

  

 

 
 Depreciation expense

  

  

 100

  

  

  

 134

  

 

 
 Net amortization of premiums and discounts on investments

  

  

 (572

 )

  

  

 (624

 )

 

 
 Other

  

  

 94

  

  

  

 (289

 )

 

 
 Changes in operating assets and liabilities:

  

  

  

  

  

  

 

 
 Prepaid expenses and other current assets

  

  

 (1,797

 )

  

  

 (2,319

 )

 

 
 Accounts payable

  

  

 2,942

  

  

  

 (509

 )

 

 
 Accrued expenses

  

  

 (1,614

 )

  

  

 2,224

  

 

 
 Operating right-of-use assets and operating lease liabilities, net

  

  

 (66

 )

  

  

 (274

 )

 

 
 Net cash used in operating activities

  

  

 (55,197

 )

  

  

 (33,020

 )

 

 
 Cash flows from investing activities:

  

  

  

  

  

  

 

 
 Purchases of property and equipment

  

  

 (12

 )

  

  

 -

  

 

 
 Purchases of investments

  

  

 (19,424

 )

  

  

 (55,228

 )

 

 
 Proceeds from sales and maturities of investments

  

  

 60,151

  

  

  

 91,094

  

 

 
 Net cash provided by investing activities

  

  

 40,715

  

  

  

 35,866

  

 

 
 Cash flows from financing activities:

  

  

  

  

  

  

 

 
 Proceeds from issuance of common stock, net

  

  

 9,075

  

  

  

 -

  

 

 
 Net cash provided by financing activities

  

  

 9,075

  

  

  

 -

  

 

 
 Net (decrease) increase in cash, cash equivalents, and restricted cash

  

  

 (5,407

 )

  

  

 2,846

  

 

 
 Cash, cash equivalents, and restricted cash at beginning of the period

  

  

 29,162

  

  

  

 17,868

  

 

 
 Cash, cash equivalents, and restricted cash at end of the period

  

 $

 23,755

  

  

 $

 20,714

  

 

 
 Supplemental disclosure of cash flow information and non-cash transactions:

  

  

  

  

  

  

 

 
 Common stock issuance costs not yet paid

  

 $

 14

  

  

 $

 75

  

 

 
 Addition of right-of-use assets in exchange for operating lease liabilities

  

 $

 3,222

  

  

 $

 —

  

 

  
See notes to the unaudited condensed consolidated financial statements.

 -7-

 
 

 Corbus Pharmaceuticals Holdings, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements
June 30, 2026
 
1. NATURE OF BUSINESS AND BASIS OF PRESENTATION
 
Nature of Business
 
Corbus Pharmaceuticals Holdings, Inc. (the "Company" or "Corbus") 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. Corbus’ 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. Since its inception, the Company has devoted substantially all of its efforts to business planning, research and development, recruiting management and technical staff, acquiring operating assets and raising capital. The Company’s business is subject to significant risks and uncertainties and the Company will be dependent on raising substantial additional capital before it becomes profitable, and it may never achieve profitability.
 
Basis of Presentation
 
The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("U.S. GAAP") for interim financial reporting. In the opinion of management of the Company, the accompanying unaudited condensed consolidated interim financial statements reflect all adjustments (which include only normal recurring adjustments) necessary to present fairly, in all material respects, the condensed consolidated financial position of the Company as of June 30, 2026 and the results of its operations and changes in stockholders’ equity for the three and six months ended June 30, 2026 and 2025 and its cash flows for the six months ended June 30, 2026 and 2025. Certain amounts in the prior year's financial statements have been reclassified to conform with the current year presentation. These reclassifications did not impact previously reported net loss or cash flows. The December 31, 2025 condensed consolidated balance sheet was derived from audited financial statements. The Company prepared the condensed consolidated financial statements following the requirements of the U.S. Securities and Exchange Commission (the "SEC") for interim reporting. Accordingly, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. It is suggested that these condensed consolidated financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed on March 9, 2026 (the "2025 Annual Report"). The results of operations for such interim periods are not necessarily indicative of the operating results for the full fiscal year.

 
Basis of Consolidation
 
The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany transactions and accounts have been eliminated in consolidation.
 
The significant accounting policies used in preparation of these condensed consolidated financial statements in this Form 10-Q are consistent with those discussed in Note 3, "Significant Accounting Policies," in our 2025 Annual Report.

 
2. LIQUIDITY
 
The accompanying condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates continuity of operations, realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The Company has incurred recurring losses since inception and as of June 30, 2026, had an accumulated deficit of approximately $613.4 million. The Company anticipates operating losses to continue for the foreseeable future due to, among other things, costs related to research funding, development of its product candidates and its pre-clinical and clinical programs, strategic alliances, and the development of its administrative organization. Based on current operating plans and assumptions regarding clinical timelines and other planned expenditures, the Company expects that its cash, cash equivalents, and investments of approximately $117.9 million at June 30, 2026 will be sufficient to meet its operating and capital requirements at least twelve months from the issuance of this Quarterly Report on Form 10-Q.
 

 -8-

 
 

 The source, timing and availability of any future financing will depend principally upon market conditions, and, more specifically, on the progress of the Company’s clinical development programs. Funding may not be available when needed, at all, or on terms acceptable to the Company. Lack of necessary funds may require the Company to, among other things, delay, scale back or eliminate some or all of the Company’s planned clinical or pre-clinical trials. 
 
The Company filed a new shelf registration statement which was declared effective on March 20, 2026 for which the Company is authorized to offer and sell securities up to $300 million.

 
3. CASH, CASH EQUIVALENTS, AND RESTRICTED CASH
 
The Company considers only those investments which are highly liquid, readily convertible to cash, and that mature within 90 days from the date of purchase to be cash equivalents. At June 30, 2026 and December 31, 2025, cash equivalents were comprised of money market funds and corporate debt securities with maturities less than 90 days from the date of purchase.
 
Restricted cash as of June 30, 2026 included security for a stand-by letter of credit issued in favor of a landlord for $0.4 million, all of which was classified in noncurrent assets as of June 30, 2026.
 
Cash, cash equivalents, and restricted cash consist of the following (in thousands):
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 June 30, 2026

  

  

 December 31, 2025

  

 

 
 Cash

  

 $

  

 2,865

  

  

 $

  

 1,351

  

 

 
 Cash equivalents

  

  

  

 20,505

  

  

  

  

 27,141

  

 

 
 Cash and cash equivalents

  

  

  

 23,370

  

  

  

  

 28,492

  

 

 
 

  

  

  

  

  

  

  

  

 

 
 Restricted cash, current

  

  

  

 —

  

  

  

  

 670

  

 

 
 Restricted cash, noncurrent

  

  

  

 385

  

  

  

  

 —

  

 

 
 Restricted cash

  

  

  

 385

  

  

  

  

 670

  

 

 
 Total cash, cash equivalents, and restricted cash shown in the statement of cash
   flows

  

 $

  

 23,755

  

  

 $

  

 29,162

  

 

 
 
As of June 30, 2026, the Company’s cash and cash equivalents held in the U.S. was approximately $20.8 million and approximately $2.6 million of cash was held in its subsidiaries in the U.K. and Australia. As of December 31, 2025, all of the Company’s cash was held in the U.S., except for approximately $1.2 million of cash which was held in its subsidiaries in the U.K. and Australia.

 
4. INVESTMENTS
 
The following table summarizes the Company’s investments as of June 30, 2026 (in thousands):
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Amortized Cost

  

  

 Gross
Unrealized
Gain

  

  

 Gross
Unrealized
Losses

  

  

 Fair Value

  

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Debt Securities:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Commercial paper

  

 $

 30,430

  

  

 $

 -

  

  

 $

 -

  

  

 $

 30,430

  

 

 
 Corporate debt securities

  

  

 64,244

  

  

  

 2

  

  

  

 (105

 )

  

  

 64,141

  

 

 
 Total

  

 $

 94,674

  

  

 $

 2

  

  

 $

 (105

 )

  

 $

 94,571

  

 

 
 
The following table summarizes the amortized cost and fair value of the Company’s available-for-sale marketable debt securities by contractual maturity as of June 30, 2026 (in thousands):
 

 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Amortized Cost

  

  

 Fair Value

  

 

 
  

  

  

  

  

  

  

 

 
 Maturing in one year or less

  

 $

 88,390

  

  

 $

 88,332

  

 

 
 Maturing after one year but less than three years

  

  

 6,284

  

  

  

 6,239

  

 

 
 

  

 $

 94,674

  

  

 $

 94,571

  

 

 
 

 -9-

 
 

 The following table summarizes the Company’s investments as of December 31, 2025 (in thousands):
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Amortized Cost

  

  

 Gross
Unrealized
Gain

  

  

 Gross
Unrealized
Losses

  

  

 Fair Value

  

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Debt Securities:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Commercial paper

  

 $

 33,846

  

  

 $

 -

  

  

 $

 -

  

  

 $

 33,846

  

 

 
 Corporate debt securities

  

  

 100,983

  

  

  

 20

  

  

  

 (72

 )

  

  

 100,931

  

 

 
 Total

  

 $

 134,829

  

  

 $

 20

  

  

 $

 (72

 )

  

 $

 134,777

  

 

 
 
The following table summarizes the amortized cost and fair value of the Company’s available-for-sale marketable debt securities by contractual maturity as of December 31, 2025 (in thousands):
 

 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Amortized Cost

  

  

 Fair Value

  

 

 
  

  

  

  

  

  

  

 

 
 Maturing in one year or less

  

 $

 123,934

  

  

 $

 123,903

  

 

 
 Maturing after one year but less than three years

  

  

 10,895

  

  

  

 10,874

  

 

 
 

  

 $

 134,829

  

  

 $

 134,777

  

 

 

 
 
5. FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES
 
The following table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values as of June 30, 2026 (in thousands):

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Level 1

  

  

 Level 2

  

  

 Level 3

  

  

 Total

  

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Assets:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Cash equivalents:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Money market funds

  

 $

 17,477

  

  

 $

 —

  

  

 $

 —

  

  

 $

 17,477

  

 

 
 Corporate debt securities

  

  

 —

  

  

  

 3,028

  

  

  

 —

  

  

  

 3,028

  

 

 
 Investments:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Commercial paper

  

  

 —

  

  

  

 30,430

  

  

  

 —

  

  

  

 30,430

  

 

 
 Corporate debt securities

  

  

 —

  

  

  

 64,141

  

  

  

 —

  

  

  

 64,141

  

 

 
 

  

 $

 17,477

  

  

 $

 97,599

  

  

 $

 —

  

  

 $

 115,076

  

 

  
The following table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values as of December 31, 2025 (in thousands):
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Level 1

  

  

 Level 2

  

  

 Level 3

  

  

 Total

  

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Assets:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Cash equivalents:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Money market funds

  

 $

 23,037

  

  

 $

 —

  

  

 $

 —

  

  

 $

 23,037

  

 

 
 Commercial paper

  

  

 —

  

  

  

 1,488

  

  

  

 —

  

  

  

 1,488

  

 

 
 Corporate debt securities

  

  

 —

  

  

  

 2,616

  

  

  

 —

  

  

  

 2,616

  

 

 
 Investments:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Commercial paper

  

  

 —

  

  

  

 33,846

  

  

  

 —

  

  

  

 33,846

  

 

 
 Corporate debt securities

  

  

 —

  

  

  

 100,931

  

  

  

 —

  

  

  

 100,931

  

 

 
 

  

 $

 23,037

  

  

 $

 138,881

  

  

 $

 —

  

  

 $

 161,918

  

 

 

 

 -10-

 
 

 6. PREPAID EXPENSES AND OTHER CURRENT ASSETS
 
Prepaid expenses and other current assets consisted of the following (in thousands):
 

 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 June 30,
2026

  

  

 December 31,
2025

  

 

 
 Prepaid expenses

  

 $

 2,089

  

  

 $

 1,210

  

 

 
 Other current assets

  

  

 2,723

  

  

  

 1,805

  

 

 
 Prepaid expenses and other current assets

  

 $

 4,812

  

  

 $

 3,015

  

 

 
 

As of June 30, 2026, other current assets included in the prepaid expenses and other current assets line within the condensed consolidated balance sheet includes $1.5 million related to government tax credits that were recorded during the fourth quarter of 2024 that have not yet been received. 
 
7. LICENSE AGREEMENTS
 
The Company entered into a license agreement (the "Jenrin License Agreement") with Jenrin Discovery, LLC ("Jenrin"), a privately held Delaware limited liability company, effective September 20, 2018. Pursuant to the Jenrin License Agreement, Jenrin granted the Company exclusive worldwide rights to develop and commercialize the Licensed Products (as defined in the Jenrin License Agreement) which includes the Jenrin library of over 600 compounds and multiple issued and pending patent filings. The compounds are designed to treat inflammatory and fibrotic diseases by targeting the endocannabinoid system.
 
In consideration of the license and other rights granted by Jenrin, the Company paid Jenrin a $0.3 million upfront cash payment and is obligated to pay Jenrin up to $18.4 million in potential milestone payments for each compound it elects to develop based upon the achievement of specified development and regulatory milestones. In addition, the Company is obligated to pay Jenrin royalties in the mid, single digits based on net sales of any Licensed Products, subject to specified reductions. The Company achieved the first milestone in the amount of $0.4 million associated with the progression into a clinical trial for CRB-913 during the first quarter of 2025, which was subsequently paid in the second quarter of 2025. The Company is obligated to pay Jenrin up to $18.0 million in additional potential milestone payments for further development of CRB-913.
 
The Company entered into a license agreement (the "UCSF License Agreement") with the Regents of the University of California ("The Regents") effective May 26, 2021. Pursuant to the UCSF License Agreement, the Company received an exclusive license to certain patents relating to humanized antibodies against integrin αvβ8, one of which the Company is referring to as CRB-601, along with non-exclusive licenses to certain related know-how and materials. The Company amended the UCSF License Agreement with The Regents effective November 17, 2022, adding additional antibody patents to the agreement.
 
In consideration for the license and other rights granted to the Company under the UCSF License Agreement, the Company paid The Regents a license issue fee of $1.5 million. In consideration for the additional antibody patents granted to the Company, the Company paid The Regents a license issue fee of $0.8 million, paid in two equal installments of $0.4 million. 
 
The Company further amended the UCSF License Agreement with The Regents effective August 14, 2023 to incorporate certain new technology rights and amend the payment schedule for the development milestone for the filing of patent rights and the development milestone for the filing of an Investigational New Drug ("IND").
 
In addition to the license issuance fees, the Company is obligated to pay an annual license maintenance fee, as well as up to $150.8 million in remaining potential milestone payments, excluding indication milestones for antibodies used for diagnostic products and services that will be an additional $50.0 thousand for each new indication, for the achievement of certain development, regulatory, and sales milestones. In addition, the Company is also obligated to pay royalties in the lower, single digits on sales of products falling within the scope of the licensed patents, which is subject to a minimum annual royalty obligation, and a percentage share of certain payments received by the Company from sublicensees or in connection with the sale of the licensed program. During the first quarter of 2025, the Company paid $1.6 million under the UCSF License Agreement for previously achieved milestone payments.
 
The Company entered into a license agreement (the "CSPC License Agreement") with CSPC Megalith Biopharmaceutical Co., Ltd. ("CSPC"), a subsidiary of CSPC Pharmaceutical Group Limited, effective February 12, 2023. Pursuant to the CSPC License Agreement, the Company received an exclusive license to develop and commercialize a novel clinical stage ADC targeting Nectin-4, which the Company is referring to as CRB-701, in the U.S., Canada, the European Union (including the European Free Trade Area), the U.K., and Australia.
 

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 In consideration for the license granted to the Company under the CSPC License Agreement, the Company paid CSPC an upfront payment of $7.5 million ($5.0 million paid at signing during the first quarter of 2023 followe