Corbus Pharmaceuticals Holdings Inc (NASDAQ: CRBP) shares fell Monday morning, on word of a full-year loss.
The Norwood, Mass.-based Corbus, a Phase 3 clinical-stage pharmaceutical company focused on the development and commercialization of novel therapeutics to treat rare, chronic and serious inflammatory and fibrotic diseases, announced Corbus reported a net loss of approximately $32,422,000, or a net loss per diluted share of $0.65, compared to a net loss of approximately $19,999,000, or a net loss per diluted share of $0.49 for the year ended December 31, 2016.
Revenue from awards increased by approximately $529,000 to $2.4 million due to revenue recognized from the $5-million development award received from the Cystic Fibrosis Foundation Therapeutics, Inc. Operating expenses increased by approximately $13.1 million to $35.0 million due to increased spending for clinical studies, manufacturing costs to produce lenabasum for clinical studies and staffing costs.
The Company's cash and cash equivalents balance at the end of the last calendar year was approximately $62.5 million and increased by $47.5 million during 2017. In the fourth quarter of 2017, the Company completed a secondary public offering resulting in approximately $37.4 million of gross proceeds.
Corbus expects the current cash on hand together with the expected milestone payments from the up to $25 million Development Award from the Cystic Fibrosis Foundation to fund operations through the fourth quarter of 2019, based on current planned expenditures.
The shares tumbled 7.5 cents, or 1.1%, to $7.025 near noon on Monday, within a 52-week range of $5.30 to $10.50.
