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Here are 1-2 brief analogies to describe Corbus Pharmaceuticals (CRBP):

• A small, clinical-stage Genentech, but focused on early-pipeline oncology antibodies.

• An aspiring Gilead Sciences, still in its high-risk, unproven phase before any major drug breakthroughs.

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• CRB-601: An inverse agonist/antagonist of cannabinoid receptor 1 (CB1) being developed for metabolic diseases such as obesity and non-alcoholic steatohepatitis (NASH).
• CRB-701: A galectin-3 inhibitor being developed for fibrotic diseases affecting organs like the kidney and lung.

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Corbus Pharmaceuticals (symbol: CRBP) is a clinical-stage pharmaceutical company.

As a clinical-stage company, Corbus Pharmaceuticals is primarily focused on the research and development of novel therapeutics for inflammatory, fibrotic diseases, and oncology. It does not currently have any commercial products approved and available for sale on the market.

Therefore, Corbus Pharmaceuticals does not have major customers that purchase its products, whether other companies or individuals, as it is not yet generating revenue from product sales. Its revenue, when it occurs, typically comes from collaborations, licensing agreements, or grants to fund its research and development efforts, rather than product sales.

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Yuval Cohen, Ph.D., Chief Executive Officer and Director

Dr. Cohen co-founded Corbus Pharmaceuticals and has served as its Chief Executive Officer and a director since April 2014. Prior to Corbus, he was the President and co-founder of Celsus Therapeutics PLC (Nasdaq: CLTX) from 2005 to June 2013. Under his leadership, Celsus successfully developed five novel anti-inflammatory drug programs, with two reaching Phase II, and completed a public listing in the United States in March 2013. He also held roles as Senior Vice President at Celsus and President at Morria Biopharmaceuticals Plc. He holds a Ph.D., summa cum laude, from the Curie Institute of Cancer Research in Paris and the University of Paris V.

Sean Moran, CPA, MBA, Chief Financial Officer

Mr. Moran co-founded Corbus Pharmaceuticals and joined as Chief Financial Officer in January 2014. He possesses over twenty-five years of senior financial experience within emerging biotechnology, drug delivery, and medical device companies. He has successfully managed operations from startup through development to commercialization and profitability, completing three initial public offerings and raising over $200 million of capital. Before joining Corbus, Mr. Moran served as Chief Financial Officer for InVivo Therapeutics Corporation (2010-2013), Celsion Corporation (2008-2010), Transport Pharmaceuticals Inc. (2006-2008), Echo Therapeutics Inc. (2002-2006), SatCon Technology Corporation (2000-2002), and Anika Therapeutics Inc. (1993-2000). He is a CPA and earned his M.B.A. and a B.S. in Accounting from Babson College.

Dr. Dominic Smethurst, MA MRCP, Chief Medical Officer

Dr. Smethurst has served as Corbus' Chief Medical Officer since February 27, 2024. Prior to joining Corbus, he served as the Chief Medical Officer of Bicycle Therapeutics PLC (Nasdaq: BCYC), a clinical-stage biopharmaceutical company, from August 2020 to October 2023.

Dr. Ian Hodgson, Chief Operating Officer

Dr. Hodgson has served as Corbus' Chief Operating Officer since March 15, 2025. He brings over 25 years of experience in drug development and operations across biotech, large pharmaceutical companies, and contract research organizations. He joined Corbus International Ltd. in October 2022 as Head of Clinical and European Operations and transitioned to Head of Operations in March 2024.

G. Scott Goeken, General Counsel & Corporate Secretary

Mr. Goeken is the General Counsel and Corporate Secretary at Corbus Pharmaceuticals, Inc. He has over 20 years of experience at the intersection of law, pharmaceutical research, and regulatory strategy. In his current role, he provides comprehensive legal leadership across a broad spectrum of corporate matters, including regulatory compliance, corporate governance, capital markets, risk management, and strategic advisory to the executive team.

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Key Risks to Corbus Pharmaceuticals (CRBP)

1. Clinical Development and Regulatory Risk: As a company with no product revenue, Corbus Pharmaceuticals' valuation is intrinsically linked to the successful outcomes of its clinical trials and subsequent regulatory approvals. All of its programs, including CRB-701, CRB-601, and CRB-913, are in early clinical stages, and early positive signals do not guarantee success in later, larger studies. The history of Corbus includes previous failures in late-stage trials for drugs like lenabasum, which led to significant stock drops and staff reductions. Furthermore, the CRB-913 program, targeting obesity, employs a mechanism of action that previously led to the abandonment of first-generation drugs due to neuropsychiatric adverse event risks, even though CRB-913 is designed to be peripherally restricted.
2. Financial Risk and Cash Burn: Corbus Pharmaceuticals operates with a high cash burn rate, primarily driven by substantial and increasing research and development (R&D) expenses. While recent public offerings have provided a financial cushion and extended their cash runway into 2028, the continuous advancement of multiple products through the clinical pipeline, where costs escalate significantly in later stages, suggests that the need for further funding could accelerate. For example, operating expenses nearly tripled from Q1 2024 to Q1 2025.
3. Market Sentiment and Valuation Volatility: The market's perception and valuation of Corbus Pharmaceuticals are highly susceptible to volatility, often discounting the potential of its pipeline. Despite some promising early-phase clinical data, market sentiment has at times valued the company's pipeline at essentially zero. This demonstrates that external market reactions, sometimes unrelated to the company's own data, can significantly impact its stock value. The stock exhibits high volatility and a substantial beta, indicating significant market risk.

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The rapid and widespread adoption of highly effective GLP-1 receptor agonists (e.g., Wegovy, Ozempic, Zepbound) for obesity and related metabolic diseases poses a significant emerging threat to Corbus Pharmaceuticals' pipeline, particularly its lead candidate CRB-601. As a preclinical-stage company developing a novel CB1 inverse agonist for metabolic disorders, Corbus faces an extremely high bar set by the established efficacy and market penetration of GLP-1 drugs. The accelerating development and potential expansion of GLP-1s into new indications and combination therapies could significantly diminish the market opportunity and clinical differentiation for Corbus's candidates, making it challenging to secure investment, achieve regulatory approval, and gain market share.

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Addressable Markets for Corbus Pharmaceuticals' Main Products:

• CRB-913 (Obesity and related conditions): The global obesity market is projected to reach $100 billion by 2030. As of 2025, it is considered a $10 billion+ market.
• CRB-701 (Nectin-4 expressing solid tumors): The addressable market size for CRB-701 specifically is not available in the provided information.
• CRB-601 (αvβ8 enriched solid tumors): The addressable market size for CRB-601 specifically is not available in the provided information.

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• Advancement and Potential Commercialization of CRB-701: CRB-701, a next-generation Nectin-4 targeting antibody-drug conjugate (ADC) for solid tumors, is Corbus's most advanced oncology asset. The company has presented updated Phase 1/2 data showing robust clinical responses in Head and Neck Squamous Cell Carcinoma (HNSCC) and cervical cancers. CRB-701 has also received FDA Fast Track designation for the treatment of relapsed or refractory metastatic cervical cancer. Continued positive clinical trial results, successful completion of dose optimization studies, and progression towards pivotal trials and regulatory approvals in these indications would be a significant revenue driver through potential product sales or licensing agreements.
• Progression of CRB-913 in Obesity: Corbus is developing CRB-913, a highly peripherally restricted CB1 inverse agonist, for the treatment of obesity. A Phase 1 study for CRB-913 was initiated in March 2025, with Single Ascending Dose (SAD) and Multiple Ascending Dose (MAD) data anticipated later in 2025, and a Phase 1b dose-range finding study expected to begin in Q4 2025. Positive safety and efficacy data from these trials could attract partnership opportunities or significant investment, leading to future revenue streams in the large obesity market. Notably, the drug has demonstrated a favorable safety profile with no neuropsychiatric adverse events, a historical concern for CB1 receptor drugs.
• Development of CRB-601 for Solid Tumors: CRB-601, an anti-integrin monoclonal antibody designed to block TGFβ activation in the tumor microenvironment, is another oncology candidate in Corbus's pipeline. The first-in-human Phase 1 study for CRB-601 began in late 2024, with dose escalation data expected in Q4 2025. Successful progression through early clinical stages could enhance the company's valuation and attract potential collaborators, contributing to future revenue through partnerships or licensing deals.
• Strategic Partnerships and Licensing Agreements: As a clinical-stage biotechnology company, a significant portion of Corbus Pharmaceuticals' future revenue growth is likely to come from strategic partnerships, collaborations, and licensing agreements for its drug candidates. These arrangements can provide upfront payments, milestone payments based on development and regulatory achievements, and potential royalties on future product sales, particularly as CRB-701 and CRB-913 advance through their respective clinical development pathways.

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Share Issuance

• Corbus Pharmaceuticals priced a public offering on October 31, 2025, to raise approximately $75 million through the sale of 4,744,231 shares of common stock at $13.00 per share and pre-funded warrants for 1,025,000 shares at $12.9999 each.
• The net proceeds from the October 2025 offering are intended to fund clinical development of its pipeline, working capital, and other general corporate purposes.
• Since June 30, 2025, the company sold 505,217 shares for $6.7 million through its at-the-market (ATM) program.

Inbound Investments

• In March 2023, Corbus Pharmaceuticals entered into an exclusive licensing agreement with CSPC Megalith Biopharmaceutical Co., Ltd. for the development and commercialization of CRB-701 in Greater China, which included an upfront payment of $7.5 million and potential future milestone payments and royalties.
• In 2020, Corbus received up to $25 million in funding from the Cystic Fibrosis Foundation (CFF Award) to support a Phase 2b clinical trial for lenabasum, with the full amount received by December 31, 2022.
• Corbus announced a $50 million debt financing facility with K2 HealthVentures in 2020, with an initial tranche of $20 million.

Capital Expenditures

• Corbus Pharmaceuticals' capital expenditures are primarily focused on research and clinical development expenses, as it is a clinical-stage biotechnology company.
• Operating expenses, largely driven by clinical development expenses, increased by $8.2 million to approximately $19.2 million for the three months ended June 30, 2025, compared to $11.0 million for the same period in 2024.
• The company reported $132.8 million in cash, cash equivalents, and investments as of March 31, 2025, which is projected to fund operations through the second quarter of 2027 based on planned expenditures.