$CRBP
Corbus Pharmaceuticals Holdings Inc

2021 Q4 Form 10-Q Financial Statement

#000095017021004269 Filed on November 12, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2021 Q2
Revenue $0.00 $97.32K $136.6K
YoY Change -100.0% -92.09% -52.91%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.235M $5.277M $5.572M
YoY Change -20.99% -31.29% -28.01%
% of Gross Profit
Research & Development $5.764M $8.696M $11.27M
YoY Change -64.22% -68.41% -63.29%
% of Gross Profit
Depreciation & Amortization $207.7K $256.3K $265.9K
YoY Change -25.83% 26.82% -16.92%
% of Gross Profit
Operating Expenses $9.998M $13.97M $16.84M
YoY Change -53.43% -60.31% -56.19%
Operating Profit -$13.88M
YoY Change -59.16%
Interest Expense -$372.0K -$333.8K -$209.7K
YoY Change -65.23% -63.72% -799.03%
% of Operating Profit
Other Income/Expense, Net $109.7K $11.70M -$227.6K
YoY Change -99.17% -1369.72%
Pretax Income -$10.26M -$2.176M -$17.14M
YoY Change 19.17% -93.76% -55.03%
Income Tax
% Of Pretax Income
Net Earnings -$10.26M -$2.176M -$17.14M
YoY Change 19.17% -93.76% -55.03%
Net Earnings / Revenue -2236.01% -12550.07%
Basic Earnings Per Share -$0.02
Diluted Earnings Per Share -$81.92K -$17.38K -$147.3K
COMMON SHARES
Basic Shares Outstanding 125.2M 125.2M
Diluted Shares Outstanding 125.2M

Balance Sheet

Concept 2021 Q4 2021 Q3 2021 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $97.65M $106.9M $106.5M
YoY Change 14.34% 30.48% 67.64%
Cash & Equivalents $25.01M $37.12M $32.22M
Short-Term Investments $72.64M $69.74M $70.37M
Other Short-Term Assets $2.557M $2.304M $2.725M
YoY Change -37.62% -11.37% -6.02%
Inventory
Prepaid Expenses $1.094M
Receivables $0.00 $2.500M $2.403M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $100.2M $111.7M $111.6M
YoY Change 8.83% 30.76% 26.8%
LONG-TERM ASSETS
Property, Plant & Equipment $2.393M $2.653M $8.457M
YoY Change -41.18% -72.93% -16.27%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $46.39K $572.5K
YoY Change -80.18%
Total Long-Term Assets $7.526M $7.907M $9.029M
YoY Change -26.37% -23.97% -10.6%
TOTAL ASSETS
Total Short-Term Assets $100.2M $111.7M $111.6M
Total Long-Term Assets $7.526M $7.907M $9.029M
Total Assets $107.7M $119.6M $120.6M
YoY Change 5.31% 24.82% 22.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.782M $2.546M $1.878M
YoY Change -75.85% -77.06% -85.21%
Accrued Expenses $10.09M $13.37M $16.16M
YoY Change -54.13% -54.84% -44.29%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $3.093M $0.00 $102.7K
YoY Change 341.91%
Total Short-Term Liabilities $17.01M $17.14M $18.74M
YoY Change -46.68% -58.59% -55.49%
LONG-TERM LIABILITIES
Long-Term Debt $15.64M $18.55M $18.37M
YoY Change -13.27% 3.63%
Other Long-Term Liabilities $22.21K $6.251M $6.540M
YoY Change -15.53% -13.95%
Total Long-Term Liabilities $15.66M $18.55M $24.91M
YoY Change -13.15% -26.68% 227.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.01M $17.14M $18.74M
Total Long-Term Liabilities $15.66M $18.55M $24.91M
Total Liabilities $38.62M $41.95M $43.65M
YoY Change -32.27% -37.02% -12.17%
SHAREHOLDERS EQUITY
Retained Earnings -$349.7M -$339.5M
YoY Change 15.01%
Common Stock $12.52K $12.52K
YoY Change 26.69%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $69.11M $77.63M $76.96M
YoY Change
Total Liabilities & Shareholders Equity $107.7M $119.6M $120.6M
YoY Change 5.31% 24.82% 22.95%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2021 Q2
OPERATING ACTIVITIES
Net Income -$10.26M -$2.176M -$17.14M
YoY Change 19.17% -93.76% -55.03%
Depreciation, Depletion And Amortization $207.7K $256.3K $265.9K
YoY Change -25.83% 26.82% -16.92%
Cash From Operating Activities -$9.703M $857.0K -$17.53M
YoY Change -46.78% -103.14% -34.13%
INVESTING ACTIVITIES
Capital Expenditures -$54.17K $0.00
YoY Change -190.28% -100.0%
Acquisitions
YoY Change
Other Investing Activities -$3.123M $284.1K -$13.10M
YoY Change
Cash From Investing Activities -$3.177M $284.1K -$13.10M
YoY Change -5395.65% -573.5% 65416.2%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 767.9K -102.7K -251.8K
YoY Change -96.47% -100.22% -100.58%
NET CHANGE
Cash From Operating Activities -9.703M 857.0K -17.53M
Cash From Investing Activities -3.177M 284.1K -13.10M
Cash From Financing Activities 767.9K -102.7K -251.8K
Net Change In Cash -12.11M 1.038M -30.88M
YoY Change -440.23% -94.65% -283.28%
FREE CASH FLOW
Cash From Operating Activities -$9.703M $857.0K -$17.53M
Capital Expenditures -$54.17K $0.00
Free Cash Flow -$9.648M $857.0K
YoY Change -47.25% -103.15%

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us-gaap Stock Issued During Period Value Stock Options Exercised
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crbp Gain Loss On Foreign Exchange Rate
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crbp Operating Lease Right Of Use Asset Amortization
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crbp Operating Lease Right Of Use Asset Amortization
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Increase Decrease In Other Operating Assets
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us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Accrued Liabilities
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crbp Increase Decrease In Operating Lease Liabilities
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crbp Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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us-gaap Interest Paid Net
InterestPaidNet
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us-gaap Interest Paid Net
InterestPaidNet
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crbp Fair Value Of Warrants Issued With K2 Hv Loan Agreement
FairValueOfWarrantsIssuedWithK2HvLoanAgreement
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crbp Write Off Of Fully Depreciated Property And Equipment
WriteOffOfFullyDepreciatedPropertyAndEquipment
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us-gaap Nature Of Operations
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;">1.</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;">NATURE OF OPERATIONS</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Times New Roman;"> </span></p><p style="margin-left:3.333%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">Business</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Times New Roman;"> </span></p><p style="margin-left:3.333%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">Corbus Pharmaceuticals Holdings, Inc. (the “Company” or “Corbus”) is focused on developing new medicines that target inflammation, fibrosis, metabolism and immuno-oncology. Corbus’ current pipeline includes small molecules that activate or inhibit the endocannabinoid system and anti-integrin monoclonal antibodies that block activation of TGFβ. The Company plans to expand its pipeline through internal efforts and business development. 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.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Times New Roman;"> </span></p><p style="margin-left:3.333%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">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. 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 consolidated financial position of the Company as of September 30, 2021 and the results of its operations and changes in stockholders’ equity for the three and nine months ended September 30, 2021 and 2020 and its cash flows for the nine months ended September 30, 2021 and 2020. The December 31, 2020 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 financial statements prepared in accordance with generally accepted accounting principles in the United States (“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, 2020, filed on March 15, 2021 (the “2020 Annual Report”). The results of operations for such interim periods are not necessarily indicative of the operating results for the full fiscal year.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Times New Roman;"> </span></p><p style="margin-left:3.333%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">In response to the spread of COVID-19, the Company has taken temporary precautionary measures intended to help minimize the risk of the virus to its employees and community, including temporarily requiring employees to work remotely, implementing remote monitoring procedures for clinical data and suspending all non-essential travel worldwide for its employees.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Times New Roman;"> </span></p><p style="margin-left:3.333%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">The Company is continuing to monitor the impact of the COVID-19 pandemic on its business and operations.</span></p>
CY2021Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2021Q3 crbp Cash And Cash Equivalents And Marketable Debt Securities
CashAndCashEquivalentsAndMarketableDebtSecurities
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us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-left:3.333%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">Use of Estimates</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Times New Roman;"> </span></p><p style="margin-left:3.333%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates and changes in estimates may occur. The most significant estimates are related to stock-based compensation, the accrual of research, product development and clinical obligations, the recognition of revenue under the Investment Agreement discussed in Note 11, the valuation of warrants discussed in Note 14, and the derivative liability associated with the K2 Security and Loan Agreement discussed in Notes 9 and 15.</span></p>
CY2021Q3 us-gaap Cash
Cash
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CY2020Q4 us-gaap Cash
Cash
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CY2021Q3 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
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CY2020Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
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CY2021Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2021Q3 us-gaap Restricted Cash Current
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CY2020Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
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CY2021Q3 us-gaap Restricted Cash Noncurrent
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CY2020Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
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CY2021Q3 us-gaap Restricted Cash
RestrictedCash
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CY2020Q4 us-gaap Restricted Cash
RestrictedCash
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CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2021Q3 us-gaap Property Plant And Equipment Gross
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CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
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us-gaap Concentration Risk Credit Risk
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<p style="margin-left:3.333%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">Concentrations of Credit Risk</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Times New Roman;"> </span></p><p style="margin-left:3.333%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">The Company has no significant off-balance-sheet concentration of credit risk such as foreign exchange contracts, option contracts or other hedging arrangements. The Company may from time to time have cash in banks in excess of Federal Deposit Insurance Corporation insurance limits. However, the Company believes the risk of loss is minimal as these banks are large financial institutions.</span></p>
CY2021Q3 us-gaap Unrecognized Tax Benefits
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UnrecognizedTaxBenefits
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AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
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CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
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CY2021Q3 us-gaap Net Income Loss
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CY2020Q3 us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
81879119
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
122234847
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
75037418
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.43
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
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CY2021Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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CY2021Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
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CY2021Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
15000
CY2021Q3 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
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CY2021Q3 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
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CY2021Q3 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
58633000
CY2021Q3 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Amortized Cost
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CY2021Q3 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
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CY2021Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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CY2021Q3 us-gaap Available For Sale Securities Debt Securities
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CY2020Q4 us-gaap Available For Sale Securities Debt Securities
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CY2021Q3 us-gaap Property Plant And Equipment Net
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CY2020Q4 us-gaap Property Plant And Equipment Net
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4067837
CY2021Q3 us-gaap Depreciation
Depreciation
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CY2020Q3 us-gaap Depreciation
Depreciation
202079
us-gaap Depreciation
Depreciation
792132
us-gaap Depreciation
Depreciation
841755
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
403257
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
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CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
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CY2021Q3 crbp Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
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CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
8986306
CY2021Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1632541
CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
7353765
crbp Sublease Agreement Description
SubleaseAgreementDescription
Effective August 26, 2021, the Company entered into a sublease agreement with a third party to sublease 12,112 square feet of the 30,023 square feet currently being leased under one of its two existing lease agreements. The sublease commences on October 1, 2021 and ends October 31, 2026. The Company notes no sublease income was recognized and offset against rent expense for the three and nine months ended September 30, 2021 and 2020.
CY2021Q3 crbp Sublease Area
SubleaseArea
12112
CY2021Q3 crbp Sublease Area Total
SubleaseAreaTotal
30023
CY2021Q3 us-gaap Sublease Income
SubleaseIncome
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us-gaap Sublease Income
SubleaseIncome
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CY2020Q3 us-gaap Sublease Income
SubleaseIncome
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us-gaap Sublease Income
SubleaseIncome
0
CY2021Q3 us-gaap Future Minimum Sublease Rentals Sale Leaseback Transactions Next Rolling Twelve Months
FutureMinimumSubleaseRentalsSaleLeasebackTransactionsNextRollingTwelveMonths
0
CY2021Q3 us-gaap Future Minimum Sublease Rentals Sale Leaseback Transactions Due In Rolling Year Two
FutureMinimumSubleaseRentalsSaleLeasebackTransactionsDueInRollingYearTwo
104971
CY2021Q3 us-gaap Future Minimum Sublease Rentals Sale Leaseback Transactions Due In Rolling Year Three
FutureMinimumSubleaseRentalsSaleLeasebackTransactionsDueInRollingYearThree
185717
CY2021Q3 us-gaap Future Minimum Sublease Rentals Sale Leaseback Transactions Due In Rolling Year Four
FutureMinimumSubleaseRentalsSaleLeasebackTransactionsDueInRollingYearFour
278576
CY2021Q3 us-gaap Future Minimum Sublease Rentals Sale Leaseback Transactions Due In Rolling Year Five
FutureMinimumSubleaseRentalsSaleLeasebackTransactionsDueInRollingYearFive
290688
CY2021Q3 us-gaap Future Minimum Sublease Rentals Sale Leaseback Transactions Due In Rolling After Year Five
FutureMinimumSubleaseRentalsSaleLeasebackTransactionsDueInRollingAfterYearFive
252333
CY2021Q3 us-gaap Future Minimum Sublease Rentals Sale Leaseback Transactions
FutureMinimumSubleaseRentalsSaleLeasebackTransactions
1112285
CY2021Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
686000
us-gaap Interest Expense Debt
InterestExpenseDebt
2016000
CY2020Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
460000
us-gaap Interest Expense Debt
InterestExpenseDebt
460000
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
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CY2021Q3 us-gaap Long Term Debt
LongTermDebt
21190000
CY2021Q3 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
20000000
CY2020Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
20000000
CY2021Q3 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
2262388
CY2020Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
2262388
CY2021Q3 crbp Accretion Of Debt Discount
AccretionOfDebtDiscount
812890
CY2020Q4 crbp Accretion Of Debt Discount
AccretionOfDebtDiscount
291393
CY2021Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
18550502
CY2020Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
18029005
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
3093344
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
9835341
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3630996
CY2021Q3 crbp Accrued Clinical Operations And Trials Costs Current
AccruedClinicalOperationsAndTrialsCostsCurrent
8431267
CY2020Q4 crbp Accrued Clinical Operations And Trials Costs Current
AccruedClinicalOperationsAndTrialsCostsCurrent
14132842
CY2021Q3 crbp Accrued Product Development Costs Current
AccruedProductDevelopmentCostsCurrent
240648
CY2020Q4 crbp Accrued Product Development Costs Current
AccruedProductDevelopmentCostsCurrent
2189047
CY2021Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3337362
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4222594
CY2021Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1358856
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1460949
CY2021Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
13368133
CY2020Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
22005432
CY2021Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
300000000
CY2021Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2021Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
125230881
CY2021Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
125230881
CY2020Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
150000000
CY2020Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
98852696
CY2020Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
98852696
CY2021Q3 us-gaap Share Based Compensation
ShareBasedCompensation
2599247
CY2020Q3 us-gaap Share Based Compensation
ShareBasedCompensation
3630996
us-gaap Share Based Compensation
ShareBasedCompensation
7686921
us-gaap Share Based Compensation
ShareBasedCompensation
10116775
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2599247
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7686921
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10116775
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
14289643
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.15
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
6788800
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
2.50
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
838600
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.13
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
2987752
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
4.62
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Forfeitures And Expirations
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeituresAndExpirations
3772
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0.11
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
17248319
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.39
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y11M8D
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
2922393
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
9928222
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
5.19
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P5Y5M1D
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
2714243
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
16474538
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
4.46
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P6Y10M2D
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
2891015
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.02
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.61
CY2020Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
797000
us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
670143
CY2021Q3 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
126857

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