$CRBP
Corbus Pharmaceuticals Holdings, Inc.

2023 Q2 Form 10-Q Financial Statement

#000095017023019825 Filed on May 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $0.00 $0.00 $0.00
YoY Change -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.940M $3.909M $5.231M
YoY Change -18.6% -25.28% -2.04%
% of Gross Profit
Research & Development $4.249M $13.39M $3.286M
YoY Change 69.97% 307.41% -69.35%
% of Gross Profit
Depreciation & Amortization $158.3K $181.9K $195.7K
YoY Change -17.56% -7.08% -28.09%
% of Gross Profit
Operating Expenses $8.189M $17.30M $8.517M
YoY Change 11.57% 103.08% -46.97%
Operating Profit -$8.189M -$17.30M -$8.517M
YoY Change -33.64% 103.08% -44.74%
Interest Expense -$777.5K -$677.3K -$726.7K
YoY Change 11.04% -6.8% 13.55%
% of Operating Profit
Other Income/Expense, Net $594.9K -$447.8K -$920.1K
YoY Change -385.05% -51.33% 41.34%
Pretax Income -$8.784M -$17.74M -$9.437M
YoY Change -33.7% 88.03% -41.27%
Income Tax
% Of Pretax Income
Net Earnings -$8.784M -$17.74M -$9.437M
YoY Change -33.7% 88.03% -41.26%
Net Earnings / Revenue
Basic Earnings Per Share -$2.05 -$4.24 -$0.08
Diluted Earnings Per Share $2.05 -$4.24 -$75.35K
COMMON SHARES
Basic Shares Outstanding 4.215M 4.171M 125.2M
Diluted Shares Outstanding 4.278M 4.182M 4.170M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $36.57M $44.23M $86.12M
YoY Change -50.12% -48.65% -30.55%
Cash & Equivalents $8.349M $7.324M $57.03M
Short-Term Investments $28.22M $36.90M $29.09M
Other Short-Term Assets $1.708M $1.638M $2.354M
YoY Change -11.71% -30.43% -42.58%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $38.27M $45.86M $88.48M
YoY Change -49.13% -48.16% -32.1%
LONG-TERM ASSETS
Property, Plant & Equipment $1.274M $1.432M $2.210M
YoY Change -79.61% -35.22% -75.16%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $211.9K $182.4K $75.28K
YoY Change -63.56% 142.36% -92.47%
Total Long-Term Assets $5.449M $5.780M $7.200M
YoY Change -20.2% -19.71% -26.54%
TOTAL ASSETS
Total Short-Term Assets $38.27M $45.86M $88.48M
Total Long-Term Assets $5.449M $5.780M $7.200M
Total Assets $43.72M $51.65M $95.68M
YoY Change -46.72% -46.02% -31.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.506M $1.323M $2.697M
YoY Change -24.21% -50.94% -25.09%
Accrued Expenses $6.419M $6.468M $5.496M
YoY Change 8.35% 17.68% -70.76%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $7.016M $5.009M $5.178M
YoY Change -7.51% -3.27% 1194.53%
Total Short-Term Liabilities $16.39M $14.36M $15.12M
YoY Change 4.84% -5.02% -35.94%
LONG-TERM LIABILITIES
Long-Term Debt $11.32M $13.97M $13.73M
YoY Change -2.52% 1.78% -24.57%
Other Long-Term Liabilities $22.21K $2.522M $22.21K
YoY Change -99.59% 11258.73% -99.67%
Total Long-Term Liabilities $11.34M $16.49M $13.75M
YoY Change -33.16% 19.96% -45.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.39M $14.36M $15.12M
Total Long-Term Liabilities $11.34M $16.49M $13.75M
Total Liabilities $34.20M $35.19M $34.52M
YoY Change 4.93% 1.93% -28.97%
SHAREHOLDERS EQUITY
Retained Earnings -$418.6M -$409.8M -$359.2M
YoY Change 14.1%
Common Stock $442.00 $422.00 $12.53K
YoY Change -96.63%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.521M $16.46M $61.16M
YoY Change
Total Liabilities & Shareholders Equity $43.72M $51.65M $95.68M
YoY Change -46.72% -46.02% -31.71%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$8.784M -$17.74M -$9.437M
YoY Change -33.7% 88.03% -41.26%
Depreciation, Depletion And Amortization $158.3K $181.9K $195.7K
YoY Change -17.56% -7.08% -28.09%
Cash From Operating Activities -$7.800M -$15.11M -$10.62M
YoY Change -36.22% 42.39% -51.33%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $13.45K
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $8.807M $5.550M $42.98M
YoY Change -147.11% -87.09% -174.84%
Cash From Investing Activities $8.807M $5.550M $42.96M
YoY Change -147.11% -87.08% -174.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 17.69K -113.0K -327.1K
YoY Change -105.36% -65.45% -100.54%
NET CHANGE
Cash From Operating Activities -7.800M -15.11M -10.62M
Cash From Investing Activities 8.807M 5.550M 42.96M
Cash From Financing Activities 17.69K -113.0K -327.1K
Net Change In Cash 1.025M -9.678M 32.02M
YoY Change -103.28% -130.23% -270.13%
FREE CASH FLOW
Cash From Operating Activities -$7.800M -$15.11M -$10.62M
Capital Expenditures $0.00 $0.00 $13.45K
Free Cash Flow -$7.800M -$15.11M -$10.63M
YoY Change -36.22% 42.21% -51.27%

Facts In Submission

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CY2022Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-113010
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-327125
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-9678278
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
32019702
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
17672615
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
25676532
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
7994337
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
57696234
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
641458
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
430998
CY2023Q1 crbp Proceeds From Issuance Of Common Stock Not Yet Received
ProceedsFromIssuanceOfCommonStockNotYetReceived
92689
CY2022Q1 crbp Proceeds From Issuance Of Common Stock Not Yet Received
ProceedsFromIssuanceOfCommonStockNotYetReceived
0
CY2023Q1 us-gaap Nature Of Operations
NatureOfOperations
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">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:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">NATURE OF OPERATIONS</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="margin-left:3.333%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Business</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="margin-left:3.333%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Corbus Pharmaceuticals Holdings, Inc. (the “Company” or “Corbus”) is a precision oncology company committed to helping people defeat serious illness by bringing innovative scientific approaches to well understood biological pathways. Corbus' internally developing pipeline includes CRB-701, a next generation antibody drug conjugate (ADC) that targets the expression of Nectin-4 on cancer cells to release a cytotoxic payload, and CRB-601, an anti-integrin monoclonal antibody that blocks the activation of TGFβ expressed on cancer cells. The Company has also developed CRB-913, an endocannabinoid small molecule drug, for the treatment of obesity and is seeking partners to fund further 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;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="margin-left:3.333%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">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 condensed consolidated financial position of the Company as of March 31, 2023 and the results of its operations and changes in stockholders’ equity for the three months ended March 31, 2023 and 2022 and its cash flows for the three months ended March 31, 2023 and 2022. The December 31, 2022 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 (“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, 2022</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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">, filed on March 7, 2023 (the “2022 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>
CY2023Q1 crbp Accumulated Deficit
AccumulatedDeficit
409825000
CY2023Q1 crbp Cash And Cash Equivalents And Marketable Debt Securities
CashAndCashEquivalentsAndMarketableDebtSecurities
44227000
CY2023Q1 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
1-for-30
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-left:3.333%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="margin-left:3.333%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The process of preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and changes in estimates may occur. The most significant estimates are related to stock-based compensation expense, the accrual of research, product development and clinical obligations, and the valuation of warrants (see Note 9 and Note 14) and the derivative liability associated with the K2 Loan and Security Agreement (see Note 15)</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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">.</span></p>
CY2023Q1 us-gaap Cash
Cash
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CY2022Q4 us-gaap Cash
Cash
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CY2023Q1 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
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CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
13197559
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2023Q1 us-gaap Restricted Cash Current
RestrictedCashCurrent
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CY2022Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
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CY2023Q1 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
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CY2022Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
477425
CY2023Q1 us-gaap Restricted Cash
RestrictedCash
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CY2022Q4 us-gaap Restricted Cash
RestrictedCash
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
7994337
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
17672615
CY2023Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-left:3.333%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Concentrations of Credit Risk</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="margin-left:3.333%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The </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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">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 its U.S. banks in excess of Federal Deposit Insurance Corporation insurance limits and in its foreign banks in excess of their local insurance limits. However, the Company believes the risk of loss is minimal as these banks are large financial institutions.</span></p>
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
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CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
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CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4181556
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4170043
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-4.24
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.26
CY2023Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
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CY2023Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
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CY2022Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
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CY2023Q1 crbp Available For Sale Other Investments And Debt Securities Amortized Cost Basis
AvailableForSaleOtherInvestmentsAndDebtSecuritiesAmortizedCostBasis
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CY2023Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
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CY2023Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
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CY2023Q1 crbp Available For Sale Securities Other Investments And Debt Securities
AvailableForSaleSecuritiesOtherInvestmentsAndDebtSecurities
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CY2023Q1 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
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CY2023Q1 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
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CY2023Q1 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsAmortizedCost
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CY2023Q1 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
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CY2023Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
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CY2023Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
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CY2022Q4 crbp Available For Sale Other Investments And Debt Securities Amortized Cost Basis
AvailableForSaleOtherInvestmentsAndDebtSecuritiesAmortizedCostBasis
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CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
0
CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
125744
CY2022Q4 crbp Available For Sale Securities Other Investments And Debt Securities
AvailableForSaleSecuritiesOtherInvestmentsAndDebtSecurities
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CY2022Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
42320040
CY2022Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
42194296
CY2022Q4 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsAmortizedCost
0
CY2022Q4 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
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CY2022Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
42320040
CY2022Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
42194296
CY2021Q2 crbp Licence Issuance Fee
LicenceIssuanceFee
750000
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4707038
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4707038
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3275093
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3093223
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1431945
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1613815
CY2023Q1 us-gaap Depreciation
Depreciation
181870
CY2022Q1 us-gaap Depreciation
Depreciation
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1280934
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
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CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
859935
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
5651480
CY2023Q1 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 commenced on October 1, 2021 and ends October 31, 2026. The Company notes sublease income of $55,133 and $55,133 was recognized and offset against rent expense for the three months ended March 31, 2023 and 2022, respectively.
CY2021Q3 crbp Sublease Area
SubleaseArea
12112
CY2021Q3 crbp Sublease Area Total
SubleaseAreaTotal
30023
CY2023Q1 crbp Subleases Income
SubleasesIncome
55133
CY2022Q1 crbp Subleases Income
SubleasesIncome
55133
CY2023Q1 crbp Future Minimum Sublease Rentals Sale Leaseback Transactions Due In Year Two
FutureMinimumSubleaseRentalsSaleLeasebackTransactionsDueInYearTwo
278576
CY2023Q1 crbp Future Minimum Sublease Rentals Sale Leaseback Transactions Due In Year Three
FutureMinimumSubleaseRentalsSaleLeasebackTransactionsDueInYearThree
290688
CY2023Q1 crbp Future Minimum Sublease Rentals Sale Leaseback Transactions Due In Year Four
FutureMinimumSubleaseRentalsSaleLeasebackTransactionsDueInYearFour
252333
CY2023Q1 crbp Future Minimum Sublease Rentals Sale Leaseback Transactions1
FutureMinimumSubleaseRentalsSaleLeasebackTransactions1
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CY2023Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
937000
CY2022Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
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CY2023Q1 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
20000000
CY2022Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
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CY2023Q1 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
2954390
CY2022Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
2954390
CY2023Q1 crbp Accretion Of Debt Discount
AccretionOfDebtDiscount
1935608
CY2022Q4 crbp Accretion Of Debt Discount
AccretionOfDebtDiscount
1734485
CY2023Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
18981218
CY2022Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
18780095
CY2023Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
5008858
CY2022Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
2795669
CY2023Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
13972360
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
15984426
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
2963785
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
18626215
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
21590000
CY2023Q1 crbp Accrued Clinical Operations And Trials Costs Current
AccruedClinicalOperationsAndTrialsCostsCurrent
4074713
CY2022Q4 crbp Accrued Clinical Operations And Trials Costs Current
AccruedClinicalOperationsAndTrialsCostsCurrent
2137317
CY2023Q1 crbp Accrued Product Development Costs Current
AccruedProductDevelopmentCostsCurrent
409691
CY2022Q4 crbp Accrued Product Development Costs Current
AccruedProductDevelopmentCostsCurrent
247500
CY2023Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
826703
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2224951
CY2023Q1 crbp Accrued Administrative Costs
AccruedAdministrativeCosts
143175
CY2022Q4 crbp Accrued Administrative Costs
AccruedAdministrativeCosts
473376
CY2023Q1 us-gaap Interest Payable Current
InterestPayableCurrent
1014020
CY2022Q4 us-gaap Interest Payable Current
InterestPayableCurrent
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CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
6468302
CY2022Q4 us-gaap Accrued Liabilities Current
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5999252
CY2023Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2022Q4 us-gaap Preferred Stock Shares Authorized
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10000000
CY2023Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q1 us-gaap Preferred Stock Shares Outstanding
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CY2023Q1 us-gaap Preferred Stock Shares Issued
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CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
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CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
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CY2022Q4 us-gaap Preferred Stock Shares Outstanding
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CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
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CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
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CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
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CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
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CY2023Q1 us-gaap Common Stock Shares Issued
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CY2023Q1 us-gaap Common Stock Shares Outstanding
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4215133
CY2022Q4 us-gaap Common Stock Shares Issued
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CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
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CY2023Q1 us-gaap Allocated Share Based Compensation Expense
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CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1026379
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
617996
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
88.99
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
246967
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
4.22
CY2023Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
43836
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0.85
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
15768
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
55.23
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
805359
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
68.23
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y4M6D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
21943617
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
406396
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
5049321
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
715248
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
75.45
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P7Y29D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
17485170
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.44
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
11.10
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
23990
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
4.26
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
23990
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
4.26
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
81163
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y10M13D
CY2023Q1 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
36868
CY2022Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
36868
CY2022Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
36868
CY2023Q1 us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
0
CY2023Q1 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
36868

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