$CRBP
Corbus Pharmaceuticals Holdings Inc

2023 Q4 Form 10-Q Financial Statement

#000095017023060377 Filed on November 07, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.123M $2.940M
YoY Change -31.42% -27.82%
% of Gross Profit
Research & Development $6.980M $6.550M
YoY Change 11.81% 59.45%
% of Gross Profit
Depreciation & Amortization $147.6K $152.8K
YoY Change -19.97% -19.91%
% of Gross Profit
Operating Expenses $10.10M $9.488M
YoY Change -6.42% 15.97%
Operating Profit -$9.488M
YoY Change 15.97%
Interest Expense -$677.8K -$780.0K
YoY Change 89.44% 15.05%
% of Operating Profit
Other Income/Expense, Net $2.760M -$565.3K
YoY Change 901.54% -5.82%
Pretax Income -$8.021M -$10.05M
YoY Change -26.27% 14.44%
Income Tax
% Of Pretax Income
Net Earnings -$8.021M -$10.05M
YoY Change -26.27% 14.48%
Net Earnings / Revenue
Basic Earnings Per Share -$2.27
Diluted Earnings Per Share -$1.81 -$2.27
COMMON SHARES
Basic Shares Outstanding 4.424M 4.424M
Diluted Shares Outstanding 4.424M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.91M $28.70M
YoY Change -64.68% -56.67%
Cash & Equivalents $13.72M $11.25M
Short-Term Investments $7.182M $17.50M
Other Short-Term Assets $2.640M $2.500M
YoY Change 168.27% 123.49%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $23.55M $31.21M
YoY Change -60.87% -53.66%
LONG-TERM ASSETS
Property, Plant & Equipment $973.2K $1.121M
YoY Change -39.69% -37.67%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $212.8K $201.3K
YoY Change 36.99% 51.27%
Total Long-Term Assets $4.726M $5.077M
YoY Change -22.91% -21.68%
TOTAL ASSETS
Total Short-Term Assets $23.55M $31.21M
Total Long-Term Assets $4.726M $5.077M
Total Assets $28.27M $36.28M
YoY Change -57.36% -50.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.179M $4.714M
YoY Change 46.21% 243.0%
Accrued Expenses $11.03M $7.546M
YoY Change 83.86% 56.1%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $15.91M $17.85M
YoY Change 469.03% 80.6%
Total Short-Term Liabilities $31.89M $31.54M
YoY Change 152.33% 80.56%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $44.41K $44.41K
YoY Change 100.0% 100.0%
Total Long-Term Liabilities $44.41K $44.41K
YoY Change -99.72% -99.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $31.89M $31.54M
Total Long-Term Liabilities $44.41K $44.41K
Total Liabilities $35.18M $35.97M
YoY Change 5.57% 12.82%
SHAREHOLDERS EQUITY
Retained Earnings -$436.7M -$428.7M
YoY Change 11.38% 12.45%
Common Stock $442.00 $442.00
YoY Change 6.0% -96.47%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$6.905M $311.0K
YoY Change
Total Liabilities & Shareholders Equity $28.27M $36.28M
YoY Change -57.36% -50.86%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$8.021M -$10.05M
YoY Change -26.27% 14.48%
Depreciation, Depletion And Amortization $147.6K $152.8K
YoY Change -19.97% -19.91%
Cash From Operating Activities -$6.009M -$7.170M
YoY Change -19.4% -1.04%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $10.39M $10.89M
YoY Change -11.81% -282.37%
Cash From Investing Activities $10.39M $10.89M
YoY Change -11.81% -282.37%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.905M -820.0K
YoY Change -912.86% 640.67%
NET CHANGE
Cash From Operating Activities -6.009M -7.170M
Cash From Investing Activities 10.39M 10.89M
Cash From Financing Activities -1.905M -820.0K
Net Change In Cash 2.475M 2.900M
YoY Change -45.72% -121.76%
FREE CASH FLOW
Cash From Operating Activities -$6.009M -$7.170M
Capital Expenditures $0.00 $0.00
Free Cash Flow -$6.009M -$7.170M
YoY Change -19.4% -1.04%

Facts In Submission

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Corbus Pharmaceuticals Holdings, Inc.
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us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-21235
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
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us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
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us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
45925
us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
86670
crbp Decrease In Operating Lease Right Of Use Asset
DecreaseInOperatingLeaseRightOfUseAsset
-606309
crbp Decrease In Operating Lease Right Of Use Asset
DecreaseInOperatingLeaseRightOfUseAsset
-535037
crbp Increase In Other Long Term Liabilities
IncreaseInOtherLongTermLiabilities
-797205
crbp Increase In Other Long Term Liabilities
IncreaseInOtherLongTermLiabilities
0
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
2527083
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-1237294
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
1546529
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-5259474
crbp Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-948981
crbp Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-842127
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-30091600
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-30089450
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
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us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
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us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
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us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
0
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
8100
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
25253515
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
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us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
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us-gaap Repayments Of Other Long Term Debt
RepaymentsOfOtherLongTermDebt
689544
us-gaap Repayments Of Other Long Term Debt
RepaymentsOfOtherLongTermDebt
0
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
244105
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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us-gaap Payment Of Financing And Stock Issuance Costs
PaymentOfFinancingAndStockIssuanceCosts
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us-gaap Payment Of Financing And Stock Issuance Costs
PaymentOfFinancingAndStockIssuanceCosts
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-915824
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-767937
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-5753909
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-12562987
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
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
11918706
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
13113545
us-gaap Interest Paid Net
InterestPaidNet
1986399
us-gaap Interest Paid Net
InterestPaidNet
1407208
crbp Issuance Of Common Stock For Conversion Of Convertible Debt
IssuanceOfCommonStockForConversionOfConvertibleDebt
875000
crbp Issuance Of Common Stock For Conversion Of Convertible Debt
IssuanceOfCommonStockForConversionOfConvertibleDebt
0
crbp Write Off Of Fully Depreciated Property And Equipment
WriteOffOfFullyDepreciatedPropertyAndEquipment
178492
crbp Write Off Of Fully Depreciated Property And Equipment
WriteOffOfFullyDepreciatedPropertyAndEquipment
0
us-gaap Nature Of Operations
NatureOfOperations
<p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">1.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">NATURE OF OPERATIONS</span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="margin-left:3.333%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Business</span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="margin-left:3.333%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Corbus Pharmaceuticals Holdings, Inc. (the “Company” or “Corbus”) is a precision oncology company with a diversified portfolio 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") that targets the expression of Nectin-4 on cancer cells to release a cytotoxic payload, CRB-601, an anti-integrin monoclonal antibody that blocks the activation of TGFβ expressed on cancer cells, and CRB-913, a highly peripherally restricted cannabinoid type-1 ("CB1") receptor 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.</span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="margin-left:3.333%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;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 September 30, 2023 and the results of its operations and changes in stockholders’ equity for the three and nine months ended September 30, 2023 and 2022 and its cash flows for the nine months ended September 30, 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="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;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>
CY2023Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-428663000
CY2023Q3 crbp Cash And Cash Equivalents And Marketable Debt Securities
CashAndCashEquivalentsAndMarketableDebtSecurities
28733000
CY2023Q1 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
1-for-30
us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-left:3.333%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="margin-left:3.333%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The </span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">process of preparing financial statements in conformity with U.S. GAAP 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 (see Note 13), the accrual of research, product development and clinical obligations (see Note 10), and the valuation of warrants (see Note 9 and Note 14).</span></p>
CY2023Q3 us-gaap Cash
Cash
1995964
CY2022Q4 us-gaap Cash
Cash
3805156
CY2023Q3 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
9252842
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
13197559
CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
11248806
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
17002715
CY2023Q3 us-gaap Restricted Cash Current
RestrictedCashCurrent
192475
CY2022Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
192475
CY2023Q3 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
477425
CY2022Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
477425
CY2023Q3 us-gaap Restricted Cash
RestrictedCash
669900
CY2022Q4 us-gaap Restricted Cash
RestrictedCash
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CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
11918706
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
17672615
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-left:3.333%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Concentrations of Credit Risk</span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="margin-left:3.333%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The </span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;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>
CY2023Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
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CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.11
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-7.55
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-10053269
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-8781720
us-gaap Net Income Loss
NetIncomeLoss
-36581922
us-gaap Net Income Loss
NetIncomeLoss
-31467850
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4423617
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4170881
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4295178
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4170466
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.27
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
5007236
CY2023Q3 crbp Available For Sale Other Investments And Debt Securities Amortized Cost Basis
AvailableForSaleOtherInvestmentsAndDebtSecuritiesAmortizedCostBasis
17491735000
CY2023Q3 crbp Available For Sale Other Investments And Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleOtherInvestmentsAndDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
102000
CY2023Q3 crbp Available For Sale Other Investments And Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleOtherInvestmentsAndDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
-7400000
CY2023Q3 crbp Available For Sale Securities Other Investments And Debt Securities
AvailableForSaleSecuritiesOtherInvestmentsAndDebtSecurities
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CY2023Q3 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
17491735000
CY2023Q3 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
17484437000
CY2023Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
17491735000
CY2023Q3 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
17484437000
CY2022Q4 crbp Available For Sale Other Investments And Debt Securities Amortized Cost Basis
AvailableForSaleOtherInvestmentsAndDebtSecuritiesAmortizedCostBasis
42320040000
CY2022Q4 crbp Available For Sale Other Investments And Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleOtherInvestmentsAndDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
0
CY2022Q4 crbp Available For Sale Other Investments And Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleOtherInvestmentsAndDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
-125744000
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
42320040000
CY2022Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
42194296000
CY2022Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
42320040000
CY2022Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
42194296000
CY2021Q2 crbp Licence Issuance Fee
LicenceIssuanceFee
750000
CY2023Q3 crbp Sales Milestone Payment
SalesMilestonePayment
0
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 $55,944 and $55,133 for the three months ended September 30, 2023 and 2022, respectively and $170,209 and $165,398 for the nine months ended September 30, 2023 and 2022, respectively was recognized and offset against rent expense.
CY2021Q3 crbp Sublease Area
SubleaseArea
12112
CY2021Q3 crbp Sublease Area Total
SubleaseAreaTotal
30023
CY2023Q3 crbp Subleases Income
SubleasesIncome
55944
CY2022Q3 crbp Subleases Income
SubleasesIncome
55133
crbp Subleases Income
SubleasesIncome
170209
crbp Subleases Income
SubleasesIncome
165398
CY2023Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4528546
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4707038
CY2023Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3407753
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3093223
CY2023Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1120793
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1613815
CY2023Q3 us-gaap Depreciation
Depreciation
152809
CY2022Q3 us-gaap Depreciation
Depreciation
190795
us-gaap Depreciation
Depreciation
493022
us-gaap Depreciation
Depreciation
578598
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
426978
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1747447
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
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CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
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CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
5657459
CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
650223
CY2023Q3 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
67625
CY2023Q3 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
279585
CY2023Q3 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
291697
CY2023Q3 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
252333
CY2023Q3 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
891240
CY2023Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
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us-gaap Interest Expense Debt
InterestExpenseDebt
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CY2022Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
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us-gaap Interest Expense Debt
InterestExpenseDebt
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CY2023Q3 us-gaap Debt Instrument Face Amount
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18435456
CY2022Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
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CY2023Q3 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
2954390
CY2022Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
2954390
CY2023Q3 crbp Accretion Of Debt Discount
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2368496
CY2022Q4 crbp Accretion Of Debt Discount
AccretionOfDebtDiscount
1734485
CY2023Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
17849562
CY2022Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
18780095
CY2023Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
17849562
CY2022Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
2795669
CY2023Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
0
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
15984426
CY2023Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
7545781
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
5999252
CY2023Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2023Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.0001
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
2131718
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
17893738
CY2023Q3 us-gaap Long Term Debt
LongTermDebt
20025456
CY2023Q3 crbp Accrued Clinical Operations And Trials Costs Current
AccruedClinicalOperationsAndTrialsCostsCurrent
1055116
CY2022Q4 crbp Accrued Clinical Operations And Trials Costs Current
AccruedClinicalOperationsAndTrialsCostsCurrent
2137317
CY2023Q3 crbp Accrued Product Development Costs Current
AccruedProductDevelopmentCostsCurrent
509698
CY2022Q4 crbp Accrued Product Development Costs Current
AccruedProductDevelopmentCostsCurrent
247500
CY2023Q3 crbp Accrued License Costs
AccruedLicenseCosts
2825000
CY2022Q4 crbp Accrued License Costs
AccruedLicenseCosts
0
CY2023Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1669980
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2224951
CY2023Q3 crbp Accrued Administrative Costs
AccruedAdministrativeCosts
261921
CY2022Q4 crbp Accrued Administrative Costs
AccruedAdministrativeCosts
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CY2023Q3 us-gaap Interest Payable Current
InterestPayableCurrent
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CY2022Q4 us-gaap Interest Payable Current
InterestPayableCurrent
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CY2023Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
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CY2023Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2023Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2023Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2023Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
300000000
CY2023Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
4423683
CY2023Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
4423683
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
4171297
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
4171297
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
821223
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1345526
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2670977
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4450361
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
821223
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1345526
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2670977
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4450361
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
617996
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
88.99
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
288650
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
5.15
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
43836
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.85
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
127854
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
70.32
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Forfeitures And Expirations
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeituresAndExpirations
503
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
3.18
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
734453
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
64.31
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
20819702
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
401416
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
103.74
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P5Y5M4D
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
5732309
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
676495
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
69.02
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P6Y9M25D
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
17889636
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
4.2
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
10.5
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
28576
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
4.81
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
4317
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
4.26
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
24259
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
4.91
CY2023Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
85000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y5M12D
CY2022Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
36868
CY2023Q3 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
36868
CY2022Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
36868
us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
0
CY2023Q3 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
36868

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