$CRBP
Corbus Pharmaceuticals Holdings, Inc.

2015 Q2 Form 10-Q Financial Statement

#000119312515184856 Filed on May 13, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2015 Q1 2014 Q1
Revenue $113.6K $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $970.0K $810.0K $40.00K
YoY Change 234.48% 1925.0% 100.0%
% of Gross Profit
Research & Development $1.707M $723.4K $61.92K
YoY Change 907.57% 1068.39% 209.59%
% of Gross Profit
Depreciation & Amortization $0.00 $5.371K
YoY Change
% of Gross Profit
Operating Expenses $2.676M $1.535M $105.6K
YoY Change 476.43% 1353.26% 164.11%
Operating Profit -$2.563M -$1.535M -$105.6K
YoY Change 451.95% 1353.26%
Interest Expense $393.00 $979.00 $11.16K
YoY Change -96.5% -91.23%
% of Operating Profit
Other Income/Expense, Net $155.00 -$419.00 -$10.33K
YoY Change -100.38% -95.95%
Pretax Income -$2.560M -$1.540M -$120.0K
YoY Change 412.0% 1183.33% 200.0%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$2.563M -$1.536M -$116.0K
YoY Change 407.83% 1224.13% 189.95%
Net Earnings / Revenue -2255.04%
Basic Earnings Per Share
Diluted Earnings Per Share -$95.17K -$59.53K -$4.751K
COMMON SHARES
Basic Shares Outstanding 26.05M shares 25.94M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q2 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.243M $4.971M $200.0K
YoY Change 8.74% 2385.73%
Cash & Equivalents $9.243M $4.971M $163.0K
Short-Term Investments $0.00 $0.00
Other Short-Term Assets $200.0K $200.0K $0.00
YoY Change
Inventory
Prepaid Expenses $249.1K $210.8K
Receivables
Other Receivables
Total Short-Term Assets $9.492M $5.182M $200.0K
YoY Change 11.67% 2491.11%
LONG-TERM ASSETS
Property, Plant & Equipment $58.73K $50.40K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $0.00
YoY Change
Total Long-Term Assets $72.46K $64.13K $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $9.492M $5.182M $200.0K
Total Long-Term Assets $72.46K $64.13K $0.00
Total Assets $9.565M $5.246M $200.0K
YoY Change 12.53% 2523.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.069M $188.3K $200.0K
YoY Change 434.61% -5.85%
Accrued Expenses $390.0K $294.0K $100.0K
YoY Change 95.02% 193.99%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $100.0K $300.0K
YoY Change -66.67%
Total Short-Term Liabilities $2.341M $554.8K $600.0K
YoY Change 160.1% -7.54%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $300.0K
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $500.0K
YoY Change
Total Long-Term Liabilities $500.0K $0.00 $300.0K
YoY Change 150.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.341M $554.8K $600.0K
Total Long-Term Liabilities $500.0K $0.00 $300.0K
Total Liabilities $2.796M $554.8K $1.000M
YoY Change 154.15% -44.52%
SHAREHOLDERS EQUITY
Retained Earnings -$8.525M -$5.963M
YoY Change
Common Stock $3.075K $2.600K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.769M $4.692M -$800.0K
YoY Change
Total Liabilities & Shareholders Equity $9.565M $5.246M $200.0K
YoY Change 12.53% 2523.17%

Cashflow Statement

Concept 2015 Q2 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income -$2.563M -$1.536M -$116.0K
YoY Change 407.83% 1224.13% 189.95%
Depreciation, Depletion And Amortization $0.00 $5.371K
YoY Change
Cash From Operating Activities $20.00K -$1.280M -$140.0K
YoY Change -106.25% 814.29% 250.0%
INVESTING ACTIVITIES
Capital Expenditures -$20.00K $1.727K $0.00
YoY Change 100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$20.00K $0.00 $0.00
YoY Change 100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $62.60K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.270M -10.00K 0.000
YoY Change -50.75% -100.0%
NET CHANGE
Cash From Operating Activities 20.00K -1.280M -140.0K
Cash From Investing Activities -20.00K 0.000 0.000
Cash From Financing Activities 4.270M -10.00K 0.000
Net Change In Cash 4.270M -1.290M -140.0K
YoY Change -48.8% 821.43% 1300.0%
FREE CASH FLOW
Cash From Operating Activities $20.00K -$1.280M -$140.0K
Capital Expenditures -$20.00K $1.727K $0.00
Free Cash Flow $40.00K -$1.282M -$140.0K
YoY Change -112.9% 815.52% 250.0%

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<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left"><b>1.</b></td> <td valign="top" align="left"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" align="justify"><b>NATURE OF OPERATIONS</b></p> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-LEFT: 62px; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b><i>Business</i></b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-LEFT: 62px; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" align="justify">Corbus Pharmaceuticals Holdings, Inc. (&#x201C;CPHI&#x201D; or &#x201C;the Company&#x201D;) is a clinical stage biopharmaceutical company, focused on the development and commercialization of therapeutics to treat rare life-threatening, rare inflammatory fibrotic diseases.&#xA0;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&#x2019;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.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-LEFT: 62px; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b>Reverse Acquisition</b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-LEFT: 62px; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" align="justify">JB Therapeutics Inc. (&#x201C;JB Therapeutics&#x201D;), was incorporated on April&#xA0;24, 2009 under the laws of the State of Delaware. CPHI was incorporated on December&#xA0;18, 2013 under the laws of the State of Delaware. On April&#xA0;11, 2014, JB Therapeutics Inc. completed a reverse acquisition with CPHI. Upon the consummation of the reverse acquisition, JB Therapeutics became a wholly-owned subsidiary of CPHI and changed its name to Corbus Pharmaceuticals, Inc. CPHI continues to operate the business of Corbus Pharmaceuticals, Inc. All the references to the &#x201C;Company&#x201D; for activities prior to the reverse merger are to JB Therapeutics activities.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-LEFT: 62px; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" align="justify">As part of the reverse acquisition, CPHI issued 9,000,000 shares of common stock to holders of JB Therapeutics common and preferred stock in exchange for a total of 5,964,649 common shares outstanding on an as converted basis. In addition, the holders of warrants to purchase common stock of JB Therapeutics received warrants, or the Replacement Warrants, to purchase 377,839 shares of CPHI common stock with an exercise price of ranging from $0.60 to $0.66. In addition, holders of JB Therapeutics Series A preferred stock received warrants to purchase 917,612 shares of common stock of CPHI. Finally, holders of outstanding options of JB Therapeutics received, in substitution for such options, options made pursuant to the Corbus Pharmaceuticals Holdings, Inc. 2014 Equity Incentive Plan to purchase an aggregate of 905,334 shares of CPHI common stock with exercise prices ranging from $0.11 to $0.17 per share. All share and per share amounts presented in these consolidated financial statements for the years ended December&#xA0;31, 2014 and 2013 have been retroactively restated to reflect the 1.5089 exchange ratio of JB Therapeutics shares for CPHI shares in the reverse acquisition. Immediately prior to the reverse acquisition, CPHI had 6,000,000 shares outstanding.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-LEFT: 62px; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" align="justify">The reverse acquisition was accounted for as a recapitalization since the formation of CPHI was formed solely to effect the reverse acquisition and a private placement of equity and CPHI had no prior operations or net monetary assets. Thus, JB Therapeutics is deemed to be the accounting acquirer and successor entity and the historical financial statements are those of JB Therapeutics as the accounting acquirer. Following the reverse acquisition, the management of JB Therapeutics became the management of CPHI. At the date of the reverse acquisition, the 6,000,000 outstanding shares of CPHI are reflected as an issuance of common stock to the prior holders of CPHI. CPHI had no net monetary assets as of the reverse acquisition so the issuance was recorded as a reclassification between additional paid-in-capital and par value of common stock.</p> <br class="Apple-interchange-newline" /> </div>
CY2015Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-1279950
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
145000 shares
CY2015Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
817015 shares
CY2015Q1 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-LEFT: 62px; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" align="justify"><b><i>Use of Estimates</i></b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-LEFT: 62px; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" align="justify">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 and disclosure of assets and liabilities at the date of 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, the value of derivative instruments and the accrual of research and clinical obligations.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-LEFT: 62px; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" align="justify">Prior to the registration of its common stock and the subsequent listing of the common stock on the OTC.QB, the Company had granted stock options at exercise prices not less than the fair value of its common stock as determined by the board of directors, with input from management. The Company&#x2019;s board of directors determined the estimated fair value of the common stock based on a number of objective and subjective factors, including external market conditions affecting the biotechnology industry sector and the historic prices at which the Company sold shares of preferred stock.</p> <br class="Apple-interchange-newline" /></div>
CY2015Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
25871796 shares
CY2015Q1 dei Document Period End Date
DocumentPeriodEndDate
2015-03-31
CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
-1535718
CY2015Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
560
CY2015Q1 us-gaap Interest Paid
InterestPaid
979
CY2015Q1 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-59805
CY2015Q1 us-gaap Property Plant And Equipment Useful Life
PropertyPlantAndEquipmentUsefulLife
P3Y
CY2015Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y9M
CY2015Q1 dei Amendment Flag
AmendmentFlag
false
CY2015Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2015Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2015
CY2015Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
2.78
CY2015Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001595097
CY2015Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.06
CY2015Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2015Q1 us-gaap Interest Expense
InterestExpense
979
CY2015Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
17346696 shares
CY2015Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-LEFT: 62px; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" align="justify"><b><i>Concentrations of Credit Risk</i></b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-LEFT: 62px; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" align="justify">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.</p> <br class="Apple-interchange-newline" /></div>
CY2015Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
2843 shares
CY2015Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
1948325
CY2015Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-1535299
CY2015Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-419
CY2015Q1 us-gaap Increase Decrease In Restricted Cash For Operating Activities
IncreaseDecreaseInRestrictedCashForOperatingActivities
2
CY2015Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
71902
CY2015Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1727
CY2015Q1 crbp Issuance Of Common Stock Upon Exercise Of Options And Warrants
IssuanceOfCommonStockUponExerciseOfOptionsAndWarrants
64972 shares
CY2015Q1 crbp Warrants Exercised To Purchase Common Stock Shares
WarrantsExercisedToPurchaseCommonStockShares
62129 shares
CY2015Q1 us-gaap Operating Expenses
OperatingExpenses
1535299
CY2015Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
723430
CY2015Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-1290979
CY2015Q1 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
6000000
CY2015Q1 us-gaap Depreciation
Depreciation
5371
CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-9302
CY2015Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
62600
CY2015Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
44498
CY2015Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-1727
CY2015Q1 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
13725
CY2015Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
811869
CY2015Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-155862
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
301958
CY2015Q1 crbp Operating Lease Terms
OperatingLeaseTerms
P3Y
CY2015Q1 crbp Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
-1535718
CY2015Q1 crbp Deferred Tax Assets Valuation Allowance Percentage
DeferredTaxAssetsValuationAllowancePercentage
1.00 pure
CY2015Q1 crbp Warrants Weighted Average Remaining Contractual Term
WarrantsWeightedAverageRemainingContractualTerm
P4Y3M18D

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