Corbus Pharmaceuticals Holdings, Inc.

What they do

Corbus has not generated any product revenue and has never been profitable, with an accumulated deficit of $555.4 million at December 31, 2025. Its lead oncology candidate, CRB-701, is licensed from CSPC Megalith Biopharmaceutical and is being studied in a Phase 1/2 Western trial in advanced solid tumors, with a Phase 3 cervical cancer study run by CSPC in China. Its obesity candidate, CRB-913, completed a Phase 1a study and is in a Phase 1b study called CANYON-1. A former program, CRB-601, has been deprioritized.

Revenue drivers

• CRB-701 — Licensed from CSPC in February 2023 for rights in the U.S., Canada, EU/EFTA, U.K. and Australia; no product sales, but Q2 2026 program costs were $19.7 million, including a $10.0 million development milestone paid to CSPC.
• CRB-913 — Internally formulated oral CB1 receptor inverse agonist for obesity; Q2 2026 program costs were $7.9 million as the Phase 1b CANYON-1 trial completed enrollment.
• CRB-601 — Deprioritized anti-alpha-v-beta-8 integrin antibody; Q2 2026 program costs fell to $0.4 million from $3.4 million as the Phase 1 dose escalation study was completed and no additional patients were enrolled.

Recent performance

For Q2 2026, Corbus reported a net loss driven by total operating expenses of $36.2 million, up 89% from $19.2 million in Q2 2025. Research and development expense rose 105% to $31.2 million, including $19.7 million for CRB-701 and $7.9 million for CRB-913. General and administrative expense increased 26% to $5.0 million. Total other income, net was $1.2 million, down from $1.5 million a year earlier. The company reported no revenue.

Strategy

Corbus is preparing to start enrollment in September 2026 in TEMPO-1, a 250-patient registrational Phase 3 study of CRB-701 in second-line oropharyngeal cancer, following FDA clearance. It expects topline data from the CANYON-1 Phase 1b study of CRB-913 in obesity in September 2026 and plans to report CRB-701 plus Keytruda combination data in first-line OPSCC in Q1 2027. The company strengthened its leadership team in 2026 with a new Chief Medical Officer, Chief Business Officer, and Board member. It also deprioritized the CRB-601 program and does not plan to enroll additional patients.

Risks

• No product revenue — Corbus has never generated any product revenues and does not expect to generate revenue from product sales unless and until it obtains regulatory approval for a product candidate.
• Substantial additional funding needed — The company states it will need substantial additional capital and that failure to obtain financing could prevent completion of development and commercialization of its product candidates.
• Clinical trial uncertainty — Clinical trials are expensive, time-consuming and involve uncertain outcomes; CRB-701 and CRB-913 both remain investigational and may not succeed.
• Third-party reliance — Corbus expects to rely on third parties to conduct clinical trials, and failure by those parties to perform could prevent regulatory approval or commercialization.

Outlook

Management expects to commence enrollment in the TEMPO-1 Phase 3 study of CRB-701 in September 2026 and to report topline data from the CANYON-1 Phase 1b study of CRB-913 in September 2026. The company also anticipates reporting CRB-701 plus Keytruda combination data in first-line OPSCC in Q1 2027 to support potential further registration-enabling trials. It expects to meet with the FDA in Q1 2026 to review clinical data and registrational study protocols for HNSCC and cervical tumors.