Corbus Pharmaceuticals Reports Q3 2026 Financial Results and Provides a Corporate Update
A $15.0 million licensing milestone drove higher quarterly spending as Corbus moved its cancer program into registrational testing.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Corbus Pharmaceuticals (NASDAQ: CRBP) reported a third-quarter 2026 net loss of approximately $37.8 million while advancing its cancer and obesity trials. The loss compared with approximately $23.3 million a year earlier; loss per share narrowed to $1.81 from $1.90. Operating expenses rose to approximately $38.8 million, primarily reflecting a $15.0 million CSPC development milestone.
First-patient dosing began in September in the TEMPO-1 registrational study of sutantatug envedotin for previously treated oropharyngeal cancer. In CANYON-1, CRB-913 produced mean weight loss of 5% after 12 weeks at 60 mg daily, with no plateau observed at any dose. Corbus expects first-line cancer combination data in Q1 2027 and plans FDA discussions on CRB-913 development. Cash, cash equivalents and investments totaled $115.3 million at September 30, which the company expects to fund operations into 2028 under current plans and planned expenditures.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointTEMPO-1 began dosing in September 2026, following July FDA clearance for the registrational cancer study.
- Moderate pointCANYON-1 showed 5% mean weight loss after 12 weeks at 60 mg daily, with no plateau at any dose.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Corbus anticipates Q1 2027 first-line oropharyngeal cancer data for sutantatug envedotin plus Keytruda.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Liquidity of $115.3 million at September 30, 2026 is expected to fund operations into 2028 under current plans.
- Minor pointCANYON-1 showed statistically significant weight loss at all three doses: 20 mg, 40 mg and 60 mg daily.
2 minor points
- Minor pointCRB-913 had a favorable safety profile; Corbus reported fewer, milder gastrointestinal events in cross-trial comparisons with marketed oral GLP-1 drugs.
- Minor point. Forward-looking: it has not happened yet and may not happen.Corbus plans FDA development discussions for CRB-913 and is evaluating combination treatment with GLP-1 therapy.
Negative
- Major pointQ3 net loss widened to $37.754 million from $23.342 million; loss per share narrowed to $1.81 from $1.90.
- Moderate pointOutstanding common shares increased to 20,606,760 at September 30, 2026, from 17,611,511 at December 31, 2025.
- Minor pointQ3 operating expenses rose to $38.824 million from $24.417 million, primarily reflecting a $15.0 million CSPC development milestone.
- Minor pointNine-month net loss widened to $95.760 million from $57.982 million; loss per share increased to $4.87 from $4.73.
- Minor pointNine-month operating expenses increased to $99.318 million from $63.344 million a year earlier.
2 minor points
- Minor pointTotal liabilities increased to $38.144 million at September 30, 2026, from $20.692 million at December 31, 2025.
- Minor pointStockholders’ equity declined to $84.758 million at September 30, 2026, from $147.503 million at December 31, 2025.
News Explained
Corbus reported 20,606,760 common shares issued and outstanding at
Details
Market move: CRBP +9.66% vs previous close. Q3 2026 earnings report
On Nov 10, the day this news came out, the latest delayed price for CRBP is 9.66% above the previous close. Argus tracked a trough of -3.7% from its starting point during tracking. Our momentum scanner has recorded 30 alerts for this stock so far that day. The latest delayed price is $3.86.
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Key Figures
- Mean weight loss
- 5%
- CANYON-1; 60 mg daily for 12 weeks
- P-value
- <0.0001
- 60 mg dose weight-loss result
- CANYON-1 enrollment
- 254 adults
- Phase 1b obesity study
- TEMPO-1 enrollment
- 250 patients
- Randomized controlled study in 2L+ OPSCC
- Net loss
- $37.8M
- Quarter ended September 30, 2026
- Operating expenses
- $38.8M
- Quarter ended September 30, 2026
- Development milestone
- $15.0M
- Incurred in Q3 2026 under the CSPC licensing agreement
- Cash, equivalents and investments
- $115.3M
- As of September 30, 2026; expected to fund operations into 2028
Previous Earnings Reports
-
Reported TEMPO-1 clearance, CANYON-1 completion, and funding runway into 2028.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
antibody drug conjugate medical
fast track designation regulatory
placebo-controlled medical
objective response rate medical
cb1 inverse agonist medical
AI-generated analysis. How Rhea-AI works. Not financial advice.
- Dosed first patient in TEMPO-1 registrational study of sutantatug envedotin (CRB-701) in patients with 2L+ oropharyngeal cancer
- Reported topline data from the CANYON-1 Phase 1b obesity study of CRB-913 demonstrating mean weight loss of
5% after 12 weeks at 60 mg daily dose with no plateau observed and favorable safety and tolerability - Late-breaking CANYON-1 data to be presented at ObesityWeek® 2026 on Saturday, November 15, 2026
NORWOOD, Mass., Nov. 10, 2026 (GLOBE NEWSWIRE) -- Corbus Pharmaceuticals Holdings, Inc. (NASDAQ: CRBP) (“Corbus” or the “Company”), a clinical-stage company focused on developing new therapies in oncology and obesity, today provided a corporate update and reported financial results for the 2026 third quarter ended September 30, 2026.
"During the third quarter, we achieved key milestones with both clinical programs: initiating dosing in our TEMPO-1 Phase 3 study of sutantatug envedotin in oropharyngeal cancer and announcing positive topline data from our CANYON-1 Phase 1b study of CRB-913 in obesity,” said Yuval Cohen, Ph.D., Chief Executive Officer of Corbus. “The commencement of the TEMPO-1 trial marks our transition to late-stage clinical development, bringing us meaningfully closer to delivering sutantatug envedotin as a potentially novel, targeted therapeutic for those impacted by OPSCC who were previously treated with platinum-based and anti-PD1 therapy. Based on our Phase 1/2 data, we believe that sutantatug envedotin has the potential to address the critical unmet need of patients with this difficult-to-treat, primarily HPV-driven disease. For CRB-913, our topline CANYON-1 data demonstrated, for the first time, that a highly peripherally restricted CB1 inverse agonist can deliver a safe and tolerable therapeutic alternative with competitive weight loss to oral GLP-1s. We look forward to presenting additional data at ObesityWeek®.”
Key Corporate and Program Updates
Sutantatug envedotin (CRB-701) is a next-generation, highly stable Nectin-4-targeting antibody drug conjugate (ADC) being developed to treat oropharyngeal squamous cell carcinoma (OPSCC), a subtype of head and neck squamous cell carcinoma (HNSCC), as well as cervical cancer. The U.S. Food and Drug Administration (FDA) has granted Fast Track designations to sutantatug envedotin for the treatment of both cancer types. Sutantatug envedotin is licensed from CSPC Megalith Biopharmaceutical Co. Ltd (CSPC).
- Received FDA clearance in July 2026 to proceed with the TEMPO-1 study, the first registrational trial launched that is specifically designed to evaluate a targeted treatment in patients with 2L+ OPSCC, and initiated dosing in September 2026.
- TEMPO-1 is a randomized controlled study (n=250) comparing sutantatug envedotin with investigators’ choice of capecitabine, cetuximab or docetaxel in 2L+ OPSCC. The primary endpoint to support potential accelerated approval is objective response rate, while overall survival serves as the primary endpoint to support a potential conversion to full approval.
- Anticipate reporting sutantatug envedotin plus Keytruda® combination data in first-line (1L) OPSCC in Q1 2027 to support potential further registration-enabling trials in the 1L setting.
CRB-913 is a highly peripherally restricted oral CB1 inverse agonist for the treatment of obesity.
- Reported topline data in the CANYON-1 Phase 1b trial, a 16-week, double-blind, placebo-controlled, dose-ranging study that enrolled 254 obese, non-diabetic adults at multiple U.S. sites. Participants received CRB-913 at 20 mg, 40 mg or 60 mg once daily, or placebo, for 12 weeks, followed by 4 weeks of safety follow-up.
- The data demonstrated statistically significant and clinically meaningful weight loss at all three doses with the 60 mg dose achieving a mean weight loss of
5% at 12 weeks (<0.0001). No plateau was observed at any dose. - CRB-913 was associated with a favorable safety profile and notably fewer and milder gastrointestinal (GI) adverse events based on cross-trial comparison with published data of currently marketed oral GLP-1 drugs.
- Taken together, these data support CRB-913’s potential to establish a new class of oral, non-incretin obesity medicines.
- Topline data press release available here.
- The data demonstrated statistically significant and clinically meaningful weight loss at all three doses with the 60 mg dose achieving a mean weight loss of
- Data to be presented in a late-breaking poster at ObesityWeek® 2026 on November 15, 2026.
The Company plans to engage with the FDA on the development plan and is also evaluating the potential to combine CRB-913 with GLP-1 therapy.
Chief Medical Officer Appointment
- Announced appointment of Leonardo Viana Nicacio, M.D., as Chief Medical Officer, in August 2026. Dr. Nicacio has more than 20 years of pharmaceutical industry experience, with leadership roles in clinical development and global medical affairs at Protara Therapeutics, Stemline Therapeutics, Seagen (now part of Pfizer), AstraZeneca, Flatiron Health, Sanofi and YM Biosciences. His experience spans oncology drug development across multiple tumor types, including significant contributions to the development and approval of the ADCs PADCEV® for urothelial carcinoma and TIVDAK® for metastatic cervical cancer.
Financial Results for the Quarter Ended September 30, 2026
The Company reported a net loss of approximately
Operating expenses increased by
The Company had
About Corbus
Corbus Pharmaceuticals Holdings, Inc. is a clinical-stage company focusing on new therapies in oncology and obesity and is committed to helping people defeat serious illness by bringing innovative scientific approaches to well-understood biological pathways. Corbus’ pipeline includes sutantatug envedotin, a next-generation antibody drug conjugate for the treatment of Nectin-4-expressing tumors, and CRB-913, an orally delivered highly peripherally restricted CB1 inverse agonist for the treatment of obesity. Corbus is headquartered in Norwood, Massachusetts. For more information on Corbus, visit corbuspharma.com. Connect with us on X, LinkedIn and Facebook.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995 including those relating to the Company’s trial results, product development, clinical and regulatory timelines, including timing for completion of trials and presentation of data, anticipated timing for initiation of clinical trials and reporting data, anticipated regulatory interactions and outcomes, including alignment with FDA on trial design and the development plan for CRB-913, potential accelerated approval, the potential of CRB-913 alone or in combination with GLP-1 therapy, the Company’s license agreement with CSPC and related milestone obligations, market opportunity, competitive position, possible or assumed future results of operations, business strategies, potential growth opportunities, sufficiency of cash runway, the need for additional capital to fund the development of CRB-913 and other statements that are predictive in nature. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry and markets in which we operate and management’s current beliefs and assumptions. There can be no assurance that TEMPO-1 will achieve its primary or secondary endpoints, that sutantatug envedotin will receive accelerated or full approval from the FDA, that previously reported clinical data, including topline data from CANYON-1, will be replicated in later-stage or larger controlled studies, that results of cross-trial comparisons will be confirmed, or that the Company will be able to obtain additional capital on acceptable terms or at all.
These statements may be identified by the use of forward-looking expressions, including, but not limited to, “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” “potential,” “predict,” “project,” “may,” “will,” “could,” “should,” “would” and similar expressions and the negatives of those terms. These statements relate to future events or our financial performance and involve known and unknown risks, uncertainties and other factors, including with respect to our operations, clinical development plans and timelines, which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include those set forth in the Company’s filings with the Securities and Exchange Commission, including those described under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, and other filings we make with the Securities and Exchange Commission. Prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.
All product names, logos, brands and company names are trademarks or registered trademarks of their respective owners. Their use does not imply affiliation or endorsement by these companies.
INVESTOR CONTACTS:
Sean Moran
Chief Financial Officer
Corbus Pharmaceuticals
smoran@corbuspharma.com
Dan Ferry
Managing Director
LifeSci Advisors, LLC
daniel@lifesciadvisors.com
MEDIA CONTACT:
Liz Melone
Founder & Principal
Melone Communications, LLC
liz@melonecomm.com
---tables to follow---
| Corbus Pharmaceuticals Holdings, Inc. Condensed Consolidated Statements of Operations and Comprehensive Loss (in thousands, except share and per share amounts) (Unaudited) | ||||||||||||||||
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | $ | 34,247 | $ | 20,860 | $ | 85,241 | $ | 51,689 | ||||||||
| General and administrative | 4,577 | 3,557 | 14,077 | 11,655 | ||||||||||||
| Total operating expenses | 38,824 | 24,417 | 99,318 | 63,344 | ||||||||||||
| Operating loss | (38,824 | ) | (24,417 | ) | (99,318 | ) | (63,344 | ) | ||||||||
| Other income (expense), net: | ||||||||||||||||
| Interest and investment income, net | 1,078 | 1,125 | 3,644 | 4,120 | ||||||||||||
| Other (expense) income, net | (8 | ) | (50 | ) | (86 | ) | 1,242 | |||||||||
| Total other income, net | 1,070 | 1,075 | 3,558 | 5,362 | ||||||||||||
| Net loss | $ | (37,754 | ) | $ | (23,342 | ) | $ | (95,760 | ) | $ | (57,982 | ) | ||||
| Net loss per share, basic and diluted | $ | (1.81 | ) | $ | (1.90 | ) | $ | (4.87 | ) | $ | (4.73 | ) | ||||
| Weighted average number of common shares outstanding, basic and diluted | 20,837,787 | 12,307,298 | 19,658,506 | 12,250,315 | ||||||||||||
| Comprehensive loss: | ||||||||||||||||
| Net loss | $ | (37,754 | ) | $ | (23,342 | ) | $ | (95,760 | ) | $ | (57,982 | ) | ||||
| Other comprehensive (loss) income: | ||||||||||||||||
| Change in unrealized (loss) gain on marketable debt securities | (89 | ) | 36 | (143 | ) | (38 | ) | |||||||||
| Total other comprehensive (loss) income | (89 | ) | 36 | (143 | ) | (38 | ) | |||||||||
| Total comprehensive loss | $ | (37,843 | ) | $ | (23,306 | ) | $ | (95,903 | ) | $ | (58,020 | ) | ||||
| Corbus Pharmaceuticals Holdings, Inc. Condensed Consolidated Balance Sheets (in thousands, except share and per share amounts) | ||||||||
| September 30, 2026 (Unaudited) | December 31, 2025 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 30,246 | $ | 28,492 | ||||
| Investments | 85,091 | 134,777 | ||||||
| Restricted cash | — | 670 | ||||||
| Prepaid expenses and other current assets | 3,614 | 3,015 | ||||||
| Total current assets | 118,951 | 166,954 | ||||||
| Restricted cash | 385 | — | ||||||
| Property and equipment, net | 36 | 159 | ||||||
| Operating lease right-of-use assets | 3,530 | 1,082 | ||||||
| Total assets | $ | 122,902 | $ | 168,195 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 4,068 | $ | 2,215 | ||||
| Accrued expenses | 30,167 | 16,844 | ||||||
| Operating lease liabilities | 732 | 1,633 | ||||||
| Total current liabilities | 34,967 | 20,692 | ||||||
| Operating lease liabilities, noncurrent | 3,177 | — | ||||||
| Total liabilities | 38,144 | 20,692 | ||||||
| Stockholders’ equity: | ||||||||
| Preferred stock, | — | — | ||||||
| Common stock, | 2 | 2 | ||||||
| Additional paid-in capital | 736,142 | 702,984 | ||||||
| Accumulated deficit | (651,190 | ) | (555,430 | ) | ||||
| Accumulated other comprehensive loss | (196 | ) | (53 | ) | ||||
| Total stockholders’ equity | 84,758 | 147,503 | ||||||
| Total liabilities and stockholders’ equity | $ | 122,902 | $ | 168,195 | ||||
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were Corbus Pharmaceuticals’ Q3 2026 financial results?
Corbus reported a $37.754 million net loss, or $1.81 per basic and diluted share, for the quarter ended September 30, 2026. A year earlier, the net loss was $23.342 million, or $1.90 per share. Operating expenses increased to $38.824 million from $24.417 million.
What did Corbus’ CANYON-1 obesity trial show for CRB-913?
CRB-913 produced 5% mean weight loss after 12 weeks at 60 mg daily, with statistically significant weight loss at all three tested doses. No plateau was observed at any dose. Corbus characterized the safety profile as favorable.
How is Corbus’ TEMPO-1 cancer trial designed to support approval?
TEMPO-1 is a randomized, controlled study of 250 patients comparing sutantatug envedotin with investigators’ choice of capecitabine, cetuximab or docetaxel in second-line or later oropharyngeal squamous cell carcinoma. Objective response rate is the primary endpoint for potential accelerated approval; overall survival is the primary endpoint for potential conversion to full approval.
Who participated in Corbus’ CANYON-1 study, and how long were they followed?
CANYON-1 enrolled 254 obese, non-diabetic adults at multiple U.S. sites in a double-blind, placebo-controlled Phase 1b study. Participants received CRB-913 at 20 mg, 40 mg or 60 mg once daily, or placebo, for 12 weeks, followed by four weeks of safety follow-up.
When will Corbus present additional CANYON-1 obesity data?
CANYON-1 data are scheduled for a late-breaking poster at ObesityWeek 2026 on November 15, 2026.