Corbus Pharmaceuticals (NASDAQ: CRBP) widens 2025 loss but boosts cash and pipeline progress
Rhea-AI Filing Summary
Corbus Pharmaceuticals Holdings, Inc. reported a larger net loss as it advanced its oncology and obesity pipeline and strengthened its balance sheet. Net loss was $20.6 million, or $1.25 per share, for Q4 2025, compared with $9.5 million, or $0.78 per share, a year earlier, driven mainly by higher clinical development spending.
For full-year 2025, net loss was $78.5 million versus $40.2 million in 2024, as research and development expenses more than doubled to $70.1 million. The company ended 2025 with $163.3 million in cash, cash equivalents and investments, and stated this is expected to fund operations into 2028.
Corbus highlighted promising clinical signals from its three key programs. CRB-701, a next‑generation Nectin‑4 antibody‑drug conjugate with FDA Fast Track designations in head and neck squamous cell carcinoma and cervical cancer, showed encouraging Phase 1/2 response rates and a favorable emerging safety profile, with additional monotherapy data and a registrational study update planned for mid‑2026.
CRB-913, an oral CB1 inverse agonist for obesity, produced placebo‑adjusted weight loss of 2.9% over 14 days with favorable gastrointestinal and neuropsychiatric assessments, and a 12‑week, 240‑patient Phase 1b study is expected to complete in summer 2026. The company completed a $75 million public offering in Q4 2025, which it says extended its cash runway into 2028 while it focuses on oncology and obesity opportunities.
Positive
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Negative
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Insights
Corbus increased R&D spending, strengthened cash, and advanced two lead clinical assets.
Corbus Pharmaceuticals is clearly leaning into its oncology and obesity strategy. Research and development expenses rose to
Despite higher spending, liquidity looks solid for a clinical‑stage company. The completed
Pipeline metrics are central to the story. CRB‑701 showed notable response rates in head and neck, cervical and bladder cancers with an emerging safety profile the company contrasts with other Nectin‑4 ADCs, and it holds FDA Fast Track status in two indications. CRB‑913 delivered
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
Corbus Pharmaceuticals Holdings, Inc. (the “Company”) issued a press release on March 9, 2026, disclosing financial information and operating metrics for its fiscal year ended December 31, 2025 and discussing its business outlook. A copy of the Company’s press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 7.01 Regulation FD Disclosure.
See “Item 2.02 Results of Operations and Financial Condition” above.
The Company also updated its presentation used by management to describe its business. A copy of the presentation is furnished as Exhibit 99.2 and is incorporated herein by reference.
The information in this Current Report on Form 8-K under Items 2.02 and 7.01, including the information contained in Exhibit 99.1 and 99.2, is being furnished to the Securities and Exchange Commission, and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as shall be expressly set forth by a specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) The following exhibit is furnished with this report:
Exhibit No. |
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Description |
99.1 |
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Press Release issued by Corbus Pharmaceuticals Holdings, Inc. dated March 9, 2026. |
99.2 |
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Investor Presentation |
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Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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Corbus Pharmaceuticals Holdings, Inc. |
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Date: |
March 9, 2026 |
By: |
/s/ Yuval Cohen |
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Name: Yuval Cohen |
Exhibit 99.1
Corbus Pharmaceuticals Reports Q4 and 2025 Financial Results and Provides a Corporate Update
Norwood, MA, March 9, 2026 (GLOBE NEWSWIRE) -- Corbus Pharmaceuticals Holdings, Inc. (NASDAQ: CRBP) (“Corbus” or the “Company”), a clinical stage company focused on promising new therapies in oncology and obesity, today provided a corporate update and reported financial results for the fourth quarter and year ended December 31, 2025.
"Our encouraging data readouts for CRB-701 and CRB-913 in the fourth quarter of 2025 set the stage for a potentially transformative 2026. This summer we anticipate key data readouts for both programs that we expect will elucidate their differentiated efficacy and safety profiles, as well as potential clinical utility and commercial opportunities,” said Yuval Cohen, Ph.D., Chief Executive Officer of Corbus. “The clinical responses we are generating in HNSCC and cervical cancer patients with CRB-701, a highly stable Nectin-4 ADC, highlight its potential in treating these challenging tumor types. In parallel, the rapid weight loss and favorable GI tolerability we’ve seen with CRB-913 suggest it could provide a novel long-term weight management solution for people struggling with chronic obesity.”
Key Corporate and Program Updates
CRB-701 is a next-generation, highly stable Nectin-4 targeting ADC being developed to treat HNSCC and cervical cancer. The U.S. Food and Drug Administration (FDA) has granted Fast Track designations to CRB-701 for the treatment of both cancer types. CRB-701 is licensed from CSPC Megalith Biopharmaceutical Co. Ltd. China.
CRB-913 is a highly peripherally restricted oral CB1 inverse agonist for the treatment of obesity.
CRB-601 is an anti-αvβ8 integrin monoclonal antibody (mAB) designed to block the activation of latent TGFβ in the tumor micro-environment to treat solid tumors.
Financial Results for the Quarter and Year Ended December 31, 2025
The Company reported a net loss of approximately $20.6 million, or a net loss per basic and diluted share of $1.25, for the three months ended December 31, 2025, compared to a net loss of $9.5 million, or a net loss per basic and diluted share of $0.78, for the three months ended December 31, 2024.
Operating expenses increased by $9.4 million to approximately $22.0 million for the three months ended December 31, 2025, compared to approximately $12.6 million for the three months ended December 31, 2024. The increase was primarily attributable to an increase in clinical development expenses.
The Company had $163.3 million of cash, cash equivalents, and investment on hand at December 31, 2025, which is expected to fund operations into 2028 based on planned expenditures. In the fourth quarter of 2025, the Company completed a public offering that raised a total of $75 million in gross proceeds.
About Corbus
Corbus Pharmaceuticals Holdings, Inc. is a clinical stage company focused on promising 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 CRB-701, a next-generation antibody drug conjugate that targets the expression of Nectin-4 on cancer cells to release a cytotoxic payload and CRB-913, a highly peripherally restricted CB1 receptor 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 and Section 21E of the Securities Exchange Act of 1934 and Private Securities Litigation Reform Act, as amended, 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, market opportunity, competitive position, possible or assumed future results of operations, business strategies, potential growth opportunities and other statement 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.
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,” “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 on 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. 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.
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.
Consolidated Statements of Operations and Comprehensive Loss
(in thousands, except share and per share amounts)
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Unaudited |
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For the Year Ended |
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2025 |
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2024 |
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2025 |
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2024 |
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Operating expenses: |
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Research and development |
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$ |
18,406 |
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$ |
8,787 |
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$ |
70,095 |
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$ |
32,222 |
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General and administrative |
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3,560 |
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3,818 |
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15,215 |
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16,499 |
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Total operating expenses |
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21,966 |
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12,605 |
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85,310 |
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48,721 |
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Operating loss |
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(21,966 |
) |
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(12,605 |
) |
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(85,310 |
) |
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(48,721 |
) |
Other income (expense), net: |
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Interest and investment income, net |
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1,410 |
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1,782 |
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5,530 |
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6,311 |
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Interest expense |
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— |
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— |
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— |
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(1,872 |
) |
Other income, net |
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1 |
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1,293 |
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1,243 |
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4,073 |
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Total other income, net |
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1,411 |
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3,075 |
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6,773 |
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8,512 |
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Net loss |
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$ |
(20,555 |
) |
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$ |
(9,530 |
) |
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$ |
(78,537 |
) |
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$ |
(40,209 |
) |
Net loss per share, basic and diluted |
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$ |
(1.25 |
) |
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$ |
(0.78 |
) |
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$ |
(5.90 |
) |
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$ |
(3.68 |
) |
Weighted average number of common shares outstanding, basic and diluted |
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16,482,734 |
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12,179,482 |
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13,317,116 |
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10,915,413 |
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Comprehensive loss: |
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Net loss |
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$ |
(20,555 |
) |
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$ |
(9,530 |
) |
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$ |
(78,537 |
) |
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$ |
(40,209 |
) |
Other comprehensive income (loss): |
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||||
Change in unrealized (loss) gain on marketable debt securities |
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(50 |
) |
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(172 |
) |
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(88 |
) |
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36 |
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Total other comprehensive (loss) income |
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(50 |
) |
|
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(172 |
) |
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(88 |
) |
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36 |
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Total comprehensive loss |
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$ |
(20,605 |
) |
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$ |
(9,702 |
) |
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$ |
(78,625 |
) |
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$ |
(40,173 |
) |
Corbus Pharmaceuticals Holdings, Inc.
Consolidated Balance Sheets
(in thousands, except share and per share amounts)
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December 31, 2025 |
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December 31, 2024 |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
28,492 |
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$ |
17,198 |
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Investments |
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134,777 |
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131,864 |
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Restricted cash |
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670 |
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285 |
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Prepaid expenses and other current assets |
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3,015 |
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3,629 |
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Total current assets |
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166,954 |
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152,976 |
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Restricted cash |
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— |
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385 |
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Property and equipment, net |
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159 |
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385 |
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Operating lease right-of-use assets |
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1,082 |
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2,133 |
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Total assets |
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$ |
168,195 |
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$ |
155,879 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
2,215 |
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$ |
4,786 |
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Accrued expenses |
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16,844 |
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5,426 |
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Operating lease liabilities, current |
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1,633 |
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1,606 |
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Total current liabilities |
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20,692 |
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|
11,818 |
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Operating lease liabilities, noncurrent |
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— |
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1,633 |
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Total liabilities |
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20,692 |
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|
|
13,451 |
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Stockholders’ equity: |
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||
Preferred stock, $0.0001 par value; 10,000,000 shares authorized, no shares issued and outstanding at December 31, 2025 and December 31, 2024 |
|
|
— |
|
|
|
— |
|
Common stock, $0.0001 par value; 300,000,000 shares authorized, |
|
|
2 |
|
|
|
1 |
|
Additional paid-in capital |
|
|
702,984 |
|
|
|
619,285 |
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Accumulated deficit |
|
|
(555,430 |
) |
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|
(476,893 |
) |
Accumulated other comprehensive (loss) gain |
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|
(53 |
) |
|
|
35 |
|
Total stockholders’ equity |
|
|
147,503 |
|
|
|
142,428 |
|
Total liabilities and stockholders’ equity |
|
$ |
168,195 |
|
|
$ |
155,879 |
|
Connecting Innovation to Purpose Corporate Presentation March 9, 2026 Exhibit 99.2
This presentation contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and Private Securities Litigation Reform Act, as amended, including those relating to the Company’s trial results, product development, clinical and regulatory timelines, market opportunity, competitive position, possible or assumed future results of operations, business strategies, potential growth opportunities, including timing or completion of trials and presentation of data 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. 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,” “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, on 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. Prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this presentation. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. This presentation includes limited observations derived from separate clinical settings that are not, and should not be interpreted as, direct or indirect head‑to‑head comparisons of CRB‑701, CRB‑913 or CRB-601 with any other product. The observations described herein are subject to change as additional data become available, and future clinical trials of CRB‑701, CRB‑913 or CRB-601 may not reproduce, validate, or otherwise confirm these observations. 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. Forward-Looking Statements
Our Focus and Purpose We are advancing novel oncology and obesity drugs with markedly differentiated profiles to unlock the potential of well-validated targets and address critical unmet needs.
Key clinical readouts expected in 2026 $163M Cash, cash equivalents and investments as of December 31, 2025, and approximately 17.6M common shares issued and outstanding (~20.5M fully diluted shares) 12-week dose-range finding data in patients with obesity (n=240) in summer 2026 CRB-913 Longer-term data in HNSCC & cervical in mid-2026 CRB-701
Therapy Disease Indication Sponsor Pre-Clinical Phase 1 Phase 2 Phase 3 Milestones Next-Generation Nectin-4 targeting ADC CRB-701 Nectin-4 positive solid tumors CSPC (China) Phase 3 in cervical cancer Corbus (US + Europe) Dose optimization in HNSCC, cervical & mUC Highly Peripherally-Restricted CB1 receptor inverse agonist CRB-913 Obesity and related conditions Corbus 12-week dose-range study in obesity (n=240) in summer 2026 A diversified pipeline with differentiated clinical profiles and market opportunities FDA Fast Track Designation granted HNSCC and Cervical
CRB-701 Next-Generation Nectin-4 Targeting ADC
CRB-701: Re-imagining a Nectin-4 ADC Extend ADC half-life Reduce dosing frequency Convenience Lower DAR + longer half-life Dose higher + longer than PADCEV® Efficacy Markedly reduced PADCEV®-associated toxicities Safety Focus on non-mUC tumors Avoid competing with PADCEV® Strategy Summary
Head & Neck Squamous Cell Carcinoma Cervical Cancer mUC 5-Year Survival Not pursuing as a stand-alone company U.S. Incident Patient Population Funnel 2025 Current Treatment Emerging indications of interest: HNSCC + cervical cancer Source: SEER Bladder Cancer; Census.gov; Weir et al., 2021; American Cancer Society; Chu et al., 2022; Hoffman-Censits et al., 2022. SEER Cervical Cancer; Census.gov; Weir et al., 2021; American Cancer Society; Mizuho Analyst Report; Corbus Corporate Deck. SEER Oral Cavity & Pharynx Cancer; SEER Laryngeal Cancer; American Cancer Society; Sanders et al., 2022. LifeSci Consulting Qualitative Market Research Localized Regional Distant 86% 66% 37% ~68% locally adv / metastatic ~80% 1L-treated ~60% progress to 2L+ ~55% locally adv / metastatic ~95% 1L-treated ~37% progress to 2L+ Localized Regional Distant 88% 70% 39% Prevalence 1L Carbo + Paclitaxel + Beva +/- Keytruda® Keytruda® + Platinum + Paclitaxel 2L Tivdak® Single-Agent Chemo Single-Agent or Combo Chemotherapy Keytruda® + Platinum + 5-FU
CRB-701: Proprietary components novel design MMAE = Monomethyl auristatin E. ADCC = antibody-dependent cellular cytotoxicity. CDC = complement dependent cytotoxicity Source(s): Modified image from Corbus data on file; Corbus data on file Novel Nectin-4 Antibody ADCC + CDC functionality Glutamine Focused Side chain conjugation Payload: MMAE Microtubule disruption Cathepsin-B Cleavage Site An Improved ADC Construct Precise & stable DAR of 2 —> Longer half life Improved binding affinity & selectivity —> 2x rate of internalization vs. PADCEV® Improved linker stability —> Reduced free MMAE Structure
Best responses seen in tumors with highest Nectin-4 expression - mUC, cervical & HNSCC1 Source(s): 1. Corbus data on file; 2. AACR 2023 Poster CRB-701 demonstrates better efficacy than EV in patient-derived tumor model expressing low levels of Nectin-42 Elevated Nectin-4 expression: urothelial, cervical, head and neck, breast, ovarian, colorectal, rectal, esophageal, gastric, lung, thyroid, prostate, cholangiocarcinoma, pancreatic cancer, testicular cancer Other highly expressing tumors BLCA=Bladder Cancer (urothelial) CESC=Cervical Cancer (squamous) HNSC = Head and neck Cancer (Squamous) Mean Tumor Volume ± SEM CRB-701 PADCEV® 74.5% p<0.05 53.7% p=0.70 Nectin-4
Company 21-day PK Comparison % ADC % Free MMAE Cmax AUC0-21d Cmax AUC0-21d PADCEV® 1.24 mg/kg Q1W x 3 PADCEV® Benchmark 100% 100% 100% 100% 2.7 mg/kg Q3W Matched for MMAE dose (DAR) 183% 274% 35% 38% 3.6 mg/kg Q3W 2.9-fold PADCEV® ADC Dose 228% 361% 59% 62% Key differentiator: Lower levels of free MMAE for CRB-701 vs. PADCEV® Source(s): PADCEV® reference data from BLA761137 17 December 2019 Corbus data: ESMO 01 Sep 2025 Data cut PK
CRB-701: Best-in-class dosing regimen Source(s): Corbus data on file; PADCEV® Prescribing Information as of Dec 2023 CRB-701 Clinical Cycle Comparison Patient / Physician Convenience Combination Flexibility Dosing
CRB-701: Corbus study design (U.S. + Europe) 1.8 mg/kg 2.7 mg/kg 3.6 mg/kg 4.5 mg/kg Completed Dose expansion (Data maturation for pivotal trial planning) Dose escalation Project Optimus (Dose optimization) Randomized to 2.7 or 3.6 mg/kg monotherapy in: HNSCC Cervical mUC CRB-701 + Keytruda® Ongoing Completed Ongoing HNSCC Cervical Study design
ESMO 2025: Key characteristics & tumor types Source(s): ESMO 01 Sep 2025 Data cut Baseline characteristic (as of 9/1/25 data cut) Median age (range) 60 (32-90) Sex (M/F) 50.3% / 49.7% ECOG PS 0, 1, 2 43.1% , 55.1% , 1.8% Weight in kg mean (range) 72 (32.1-132.8) Prior therapies median (range) 3 (1-9) Safety Population n=167 Safety Population dosed with monotherapy CRB-701 n=163 Efficacy evaluable population (participants with at least 1 post-baseline scans) HNSCC Cervical La/mUC Other tumor types n=122 n=41 n=37 n=23 n=21 Enrolled tumor types (n=167) HNSCC 60 Cervical 54 Locally advanced/ mUC 27 NSCLC 7 TNBC 1 Endometrial 3 Prostate 1 Penile 2 Ovarian 4 Pancreatic 7 Missing 1 ECOG = Eastern Cooperative Oncology Group Performance Status; HNSCC = Head and Neck Squamous Cell Carcinoma; La/mUC = locally advance or metastatic urothelial cancer; NSCLC = Non-small cell lung cancer, TNBC=Triple negative breast canceer Baseline
ESMO 2025: TEAEs ≥15% (n=167) Sources: ESMO 01 Sep 2025 Data cut Adverse Events of Interest N=167 (%) Peripheral neuropathy Broad Terms* 8.4% Eye Overall 56.9% Grade 3 9% Grade 4 & 5 0 Skin Pruritus 14.4% Dry skin 10.2% Rash 9.0% Rash maculo-papular 4.8% Dermatitis acneiform 3.6% Erythema 1.8% Dermatitis bullous 1.2% Rash pustular 1.2% Rash erythematous 0.6% Rash macular 0.6% Rash pruritic 0.6% Skin disorder 0.6% Skin reaction 0.6% Skin ulcer 0.6% No related Grade 4 or 5 *Standardized MedDRA Category Search Safety
ESMO 2025: Favorable emerging safety profile vs. Nectin-4-MMAE peers Source(s): 1. NDA/BLA Multidisciplinary Review and Evaluation BLA 761137 PADCEV® (enfortumab vedotin) 2. Torras, O. Reig, et al. "652P BT8009 monotherapy in enfortumab vedotin (EV)-naïve patients with metastatic urothelial carcinoma (mUC): Updated results of Duravelo-1."Annals of Oncology 35 (2024): S515-S516. 3. ASCO 2024, Zhang, et al. 4. SGO plenary March 2024, Yang et al. 5. ESMO 01 Sep 2025 Data cut *Rash (Broad terms): Skin and subcutaneous tissue disorders SOC, excluding alopecia PADCEV® 1 BT80092 9MW-28213,4 CRB-7015 Upper dose limit 1.25 mg/kg 5 mg/m2 1.25 mg/kg 2.7mg/kg 3.6mg/kg Schedule D1, D8, D15 /28 days Q1W D1, D8, D15 /28 days Q3W ≥ Grade 3 AE rate 62.5% (n=237/379) 53% (n=24/45) 70% 35.7% (n=25/70) 35.5% (n=27/76) Peripheral neuropathy (broad terms) 48% (n=182/379) 36% (n=16/45) 22.5% (n=54/240) 8.6% (6/70) 6.6% (5/76) Rash (broad terms*) 50.7% (n=192/379) 18% (n=8/45) 30% (n=72/240) 32.9% (n=23/70) 23.7% (n=18/76) Neutropenia (Gr 3) 10% (31/310) 4% (n=2/45) 27.9% (n=67/240) 0% 0% Dose reduction 27.7% (n=105/379) 27% (n=12/45) Not released 10% (7/70) 19.7% (15/76) Dose interruptions 55.9% (n=212/379) 53% (n=24/45) Not released 38.6% (27/70) 51.3% (39/76) Discontinuations 20.6% (78/379) 4% (n=2/45) Not released 5.7% (4/70) 7.9% (6/76) Safety
Safety Summary *Standardized MedDRA Category Search; **decubitus ulcer, general rash, Bullous dermatitis Safety 28.7% ( excluding alopecia) Low numbers of Grade ≥3 events (3/167**) Discontinuations due to eye toxicities have been low (4.2%) Best-in-class for peripheral neuropathy 8.4% (all grade 1 or 2)* Low rates of skin adverse events Eye toxicities have been manageable with prophylaxis and dose modifications
ESMO 2025: HNSCC baseline characteristics vs. peers Source(s): * ESMO 01 Sep 2025 Data cut; **ESMO ASIA data Dec 2024; *** Swiecicki et al, 2024 Baseline characteristic CRB-701* Petosemtamab** HNSCC PADCEV®*** Median age (range) 62 (35-76) 60 (31–77) 65 (33-81) Sex (M/F) 90% / 10% 79% / 21% 87% / 13% ECOG PS 0, 1, 2 48.3%, 50%, 1.7% 30%, 70%, 0% 34.8%, 65.2%, 0% Prior lines median (range) 3 (1-9) 2 (1-4) 1 line 15.2% 2 lines 17.4% ≥3 lines 67.4% HPV/P16 Status (Positive/Negative/Missing) 28.3% / 15.0% / 56.7% 46% / 46% / 8% 43.5% / 13% / 43.5% Disease status at Study Entry (Locally Recurrent/Metastatic) 15% / 85% Not disclosed Not disclosed Nectin-4 H-Score (Range) 13-285 N/A 20-300 PD-L1 Criteria Agnostic PD1(L1)-1 Positive Agnostic HNSCC
ESMO 2025: HNSCC waterfall plot (n=41) Source: ESMO 01 Sep 2025 Data cut, ,Note: NE = Non-Evaluable. 2.7 mg/kg 3.6 mg/kg ORR 33.3% (4/12) 47.6% (10/21) DCR 75% 61.9% Response confirmation All confirmed 7 confirmed 3 unconfirmed: 1 discontinued and 2 ongoing ORR% = ( CR+PR) / Response evaluable patients DCR% = (CR+PR+SD) /Response evaluable patients 8 patients on Waterfall plot excluded from ORR & DCR calculations 4 non-evaluable patients 1 patient received combination of CRB-701 and pembrolizumab (+24% PD) 3 patients dosed at 1.8mg/kg * HNSCC
ESMO 2025: HNSCC swimmer plots (n=58) Source(s): ESMO 01 Sep 2025, *based on confirmed overall response PFS and DOR: too early to assess HNSCC HNSCC
Case Study #1: Clinical improvement in participant with resistant disease (HPV+) Source(s): Corbus Data on file As of 22 Sep 2025 – Participant is ongoing with a PR and tumor reduction of -73% with negative NavDx ctDNA. Remaining disease is PET negative/cold – being considered as a clinical (not formal) CR. Prior therapies Carboplatin+docetaxel+5FU 3 weeks (PD) then Cisplatin 4 weeks (PD) then pembrolizumab 6 weeks (PD) then experimental bispecific antibody (PD) 61-year-old male patient with HNSCC PD-L1 <1 recently had 1 year tumor assessment images. He was previously suffering with significantly reduced performance status (ECOG 2) and on supplemental oxygen, now riding his bicycle, off oxygen and has gained 15 pounds with an ECOG of 0. – USA Study Physician HNSCC
Source: Corbus data on file Case Study #2: Response seen in patient pre-treated with petosemtamab (HPV+) Patient had a partial response (after previously showing stable disease while on petosemtamab) Patient was heavily pre-treated with 4 lines of prior therapy HNSCC Adjuvant 1st line (completed) Cisplatin Locally advanced (completed) Local advanced (progressed) pembrolizumab Locally advanced (progressed) petosemtamab Metastatic (ongoing treatment) CRB-701 PR (-60.8% ) ongoing Cisplatin paclitaxel pembrolizumab
CRB-701 compared to petosemtamab or PADCEV® in 2L HNSCC Source(s): *ESMO 01 Sep 2025 Data cut; ** Swiecicki et al, 2024; ***ESMO ASIA data Dec 2024. Petosemtamab*** HNSCC PADCEV®** CRB-701* Dosing regimen 1500mg Q2W 1.25mg/kg on d1/8/15 of 28-day 3.6mg/kg Q3W Target population PD(L)-1 +ve only (HPV+/-) PD(L)-1 agnostic (HPV+/-) PD(L)-1 agnostic (HPV+/-) Efficacy (ORR) 36% 23.9% 47.6% TEAEs Grade 3 & greater 59% 34.8% 35.5% HPV+ 13% Unknown Mid-2026 HPV- 42% Unknown Mid-2026 HNSCC
CRB-701 HNSCC: Next steps planned HNSCC Convenience kit components Phase 1/2 monotherapy data FDA update - registrational study protocol Generate CRB-701 + Keytruda® 1L data Q1 2026 Mid-2026 Q4 2026
Cervical cancer Acute unmet need in 2L in poorly addressed market
14,0001 Annual new cases in U.S. 4,000 annual deaths Numbers rising2 Immigration of unvaccinated adult women Socio-economics and vaccine hesitancy 39%3 Girls ages 13-15 remain unvaccinated for HPV (2022 NIH data) $1.8bn4 U.S. market for cervical cancer treatment Cervical Cancer: Commercial Opportunity for CRB-701 https://www.cancer.org/cancer/types/cervical-cancer/about/key-statistics.html Study reveals why cervical cancer screening rates are declining, which populations are most affected - UTHealth Houston School of Public Health HPV Vaccination | Cancer Trends Progress Report GlobalData Report-Cervical Cancer Global Drug and Market Analysis to 2030 Cervical Cancer
Few options for 2L cervical cancer 1L Carbo + Paclitaxel +/- Beva +/- Pembrolizumab 2L Tisotumab vedotin Single-Agent Chemo 2021 Accelerated approval 2024 Full approval Cervical Cancer
Adverse event Rate* Ocular (Black Box) 55% (all grades) Peripheral neuropathy 39% (all grades) Bleeding 51% (all grades) Rash 17% (all grades) Tivdak® is associated with challenging tolerability profile * Per FDA Prescription Label Cervical Cancer
USA numbers Value R/M patients receiving 2L treatment 38%* Tivdak® usage among 2L 1 in 5* Annual price (WAC) $466,208** Annualized sales (global) $328mm*** Tivdak® demonstrates a commercial potential that could be markedly improved *Leath et al. 2023, **MERCI Feb 2025 *** Tivdak sales 9 months for ended September 30, 2025= $246mm-(Pfizer$115mm+ Genmab-$131mm) Cervical Cancer
Post-1L therapy represents unmet need with few available therapeutic options Side effect profile + poor efficacy are limitations on Tivdak® commercial success FDA has granted CRB-701 Fast Track status in cervical cancer Potential use of CRB-701 in cervical cancer Source: * Per FDA Prescription Label Tivdak® Modest efficacy (ORR 17.8%) and poor tolerability 2L+ Cervical Cancer
CRB-701 ESMO 2025: Waterfall plot (n=37) Source: ESMO 01 Sep 2025 Data cut Note: NE =Non-evaluable ORR %=( CR+PR)/ Response evaluable patients DCR % = (CR+PR+SD) /Response evaluable patients 2.7 mg/kg 3.6 mg/kg ORR 22.2% (4/18) 37.5% (6/16) DCR 66.6% 68.8% Response confirmation 2 confirmed 2 unconfirmed and ongoing 3 confirmed 3 unconfirmed: 1 discontinued and 2 ongoing 3 patients excluded from ORR and DCR Calculations 2 non-evaluable patients 1 patient dosed at 1.8mg/kg Cervical Cancer
CRB-701 ESMO 2025: Swimmer plots (n=54) Source(s): ESMO 01 Sep 2025 Data cut, based on confirmed overall response PFS and DOR: too early to assess Cervical Cancer
CRB-701 potential to displace current standard of care in 2L Sources: ESMO 01 Sep 2025 Data cut *Tivdak® Package Insert CRB-701 Tivdak® N=253* IC Chemo 2L+ N=249* Mechanism Nectin-4 ADC with MMAE payload (DAR 2) Tissue factor ADC with MMAE payload (DAR 4) Anti-metabolite, cytoskeleton disruption, topoi inhibition etc. Target population 2L 2L 2L Dosing regimen 3.6 mg/kg Q3W 2 mg/kg Q3W various Efficacy (ORR) 37.5% 17.8% 5.2% PFS Q2 2026 update 4.2 months 2.9 months OS TBD 11.5 months 9.5 months TEAEs Grade 3 & greater 35.5% (n=76) 29.2% 45.2% Cervical Cancer
CRB-701 cervical cancer: Next steps planned Cervical Cancer Convenience kit components Phase 1/2 monotherapy data FDA update - registrational study protocol Q1 2026 Mid-2026
mUC
ESMO 2025: Waterfall plot (n=23) Source: ESMO 01 Sep 2025 Data cut Note: NE = Non-Evaluable ORR% = ( CR+PR) / Response evaluable patients DCR% = (CR+PR+SD)/ Response evaluable patients 2.7 mg/kg 3.6 mg/kg ORR 50.0% (4/8) 55.6% (5/9) DCR 75.0% 88.9% Response confirmation 2 confirmed 2 unconfirmed and ongoing 3 confirmed 2 unconfirmed: 1 discontinued and 1 ongoing 6 patients on Waterfall plot excluded from the ORR and DCR calculation 1 patient with a tumor reduction of -60.7% (PR) excluded due to missing data 2 non-evaluable patients 3 patients dosed at 1.8mg/kg Bladder Cancer
ESMO 2025 Swimmer plots (n=27) Source(s): ESMO 01 Sep 2025 Data cut, based on confirmed overall response PFS and DOR: too early to assess Bladder Cancer
ESMO 2025: CRB-701 compared to PADCEV® monotherapy Sources: *ESMO 01 Sep 2025 Data cut **PADCEV® data ***All grade 3, no Grade 4/5: 1 x rash, 1 x decubitus ulcer, 1 x dermatitis bullous CRB-701* PADCEV®** Mechanism Nectin-4 ADC with MMAE payload (DAR 2) Nectin-4 ADC with MMAE payload (DAR ~3.8) Dosing regimen 3.6mg/kg Q3W 1.25mg/kg on d1/8/15 of 28-day cycle Target population 2nd line 2nd line Efficacy-ORR 55.6% 44% Pooled safety database n=76 n=310 (1.25mg/kg dose) Grade 3 or greater AE rate 35.5% 58% Peripheral neuropathy 6.6% 49% Rash & skin reactions (broad terms) 29.3% (2.4% Grade 3***) 54% (7% Grade 3) Discontinuation rates 7.9% 19.4% Bladder Cancer
Decision based on current competitive landscape rather than data Keytruda® + PADCEV® dominate mUC 1L and PADCEV® dominates mUC 2L Corbus not currently pursuing mUC as indication as a stand-alone company * 1L Keytruda® + PADCEV® Efficacy: (ORR 67.7%*) PADCEV**® Efficacy (ORR 44%) 2L+ Bladder Cancer Sources: *Per PADCEV ® prescription label EV-302 trial **PADCEV® data
CRB-913 Daily oral small molecule targeting chronic obesity management Data from Phase 1a SAD/MAD study
What are the emerging unmet needs in the obesity landscape? 64% GLP-1 discontinuation @ 1 year for obesity patients* Source: *Cartwright et al 2025, **AP Nov 2024
CRB-913's opportunity to reshape the obesity treatment paradigm Alternatives to GLP-1 for resistant/intolerant/partial-responders Lifelong weight maintenance using daily pill post weight loss Avoiding sarcopenia
MOA Company Function Monotherapy weight loss? CB1 inverse agonism Corbus, Novo Appetite suppression, weight loss & muscle sparring Yes Pan-agonist bitter taste receptor Ardvark Appetite suppression No INHBE siRNA Wave, Arrowhead Fat reduction + muscle buildup No CB1 inverse agonism is a new non-incretin MOA that leads to weight loss
CB1 is a well-understood receptor in metabolism Source(s): Targeting the endocannabinoid system in diabesity: Fact or fiction?, Drug Discovery Today, Deeba et al. Mar 2021. >9K papers in PubMed on CB1 and metabolism
CRB-913 is a highly peripherally restricted inverse agonist Sources: *Corbus murine data **Corbus PK modeling CRB-913 1/50th Brain:plasma ratio CRB-913 vs. Rimonabant* 1/15th Brain level CRB-913 vs. Monlunabant* 30%⇧ Increase in peripheral levels in humans vs. Monlunabant** Monlunabant Rimonabant Otenabant Ibipinabant Taranabant
CRB-913 SAD/MAD study (Phase 1 unit in USA, total n=112) 9 mg 25 mg 75 mg 150 mg 300 mg 600 mg 150 mg participants with obesity 7-Day Multiple Ascending Dose (MAD) (n=48) Single Ascending Dose (SAD) (n=64) # Per Cohort Placebo: 2 CRB-913: 6 # Per Cohort Placebo: 3 CRB-913: 9 25 mg 75 mg 150 mg 150 mg participants with obesity Context: Rimonabant efficacious dose: 20 mg QD Monlunabant efficacious dose: 10 mg QD 150 mg fed
150 mg/day OD for 7 days of dosing + additional 7 days observation = 14 days in-clinic Emerging weight loss with CRB-913 in participants with obesity (150 mg MAD cohort) 2.9% average placebo-adjusted weight loss @ day 14 Participants reported reductions in food-related thoughts and cravings Note: Baseline is defined as the last available measurement taken prior to the first dose of study drug. Percent change in body weight is defined as body weight at Day 14 minus body weight at baseline divided by body weight at baseline multiplied by 100.
Weight loss with CRB-913 starts early and deepens Body Weight Change (%) Note: Baseline is defined as the last available measurement taken prior to the first dose of study drug. Percent change in body weight is defined as body weight at the given day minus body weight at baseline divided by body weight at baseline multiplied by 100. Obese cohort (average BMI 36) daily mean weight
Signals of weight loss in all-comer participants in MAD cohorts at lower doses Average BMI of 28 lower potential for weight loss Note: Baseline is defined as the last available measurement taken prior to the first dose of study drug. Percent change in body weight is defined as body weight at Day 14 minus body weight at baseline divided by body weight at baseline multiplied by 100. Important: Weight loss for 75 mg QD similar to 150 mg QD Placebo-adjusted weight loss 0% 2.0% 1.5% BMI range 23.5 to 31.4 22.3 to 31.8 24.4 to 31.3
Emerging data CRB-913 vs. orfoglipron MAD: deeper and faster weight loss? Source: All comparator data points are approximated and based on extracted figures reported from Pratt et al 2023 and Corbus data. Data is derived from cross-trial comparison. 2mg 6mg 16mg 24mg 150 mg CRB-913 Placebo-adjusted weight loss cross-trial comparison for MAD studies
CRB-913 vs. orfoglipron MAD data: differentiated emerging safety Adverse event CRB-913* Orfoglipron** GI tolerability Nausea None 12%-22% Constipation None 11%-23% Vomiting None 0%-18% Neuropsych CSSRS Negative Negative PHQ-9 Negative Negative GAD-7 Negative Negative * CRB-913 SAD/MAD data **Pratt et al 2023, Data is derived from cross-trial comparison.
Drug Company placebo adjusted WL (%) Type CRB-913 (150 mg) -2.9% small molecule Orforglipron (2 mg) -1.4% small molecule Aleniglipron (5 mg) -1.3% small molecule Elecoglipron (50 mg) 0% small molecule Semaglutide (40 mg) -0.7% oral peptide VK2735 (30 mg) -1.8% oral peptide Contextualizing weight loss in 2 weeks across oral MAD obesity clinical data sets Source: All comparator data points are approximated and based on extracted figures reported from Pratt et al 2023, ACCESS Phase 2b, Haggag et al 2024,, Davies et all 2017, Viking and Corbus data. Data is derived from cross-trial comparisons.
Potential clinical usage and supportive clinical or pre-clinical data (1 of 3) CRB-913 monotherapy therapy for incretin insensitive / intolerant / high-risk patients 1 Insensitive patients: only hope is non-incretin MOA Intolerant patients : CRB-913 has markedly mild GI tox High risk patients (sarcopenia): CB1 inverse agonism not associated with sarcopenia
Potential clinical usage and supportive clinical or pre-clinical data (2 of 3) Combination with oral incretin agonists potentially enhances efficacy OR improve tolerability 2
Potential clinical usage and supportive clinical or pre-clinical data (3 of 3) “Induction/maintenance” model: goal to potentially maintain weight loss post incretin analog therapy 3
Source: Morningstar et al-Obesity Week 2024 Weight loss from CRB-913 driven by further fat loss following semaglutide in DIO mouse model SemaSema SemaCRB-913 At day 41 (end of study period) Sema Sema Sema CRB-913 Difference Weight loss (%) -13.6 -17.1 ↑25% Fat change from baseline -3.65% -8.65% ↑x2.3 Vehicle
What could the addressable market opportunity look like for CRB-913? Induction by incretin analogs maintenance by CRB-913 And/Or Combo-therapy for additional weight loss Orthogonal MOA CRB-913 in line with previous CB1 oral drugs mild GI AEs Source: *Cartwright et al 2025, **AP Nov 2024 % Patients on incretin treatment (Real world data)
Initiated: Phase 1b study CRB-913 phase 1b (CANYON-1) Monlunabant phase 2a Subjects with obesity 240 240 Location USA Canada Cohorts (all QD) Placebo, 20, 40 and 60 mg Placebo, 10, 20 and 50 mg Titration Yes No Exclude PHQ-9 > 4 at baseline Yes No Completion summer 2026 20 mg QD 20 mg QD Matching Placebo QD 12-Week Treatment Phase (CRB-913 or Placebo QD) Randomization 1:1:1:1 N=240 (60 per arm) 4-week safety follow-up 40 mg QD 20 mg QD 40 mg QD 60 mg QD
What did we learn from the CRB-913 SAD/MAD data? CRB-913 elicits weight loss that starts early and deepens Weight loss is not driven by GI AEs Weight loss is associated with restriction to the periphery High peripheral restriction favorable safety + tolerability
Leadership Upcoming Catalysts
Management team Yuval Cohen, PhD Chief Executive Officer, Director Sean Moran, CPA, MBA Chief Financial Officer Dominic Smethurst Chief Medical Officer, MA MRCP Ian Hodgson, PhD Chief Operating Officer Christina Bertsch, M.A. Head of Human Resources Corbus co-founder and Chief Executive Officer since 2014. Previously the President and co-founder of Celsus Therapeutics from 2005. Corbus co-founder and Chief Financial Officer since 2014. Prior senior financial management experience in emerging biotech and medical device companies. Dr. Smethurst, MA MRCP, joined Corbus as our Chief Medical Officer in February 2024. He most recently served as CMO of Bicycle Therapeutics. Dr. Hodgson joined Corbus in 2022. Previously he held senior leadership positions in biotech and contract research organizations. Most recently served as V.P., Head of Clinical Services at TMC Pharma. Accomplished senior human resource executive providing strategic HR consulting services to both large and small businesses across a variety of industries.
Board of Directors Winston Kung, MBA Director More than 20 years of senior financial, business development and investment banking experience; currently CFO of ArriVent. (NASDAQ: AVBP) Yuval Cohen, PhD Chief Executive Officer, Director Corbus co-founder and Chief Executive Officer since 2014. Previously the President and co-founder of Celsus Therapeutics from 2005. Anne Altmeyer, PhD, MBA, MPH Director Greater than 25 years of experience advancing oncology R&D programs and leading impactful corporate development transactions; former CEO of TigaTx (acquired by Epsilogen Ltd) Yong (Ben) Ben, MD, MBA Director 25 years of oncology R&D experience across industry and academia. CMO of BridgeBio Oncology Therapeutics and former CMO of BeiGene. John K. Jenkins, MD Director Distinguished 25-year career serving at the U.S. FDA, including 15 years of senior leadership in CDER and OND. Rachelle Jacques Chair of the Board More than 30-year professional career, experience in U.S. and global biopharmaceutical commercial leadership, including multiple high-profile product launches in rare diseases; CEO of Vasque Bio and former CEO of Enzyvant Therapeutics (now Sumitomo Pharma) and Akari Therapeutics (NASDAQ: AKTX)
Upcoming anticipated corporate milestones CRB-701 CRB-913 FDA update - registrational study protocol Phase 1/2 monotherapy data Generate CRB-701 +Keytruda® 1L data Complete Ph1 SAD/MAD Start Ph1B study Complete Phase 1B dose ranging study Q1 2026 Mid-2026 Q4 2026 Q4 2025 Q4 2025 Summer 2026
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Filing Exhibits & Attachments
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