Corbus Pharmaceuticals — Q3 2026 Earnings Summary

Financial Performance:

• Reported a net loss of approximately $37.8 million ($1.81 per share) for the three months ended September 30, 2026, compared to a net loss of $23.3 million ($1.90 per share) for the same period in 2025.
• Operating expenses increased by $14.4 million to $38.8 million in Q3 2026 from $24.4 million in Q3 2025, primarily driven by a $15.0 million development milestone payment under the CSPC licensing agreement.
• Research and development expenses were $34.2 million for Q3 2026 versus $20.9 million in Q3 2025; general and administrative expenses were $4.6 million versus $3.6 million.
• Total comprehensive loss for the nine months ended September 30, 2026, was $95.9 million, compared to $58.0 million in the prior year period.
• Cash, cash equivalents, and investments totaled $115.3 million as of September 30, 2026, expected to fund operations into 2028.
• Total assets decreased to $122.9 million at September 30, 2026, from $168.2 million at December 31, 2025; total liabilities increased to $38.1 million from $20.7 million.

Guidance and Future Outlook:

• Plans to report sutantatug envedotin plus Keytruda® combination data in first-line (1L) oropharyngeal cancer in Q1 2027 to support potential registration-enabling trials.
• Company plans to engage with the FDA regarding the development plan for CRB-913 and is evaluating potential combination therapy with GLP-1 therapy.
• Management anticipates presenting late-breaking CANYON-1 data at ObesityWeek® 2026 on November 15, 2026.

Business Segments and Product Lines:

• Sutantatug envedotin (CRB-701): Initiated dosing in the registrational TEMPO-1 Phase 3 study in September 2026 for 2L+ oropharyngeal cancer (OPSCC); the study is a randomized controlled trial of 250 patients comparing the drug to investigator's choice of capecitabine, cetuximab, or docetaxel.
• CRB-913: Reported topline data from the CANYON-1 Phase 1b obesity study showing a mean weight loss of 5% at 12 weeks at the 60 mg daily dose with no observed plateau; the study enrolled 254 obese, non-diabetic adults.
• CRB-913 demonstrated a favorable safety profile with fewer and milder gastrointestinal adverse events compared to published data on marketed oral GLP-1 drugs.
• Sutantatug envedotin holds Fast Track designations from the FDA for both oropharyngeal squamous cell carcinoma and cervical cancer.

Market and Competitive Landscape:

• Sutantatug envedotin targets a critical unmet need in HPV-driven, difficult-to-treat OPSCC patients previously treated with platinum-based and anti-PD1 therapy.
• CRB-913 is positioned as a potential new class of oral, non-incretin obesity medicines, offering a safe and tolerable alternative to oral GLP-1s.
• The company is licensed from CSPC Megalith Biopharmaceutical Co. Ltd.

Risks and Challenges:

• Forward-looking statements highlight risks including the possibility that TEMPO-1 may not achieve primary or secondary endpoints, that sutantatug envedotin may not receive FDA approval, and that clinical data may not be replicated in later-stage studies.
• Risks include the potential inability to obtain additional capital on acceptable terms or at all, and uncertainties regarding regulatory interactions and outcomes.
• Cross-trial comparisons regarding safety profiles may not be confirmed.

Management Commentary and Tone:

• CEO Yuval Cohen, Ph.D., stated that the commencement of the TEMPO-1 trial marks the company's transition to late-stage clinical development.
• Management expressed confidence that sutantatug envedotin has the potential to address critical unmet needs in OPSCC and that CRB-913 data demonstrates a viable therapeutic alternative to oral GLP-1s.
• The tone indicates a strategic shift toward late-stage development and validation of the obesity pipeline.

Other Key Points:

• Appointed Leonardo Viana Nicacio, M.D., as Chief Medical Officer in August 2026; he brings over 20 years of experience, including leadership roles at Seagen, AstraZeneca, and Sanofi.
• The TEMPO-1 study's primary endpoint for potential accelerated approval is objective response rate, with overall survival serving as the primary endpoint for potential conversion to full approval.
• The CANYON-1 study was a 16-week, double-blind, placebo-controlled, dose-ranging study where participants received CRB-913 at 20 mg, 40 mg, or 60 mg once daily.
• Weighted average common shares outstanding increased to 20.8 million in Q3 2026 from 12.3 million in Q3 2025.