Corbus Pharmaceuticals Holdings, Inc.(CRBP), a leading biopharmaceutical company focused on innovative therapies for inflammatory and fibrotic diseases, has released its unaudited condensed consolidated financial statements for the second quarter of 2023. The company reported a net loss of $8.78 million for the quarter, accompanied by revenue totaling $8.19 million. The financial statements provide insights into the company's performance, including its assets, liabilities, stockholders' equity, and key operating expenses.
Condensed Consolidated Balance Sheets
As of June 30, 2023, Corbus Pharmaceuticals' total assets amounted to $43.72 million, a decrease from $66.31 million reported as of December 31, 2022. The company's current assets stood at $38.27 million, primarily composed of cash and cash equivalents, investments, and prepaid expenses. On the other hand, the company's liabilities amounted to $34.20 million, with current liabilities accounting for $16.39 million and long-term liabilities contributing $17.81 million.
Condensed Consolidated Statements of Operations and Comprehensive Loss
During the three months ended June 30, 2023, Corbus Pharmaceuticals incurred operating expenses of $8.19 million. This figure comprises research and development costs of $4.25 million and general and administrative expenses of $3.94 million. Additionally, the company experienced a net loss of $8.78 million for the quarter, resulting in a loss per share of $2.05.
For the six months ended June 30, 2023, Corbus Pharmaceuticals witnessed changes in its stockholders' equity. The company's common stock increased to $442, while the additional paid-in capital reached $428.15 million. The accumulated deficit amounted to -$418.61 million, reflecting the company's ongoing investments in research and development efforts. Furthermore, the accumulated other comprehensive loss decreased to -$23,788, contributing to the overall equity.
In the first half of 2023, Corbus Pharmaceuticals reported a net cash usage of $22.92 million in its operating activities. The company invested $23.93 million in purchasing investments while receiving $38.29 million from sales and maturities of investments. On the financing front, the company reported a net cash outflow of $95,322, which included the repayment of short-term borrowings. The company ended the period with cash, cash equivalents, and restricted cash totaling $9.02 million.
Corbus Pharmaceuticals' second-quarter financial performance highlights its continued commitment to advancing research and development efforts, even as it faces challenges in its path to innovation. With a focus on addressing inflammatory and fibrotic diseases, the company remains dedicated to driving breakthrough therapies that could potentially transform patients' lives.