Corbus Pharmaceuticals Reports Q2 2023 Net Loss of $8.78 Million

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