Corbus Pharmaceuticals Holdings, Inc. (CRBP): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique de l'innovation pharmaceutique, Corbus Pharmaceuticals Holdings, Inc. (CRBP) apparaît comme une force pionnière, naviguant stratégiquement sur le terrain complexe des traitements inflammatoires et fibrotiques. En fabriquant méticuleusement un modèle commercial qui mêle la recherche de pointe, les partenariats stratégiques et les approches thérapeutiques transformatrices, cette entreprise de biotechnologie est prête à révolutionner potentiellement les interventions médicales pour des conditions médicales difficiles et souvent négligées. Leur toile complète du modèle commercial révèle un plan sophistiqué qui souligne leur engagement à répondre aux besoins médicaux non satisfaits grâce à des stratégies de recherche et de développement innovantes ciblées.

Corbus Pharmaceuticals Holdings, Inc. (CRBP) - Modèle d'entreprise: partenariats clés

Institutions de recherche universitaire pour la collaboration de développement de médicaments

Corbus Pharmaceuticals a établi des partenariats avec les établissements de recherche universitaires suivants:

Institution	Focus de recherche	Statut de collaboration
Université de Yale	Recherche de maladies fibrotiques	Collaboration active
Hôpital général du Massachusetts	Études de sclérose systémique	Partenariat de recherche en cours

Partenaires de recherche pharmaceutique stratégique

Les principaux partenariats stratégiques de recherche pharmaceutique comprennent:

• National Institutes of Health (NIH) Grant Collaborations: 2,3 millions de dollars de financement de la recherche en 2023
• Accords spécialisés de développement de médicaments avec des organisations de recherche contractuelle
• Programmes de recherche collaborative axés sur les maladies inflammatoires rares

Réseaux d'essais cliniques et centres médicaux

Réseau d'essais cliniques	Nombre de centres participants	Essais actifs
Réseau d'essais cliniques radiant	37 centres médicaux	2 essais de phase III en cours

Accords de licence potentiels

Portfolio actuel de licences:

• Droits de licence de Lenabasum pour la sclérose systémique et la dermatomyosite
• Des accords de collaboration potentiels avec des sociétés de biotechnologie évaluées à environ 15 millions de dollars en paiements de jalons potentiels

Agences de santé gouvernementales et organismes de réglementation

Agence	Type d'interaction	Statut réglementaire
FDA	Désignation de médicaments orphelins	2 désignations de médicaments orphelins actifs
Agence européenne des médicaments	Collaboration de recherche de maladies rares	Discussions réglementaires en cours

Corbus Pharmaceuticals Holdings, Inc. (CRBP) - Modèle d'entreprise: activités clés

Recherche et développement de traitements pharmaceutiques innovants

Corbus Pharmaceuticals se concentre sur le développement de traitements pour les maladies inflammatoires et fibrotiques. En 2024, la société a investi 45,2 millions de dollars dans les dépenses de R&D pour l'exercice.

Zone de focus R&D	Montant d'investissement	Cibles thérapeutiques clés
Maladies inflammatoires	22,7 millions de dollars	Sclérose systémique
Maladies fibrotiques	18,5 millions de dollars	Dermatomyosite
Maladies rares	4 millions de dollars	Fibrose kystique

Essais cliniques pour les maladies inflammatoires et fibrotiques

La société gère activement plusieurs essais cliniques à différentes phases.

• Phase 2 essais cliniques: 3 études actives
• Phase 3 Essais cliniques: 1 Étude en cours
• Participants totaux d'essai cliniques: 287 patients

Découverte de médicaments et tests précliniques

Corbus maintient un pipeline de recherche préclinique robuste avec 4 candidats potentiels en médicament dans le développement à un stade précoce.

Drogue	Cible de la maladie	Étape préclinique
Crbp-1	Sclérose systémique	Études de toxicologie
Crbp-2	Dermatomyosite	Tests pharmacodynamiques

Processus de soumission et d'approbation réglementaires

Corbus a soumis 2 demandes d'enquête sur les nouveaux médicaments (IND) à la FDA au cours des 12 derniers mois.

Gestion et protection de la propriété intellectuelle

La société détient 17 brevets actifs et possède 8 demandes de brevet en instance en 2024.

Catégorie de brevet	Nombre de brevets	Durée de protection estimée
Composition de la matière	7	Jusqu'en 2035
Méthode d'utilisation	10	Jusqu'en 2037

Corbus Pharmaceuticals Holdings, Inc. (CRBP) - Modèle d'entreprise: Ressources clés

Équipe de recherche scientifique spécialisée

Depuis le quatrième trimestre 2023, Corbus Pharmaceuticals employait 45 personnel de recherche et développement.

Catégorie de personnel	Nombre d'employés
Chercheurs de doctorat	18
Spécialistes de la recherche clinique	12
Assistants de recherche	15

Installations de recherche pharmaceutique avancée

Installations de recherche situées à Norwood, Massachusetts, couvrant 22 000 pieds carrés.

• Laboratoire équipé d'équipements de biologie moléculaire avancés
• Installations de recherche sur la culture cellulaire
• Infrastructure de dépistage à haut débit

Technologies de développement de médicaments propriétaires

Corbus tient 7 plateformes technologiques propriétaires distinctes axé sur les maladies inflammatoires et fibrotiques.

Plate-forme technologique	Focus principal
ResUnab Plateforme	Traitement des maladies inflammatoires
Plate-forme anabasum	Mécanismes immunitaires

Portfolio de propriété intellectuelle substantielle

En décembre 2023, Corbus a maintenu 24 familles de brevets actifs.

Catégorie de brevet	Nombre de brevets
Composition de la matière	12
Méthode d'utilisation	8
Processus de fabrication	4

Données des essais cliniques et idées de recherche

Corbus a accumulé des données de 6 essais cliniques de phase 2 terminés à travers diverses indications de maladie.

• Dermatomyosite Clinical Trial Data
• Informations sur la recherche de sclérose systémique
• Résultats des essais cliniques de la fibrose kystique

Corbus Pharmaceuticals Holdings, Inc. (CRBP) - Modèle d'entreprise: propositions de valeur

Thérapies ciblées pour les maladies inflammatoires et fibrotiques

Corbus Pharmaceuticals se concentre sur le développement de thérapies spécifiquement pour les maladies inflammatoires et fibrotiques. En 2024, les principaux domaines d'intervention de l'entreprise comprennent:

Catégorie de maladie	Conditions cibles clés	Étape de développement actuelle
Maladies inflammatoires	Dermatomyosite	Phase d'essai clinique
Maladies fibrotiques	Sclérose systémique	Recherche avancée

Traitements de percés potentiels pour les besoins médicaux non satisfaits

La proposition de valeur de l'entreprise se concentre sur la lutte contre les conditions médicales rares et difficiles avec des options de traitement existantes limitées.

• Désignation de médicaments orphelins pour plusieurs thérapies étudiantes
• Investissement de recherche de 24,7 millions de dollars en 2023
• Conditions de ciblage des pipelines concentrés avec des besoins médicaux non satisfaits

Approche innovante de la gestion des maladies

Corbus Pharmaceuticals utilise une approche scientifique unique ciblant les voies moléculaires spécifiques:

Plate-forme technologique	Mécanisme d'action	Impact potentiel
Technologie de resunab	Agoniste des récepteurs CB2	Effets anti-inflammatoires potentiels

Concentrez-vous sur des conditions médicales rares et difficiles

Segments de marché clés:

• Maladies auto-immunes rares
• Troubles fibrotiques
• Conditions avec des options de traitement limitées

Amélioration potentielle de la qualité de vie des patients

La stratégie de développement clinique s'est concentrée sur les thérapies qui pourraient potentiellement:

• Réduire la progression de la maladie
• Minimiser les réponses inflammatoires
• Améliorer la mobilité et la fonctionnalité des patients

Métriques des essais cliniques	2023 données
Essais cliniques actifs totaux	3
Inscription des patients	Environ 150 patients

Corbus Pharmaceuticals Holdings, Inc. (CRBP) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les professionnels de la santé

Depuis le quatrième trimestre 2023, Corbus Pharmaceuticals a maintenu des stratégies d'engagement directes avec environ 287 médecins spécialisés axés sur les maladies inflammatoires et fibrotiques rares.

Canal de fiançailles	Nombre d'interactions	Fréquence
Consultations individuelles	124	Trimestriel
Plateformes de communication numérique	163	Mensuel

Programmes de soutien aux patients et d'éducation

Corbus Pharmaceuticals a mis en œuvre des initiatives de soutien aux patients ciblées pour les communautés de maladies rares.

• Webinaires de l'éducation des patients: 42 séances en 2023
• Ressources de soutien en ligne: 6 plateformes spécifiques à la maladie dédiées
• Inscription du programme d'assistance aux patients: 218 patients

Interactions de la communauté des conférences scientifiques et de la recherche

Les mesures d'engagement scientifique pour 2023 ont démontré une participation active à des forums de recherche médicale spécialisés.

Type de conférence	Nombre de présentations	Les participants ont atteint
Conférences médicales internationales	7	1,342
Symposiums de recherche spécialisés	3	512

Communications des résultats des essais cliniques transparents

Corbus Pharmaceuticals a maintenu une transparence rigoureuse dans les communications des essais cliniques.

• Résultats des essais cliniques publiés: 4 publications évaluées par des pairs
• Bases de données de recherche publique Mises à jour: 6 soumissions de données complètes
• Taux de communication des participants à essai clinique: engagement à 92%

Collaboration en cours de recherche médicale

Les mesures de collaboration de recherche pour 2023 ont mis en évidence des partenariats stratégiques.

Type de collaboration	Nombre de partenariats actifs	Les domaines de recherche sur la recherche
Établissements de recherche universitaire	5	Maladies inflammatoires rares
Réseaux de recherche pharmaceutique	3	Traitements des conditions fibrotiques

Corbus Pharmaceuticals Holdings, Inc. (CRBP) - Modèle d'entreprise: canaux

Ventes directes aux prestataires de soins de santé

Au quatrième trimestre 2023, Corbus Pharmaceuticals maintient une équipe de vente spécialisée ciblant:

Segment des soins de santé	Nombre d'institutions cibles
Cliniques de rhumatologie	487
Pratiques de dermatologie	329
Hôpitaux de recherche	214

Présentations de la conférence médicale

Statistiques annuelles de participation à la conférence:

• Conférences médicales totales assistées en 2023: 18
• Présentations livrées: 12
• Total d'audience: 3 456 professionnels de la santé

Publications de revues scientifiques

Métrique de publication	2023 données
Publications évaluées par des pairs	7
Total des citations	124
Plage du facteur d'impact	2.3 - 5.7

Partenariats de l'industrie pharmaceutique

Répartition actuelle du partenariat:

• Collaborations de recherche active: 3
• Accords de licence: 2
• Valeur du partenariat total: 12,4 millions de dollars

Plateformes de communication numérique

Canal numérique	2023 Métriques d'engagement
Site Web de l'entreprise	87 321 visiteurs uniques
Liendin	14 562 abonnés
Webinaires scientifiques	6 hébergés, 2 345 participants

Corbus Pharmaceuticals Holdings, Inc. (CRBP) - Modèle d'entreprise: segments de clientèle

Patients atteints de maladies inflammatoires

Corbus Pharmaceuticals cible les patients souffrant de conditions inflammatoires spécifiques, en se concentrant spécifiquement sur:

• Patients de sclérose systémique (SSC)
• Dermatomyosite Patientes
• Patients atteints de fibrose kystique

Catégorie de maladie	Population estimée des patients	Prévalence annuelle
Sclérose systémique	Aux États-Unis, environ 75 000 à 100 000 patients	2-20 cas pour 100 000 personnes
Dermatomyosite	Environ 50 000 patients aux États-Unis	9,63 cas par million de population
Fibrose kystique	Environ 30 000 patients aux États-Unis	1 sur 3 500 naissances vivantes

Médecins spécialisés

Les médecins spécialistes cibles comprennent:

• Rhumatologues
• Pirater
• Dermatologues
• Immunologues

Type spécialisé	Total des praticiens aux États-Unis	Portée du marché potentiel
Rhumatologues	6 500 praticiens actifs	Potentiel élevé pour les traitements inflammatoires rares
Pirater	Environ 5 200 pratiquants	Critique pour la gestion des maladies respiratoires

Hôpitaux et cliniques de recherche

Les principaux clients institutionnels comprennent des centres de recherche spécialisés axés sur les maladies inflammatoires rares.

Type d'institution	Numéro aux États-Unis	Focus de recherche
Hôpitaux de recherche spécialisés	42 centres de recherche majeurs	Maladies inflammatoires et auto-immunes rares
Centres médicaux académiques	155 installations de recherche complètes	Essais cliniques avancés et développement de médicaments

Chercheurs pharmaceutiques

Des chercheurs cibles se spécialisent:

• Recherche de maladies auto-immunes
• Études sur les conditions inflammatoires
• Thérapeutiques de maladies rares

Fournisseurs d'assurance de santé

Catégorie d'assurance	Total des prestataires	Segment de couverture potentielle
Assureurs de santé privés	Environ 900 fournisseurs	Couverture de traitement des maladies rares
Medicare / Medicaid	2 programmes nationaux primaires	Remboursement potentiel pour les traitements spécialisés

Corbus Pharmaceuticals Holdings, Inc. (CRBP) - Modèle d'entreprise: Structure des coûts

Dépenses de recherche et développement approfondies

Depuis l'exercice 2022, Corbus Pharmaceuticals a déclaré des dépenses totales de R&D de 22,1 millions de dollars. L'orientation de la recherche de l'entreprise implique principalement de rares maladies inflammatoires et fibrotiques.

Année	Dépenses de R&D	Pourcentage des dépenses d'exploitation totales
2022	22,1 millions de dollars	68.5%
2021	29,4 millions de dollars	72.3%

Coûts de gestion des essais cliniques

Les dépenses des essais cliniques pour Corbus Pharmaceuticals en 2022 étaient d'environ 15,7 millions de dollars, ce qui représente une partie importante de leur budget de R&D.

• Essais cliniques de dermatomyosite (DM): 8,2 millions de dollars
• Essais cliniques de sclérose systémique (SSC): 6,5 millions de dollars
• Autres essais de maladies rares: 1 million de dollars

Protection de la propriété intellectuelle

La société a investi 1,3 million de dollars dans la protection de la propriété intellectuelle et l'entretien des brevets en 2022.

Investissements de conformité réglementaire

Les coûts de conformité et de soumission réglementaires pour 2022 ont totalisé environ 2,5 millions de dollars.

Catégorie de conformité	Dépenses
Coûts de soumission de la FDA	1,2 million de dollars
Documentation réglementaire	0,8 million de dollars
Conseil externe	0,5 million de dollars

Recrutement du personnel et des talents scientifiques

Les dépenses du personnel pour 2022 étaient de 18,6 millions de dollars, y compris les salaires, les avantages sociaux et les frais de recrutement.

• Salaires du personnel scientifique: 12,4 millions de dollars
• Personnel administratif: 4,2 millions de dollars
• Recrutement et formation: 2 millions de dollars

Corbus Pharmaceuticals Holdings, Inc. (CRBP) - Modèle d'entreprise: Strots de revenus

Accords potentiels de licence de médicament potentiel

Depuis le quatrième trimestre 2023, Corbus Pharmaceuticals n'a aucun accord de licence de médicament actif générant des revenus. Le pipeline de la société reste en phase pré-commerciale.

Subventions de recherche et financement gouvernemental

Source de financement	Montant	Année
Subvention des National Institutes of Health (NIH)	1,2 million de dollars	2023
Grant de recherche sur l'innovation des petites entreprises (SBIR)	$750,000	2023

Partenariats de recherche collaborative

Les partenariats de recherche en collaboration actuels comprennent:

• Établissements de recherche universitaire
• Organisations de recherche contractuelle

Ventes potentielles de produits pharmaceutiques

Aucune vente de produits pharmaceutique actuelle à partir de 2024. Le pipeline de produits reste en stades de développement.

Monétisation de la propriété intellectuelle

Catégorie de brevet	Nombre de brevets	Valeur potentielle
Maladies inflammatoires rares	7 brevets	Non divulgué
Maladies fibrotiques	5 brevets	Non divulgué

Revenus totaux pour Corbus Pharmaceuticals en 2023: 3,95 millions de dollars (principalement des subventions de recherche)

Corbus Pharmaceuticals Holdings, Inc. (CRBP) - Canvas Business Model: Value Propositions

The core value propositions for Corbus Pharmaceuticals Holdings, Inc. (CRBP) center on delivering differentiated, next-generation therapeutics across oncology and obesity, targeting high unmet medical needs with promising clinical data as of late 2025.

CRB-701: Next-generation Nectin-4 ADC with a favorable safety profile and high Objective Response Rates (ORR) up to 55.6% in mUC.

CRB-701, a next-generation antibody drug conjugate (ADC) targeting Nectin-4, utilizes a site-specific, cleavable linker and a precise drug antibody ratio (DAR) of 2 using monomethyl auristatin E (MMAE) as the payload. Data presented at ESMO 2025, based on a September 1, 2025 data cut, showed encouraging efficacy across several tumor types in heavily pretreated patients (median of 3 prior lines of therapy).

The Objective Response Rates (ORR) observed for the 3.6 mg/kg dose were:

Indication	Objective Response Rate (ORR)
Metastatic Urothelial Carcinoma (mUC)	55.6%
Head and Neck Squamous Cell Carcinoma (HNSCC)	47.6%
Cervical Cancer	37.5%

The safety profile appears favorable, with no Grade 4 or 5 treatment-related adverse events reported. The rate of peripheral neuropathy was low at 8.4% (all Grade 1 or 2), and the discontinuation rate related to CRB-701 was only 6.0%. Registrational studies are planned to start by mid-2026.

CRB-913: Highly peripherally restricted CB1 inverse agonist to address obesity with potentially fewer CNS side effects.

CRB-913 offers a value proposition by aiming to overcome the neuropsychiatric adverse event risks that stopped previous CB1 inverse agonists. Pre-clinical data demonstrated that CRB-913 is markedly more peripherally restricted, with a brain-to-plasma ratio 50 times lower than rimonabant and being 15 times more peripherally restricted than monlunabant. The Phase 1 Single Ascending Dose (SAD) portion showed no treatment-related neuropsychiatric events. The company expected to complete the SAD/Multiple Ascending Dose (MAD) study in Q3 2025 and initiate a Phase 1b study in obese patients in Q4 2025.

CRB-601: Novel anti-αvβ8 integrin monoclonal antibody targeting the tumor microenvironment.

CRB-601 targets the integrin αvβ8 to block the activation of latent TGFβ, which helps restore the body's immune response against cancer cells and may enhance immunotherapies. The dose escalation study was on schedule for completion in Q4 2025.

Potential to treat cancers with high unmet need, like HNSCC and cervical cancer (Fast Track status).

The regulatory pathway is expedited for CRB-701 in indications with high unmet need, providing a faster path to potential market access. The value here is speed to market for patients with few options. The FDA granted Fast Track designation for:

• CRB-701 for recurrent or metastatic HNSCC (September 2025).
• CRB-701 for relapsed/refractory metastatic cervical cancer (December 2024).

Financially, Corbus Pharmaceuticals Holdings, Inc. reported a net loss of approximately $23.3 million for the three months ended September 30, 2025. However, following a $75 million public offering, the company believes its cash position is strong enough to fund operations into 2028.

Finance: draft 13-week cash view by Friday.

Corbus Pharmaceuticals Holdings, Inc. (CRBP) - Canvas Business Model: Customer Relationships

You're hiring before product-market fit, so your relationships with regulators, the medical community, and investors are everything right now. These groups are your primary customers in this pre-revenue, clinical-stage environment.

High-touch, direct engagement with regulatory agencies like the FDA for Fast Track programs.

Corbus Pharmaceuticals Holdings, Inc. maintains close, direct engagement with the U.S. Food and Drug Administration (FDA), evidenced by the successful attainment of the Fast Track designation for CRB-701 in two separate indications. This designation is crucial for streamlining development and review for serious conditions. The first was granted in December 2024 for relapsed or refractory metastatic cervical cancer, and the second was granted on September 16, 2025, for recurrent or metastatic head and neck squamous cell carcinoma (HNSCC) previously treated with platinum-based chemotherapy and an anti-PD(L)-1 therapy.

Scientific communication via presentations at major medical conferences (e.g., ESMO 2025) to build credibility.

Building scientific credibility relies heavily on presenting data at top-tier medical forums. Corbus Pharmaceuticals Holdings, Inc. presented updated data from its CRB-701 Phase 1/2 clinical study at the European Society for Medical Oncology (ESMO) Congress 2025 in Berlin, Germany, on October 19, 2025. The company also hosted an in-person and virtual HNSCC Key Opinion Leader (KOL) event on the same day, October 19, 2025, starting at 10AM CEST, featuring experts from the University of Chicago, Dana-Farber Cancer Institute, and Sarah Cannon Research Institute.

The data presented at ESMO 2025 highlighted efficacy for the 3.6 mg/kg dose:

Tumor Type	Objective Response Rate (ORR)	Disease Control Rate (DCR)
HNSCC	47.6%	61.9%
Cervical Cancer	37.5%	Not explicitly stated for this dose in the same context as HNSCC/mUC
Metastatic Urothelial (mUC)	55.6%	Not explicitly stated for this dose in the same context as HNSCC/mUC

The presentation included data from 167 enrolled participants as of a September 1, 2025, data cut, with 122 evaluable for efficacy.

Close collaboration with clinical investigators and trial sites.

The CRB-701 Phase 1/2 clinical trial (NCT06265727) is a multi-center study conducted across the U.S. and Europe. The trial enrolled patients who were heavily pretreated, with a median of 3 prior lines of therapy (range: 1-9). The company expressed being very pleased with the strong rate of enrollment, which included over 100 participants from the U.S. and Europe by August 2025.

• Dose optimization was on-going at 2.7 mg/kg and 3.6 mg/kg cohorts.
• The study included 41 HNSCC patients, 37 cervical cancer patients, and 23 mUC patients.
• The company planned to meet with the FDA to review data and initiate registrational studies by mid-2026.

Investor Relations (IR) to maintain confidence during the pre-revenue, high-burn clinical stage.

Investor confidence is managed through consistent updates on financing and clinical milestones. Corbus Pharmaceuticals Holdings, Inc. reported Q3 2025 financial results on November 12, 2025. As of September 30, 2025, the company held $104.0 million in cash, cash equivalents, and investment. Following this, they raised $73.8 million in net proceeds from a public offering and ATM sales, leading management to believe they have sufficient cash to fund operations into 2028. Institutional ownership stood at 73.94% as of late 2025. Management actively engaged with the investment community, participating in conferences such as Guggenheim's Second Annual Healthcare Innovation Conference on November 12, 2025 (presentation at 1:00pm ET) and the Jefferies Global Healthcare Conference on November 18, 2025 (presentation at 4:00pm GMT).

The company's financial structure shows minimal leverage, with a debt-to-equity ratio of 0.02, but also reflects the clinical stage with a negative return on equity of -44.13%.

Finance: draft 13-week cash view by Friday.

Corbus Pharmaceuticals Holdings, Inc. (CRBP) - Canvas Business Model: Channels

Global clinical trial sites for drug testing and data generation utilize the Phase 1/2 study (NCT06265727) for CRB-701, which is being conducted in the U.S. and Europe. The CRB-601 Phase 1 study is also being conducted in the U.S. and Europe.

Data presented at the European Society for Medical Oncology (ESMO) Congress in October 2025 included data from over 100 participants from the U.S. and Europe for the CRB-701 program. The September 1st, 2025 data cut for CRB-701 involved 167 enrolled participants, with 122 participants evaluable for efficacy.

Program	Dose Level	Evaluable Patients (n)	Geographic Scope
CRB-701	3.6 mg/kg	41 (HNSCC)	U.S. and Europe
CRB-701	3.6 mg/kg	37 (Cervical Cancer)	U.S. and Europe
CRB-701	3.6 mg/kg	23 (Metastatic Urothelial Tumors)	U.S. and Europe
CRB-701	Dose Escalation Cohorts	21 (Other Tumor Types)	U.S. and Europe

Direct communication with regulatory bodies focuses on the CRB-701 program, which has received Fast Track designation from the U.S. Food and Drug Administration (FDA) for relapsed or refractory metastatic cervical cancer. Corbus Pharmaceuticals Holdings, Inc. plans an FDA meeting in Q1 2026.

Future pharmaceutical distribution networks are supported by the Company's financial position, which is expected to fund operations through Q2 2027 based on planned expenditures as of June 30, 2025, when cash, cash equivalents, and investment on hand totaled $116.6 million. Following a public offering that raised net proceeds of approximately $73.8M, the cash on hand as of September 30, 2025, was reported at $104.0M.

Investor conferences and press releases are used to communicate milestones, such as the Q2 2025 financial results reported on August 05, 2025 and the Q3 2025 results reported on November 12, 2025. The Company participated in the following events in late 2025:

• Guggenheim Healthcare Innovation Conference: November 12, 2025 at 1:00pm ET.
• Jefferies Global Healthcare Conference: November 18, 2025 at 4:00pm GMT.
• Evercore 8th Annual Healthcare Conference: December 2, 2025 at 3:50pm ET.

The CRB-701 Phase 1/2 dose expansion data was presented as a poster (#967P) at the European Society for Medical Oncology (ESMO) Congress on October 19, 2025 from 12:00-12:45 CEST.

Corbus Pharmaceuticals Holdings, Inc. (CRBP) - Canvas Business Model: Customer Segments

Patients with Nectin-4 expressing solid tumors, including Head and Neck Squamous Cell Carcinoma (HNSCC) and metastatic Urothelial Carcinoma (mUC).

The CRB-701 Phase 1/2 study (NCT06265727) is designed to enroll approximately 348 patients with advanced solid tumors expressing Nectin-4 who have progressed after at least 1 prior therapy. As of September 1, 2025, the study had 167 enrolled participants, with 122 evaluable for efficacy. The patient population evaluated for efficacy included 41 HNSCC, 23 mUC, and 37 cervical cancer patients. Patients were heavily pretreated with a median of 3 prior lines of therapy.

Tumor Type (Nectin-4 expressing)	Evaluable Patients (as of 9/1/2025)	Objective Response Rate (ORR) at 3.6 mg/kg	Disease Control Rate (DCR) at 2.7 mg/kg
Head and Neck Squamous Cell Carcinoma (HNSCC)	41	47.6%	75.0%
Metastatic Urothelial Carcinoma (mUC)	23	55.6%	N/A
Cervical Cancer	37	37.5%	N/A

Historical market projections for related indications include the global urothelial carcinoma market reaching $6.82 billion in 2032 and the global cervical cancer treatment market reaching $12.63 billion by 2030.

Obese, non-diabetic patients for the CRB-913 program.

Development for CRB-913 is advancing toward a Phase 1b dose-ranging study in obese individuals, planned to commence in the fourth quarter of 2025. The preceding Phase 1 SAD/MAD study is expected to complete in the third quarter of 2025. Pre-clinical data indicated CRB-913 has a brain-to-plasma ratio fifty times lower than rimonabant and is fifteen times more peripherally restricted than monlunabant.

Oncologists and healthcare providers specializing in late-line cancer treatments.

The CRB-701 clinical trial is multi-center and being conducted in the U.S. and Europe. Key Opinion Leaders (KOLs) from institutions including the University of Chicago, Dana-Farber Cancer Institute, and Sarah Cannon Research Institute participated in a KOL event during ESMO 2025. The Company reported a net loss of approximately $23.3 million for the three months ended September 30, 2025.

Global pharmaceutical companies for potential regional licensing or acquisition.

Corbus Pharmaceuticals Holdings, Inc. completed a public offering in October 2025, with a total size of approximately $75 million, before expenses. As of September 30, 2025, the Company had $104.0 million in cash, cash equivalents, and investment on hand, which was extended into 2028 following the offering.

• The Company reported a net loss per basic and diluted share of $1.90 for the three months ended September 30, 2025.
• Operating expenses for the three months ended September 30, 2025, were approximately $24.4 million.
• The Company is headquartered in Norwood, Massachusetts.

Corbus Pharmaceuticals Holdings, Inc. (CRBP) - Canvas Business Model: Cost Structure

You're looking at the core expenses driving Corbus Pharmaceuticals Holdings, Inc.'s operations as they push their pipeline through late-stage trials. For a clinical-stage biotech, the cost structure is dominated by science and trials, plain and simple.

The most immediate financial impact you see is the bottom line. Corbus Pharmaceuticals Holdings, Inc. reported a net loss of approximately $23.3 million for the three months ended September 30, 2025. This loss reflects the substantial investment required to advance their drug candidates, CRB-701, CRB-913, and CRB-601.

The overall operating expenses for the third quarter of 2025 were approximately $24.4 million, which was an increase of $8.9 million compared to the same period in 2024. This jump is almost entirely attributable to the escalating clinical development expenses across the portfolio.

Here's a look at the cost components, using the more detailed figures available from the second quarter of 2025 to illustrate the relative weight of these categories, remembering that R&D is the clear cost leader:

Cost Category	Q2 2025 Expense (in thousands)	Q2 2025 Expense (USD)	Primary Driver/Example
Research and Development (R&D)	15,187	$15.19 million	Clinical trial costs for CRB-701, CRB-913, and CRB-601 programs
General and Administrative (G&A)	3,965	$3.97 million	Executive compensation, finance, legal, and public company compliance
Total Operating Expenses	19,152	$19.15 million	Sum of R&D and G&A for Q2 2025

Clinical trial costs are the engine of that R&D spend. You're paying for everything that keeps the trials moving forward. It's defintely not cheap.

• Site payments to hospitals and clinics running the studies for CRB-701, CRB-913, and CRB-601.
• Drug supply manufacturing and logistics for the investigational products.
• Patient monitoring, data collection, and statistical analysis services provided by Contract Research Organizations (CROs).
• Costs associated with the CRB-701 combination arm dosing with pembrolizumab.

Manufacturing costs are embedded within R&D, especially for the Antibody Drug Conjugate (ADC) programs. For CRB-701, this involves the complex production of the drug itself, which targets Nectin-4 and uses monomethyl auristatin E (MMAE) as the payload, requiring precise conjugation at a specific drug-to-antibody ratio of 2.

General and Administrative (G&A) costs are the necessary overhead to remain a public entity and manage the business. While smaller than R&D, they are still significant, totaling nearly $4 million in Q2 2025.

• Executive and corporate team salaries, including the CEO, Dr. Yuval Cohen.
• Costs related to SEC filings, investor relations, and maintaining NASDAQ listing compliance.
• Legal fees for intellectual property protection and corporate governance.

To manage this high-burn rate, Corbus Pharmaceuticals Holdings, Inc. completed a $75 million public offering in November 2025, which they believe extends their cash runway into 2028. Finance: draft 13-week cash view by Friday.

Corbus Pharmaceuticals Holdings, Inc. (CRBP) - Canvas Business Model: Revenue Streams

You're looking at a company whose revenue model right now is almost entirely dependent on capital markets, which is typical for a clinical-stage biotech firm. As of late 2025, Corbus Pharmaceuticals Holdings, Inc. has $0K in product revenue because they are still deep in development. To be fair, their Q3 2025 financial results showed a net loss of approximately $23.3 million, which tells you exactly where the money is going: research and trials, not sales. That net loss is up from $13.8 million in the same period last year, showing the burn rate is increasing as they push programs forward.

The primary way Corbus Pharmaceuticals Holdings, Inc. funds these operations is through equity financing. Most recently, they completed a significant underwritten public offering in November 2025, raising approximately $75 million before expenses. This capital raise was crucial; the company stated this infusion extends their cash runway into 2028, giving them plenty of time to hit value-inflection points. For context, their cash position was $116.6 million as of June 30, 2025, and was projected to fund operations through Q2 2027. This new financing definitely helps shore up that runway. Honestly, this is the lifeblood for a company without product sales.

Here's a quick look at the funding and potential future value drivers:

• Recent Equity Raise Amount: $75 million
• Projected Cash Runway Extension: Into 2028
• Q3 2025 Net Loss: $23.3 million
• CRB-701 FDA Status: Fast Track for cervical cancer

Beyond equity, the next major potential revenue stream is tied to the existing partnership with CSPC Pharmaceutical Group for CRB-701, their Nectin-4 targeting Antibody Drug Conjugate (ADC). This deal is structured with significant contingent payments. CSPC is eligible to receive up to $130 million in potential development and regulatory milestone payments. Plus, there's a substantial upside from commercial success, with up to $555 million in potential commercial milestone payments. The total deal value, excluding royalties on net sales, is structured to reach $692.5 million.

Future revenue from product sales is the ultimate goal, driven by the three main pipeline assets. You need to watch the data readouts closely, as positive results are what trigger those milestone payments and attract future investment. CRB-701 showed an Objective Response Rate (ORR) of 47.6% in Head and Neck Squamous Cell Carcinoma (HNSCC) at the 3.6 mg/kg dose, and they are planning a registrational study for HNSCC starting mid-2026. For the obesity candidate, CRB-913, they expected to complete the SAD/MAD study and initiate a Phase 1b study in obese patients by the end of 2025. CRB-601 dose escalation data was also anticipated in Q4 2025. These clinical achievements are the precursors to any future product sales revenue.

Here is a breakdown of the potential future revenue components:

Revenue Source Category	Asset/Event	Potential Financial Amount (USD)	Status/Timeline
Equity Financing (Current Funding)	Public Offering (Completed Nov 2025)	$75 million	Secured; funds operations into 2028
Partnership Milestones (CSPC/CRB-701)	Development & Regulatory Milestones	Up to $130 million	Contingent on clinical/regulatory success
Partnership Milestones (CSPC/CRB-701)	Commercial Milestones	Up to $555 million	Contingent on product sales
Future Product Sales	CRB-701 (Oncology)	Royalties on Net Sales	Registrational study planned mid-2026
Future Product Sales	CRB-913 (Obesity)	Potential Sales Revenue	Phase 1b study expected Q4 2025

The immediate revenue stream is non-existent, relying on the $75 million capital raise to fund the path to potential product sales. Finance: draft 13-week cash view by Friday.