Free cash flow burn has accelerated to $25.6 million in 2026Q1, reflecting an intensifying reliance on external capital to fund ongoing clinical development programs.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Cash from Operations | -73.64M | -64.49M | -41.79M | -36.1M | -37.54M | -48.18M | -99.69M | -45.72M | -30.07M | -27.8M | -13.57M | -4.65M | -2.36M | -366.71K | -770 |
| Operating CF Margin % | - | - | - | - | - | -5464.83% | -2531.87% | -126.5% | -623.51% | -1139.12% | -710.01% | -716.78% | - | - | - |
| Operating CF Growth % | -198.37% | -54.31% | -15.77% | 3.85% | 22.08% | 51.66% | -118.03% | -52.06% | -8.17% | -104.82% | -192.01% | -96.82% | -543.89% | -47542.09% | - |
| Net Income | -84.53M | -78.54M | -40.21M | -44.6M | -42.35M | -45.64M | -111.27M | -71.45M | -55.67M | -32.42M | -20M | -8.85M | -2.54M | -602.35K | -887 |
| Depreciation & Amortization | -336K | -1.13M | -2.74M | 641K | 1.49M | 1.64M | 1.69M | 1.23M | 493.94K | 255.65K | 87.66K | 43.94K | 10.4K | 0 | 0 |
| Stock-Based Compensation | 4.57M | 6.29M | 6.14M | 0 | 5.72M | 9.48M | 12.46M | 11.98M | 7.61M | 5.69M | 3.16M | 1.15M | 193.12K | 6.14K | 26 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 70.45K | -8.49K | 14.09K | 0 | 23.88K | 0 | 0 |
| Other Non-Cash Items | 834K | -229K | 585K | 3.77M | 1.62M | 2.03M | 636.05K | 45.83K | 422.34K | 913.56K | 75.99K | -1.98K | -122.61K | 64.17K | 117 |
| Working Capital Changes | 5.82M | 9.12M | -5.58M | 4.09M | -4.02M | -15.7M | -3.2M | 12.48M | 17.01M | -2.23M | 3.09M | 3.01M | 74.46K | 165.33K | 0 |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 1.62M | 1.06M | 2.32M | 12.5M | 1M | -1M | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.39M | -404.24K | 2.11M | 0 | 0 | 0 | 0 |
| Change in Payables | -3.53M | -2.35M | 1.6M | 1.03M | -256.83K | -5.96M | -3.47M | 4.37M | 3.9M | -885.8K | 1.89M | 972.19K | 170.24K | 131.85K | 0 |
| Cash from Investing | 2.69M | -1.64M | -121.31M | 35.64M | 30.07M | -73.42M | -484.49K | -2.74M | -2.3M | -707.43K | -353.03K | -114.04K | -64.45K | 0 | 0 |
| Capital Expenditures | -13K | -7K | 0 | 0 | -13.45K | -54.17K | -484.49K | -2.74M | -2.3M | -707.43K | -353.03K | -114.04K | -64.45K | 0 | 0 |
| CapEx % of Revenue | - | - | - | - | - | 6.14% | 12.31% | 7.59% | 47.7% | 28.99% | 18.47% | 17.59% | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 8.1K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 23.9K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 77.43M | 77.43M | 166.58M | -2.82M | -533.62K | 60.82M | 154.87M | 38.46M | 11.42M | 76.01M | 16.74M | 10.84M | 8.39M | 127.25K | 1.04K |
| Debt Issued (Net) | 0 | 0 | -15.48M | -2.87M | -533.62K | 57.78K | 18.71M | 357.98K | 57.19K | 57.27K | 106.56K | 17.63K | 0 | 7.25K | 0 |
| Equity Issued (Net) | 77.43M | 77.43M | 182.06M | 53.4K | 0 | 62.59M | 136.16M | 40.68M | 12.05M | 78.89M | 16.64M | 11.33M | 10.31M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | 0 | 0 | -1.82M | 0 | -2.57M | -690.18K | -2.94M | 0 | -509.21K | -1.92M | 120K | 1.04K |
| Net Change in Cash | 6.48M | 11.29M | 3.47M | -3.28M | -8M | -60.78M | 54.03M | -10M | -20.95M | 47.5M | 2.82M | 6.08M | 5.96M | -239.46K | 273 |
| Free Cash Flow | -73.65M | -64.5M | -41.79M | -36.1M | -37.56M | -48.24M | -100.17M | -48.46M | -32.37M | -28.5M | -13.92M | -4.76M | -2.43M | -366.71K | -770 |
| FCF Margin % | - | - | - | - | - | -5470.98% | -2544.18% | -134.09% | -671.21% | -1168.11% | -728.48% | -734.37% | - | - | - |
| FCF Growth % | -46.58% | -54.32% | -15.77% | 3.88% | 22.14% | 51.84% | -106.69% | -49.73% | -13.55% | -104.71% | -192.43% | -96.3% | -561.46% | -47542.09% | - |
| FCF per Share | -5.53 | -4.84 | -3.83 | -8.34 | -9.01 | -11.77 | -38.46 | -22.75 | -17.04 | -17.04 | -10.15 | -4.56 | -3.61 | -0.43 | -3.32 |
| FCF Conversion (FCF/Net Income) | 0.87x | 0.82x | 1.04x | 0.81x | 0.67x | 1.06x | 0.90x | 0.64x | 0.54x | 0.86x | 0.68x | 0.53x | 0.93x | 0.61x | 0.87x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 1.74M | 0 | 29.45K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial funding exhaustion
According to quarterly financial disclosures, Corbus reported an operating cash outflow of $25.6 million in 2026Q1, representing a significant escalation from the $6.0 million outflow observed in 2023Q4, which underscores the company's intensifying reliance on external capital to sustain its clinical development pipeline.
The OCF/NI ratio of 1.11 in 2026Q1 suggests that cash burn is currently outpacing reported net losses, likely due to the timing of clinical trial payments and working capital requirements. This divergence indicates that the company's accounting losses may actually understate the immediate liquidity pressure facing the organization.
As reported in recent filings, the company's free cash flow has deteriorated to a quarterly burn of $25.6 million as of 2026Q1, a trend that highlights the aggressive capital requirements necessary to advance the current oncology and metabolic pipeline assets toward critical data readouts.
The consistent negative trajectory of free cash flow confirms that Corbus remains in a pure cash-consumption phase with no internal revenue generation to offset R&D expenditures. Investors should monitor whether this burn rate stabilizes as specific clinical programs reach maturity or if it continues to expand alongside trial complexity.
Based on the provided cash flow statements, working capital fluctuations have become increasingly erratic, with a $4.3 million outflow in 2026Q1 contrasting with the $6.2 million inflow seen in 2025Q3, reflecting the inherent unpredictability of managing clinical trial vendor payments and accruals in a pre-revenue environment.
These swings in working capital suggest that the timing of payments to contract research organizations and manufacturing partners can significantly distort quarterly cash positions. This volatility complicates short-term liquidity forecasting and necessitates a larger cash buffer than would be required under more stable operational conditions.
Analysis of the cash flow statement reveals that while capital expenditures remain negligible, the company's reliance on stock-based compensation and non-cash adjustments masks the true economic cost of talent retention and pipeline development, as evidenced by the $1.7 million in SBC recorded during 2025Q1.
The reliance on stock-based compensation as a non-cash expense effectively dilutes existing shareholders to preserve cash, a common but potentially unsustainable strategy for a firm with limited runway. This practice warrants further investigation into the total cost of human capital relative to the progress of the underlying clinical assets.
Quick answers to the most common questions about buying CRBP stock.
Corbus Pharmaceuticals Holdings, Inc. (CRBP) generated $-64.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Corbus Pharmaceuticals Holdings, Inc. (CRBP) reported negative free cash flow of $64.5M in 2025, indicating capital requirements exceeded cash from operations.
Corbus Pharmaceuticals Holdings, Inc. (CRBP) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.