The company continues to operate without meaningful revenue, reporting a net loss of $23.0 million in 2026Q1 as R&D expenses climbed to $19.8 million.
| 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 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 881.71K | 3.94M | 36.14M | 4.82M | 2.44M | 1.91M | 648.38K | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | -100% | -77.61% | -89.11% | 649.51% | 97.62% | 27.66% | 194.8% | - | - | - | - |
| Cost of Goods Sold | 149K | 0 | 600K | 0 | 1.49M | 1.64M | 0 | 89.6M | 48.61M | 26.04M | 15.44M | 5.89M | 1.26M | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | 185.92% | - | 247.91% | 1008.11% | 1067.09% | 807.6% | 908.21% | - | - | - |
| Gross Profit | -149K | 0 | -600K | 0 | -1.49M | -757.53K | 3.94M | -53.46M | -43.79M | -23.6M | -13.53M | -5.24M | -1.26M | 0 | 0 |
| Gross Margin % | - | - | - | - | - | -85.92% | 100% | -147.91% | -908.11% | -967.09% | -707.6% | -808.21% | - | - | - |
| Gross Profit Growth % | - | 100% | - | 100% | -96.41% | -119.24% | 107.36% | -22.08% | -85.57% | -74.48% | -158.1% | -317.37% | - | - | - |
| Operating Expenses | 89.69M | 85.31M | 48.12M | 45.08M | 33.35M | 55.23M | 126.75M | 23.64M | 61.57M | 35M | 21.9M | 9.5M | 2.65M | 557.28K | 827 |
| OpEx % of Revenue | - | - | - | - | - | 6264.17% | 3219.2% | 65.42% | 1276.78% | 1434.43% | 1145.56% | 1465.51% | - | - | - |
| Selling, General & Admin | 15.52M | 15.21M | 16.5M | 13.91M | 18.7M | 20.43M | 28.48M | 23.64M | 12.96M | 8.96M | 6.46M | 3.61M | 1.39M | 346.61K | 289 |
| SG&A % of Revenue | - | - | - | - | - | 2316.58% | 723.36% | 65.42% | 268.67% | 367.35% | 337.95% | 557.3% | - | - | - |
| Research & Development | 74.27M | 70.09M | 32.22M | 31.17M | 16.14M | 36.45M | 98.27M | 89.6M | 48.61M | 26.04M | 15.44M | 5.89M | 1.26M | 210.67K | 575 |
| R&D % of Revenue | - | - | - | - | - | 4133.5% | 2495.85% | 247.91% | 1008.11% | 1067.09% | 807.6% | 908.21% | - | - | - |
| Other Operating Expenses | -100K | 0 | -600K | 0 | -1.49M | -1.64M | 0 | -89.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -89.84M | -85.31M | -48.72M | -45.08M | -34.84M | -55.99M | -122.81M | -77.1M | -56.75M | -32.56M | -19.99M | -8.85M | -2.65M | -557.28K | -824 |
| Operating Margin % | - | - | - | - | - | -6350.09% | -3119.2% | -213.33% | -1176.78% | -1334.43% | -1045.56% | -1365.51% | - | - | - |
| Operating Income Growth % | - | -75.1% | -8.08% | -29.4% | 37.78% | 54.41% | -59.28% | -35.87% | -74.27% | -62.94% | -125.73% | -234.46% | -375.02% | -67518.6% | - |
| EBITDA | -89.64M | -85.08M | -48.12M | -44.44M | -33.35M | -54.35M | -121.12M | -76.37M | -56.25M | -32.31M | -19.9M | -8.81M | -2.64M | -556.52K | 0 |
| EBITDA Margin % | - | - | - | - | - | -6164.17% | -3076.17% | -211.28% | -1166.54% | -1323.96% | -1040.97% | -1358.73% | - | - | - |
| EBITDA Growth % | -53.77% | -76.8% | -8.29% | -33.25% | 38.64% | 55.13% | -58.6% | -35.75% | -74.12% | -62.37% | -125.86% | -234.11% | -373.79% | - | - |
| D&A (Non-Cash Add-back) | 199K | 233K | 600K | 641K | 1.49M | 1.64M | 1.69M | 739.38K | 493.94K | 255.65K | 87.66K | 43.94K | 10.4K | 754 | 824 |
| EBIT | -85.86M | -78.54M | -38.34M | -40.75M | -40.21M | -55.99M | -122.81M | -77.1M | -56.75M | -32.56M | -19.99M | -8.85M | -2.65M | -557.28K | 0 |
| Net Interest Income | 5.25M | 5.53M | 4.44M | -2.92M | -2.13M | -1.83M | -1.03M | 1.23M | 982.78K | 183.11K | 477 | 977 | -21.91K | -44.36K | 0 |
| Interest Income | 5.25M | 5.53M | 6.31M | 0 | 0 | 0 | 0 | 1.23M | 982.78K | 183.11K | 477 | 3.42K | 2.12K | 754 | 60 |
| Interest Expense | 0 | 0 | 1.87M | 2.92M | 2.13M | 1.83M | 1.03M | 0 | 0 | 0 | 0 | 2.44K | 24.02K | 45.11K | 0 |
| Other Income/Expense | 5.31M | 6.77M | 8.51M | 474K | -7.51M | 10.35M | 11.54M | 5.65M | 1.08M | 141.2K | -13.62K | 2.95K | 106.69K | -45.07K | -63 |
| Pretax 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 |
| Pretax Margin % | - | - | - | - | - | -5176.38% | -2826.08% | -197.69% | -1154.48% | -1328.65% | -1046.27% | -1365.05% | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13.62K | 2.44K | 24.02K | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.07% | -0.03% | -0.95% | 0% | 0% |
| Net Income | -84.53M | -78.54M | -40.21M | -44.6M | -55.83M | -45.55M | -111.27M | -71.45M | -55.67M | -32.42M | -20M | -8.85M | -2.54M | -602.35K | -887 |
| Net Margin % | - | - | - | - | - | -5166.42% | -2826.08% | -197.69% | -1154.48% | -1328.65% | -1046.27% | -1365.05% | - | - | - |
| Net Income Growth % | -68.09% | -95.32% | 9.85% | 20.11% | -22.57% | 59.06% | -55.72% | -28.35% | -71.71% | -62.12% | -125.95% | -248.39% | -321.76% | -67811.67% | - |
| Net Income (Continuing) | -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 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -6.35 | -5.90 | -3.68 | -10.31 | -10.15 | -11.13 | -42.72 | -33.55 | -29.30 | -19.38 | -14.58 | -8.47 | -3.78 | -0.70 | -3.82 |
| EPS Growth % | 3.93% | -60.33% | 64.31% | -1.58% | 8.8% | 73.95% | -27.33% | -14.51% | -51.19% | -32.92% | -72.14% | -124.07% | -440% | 81.68% | - |
| EPS (Basic) | - | -5.90 | -3.68 | -10.31 | -10.15 | -11.13 | -42.72 | -33.55 | -29.30 | -19.38 | -14.58 | -8.47 | -3.78 | -0.70 | -3.82 |
| Diluted Shares Outstanding | 13.32M | 13.32M | 10.91M | 4.33M | 4.17M | 4.1M | 2.6M | 2.13M | 1.9M | 1.67M | 1.37M | 1.05M | 672K | 860.06K | 232 |
| Basic Shares Outstanding | 13.32M | 13.32M | 10.91M | 4.33M | 4.17M | 4.1M | 2.6M | 2.13M | 1.9M | 1.67M | 1.37M | 1.05M | 672K | 860.06K | 232 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical trial funding exhaustion
As evidenced by the latest quarterly filings, Corbus has seen R&D expenses climb to $19.8 million in 2026Q1, reflecting an aggressive push to advance its pipeline assets, which places significant pressure on the company's limited cash reserves and necessitates a disciplined approach to capital allocation.
The consistent rise in R&D spending from $5.8 million in 2024Q1 to nearly $20 million per quarter suggests a transition into more capital-intensive clinical trial phases. Investors should monitor whether this increased spending correlates with meaningful data readouts, as the current cost structure offers no margin for operational inefficiency.
Based on the reported income statements, Corbus continues to operate with a significant deficit, as operating losses reached $24.3 million in 2026Q1, indicating that the company's current business model is entirely dependent on external financing rather than internal operational scaling or revenue generation.
The lack of revenue means that every dollar spent on SG&A and R&D directly expands the operating loss, leaving no room for traditional operating leverage analysis. This structure implies that the company's survival is tied to the successful execution of its clinical programs rather than cost-cutting measures.
According to historical financial data, the company's net losses have remained consistently elevated, with a net loss of $23.0 million in 2026Q1, which highlights the ongoing challenge of funding high-cost clinical development through equity markets without a commercial product to offset the burn.
The reliance on equity financing to cover these losses suggests that shareholders face persistent dilution risk, which complicates the interpretation of EPS figures. The absence of recurring revenue means that earnings quality is currently secondary to the company's ability to maintain its cash runway.
As reported in recent financial statements, the company's cash burn rate relative to its $28.5 million cash position warrants caution, as the current trajectory suggests that Corbus may face a liquidity crunch if clinical milestones are not achieved before the next required capital raise.
Short-sellers may focus on the widening gap between R&D spending and the lack of commercial milestones, arguing that the current valuation is disconnected from the reality of the company's funding needs. Investors should consider whether the potential of the Jenrin library justifies the high probability of further dilutive financing.
Quick answers to the most common questions about buying CRBP stock.
For fiscal year 2025, Corbus Pharmaceuticals Holdings, Inc. (CRBP) reported total revenue of $0.0M.
Corbus Pharmaceuticals Holdings, Inc. (CRBP) reported a net loss of $78.5M for the fiscal year ending 2025.