Synthetic cannabis pharmaceutical company Corbus Pharmaceuticals Holdings Inc. (CRBP) reported earnings for the fourth quarter and the full year ending in December. For the quarter, Corbus delivered a net loss of approximately $17,306,000 or a net loss per diluted share of $0.30, compared to a net loss of approximately $10,694,000, or a net loss per diluted share of $0.20, for the same time period last year.
Revenue from awards for the quarter was $1.9 million. For the full year, revenue from awards increased by approximately $2.4 million to $4.8 million due to revenue recognized from the up to $25 million Development Award Agreement with the Cystic Fibrosis Foundation.
For the year Corbus delivered a net loss of approximately $55,672,000 or a net loss per diluted share of $0.98, compared to a net loss of approximately $32,422,000, or a net loss per diluted share of $0.65 in 2017.
The company entered into a strategic collaboration with Kaken Pharmaceutical Co., Ltd. for the development and commercialization of lenabasum in Japan. This deal included a $27 million upfront payment and up to $173 million of additional potential milestone payments and double-digit royalties.
“We made meaningful advancements in the clinical development of lenabasum, and we also completed two transformational commercial transactions, which expanded our clinical pipeline and broadened our global commercial opportunity. We believe the acquisition of more than 600 ECS-targeting drug candidates will fuel sustained growth of our platform and cement our leadership position in the field. The most advanced candidate, CRB-4001, is expected to enter Phase 1 clinical study later this year and to be followed by a Phase 2 study in patients with NASH. Our strategic collaboration with Kaken Pharmaceutical in Japan is our first step towards commercializing lenabasum in key markets outside of the United States,” commented CEO Yuval Cohen.
Cohen said he is hoping for FDA approval of lenabasum in 2021. According to the company, lenabasum is a rationally-designed, oral, small molecule that selectively binds as an agonist to the cannabinoid receptor type 2 (CB2). Data from animal models and human clinical studies suggest that lenabasum can reduce expression of genes and proteins involved in inflammation and fibrosis. Lenabasum has also demonstrated promising activity in animal models of skin and lung inflammation and fibrosis in systemic sclerosis (SSc). Lenabasum has been active in animal models of lung infection and inflammation in cystic fibrosis and joint inflammation and scarring in rheumatoid arthritis.