Corbus Pharmaceuticals Holdings Inc. shares rallied 1.20% to $1.69 Wednesday. This proved to be an all-around mixed trading session for the stock market, with the Dow Jones Industrial Average DJIA rising 0.29% to 34,230.34 and the NASDAQ Composite Index COMP falling 0.37% to 13,582.42. The stock’s rise snapped a three-day losing streak.
Corbus Pharmaceuticals Holdings, Inc. a clinical-stage drug development company pioneering transformative medicines that target the endocannabinoid system, today reported financial results for the fourth quarter and year-end 2020. The Company also provided clinical and pipeline updates. Revenue from awards and licenses was $700,000 for the three months ended December 31, 2020, compared to $2.6 million in the comparable period in 2019. The year ended December 31, 2020, revenue from awards and licenses was $3.9 million, compared to $36.1 million in the comparable period in 2019. Revenue for the year ended December 31, 2019, included a $27 million upfront payment received from Kaken Pharmaceutical Co., Ltd. for a license to commercialize and market lenabasum in Japan.