CRBP

Corbus is a clinical-stage biopharma with zero product revenue and, by its own words in the 10-K, 'never been profitable' with a $555.4M accumulated deficit. FY2025 was a step-down: net loss more than doubled to -$78.5M (from -$40.2M), R&D jumped +117.5% to $70.1M, and operating cash burn was -$64.5M. The offset to that grim P&L is the balance sheet — liabilities are just $20.7M against $148M of equity (0.14x liabilities/equity) and $167M of current assets. At $9.25 on 17.7M shares (~$164M market cap), the stock trades essentially at net asset value, so an investor is paying little more than cash-and-investments for the pipeline. That near-cash floor is the only reason this isn't an outright avoid.

The problem is the burn-versus-cash gap. Only $28.5M of that $167M is actual cash and equivalents; against a ~$64.5M annual burn the company itself flags it 'will need substantial additional funding' and 'may never achieve or maintain profitability.' Shares outstanding already rose +45% in one year, so the most likely path to funding the two lead programs is further dilution that erodes the very net-asset floor supporting the price. This is textbook binary, clinical-stage risk: the 10-K states all candidates are pre-clinical or clinical and warns the investment 'is highly speculative and involves a high degree of risk, including the risk of a loss of your entire investment.'