MeritValue

Corbus Pharmaceuticals Holdings, Inc.

CRBPdata completeness 75%13 fiscal years on file

Data notes: no data for concept 'pretaxIncome'

The thesis, from the filings

Corbus Pharmaceuticals Holdings, Inc. earns about -69% on equity, but has diluted owners by 225% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$881,7051$01———
Net income−$45.6M2−$42.3M3−$44.6M4−$40.2M5−$78.5M5
Operating cash flow−$48.2M6−$37.5M7−$36.1M8−$41.8M9−$64.5M9
Capital expenditure$54,17210$13,44911$011$012$7,00012
Free cash flow (derived)−$48.2M6−$37.6M7−$36.1M8−$41.8M9−$64.5M9
Total debt$39.9M13$40.4M14$33.8M14——
Cash & equivalents$25M15$17M16$13.7M17$17.2M18$28.5M18
Diluted shares4.1M4.2M4.3M10.9M13.3M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$110.76
your share of equity
Profit it earned you last year
−$58.97
Free cash flow it threw off
−$48.43
Debt you’d be carrying
—

10 shares is a claim on $110.76 of net worth that earned you −$58.97 and generated −$48.43 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-69% avg · 5y
FY21 -66%FY22 -128%FY23 —FY24 -28%FY25 -53%

It earned an average -69% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+225% shares · 5y

Share count is up 225% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 15% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-23-006469 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2021-12-31 · accession 0000950170-23-006469 (NetIncomeLoss)
  3. 10-K · period ending 2022-12-31 · accession 0000950170-24-030133 (NetIncomeLoss)
  4. 10-K · period ending 2023-12-31 · accession 0000950170-25-037335 (NetIncomeLoss)
  5. 10-K · period ending 2024-12-31 · accession 0001193125-26-098530 (NetIncomeLoss)
  6. 10-K · period ending 2021-12-31 · accession 0000950170-23-006469 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0000950170-24-030133 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0000950170-25-037335 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001193125-26-098530 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-23-006469 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-24-030133 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-098530 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-006469 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-030133 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2021-12-31 · accession 0000950170-23-006469 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-12-31 · accession 0000950170-24-030133 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-12-31 · accession 0000950170-25-037335 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-12-31 · accession 0001193125-26-098530 (CashAndCashEquivalentsAtCarryingValue)