0001493152-17-004896.txt : 20170509 0001493152-17-004896.hdr.sgml : 20170509 20170509092119 ACCESSION NUMBER: 0001493152-17-004896 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 62 CONFORMED PERIOD OF REPORT: 20170331 FILED AS OF DATE: 20170509 DATE AS OF CHANGE: 20170509 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Corbus Pharmaceuticals Holdings, Inc. CENTRAL INDEX KEY: 0001595097 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 464348039 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-37348 FILM NUMBER: 17824849 BUSINESS ADDRESS: STREET 1: 100 RIVER RIDGE DRIVE CITY: NORWOOD STATE: MA ZIP: 02062 BUSINESS PHONE: 617-963-0103 MAIL ADDRESS: STREET 1: 100 RIVER RIDGE DRIVE CITY: NORWOOD STATE: MA ZIP: 02062 FORMER COMPANY: FORMER CONFORMED NAME: SAV Acquisition Corp DATE OF NAME CHANGE: 20131220 10-Q 1 form10-q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period March 31, 2017.

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________ .

Commission File Number:

001-37348

Corbus Pharmaceuticals Holdings, Inc.

(Exact name of registrant as specified in its charter)

Delaware		46-4348039
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification Number)

100 River Ridge Drive Norwood, MA		02062
(Address of principal executive offices)		(Zip code)

(617) 963-0100

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [X] No [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	[ ]	Accelerated filer	[X]

Non-accelerated filer	[ ] (Do not check if a smaller reporting company)	Smaller reporting company	[ ]
		Emerging growth company	[X]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [X]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [X]

As of May 4, 2017, 50,218,010 shares of the registrant’s common stock, $0.0001 par value, were issued and outstanding.

CORBUS PHARMACEUTICALS HOLDINGS, INC.

Quarterly Report on Form 10-Q for the Quarter Ended March 31, 2016

TABLE OF CONTENTS

		Page
PART I

FINANCIAL INFORMATION

1. Condensed Consolidated Financial Statements
Condensed Consolidated Balance Sheets as of March 31, 2017 (unaudited) and December 31, 2016		3
Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2017 and 2016 (unaudited)		4
Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2017 and 2016 (unaudited)		5
Condensed Consolidated Statement of Stockholders’ Equity for the Three Months Ended March 31, 2017 (unaudited)		6
Notes to Unaudited Condensed Consolidated Financial Statements		7
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		16
3. Quantitative and Qualitative Disclosures about Market Risk		21
4. Controls and Procedures		21

PART II

OTHER INFORMATION

1. Legal Proceedings		21
1A. Risk Factors		21
2. Unregistered Sales of Equity Securities and Use of Proceeds		21
3. Defaults Upon Senior Securities		21
4. Mine Safety Disclosures		22
5. Other Information		22
6. Exhibits		22

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements.

Corbus Pharmaceuticals Holdings, Inc.

Condensed Consolidated Balance Sheets

	March 31, 2017			December 31, 2016
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	48,927,125		$	14,992,257
Restricted cash		150,000			150,000
Grants receivable		—			1,000,000
Stock subscriptions receivable		—			330,413
Prepaid expenses		1,070,441			930,261
Total current assets		50,147,566			17,402,931
Restricted cash		50,000			50,000
Property and equipment, net		409,786			435,251
Total assets	$	50,607,352		$	17,888,182
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Notes payable	$	155,726		$	271,757
Accounts payable		3,266,729			3,419,921
Accrued expenses		2,874,118			3,256,455
Deferred revenue, current		646,498			1,940,195
Deferred rent, current		12,433			10,263
Total current liabilities		6,955,504			8,898,591
Deferred rent, noncurrent		62,182			65,724
Other liabilities		3,609			4,632
Total liabilities		7,021,295			8,968,947
Commitments and Contingencies
Stockholders’ equity
Preferred stock, $0.0001 par value; 10,000,000 shares authorized, no shares issued and outstanding at March 31, 2017 and December 31, 2016		—			—
Common stock, $0.0001 par value; 150,000,000 shares authorized, 50,143,742 and 44,681,745 shares issued and outstanding at March 31, 2017 and December 31, 2016		5,014			4,468
Additional paid-in capital		84,322,971			42,191,256
Accumulated deficit		(40,741,928	)		(33,276,489	)
Total stockholders’ equity		43,586,057			8,919,235
Total liabilities and stockholders’ equity	$	50,607,352		$	17,888,182

See notes to the unaudited condensed consolidated financial statements.

Corbus Pharmaceuticals Holdings, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

	For the Three Months Ended
	March 31,
	2017			2016
Collaboration revenue	$	1,293,697		$	396,598
Operating expenses:
Research and development		6,366,112			2,173,933
General and administrative		2,380,125			1,109,889
Total operating expenses		8,746,237			3,283,822
Operating loss		(7,452,540	)		(2,887,224	)
Other income (expense):
Interest income (expense), net		1,366			(5,360	)
Foreign currency exchange (loss) gain, net		(14,265	)		343
Other expense, net		(12,899	)		(5,017	)
Net loss	$	(7,465,439	)	$	(2,892,241	)
Net loss per share, basic and diluted	$	(0.16	)	$	(0.08	)
Weighted average number of common shares outstanding, basic and diluted		46,381,482			37,605,210

See notes to the unaudited condensed consolidated financial statements.

Corbus Pharmaceuticals Holdings Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

	Three Months Ended
	March 31,
	2017			2016
Cash flows from operating activities:
Net loss	$	(7,465,439	)	$	(2,892,241	)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation expense		1,583,156			311,238
Depreciation and amortization		31,489			17,285
Loss (gain) on foreign exchange		14,265			(343	)
Deferred rent		(1,372	)		—
Changes in operating assets and liabilities:
Decrease in grants receivable		1,000,000			—
Increase in prepaid expenses		(140,181	)		(98,045	)
Increase (decrease) in accounts payable		191			(196,305	)
(Decrease) increase in accrued expenses		(364,557	)		732,136
Decrease in deferred revenue		(1,293,697	)		(396,598	)
Increase in other long-term liabilities		—			7,905
Net cash used in operating activities		(6,636,145	)		(2,514,968	)
Cash flows from investing activities:
Purchases of property and equipment		(40,131	)		(65,322	)
Net cash used in investing activities		(40,131	)		(65,322	)
Cash flows from financing activities:
Principal payments on notes payable		(116,031	)		(69,061	)
Proceeds from issuance of common stock		41,349,957			—
Issuance costs paid for common stock financings		(621,862	)		—
Principal payments under capital lease obligation		(920	)		(1,119	)
Net cash provided by (used in) financing activities		40,611,144			(70,180	)
Net increase (decrease) in cash, cash equivalents, and restricted cash		33,934,868			(2,650,470	)
Cash, cash equivalents, and restricted cash at beginning of the period		15,192,257			12,374,650
Cash, cash equivalents, and restricted cash at end of the period	$	49,127,125		$	9,724,180
Supplemental disclosure of cash flow information and non-cash transactions:
Cash paid during the period for interest	$	1,527		$	6,430
Stock issuance costs included in accounts payable or accrued expenses	$	44,926		$	—
Asset acquired under capital lease obligation	$	—		$	11,638
Purchases of property and equipment included in accounts payable or accrued expenses	$	—		$	112,720

See notes to the unaudited condensed consolidated financial statements.

Corbus Pharmaceuticals Holdings, Inc.

Condensed Consolidated Statement of Stockholders’ Equity

					Additional					Total
	Common Stock				Paid-in		Accumulated			Stockholders’
	Shares		Amount		Capital		Deficit			Equity
Balance at December 31, 2016		44,681,74 5	$	4,468	$	42,191,256	$	(33,276,489	)	$	8,919,235
Issuance of common stock, net of issuance costs of $470,439		5,301,448		530		40,468,327					40,468,857
Stock compensation expense						1,583,156					1,583,156
Issuance of common stock upon exercise of stock options		160,549		16		80,232					80,248
Net loss								(7,465,439	)		(7,465,439	)
Balance at March 31, 2017 - (Unaudited)		50,143,742	$	5,014	$	84,322,971	$	(40,741,928	)	$	43,586,057

See notes to the unaudited condensed consolidated financial statements.

Corbus Pharmaceuticals Holdings, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

Three Months Ended March 31, 2017

1.	NATURE OF OPERATIONS

Business

Corbus Pharmaceuticals Holdings, Inc. (the “Company”) is a clinical stage pharmaceutical company, focused on the development and commercialization of novel therapeutics to treat rare, chronic, and serious inflammatory and fibrotic diseases. Since its inception, the Company has devoted substantially all of its efforts to business planning, research and development, recruiting management and technical staff, acquiring operating assets and raising capital. The Company’s business is subject to significant risks and uncertainties and the Company will be dependent on raising substantial additional capital before it becomes profitable and it may never achieve profitability.

In the opinion of management of the Company, the accompanying unaudited condensed consolidated interim financial statements reflect all adjustments (which include only normal recurring adjustments) necessary to present fairly, in all material respects, the consolidated financial position of the Company as of March 31, 2017 and the results of its operations and cash flows for the three months ended March 31, 2017 and 2016. The December 31, 2016 condensed consolidated balance sheet was derived from audited financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. It is suggested that these condensed consolidated financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, filed on March 8, 2017. The results of operations for such interim periods are not necessarily indicative of the operating results for the full fiscal year.

2.	SIGNIFICANT ACCOUNTING POLICIES

A summary of the significant accounting policies followed by the Company in the preparation of the financial statements is as follows:

Use of Estimates

The process of preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of assets and liabilities at the date of financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and changes in estimates may occur. The most significant estimates are related to stock based compensation and the accrual of research, product development and clinical obligations.

Prior to the registration of its common stock and the subsequent public listing of the common stock, the Company had granted stock options at exercise prices not less than the fair value of its common stock as determined by the board of directors, with input from management. The Company’s board of directors determined the estimated fair value of the common stock based on a number of objective and subjective factors, including external market conditions affecting the biotechnology industry sector and the historic prices at which the Company sold shares of preferred stock.

Cash and Cash Equivalents

The Company considers only those investments which are highly liquid, readily convertible to cash, and that mature within three months from date of purchase to be cash equivalents. Marketable investments are those with maturities in excess of three months. At March 31, 2017 and December 31, 2016, cash equivalents were comprised of money market funds. The Company had no marketable investments at March 31, 2017 and December 31, 2016.

Restricted cash as of March 31, 2017 and December 31, 2016 included a $150,000 collateral account for the Company’s corporate credit cards and is classified in current assets. Additionally, as of March 31, 2017 and December 31, 2016 restricted cash included a stand-by letter of credit issued in favor of a landlord for $50,000 (See Note 4) and is classified in noncurrent assets.

Cash, cash equivalents, and restricted cash consists of the following:

	March 31, 2017		December 31, 2016
Cash	$	100,046	$	1,127,530
Money market fund		48,827,079		13,864,727
Cash and cash equivalents		48,927,125		14,992,257

Restricted cash, current		150,000		150,000
Restricted cash, noncurrent		50,000		50,000
Restricted cash		200,000		200,000
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$	49,127,125	$	15,192,257

Financial Instruments

The carrying amounts reported in the consolidated balance sheet for cash and cash equivalents and accounts payable approximate fair value based on the short-term nature of these instruments. The carrying values of loans payable approximate their fair value due to their market terms.

Property and Equipment

The estimated life for the Company’s property and equipment is as follows: three years for computer hardware and software and three to five years for office furniture and equipment. The Company’s leasehold improvements and assets under capital lease are amortized over the shorter of their useful lives or the terms of the respective leases. See Note 3 for details of property and equipment and Note 4 for operating and capital lease commitments.

Research and Development Expenses and Collaborative Research Agreements

Costs incurred for research and development are expensed as incurred.

For the development award received from the CFFT during 2015 and 2016 (See Note 7), the Company is amortizing these amounts on a straight-line basis over the expected duration of the performance period of the development program under the award, which is expected to conclude in the second quarter of 2017.

Accruals for Research and Development Expenses and Clinical Trials

As part of the process of preparing its financial statements, the Company is required to estimate its expenses resulting from its obligations under contracts with vendors, clinical research organizations and consultants and under clinical site agreements in connection with conducting clinical trials. The financial terms of these contracts are subject to negotiations, which vary from contract to contract and may result in payment terms that do not match the periods over which materials or services are provided under such contracts. The Company’s objective is to reflect the appropriate expenses in its financial statements by matching those expenses with the period in which services are performed and efforts are expended. The Company accounts for these expenses according to the timing of various aspects of the expenses. The Company determines accrual estimates through financial models taking into account discussion with applicable personnel and outside service providers as to the progress of clinical trials, or the services completed. During the course of a clinical trial, the Company adjusts its clinical expense recognition if actual results differ from its estimates. The Company makes estimates of its accrued expenses as of each balance sheet date based on the facts and circumstances known to it at that time. The Company’s clinical trial accruals are dependent upon the timely and accurate reporting of contract research organizations and other third-party vendors. Although the Company does not expect its estimates to be materially different from amounts actually incurred, its understanding of the status and timing of services performed relative to the actual status and timing of services performed may vary and may result in it reporting amounts that are too high or too low for any particular period. For the three months ended March 31, 2017 and 2016, there were no material adjustments to the Company’s prior period estimates of accrued expenses for clinical trials.

Concentrations of Credit Risk

The Company has no significant off-balance-sheet concentration of credit risk such as foreign exchange contracts, option contracts or other hedging arrangements. The Company may from time to time have cash in banks in excess of Federal Deposit Insurance Corporation insurance limits.

Segment Information

Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, or decision making group, in making decisions regarding resource allocation and assessing performance. To date, the Company has viewed its operations and manages its business as principally one operating segment, which is developing and commercializing therapeutics to treat rare life-threating, inflammatory fibrotic diseases. As of March 31, 2017 and December 31, 2016, all of the Company’s assets were located in the United States.

Income Taxes

For federal and state income taxes, deferred tax assets and liabilities are recognized based upon temporary differences between the financial statement and the tax basis of assets and liabilities. Deferred income taxes are based upon prescribed rates and enacted laws applicable to periods in which differences are expected to reverse. A valuation allowance is recorded to reduce a net deferred tax benefit when it is more likely than not that the tax benefit from the deferred tax assets will not be realized. Accordingly, given the cumulative losses since inception, the Company has provided a valuation allowance equal to 100% of the tax benefit in order to eliminate the deferred tax assets amounts. Tax positions taken or expected to be taken in the course of preparing the Company’s tax returns are required to be evaluated to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority.

Tax positions not deemed to meet a more-likely-than-not threshold, as well as accrued interest and penalties, if any, would be recorded as a tax expense in the current year. There were no uncertain tax positions that require accrual or disclosure to the financial statements as of March 31, 2017 or December 31, 2016.

Impairment of Long-lived Assets

The Company continually monitors events and changes in circumstances that could indicate that carrying amounts of long-lived assets may not be recoverable. An impairment loss is recognized when expected cash flows are less than an asset’s carrying value. Accordingly, when indicators of impairment are present, the Company evaluates the carrying value of such assets in relation to the operating performance and future undiscounted cash flows of the underlying assets. The Company’s policy is to record an impairment loss when it is determined that the carrying value of the asset may not be recoverable. No impairment charges were recorded during the three months ended March 31, 2017 and 2016.

Share-based Payments

The Company recognizes compensation costs resulting from the issuance of stock-based awards to employees, non-employees and directors as an expense in the statement of operations over the service period based on a measurement of fair value for each stock-based award. The fair value of each option grant is estimated as of the date of grant using the Black-Scholes option-pricing model. The fair value is amortized as compensation cost on a straight-line basis over the requisite service period of the awards, which is generally the vesting period. Stock options granted to non-employee consultants are revalued at the end of each reporting period until vested and the changes in their fair value are recorded as adjustments to expense over the related vesting period.

Net Loss Per Common Share

Basic net loss per share of the Company’s common stock has been computed by dividing net loss by the weighted average number of shares outstanding during the period. Diluted net income per share of the Company’s common stock has been computed by dividing net income by the weighted average number of shares outstanding plus the dilutive effect, if any, of outstanding stock options, warrants and convertible securities. Diluted net loss per share of the Company’s common stock has been computed by dividing the net loss for the period by the weighted average number of shares of the Company’s common stock outstanding during such period. For years in which there is a net loss, options, warrants and convertible securities are anti-dilutive and therefore are excluded from diluted loss per share calculations. The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31, 2017 and 2016

	Three Months Ended March 31
	2017			2016
Basic and diluted net loss per share of common stock:
Net loss	$	(7,465,439	)	$	(2,892,241	)
Weighted average shares of common stock outstanding		46,381,482			37,605,210
Net loss per share of common stock-basic and diluted	$	(0.16	)	$	(0.08	)

The following potentially dilutive securities outstanding during the three months ended March 31, 2017 and 2016 have been excluded from the computation of dilutive weighted average shares outstanding as the inclusion would be anti-dilutive.

	March 31,
	2017		2016
Warrants		1,288,500		1,967,375
Stock options		7,513,130		5,152,685
Total		8,801,630		7,120,060

Recent Accounting Pronouncements

Restricted Cash Presentation

On November 17, 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2016-18, Restricted Cash (a consensus of the FASB Emerging Issues Task Force) (“ASU 2016-18”), which addresses classification and presentation of changes in restricted cash on the statement of cash flows. ASU 2016-18 requires an entity’s reconciliation of the beginning-of-period and end-of-period total amounts shown on the statement of cash flows to include in cash and cash equivalents amounts generally described as restricted cash and restricted cash equivalents. ASU 2016-18 is effective for public business entities for annual and interim periods in fiscal years beginning after December 15, 2017. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, adjustments should be reflected at the beginning of the fiscal year that includes that interim period. The Company early adopted ASU 2016-18 for the fiscal year ended December 31, 2016 using a retrospective transition method for each period presented.

Revenue Recognition

In May 2014, the FASB issued guidance codified in Accounting Standards Codification (ASC) 606, Revenue Recognition — Revenue from Contracts with Customers (“ASC 606”) which amends the guidance in former ASC 605, Revenue Recognition, and is effective for public companies for annual and interim periods beginning after December 15, 2017. The Company plans to adopt the standard in the first quarter of 2018 and believes that its adoption may have an impact on the Company’s consolidated financial statements. Specifically, the new standard differs from the current accounting standard in many respects, such as in the accounting for variable consideration received, including milestone payments or contingent payments. Under the Company’s current accounting policy, milestone payments are recognized as revenue in the period that the payment-triggering event occurred or was achieved (See Note 7). ASC 606, however, may require the Company to recognize these payments before the payment-triggering event is completely achieved, subject to management’s assessment of whether it is probable that the triggering event will be achieved and that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved.

Accounting for Leases

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). Under ASU 2016-02, a lessee will be required to recognize assets and liabilities for leases with lease terms of more than 12 months. Consistent with current GAAP, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. However, unlike current GAAP, which requires only capital leases to be recognized on the balance sheet, ASU 2016-02 will require both types of leases to be recognized on the balance sheet. ASU 2016-02 will take effect for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early application permitted. Management has not yet determined if it will adopt ASU 2016-02 earlier than the required adoption date. The adoption of ASU 2016-02 will have an impact on the Company’s financial position, results of operations, cash flows, and disclosures as the Company has an operating lease commitment for office space as of March 31, 2017 in the amount of $969,370 (see Note 4) for which ASU 2016-02 would apply.

Employee Share-Based Payment Accounting

On March 30, 2016, the FASB issued ASU No. 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). ASU 2016-09 simplifies several aspects of the accounting for employee share-based payment transactions including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. ASU 2016-09 will take effect for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, with early application permitted. Management does not expect the adoption of ASU 2016-09 to have a material impact on the Company’s consolidated financial statements, although there may be additional disclosures upon adoption.

3.	PROPERTY AND EQUIPMENT

Property and equipment consisted of the following:

	March 31, 2017			December 31, 2016
Computer hardware and software	$	96,131		$	96,131
Office furniture and equipment		265,162			259,138
Leasehold improvements		188,219			188,219
Property and equipment, gross		549,512			543,488
Less: accumulated depreciation		(139,726	)		(108,237	)
Property and equipment, net	$	409,786		$	435,251

Depreciation expense was $31,489 and $17,825 for the three months ended March 31, 2017 and 2016, respectively.

On December 30, 2015, the Company entered into a lease agreement for a copier machine. The cost of the machine was approximately $12,000 and is included in office furniture and equipment category in the table above. The lease payments commenced when the machine was placed in service in January 2016. The machine is being amortized over the life of the lease, which is for a three-year term and includes a bargain purchase option at the end of the term. See Note 4 for details of this capital lease commitment.

4.	COMMITMENTS AND CONTINGENCIES

Operating Lease Commitment

In September 2016, the Company amended its commercial lease for office space to expand into an additional 4,088 square feet of office space within the existing building for an aggregate total of 10,414 square feet of leased office space (“September 2016 Amendment”). The Company began occupying this space in early November 2016 and the final lease payment is due in January 2021. Additionally, the September 2016 Amendment required an increase in the standby letter of credit to $50,000 (See Note 3).

The Company records the total rent payable during the lease term on a straight-line basis over the term of the lease and records the difference between the rents paid and the straight-line rent as deferred rent, which is classified in deferred rent, current and deferred rent, noncurrent in the Company’s balance sheet as of March 31, 2017 and December 31, 2016.

Pursuant to the terms of the Company’s non-cancelable lease agreements in effect at March 31, 2017, the future minimum rent commitments are as follows:

2017 (remainder of year)	$	183,547
2018		249,502
2019		254,709
2020		259,916
2021		21,696
Total	$	969,370

Total rent expense for the three months ended March 31, 2017 and 2016 was $58,508 and $36,546, respectively.

Capital Lease Commitment

The lease payments under the capital lease agreement for the copier machine commenced when the machine was placed in service in January 2016. The lease is for a three-year term and includes a bargain purchase option at the end of the term. In the accompanying balance sheet as of March 31, 2017, the current portion of this capital lease obligation is classified in accrued expenses and the long-term portion of the capital lease obligation is classified in other long-term liabilities. Pursuant to the terms of this capital lease agreement, the future minimum capital lease commitments are as follows as of March 31, 2017:

2017 (remainder of year)	$	3,407
2018		4,543
2019		379
Total future minimum lease payments		8,329
Less: interest		(787	)
Future capital lease obligations		7,542
Less: current portion		(3,933	)
Long-term portion	$	3,609

5.	NOTES PAYABLE

In November 2015, the Company entered into a loan agreement with a financing company for $207,750 to finance one of the Company’s insurance policies. The terms of the loan stipulated equal monthly payments of principal and interest payments of $23,397 over a nine-month period. Interest on this loan was accrued at an annual rate of 3.25%. This loan was fully repaid in July 2016.

In October 2016, the Company entered into a loan agreement with a financing company for $348,750 to finance one of the Company’s insurance policies. The terms of the loan stipulate equal monthly payments of principal and interest payments of $39,114 over a nine-month period. Interest accrues on this loan at an annual rate of 2.25%. Prepaid expenses as of March 31, 2017 and December 31, 2016, included $262,500 and $378,750, respectively, related to this insurance policy.

Interest expense for notes payable for the three months ended March 31, 2017 and 2016 totaled $1,278 and $1,130, respectively.

Notes payable consisted of the following:

	March 31, 2017			December 31, 2016
Notes payable	$	155,726		$	271,757
Less: current portion		(155,726	)		(271,757	)
Long term portion	$	—		$	—

6.	ACCRUED EXPENSES

Accrued expenses consisted of the following:

	March 31, 2017		December 31, 2016
Accrued clinical operations and trials costs	$	1,333,114	$	1,647,490
Accrued product development costs		1,246,527		713,426
Accrued compensation		122,175		778,250
Accrued other		172,302		117,289
Total	$	2,874,118	$	3,256,455

7.	DEVELOPMENT AWARD AND DEFERRED REVENUE

On April 20, 2015, the Company entered into an award agreement with the CFFT, a non-profit drug discovery and development affiliate of the Cystic Fibrosis Foundation, pursuant to which it received a development award (the “Award”) for up to $5 million in funding. The funding from the Award is supporting a first-in-patient Phase 2 clinical trial of the Company’s oral anti-inflammatory drug anabasum in adults with cystic fibrosis (“CF”). The Company has billed and received a total of $4.5 million in payments since the inception of the Award as outlined below. The payments received under the award have been recorded as deferred revenue and are being amortized on a straight-line basis over the expected duration of the performance period under the Award, which is expected to conclude in the second quarter of 2017.

Upon the execution of the Award agreement, the Company received a payment of $1,250,000 in May 2015. In November 2015, the Company received a second payment of $1,250,000 upon the achievement of a milestone for dosing the first patient. In August 2016, the Company received a third payment from the CFFT in the amount of $1,000,000 for achieving a milestone in July 2016 related to dosing the median clinical trial patient. In January 2017, the Company received a fourth payment from the CFFT in the amount of $1,000,000 for achieving a milestone in December 2016 related to completing the final visit for the final patient, which was billed by the Company to CFFT in December 2016 and was classified in grants receivable as of December 31, 2016. The Company expects that the last milestone payment of $500,000 under the Award will be recorded in the second quarter of 2017 upon the achievement of the final milestone related to the Phase 2 CF clinical trial, as set forth in the Award agreement.

Pursuant to the terms of the Award agreement, the Company is obligated to make royalty payments to CFFT contingent upon commercialization of anabasum in the Field of Use (as defined in the Award agreement) including a royalty payment equal to five times the amount the Company receives under the Award agreement, up to $25 million, payable in three equal annual installments following the first commercial sale of anabasum, the first of which is due within 90 days following the first commercial sale of anabasum. The Company is also obligated to make a royalty payment to CFFT equal to the amount the Company receives under the Award agreement, up to $5 million, due in the first calendar year in which the aggregate cumulative net sales of anabasum in the Field of Use exceed $500 million. Lastly, the Company is obligated to make royalty payment(s) to CFFT of up to approximately $15 million if the Company transfers, sells or licenses anabasum in the Field of Use other than for certain clinical or development purposes, or if the Company enters into a change of control transaction, with such payment(s) to be credited against the royalty payments due upon commercialization. The Field of Use is defined in the Award as the treatment in humans of CF, asbestosis, bronchiectasis, byssinosis, chronic bronchitis/COPD hypersensitivity pneumonitis, pneumoconiosis, primary ciliary dyskinesis, sarcoidosis and silicosis. Either CFFT or the Company may terminate the agreement for cause, which includes the Company’s material failure to achieve certain commercialization and development milestones. The Company’s payment obligations survive the termination of the Award agreement.

The Company recorded $1,293,697 and $396,598 of revenue during the three months ended March 31, 2017 and 2016, respectively. Deferred revenue consists of the following:

	March 31, 2017			December 31, 2016
Deferred revenue		646,498		$	1,940,195
Less: current portion		(646,498	)		(1,940,195	)
Long-term portion	$	—		$	—

8.	COMMON STOCK

The Company has authorized 150,000,000 shares of common stock, $0.0001 par value per share, of which 50,143,742 shares and 44,681,745 shares were issued and outstanding as of March 31, 2017 and December 31, 2016, respectively.

On February 28, 2017, the Company entered in a securities purchase agreement providing for the issuance and sale by the Company of 3,887,815 shares of its common stock in a registered direct offering to institutional and accredited investors at a purchase price of $7.00 per share with gross proceeds to the Company totaling $27,214,705 less issuance costs of approximately $48,291.

In November 2016, the Company entered into a sales agreement with Cantor Fitzgerald (“Cantor”) under which the Company may direct Cantor as its placement agent to sell common stock under an “At the Market Offering” (“Sales Agreement”). Sales of common stock under the Sales Agreement are made pursuant to an effective registration statement for an aggregate offering of up to $35 million, under which the Company has sold an aggregate of approximately $15.4 million of common stock through March 31, 2017. Under the Sales Agreement, the Company is obligated to pay Cantor a 3% commission on gross proceeds. During the three months ended March 31, 2017, the Company sold 1,413,633 shares of its common stock under the Sales Agreement at an average selling price of approximately $9.71 per share for gross proceeds of $13.724,591 and net proceeds of $13,302,443.

9.	STOCK OPTIONS

In April 2014, the Company adopted the Corbus Pharmaceuticals Holdings, Inc. 2014 Equity Incentive Plan (the “2014 Plan”). Pursuant to the 2014 Plan, the Company’s Board of Directors may grant incentive and nonqualified stock options and restricted stock to employees, officers, directors, consultants and advisors. On January 1, 2016, pursuant to an annual evergreen provision contained in the 2014 Plan, the number of shares reserved for future grants was increased by 1,250,000 shares, respectively. As of December 31, 2016, there was a total of 9,916,017 shares reserved for issuance under the 2014 Plan and there were 2,840,133 shares available for future grants. Options issued under the 2014 Plan are exercisable for up to 10 years from the date of issuance.

Pursuant to the terms of an annual evergreen provision in the 2014 Plan, the number of shares of common stock available for issuance under the 2014 Plan shall automatically increase on January 1 of each year by at least seven percent (7%) of the total number of shares of common stock outstanding on December 31st of the preceding calendar year, or, pursuant to the terms of the 2014 Plan, in any year, the Board of Directors may determine that such increase will provide for a lesser number of shares. In accordance with the terms of the 2014 Plan, effective as of January 1, 2017, the number of shares of common stock available for issuance under the 2014 Plan increased by 3,127,722 shares, which was seven percent (7%) of the outstanding shares of common stock on December 31, 2016. As of January 1, 2017, the 2014 Plan had a total reserve of 13,043,739 shares and there were 5,967,855 shares available for future grants. As of March 31, 2017, there were 4,904,355 shares available for future grants.

Share-based Compensation

For stock options issued and outstanding for the three months ended March 31, 2017 and 2016, respectively, the Company recorded non-cash, stock-based compensation expense of $1,583,156 and $311,238, respectively, net of estimated forfeitures.

The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing model that uses the assumptions noted in the following table. Due to its limited operating history and limited number of sales of its common stock, the Company estimated its volatility in consideration of a number of factors, including the volatility of comparable public companies and, commencing in 2015, the Company also included the volatility of its own common stock. The Company uses historical data, as well as subsequent events occurring prior to the issuance of the financial statements, to estimate option exercises and employee terminations within the valuation model. The expected term of options granted under the 2014 Plan, all of which qualify as “plain vanilla” per SEC Staff Accounting Bulletin 107, is based on the average of the 6.25 years. For non-employee options, the expected term is the contractual term. The risk-free rate is based on the yield of a U.S. Treasury security with a term consistent with the option.

The assumptions used principally in determining the fair value of options granted were as follows:

	Three Months Ended March 31,
	2017			2016
Risk free interest rate		2.17	%		1.81	%
Expected dividend yield		0	%		0	%
Expected term in years		6.35			6.28
Expected volatility		85.8	%		88.3	%
Estimated forfeiture rate		5	%		5	%

A summary of option activity for the three months ended March 31, 2017 is presented below:

						Weighted
						Average
						Remaining
				Weighted		Contractual		Aggregate
				Average		Term in		Intrinsic
Options	Shares			Exercise Price		Years		Value
Outstanding at December 31, 2016		6,610,179		$	2.54
Granted		1,063,500			9.05
Exercised		(160,549	)		0.50
Forfeited		—			—
Outstanding at March 31, 2017		7,513,130		$	3.51		8.31	$	36,752,235
Vested at March 31, 2017		3,290,104		$	1.26		7.36	$	23,011,278

The weighted average grant-date fair value of options granted during the three months ended March 31, 2017 and 2016 was $6.66 and $1.05 per share, respectively. The aggregate intrinsic value of options exercised during the three months ended March 31, 2017 was approximately $1,402,164. No stock options were exercised during the three months ended March 31, 2016. The total fair value of options that were vested as of March 31, 2017 was $3,503,337. As of March 31, 2017, there was approximately $14,104,971 of total unrecognized compensation expense, related to non-vested share-based option compensation arrangements. The unrecognized compensation expense is estimated to be recognized over a period of 3.42 years as of March 31, 2017.

10.

WARRANTS

At March 31, 2017, there were warrants outstanding to purchase 1,288,500 shares of common stock with a weighted average exercise price of $1.00 and a weighted average remaining life of 2.16 years. No warrants were exercised during the three months ended March 31, 2017. During the three months ended March 31, 2016, a warrant to purchase 1,875 shares of common stock was exercised on a cashless basis resulting in the issuance of 693 shares. There were no warrants issued or cancelled during the three months ended March 31, 2017 and 2016.

11.

RELATED PARTY TRANSACTIONS

In connection with the formation of Corbus Pharmaceutical Holdings, Inc. in December 2013, certain affiliates of Aegis Capital Corp. (the “Placement Agent”) and certain other parties not affiliated with us or the Placement Agent subscribed for an aggregate of 6,000,000 shares of common stock for which they paid an aggregate of $120,000 ($0.02 per share), including David Hochman, one of our directors who purchased 450,000 shares and whose family trust purchased 90,000 shares of common stock.

Following the Initial Closing of the 2014 Private Placement, which took place on April 11, 2014, the Placement Agent had a right to appoint one member of the Company’s board of directors for a two-year term (the “Aegis Nominee”). David Hochman was appointed as the Aegis Nominee.

On June 21, 2014, the Company entered into a consulting agreement with Orchestra Medical Ventures, LLC (“Orchestra”), of which David Hochman is Managing Partner. The agreement provided that Orchestra would render a variety of consulting and advisory services relating principally to identifying and evaluating strategic relationships, licensing opportunities, and business strategies. Orchestra was compensated at a rate of $5,000 per month for twelve months, payable quarterly in advance. During the year ended December 31, 2015, the Company paid Orchestra $15,000. The consulting agreement expired on April 11, 2015 and the Company was not obligated to make future payments. On September 20, 2016, the Company entered into a new consulting agreement with Orchestra for similar services as provided under the previous agreement (the “2016 Consulting Agreement”). The term of the 2016 Consulting Agreement commenced on September 20, 2016 and expired on March 20, 2017. Pursuant to the terms of the 2016 Consulting Agreement, the Company paid to Orchestra cash compensation in an aggregate amount of $100,000. In connection with this agreement, the Company granted an equity incentive award to Mr. Hochman consisting of options to purchase 50,000 shares (“Option Shares”) of common stock (the “Option Award”) pursuant to the Company’s 2014 Equity Compensation Plan, of which fifty percent (50%) vested on the three (3) month anniversary of the date of grant of the Option Award and the remainder of the Option Shares vested on the six (6) month anniversary of the date of grant of the Option Award. The Option Shares were granted with an exercise price of $7.14 per share. The Company recorded stock-based compensation expense of approximately $222,000 during the year ended December 31, 2016 and $171,000 during the three months ended March 31, 2017 related to the Option Shares.

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

The following discussion and analysis of our financial condition and results of operations should be read together with our financial statements and the related notes and the other financial information included elsewhere in this Quarterly Report. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those discussed below and elsewhere in this Quarterly Report, particularly those under “Risk Factors.”

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This report on Form 10-Q contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as “may,” “can,” “anticipate,” “assume,” “should,” “indicate,” “would,” “believe,” “contemplate,” “expect,” “seek,” “estimate,” “continue,” “plan,” “point to,” “project,” “predict,” “could,” “intend,” “target,” “potential” and other similar words and expressions of the future.

There are a number of important factors that could cause the actual results to differ materially from those expressed in any forward-looking statement made by us. These factors include, but are not limited to:

	●	our lack of operating history and history of operating losses;

	●	our current and future capital requirements and our ability to satisfy our capital needs;

	●	our ability to complete required clinical trials of our product and obtain approval from the FDA or other regulatory agents in different jurisdictions;

	●	our ability to maintain or protect the validity of our patents and other intellectual property;

	●	our ability to retain key executive members;

	●	our ability to internally develop new inventions and intellectual property;

	●	interpretations of current laws and the passages of future laws;

	●	acceptance of our business model by investors;

	●	the accuracy of our estimates regarding expenses and capital requirements; and

	●	our ability to adequately support growth.

The foregoing does not represent an exhaustive list of matters that may be covered by the forward-looking statements contained herein or risk factors that we are faced with that may cause our actual results to differ from those anticipate in our forward-looking statements. Please see “Risk Factors” for additional risks which could adversely impact our business and financial performance.

All forward-looking statements are expressly qualified in their entirety by this cautionary notice. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this report or the date of the document incorporated by reference into this report. We have no obligation, and expressly disclaim any obligation, to update, revise or correct any of the forward-looking statements, whether as a result of new information, future events or otherwise. We have expressed our expectations, beliefs and projections in good faith and we believe they have a reasonable basis. However, we cannot assure you that our expectations, beliefs or projections will result or be achieved or accomplished.

Overview

We are a clinical stage pharmaceutical company, focused on the development and commercialization of novel therapeutics to treat rare, chronic and serious inflammatory and fibrotic diseases with clear unmet medical needs. Our product anabasum is a novel synthetic oral endocannabinoid-mimetic drug that is intended to resolve chronic inflammation and halt fibrotic processes without causing immunosuppression. Anabasum is currently being developed to treat four life-threatening diseases: systemic sclerosis, cystic fibrosis, diffuse cutaneous, skin-predominant dermatomyositis and systemic lupus erythematosus (“SLE’’). The United States Food and Drug Administration (“FDA”) has granted anabasum Orphan Designation as well as Fast Track Status for both cystic fibrosis and systemic sclerosis. The European Medicines Authority (“EMA”) has granted anabasum Orphan Designation for both cystic fibrosis and systemic sclerosis.

In November 2016, we reported positive clinical data in a Phase 2 anabasum study for the treatment of systemic sclerosis. Following an end-of-Phase 2 meeting with the U.S. Food and Drug Administration (“FDA”), we submitted a protocol to the FDA on March 31, 2017 for our Phase 3 study in systemic sclerosis and are moving forward as planned. We expect to commence the Phase 3 study in the fourth quarter of 2017. Protocol assistance from the EMA on the Phase 3 study design is expected in the second quarter of 2017. Our recent application to the FDA for Breakthrough Therapy Designation was not granted for systemic sclerosis, however our existing Fast Track status already grants us similar eligibility for more frequent meetings with FDA to discuss the drug’s development plan as well Priority Review and Rolling Reviews of completed sections of the New Drug Application.

In December 2016, we completed a Phase 2 study in cystic fibrosis study and at the end of March 2017 we reported positive top-line clinical data from this study. We are in the process of developing the protocol design for the next clinical trial in partnership with CF experts, the Cystic Fibrosis Foundation Therapeutics, Inc., Cystic Fibrosis Therapeutic Development Network and European Cystic Fibrosis Society Clinical Trials Network. Thereafter, we will enter into discussions with the relevant regulatory agencies.

A third Phase 2 study in dermatomyositis of anabasum is expected to be completed in the fourth quarter of 2017 and a fourth Phase 2 in SLE is planned to start during the second half of 2017.

Since our inception, we have devoted substantially all of our efforts to business planning, research and development, recruiting management and technical staff, acquiring operating assets and raising capital. Our research and development activities have included conducting pre-clinical studies, developing manufacturing methods and the manufacturing of our drug anabasum for clinical trials and conducting clinical studies in patients. Three of the four clinical programs for anabasum are being supported by non-dilutive awards and grants. The NIH is funding the majority of the Phase 2 clinical development costs for the dermatomyositis and SLE Phase clinical trials and the Phase 2 clinical trial in cystic fibrosis was supported by a $5 million award from the Cystic Fibrosis Foundation Therapeutics, Inc. (“CFFT”), a non-profit drug discovery and development affiliate of the Cystic Fibrosis Foundation.

Anabasum is a synthetic, rationally-designed oral small molecule drug that selectively binds to the cannabinoid receptor type 2, or CB2, found on activated immune cells, fibroblasts and muscle cells. Anabasum stimulates the production of Specialized Pro-Resolving Lipid Mediators (SPMs) that act to resolve inflammation, and halt fibrosis by activating endogenous pathways. These endogenous resolution pathways are normally activated in healthy individuals during the course of normal immune responses but are dysfunctional in chronic inflammatory and fibrotic diseases. Through its’ activation of the CB2 receptor, anabasum is designed to drive innate immune responses from the activation phase through completion of the resolution phase. The CB2 receptor plays an endogenous role in modulating and resolving inflammation by, in effect, turning heightened inflammation “off” and restoring homeostasis.

Financial Operations Overview

We are a research and development company and have not generated any revenues from the sale of products. We have never been profitable and, from inception through March 31, 2017, our losses from operations have been approximately $40.7 million. Our net losses for the three months ended March 31, 2017 and 2016 were approximately $7,465,000 and $2,892,000, respectively. We expect to continue to incur significant expenses and increasing operating losses for the foreseeable future. We expect our expenses to increase significantly in connection with our ongoing activities to develop, seek regulatory approval of and commercialize anabasum. Accordingly, we will need additional financing to support our continuing operations. We will seek to fund our operations through public or private equity or debt financings or other sources, which may include government grants and collaborations with third parties. Adequate additional financing may not be available to us on acceptable terms, or at all. Our failure to raise capital as and when needed would have a negative impact on our financial condition and our ability to pursue our business strategy. We will need to generate significant revenues to achieve profitability, and we may never do so.

We expect to continue to incur significant expenses and increasing operating losses for at least the next several years. We expect our expenses will increase substantially in 2017 and in the future in connection with our ongoing activities, as we:

	●	conduct clinical trials for anabasum in scleroderma, cystic fibrosis, systemic lupus erythematosus and other indications;

	●	continue our research and development efforts;

	●	manufacture clinical study materials and develop commercial scale manufacturing capabilities;

	●	seek regulatory approval for our product candidates;

	●	add personnel to support development of our product candidates; and

	●	operate as a public company

Critical Accounting Policies and Estimates

Our condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.

On an ongoing basis, we evaluate our estimates and judgments for all assets and liabilities, including those related to stock-based compensation expense. We base our estimates and judgments on historical experience, current economic and industry conditions and on various other factors that are believed to be reasonable under the circumstances. This forms the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

We believe that full consideration has been given to all relevant circumstances that we may be subject to, and the consolidated financial statements accurately reflect our best estimate of the results of operations, financial position and cash flows for the periods presented.

Results of Operations

Comparison of Three Months Ended March 31, 2017 and 2016

Collaboration Revenue

To date, we have not generated any revenues from the sales of products. We do not expect to generate revenue from product sales unless and until we successfully complete development and obtain regulatory approval for the marketing of anabasum, which we expect will take a number of years and is subject to significant uncertainty.

We have recorded $1,293,697 and $396,598 of collaboration revenue in the three months ended March 31, 2017 and 2016, respectively, related to an award agreement we entered into in the second quarter of fiscal 2015 with the Cystic Fibrosis Foundation Therapeutics, Inc. (“CFFT”), a non-profit drug discovery and development affiliate of the Cystic Fibrosis Foundation, pursuant to which we received a development award (the “Award”) for up to $5 million in funding. The funding from the Award supported the Phase 2 clinical trial of anabasum in adults with cystic fibrosis. We have billed and received a total of $4.5 million in payments since the inception of the Award as outlined below. The payments received under the Award have been recorded as deferred revenue and are being amortized on a straight-line basis over the expected duration of the performance period under the Award, which is expected to conclude in the second quarter of 2017.

Upon the execution of the Award agreement, we received a payment of $1,250,000 in May 2015. In November 2015, we received a second payment of $1,250,000 upon the achievement of a milestone for dosing the first patient. In August 2016, we received a third payment from the CFFT in the amount of $1,000,000 for achieving a milestone in July 2016 related to dosing the median clinical trial patient. In January 2017, we received a fourth payment from the CFFT in the amount of $1,000,000 for achieving a milestone in December 2016 related to completing the final visit for the final patient. We expect that the last milestone payment of $500,000 under the Award will be recorded in the second quarter of 2017 upon the achievement of the final milestone related to the Phase 2 CF clinical trial, as set forth in the Award agreement.

Research and Development Expenses

Research and development expenses are incurred for the development of anabasum and consist primarily of payroll and payments to contract research and development companies. To date, these costs are related to generating pre-clinical data and the cost of manufacturing anabasum for clinical trials and conducting clinical trials. These costs are expected to increase significantly in the future as anabasum is evaluated in additional later stage clinical trials.

Research and development expenses for the three months ended March 31, 2017 totaled approximately $6,366,000, an increase of approximately $4,192,000 over the $2,174,000 recorded for the three months ended March 31, 2016. The increase was primarily attributable to increases of $3,427,000 in clinical trial costs, $498,000 in compensation costs, and $267,000 in stock-based compensation expense.

General and Administrative Expenses

General and administrative expenses consist primarily of payroll, rent and professional services such as accounting and legal services. We anticipate that our general and administrative expenses will increase significantly during 2017 and in the future as we increase our headcount to support our continued research and development and the potential commercialization of our product candidates. We also anticipate increased expenses related to audit, legal, regulatory, and tax-related services associated with maintaining compliance with NASDAQ exchange listing and SEC requirements, director and officer insurance, and investor relations costs associated with being a public company.

General and administrative expense for the three months ended March 31, 2017 totaled approximately $2,380,000, an increase of approximately $1,270,000 over the $1,110,000 recorded for the three months ended March 31, 2016. The increase was primarily attributable to increases of approximately $1,005,000 in stock-based compensation expense, $81,000 in investor relations costs, $80,000 in compensation costs, $79,000 in financial consulting services costs, and an aggregate net increase of approximately $114,000 primarily for other general and administrative costs, partially offset by a decrease of $89,000 in legal costs.

Other Expense, Net

Other expense, net for the three months ended March 31, 2017 totaled approximately $13,000, an increase of approximately $8,000 over the $5,000 of other expense, net recorded for the three months ended March 31, 2016 and was primarily attributable to an increase in foreign currency exchange transaction losses recorded during the three months ended March 31, 2017.

Liquidity and Capital Resources

Since inception, we have experienced negative cash flows from operations. We have financed our operations primarily through sales of equity-related securities. In addition, the majority of the costs of the dermatomyositis and systemic lupus erythematosus clinical trials are being funded by NIH grants, and our cystic fibrosis clinical trial is being partially funded by a $5 million award from the CFFT. At March 31, 2017, our accumulated deficit since inception was approximately $40,742,000.

At March 31, 2017, we had total current assets of approximately $50,148,000 and total current liabilities of approximately $6,956,000, resulting in working capital of $43,192,000. At March 31, 2017, we had total assets of approximately $50,607,000 and total liabilities of approximately $7,021,000 resulting in a stockholders’ equity of approximately $43,586,000.

Net cash used in operating activities for the three months ended March 31, 2017 was approximately $6,636,000, which includes a net loss of approximately $7,465,000, non-cash expenses of approximately $1,628,000 principally related to the increase in stock-based compensation expense, and approximately $798,000 of cash used in net working capital items principally related to the decrease in deferred revenue, accrued expenses and accounts payable, partially offset by the decrease in grants receivable.

Cash used in investing activities for the three months ended March 31, 2017 totaled approximately $40,000 for the purchase of property and equipment.

Cash provided by financing activities for the three months ended March 31, 2017 totaled approximately $40,611,000. On February 28, 2017, we entered into a securities purchase agreement providing for the issuance and sale of 3,887,815 shares of our common stock in a registered direct offering to institutional and accredited investors at a purchase price of $7.00 per share with net proceeds to us totaling $27,210,027. In November 2016, we entered into a sales agreement with Cantor Fitzgerald under which we may direct Cantor Fitzgerald as our placement agent to sell common stock under an “At the Market Offering” (“Sales Agreement”). Sales of common stock under the Sales Agreement are made pursuant to an effective registration statement for an aggregate offering of up to $35 million. In the three months ended March 31, 2017, we received net proceeds of $13,437,819 from sales of our common stock pursuant to the Sales Agreements, net of 3% commission paid to Cantor Fitzgerald.

During the three months ended March 31, 2017, the Company issued 160,549 shares of common stock upon the exercise of stock options to purchase common stock and the Company received proceeds of $80,248 from these exercises. Cash provided by financing activities for the three months ended March 31, 2017 included principal payments on notes payable of approximately $116,000 in connection with our loan agreement with a financing company. The terms of the loan that we entered into in October 2016 stipulate equal monthly payments of principal and interest payments of $39,114 over a nine-month period. Interest accrues on this loan at an annual rate of 2.25%.

We expect our cash on hand of $48,927,125 at March 31, 2017 and the remaining milestone payment of $500,000 from the CFFT, which we expect to receive in the second quarter of 2017, to be sufficient to meet our operating and capital requirements through the fourth quarter of 2018 based on current planned expenditures.

We expect to need to raise significant additional capital to continue to fund operations and the clinical trials for anabasum beyond 2018. We may seek to sell common stock, including sales under our Sales Agreement, preferred stock or convertible debt securities, enter into a credit facility or another form of third-party funding or seek other debt financing. In addition, we may seek to raise cash through collaborative agreements or from government grants. The sale of equity and convertible debt securities may result in dilution to our stockholders and certain of those securities may have rights senior to those of our common shares. If we raise additional funds through the issuance of preferred stock, convertible debt securities or other debt financing, these securities or other debt could contain covenants that would restrict our operations. Any other third-party funding arrangement could require us to relinquish valuable rights.

The source, timing and availability of any future financing will depend principally upon market conditions, and, more specifically, on the progress of our clinical development programs. Funding may not be available when needed, at all, or on terms acceptable to us. Lack of necessary funds may require us, among other things, to delay, scale back or eliminate expenses including some or all of our planned clinical trials.

Contractual Obligations and Commitments

The following table presents information about our known contractual obligations as of March 31, 2017. It does not reflect contractual obligations that may have arisen or may arise after that date. Except for historical facts, the information in this section is forward-looking information.

	Payments due by period
Contractual Obligations	Total		Remainder of Fiscal 2017		Fiscal 2018-2019		Fiscal 2020-2021		After Fiscal 2021
Operating lease obligations (1)	$	969,370	$	183,547	$	504,211	$	281,612	$	—
Capital lease obligations (2)		8,329		3,407		4,922		—		—
Total	$	977,699	$	186,954	$	509,133	$	281,612	$	—

	(1)	In September 2016, our commercial lease for office space was amended for our expansion into an additional 4,088 square feet of office space within the existing building for an aggregate total of 10,414 square feet of leased office space. We began occupying this space in November 2016 and the lease for this office space terminates in January 2021.

	(2)	On December 30, 2015, we entered into a lease agreement for a copier machine. The machine was placed in service in January 2016. The lease is for a three-year term and includes a bargain purchase option at the end of the term.

We may enter into contracts in the normal course of business with clinical research organizations for clinical trials and clinical supply manufacturing and with vendors for pre-clinical research studies, research supplies and other services and products for operating purposes. These contracts generally provide for termination on notice, and therefore, we believe that our non-cancelable obligations under these agreements are not material. As of March 31, 2017, other than the items in the table above, we had no material contractual obligations or commitments that will affect our future liquidity.

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Our exposure to market risk is limited to our cash and cash equivalents, all of which have maturities of three months or less. The primary objectives of our investment activities are to preserve principal, provide liquidity and maximize income without significantly increasing risk. Our primary exposure to market risk is interest income sensitivity, which is affected by changes in the general level of U.S. interest rates. However, because of the short-term nature of the instruments in our portfolio, a sudden change in market interest rates would not be expected to have a material impact on our financial condition and/or results of operation. We do not have any foreign currency or other derivative financial instruments.

Item 4. Controls and Procedures.

Disclosure Controls and Procedures

Evaluation of Our Disclosure Controls

Our management, with the participation of our Chief Executive Officer and our Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act, as amended) as of the end of the period covered by this report. Based on that evaluation, our Chief Executive Officer and our Chief Financial Officer concluded that our disclosure controls and procedures as of the end of the period covered by this report were effective in ensuring that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and that the information required to be disclosed by us in such reports is accumulated and communicated to our management, including our Chief Executive Officer and our Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Evaluation of Changes in Internal Control over Financial Reporting

There was no change in our internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) that occurred during the period to which this report relates that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risks that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. From time to time, we make changes to our internal control over financial reporting that are intended to enhance its effectiveness and which do not have a material effect on our overall internal control over financial reporting.

PART II — OTHER INFORMATION

Item 1. Legal Proceedings.

None.

Item 1A. Risk Factors.

There have been no material changes in risk factors from what was reported in our 2016 Annual Report on Form 10-K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

None.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

None.

Item 6. Exhibits.

Exhibit No.		Description

10.1		Securities Purchase Agreement dated February 28, 2017 between Corbus Pharmaceuticals Holdings, Inc. and certain investors (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed with the SEC on February 28, 2017).


31.1		Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a).*

31.2		Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a).*

32.1		Certification of Chief Executive Officer pursuant to Rule 13a-14(b) or Rule 15d-14(b).**

32.2		Certification of Chief Financial Officer pursuant to Rule 13a-14(b) or Rule 15d-14(b).**

101.INS		XBRL Instance Document.*

101.SCH		XBRL Taxonomy Extension Schema Document.*

101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document.*

101.DEF		XBRL Taxonomy Extension Definition Linkbase Document.*

101.LAB		XBRL Taxonomy Extension Label Linkbase Document.*

101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document.*

*	Filed herewith.

**	Furnished, not filed.

EXHIBIT INDEX

Exhibit No.		Description

10.1		Securities Purchase Agreement dated February 28, 2017 between Corbus Pharmaceuticals Holdings, Inc. and certain investors (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed with the SEC on February 28, 2017).

31.1		Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a).*

31.2		Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a).*

32.1		Certification of Chief Executive Officer pursuant to Rule 13a-14(b) or Rule 15d-14(b).**

32.2		Certification of Chief Financial Officer pursuant to Rule 13a-14(b) or Rule 15d-14(b).**

101.INS		XBRL Instance Document.*

101.SCH		XBRL Taxonomy Extension Schema Document.*

101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document.*

101.DEF		XBRL Taxonomy Extension Definition Linkbase Document.*

101.LAB		XBRL Taxonomy Extension Label Linkbase Document.*

101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document.*

*	Filed herewith.
**	Furnished, not filed.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Corbus Pharmaceuticals Holdings, Inc.

Date: May 9, 2017	By:	/s/ Yuval Cohen
	Name:	Yuval Cohen
	Title:	Chief Executive Officer
		(Principal Executive Officer)

Date: May 9, 2017	By:	/s/ Sean Moran
	Name:	Sean Moran
	Title:	Chief Financial Officer
		(Principal Financial Officer and Chief Accounting Officer)

EX-31.1 2 ex31-1.htm

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT

TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Yuval Cohen, certify that:

	1.	I have reviewed this quarterly report on Form 10-Q for the period ended March 31, 2017 of Corbus Pharmaceuticals Holdings, Inc.;

	2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

	3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

	4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financing reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b.	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c.	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d.	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	a.	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	b.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting

	Date: May 9, 2017

	/s/ Yuval Cohen
	Yuval Cohen
	Chief Executive Officer
	(Principal Executive Officer)

EX-31.2 3 ex31-2.htm

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT

TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Sean M. Moran, certify that:

	1.	I have reviewed this quarterly report on Form 10-Q for the period ended March 31, 2017 of Corbus Pharmaceuticals Holdings, Inc.;

	2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

	3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

	4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financing reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b.	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c.	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d.	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

	a.	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	b.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	Date: May 9, 2017

	/s/ Sean Moran
	Sean Moran
	Chief Financial Officer
	(Principal Financial Officer and Chief Accounting Officer)

EX-32.1 4 ex32-1.htm

Exhibit 32.1

Certification of Chief Executive Officer Pursuant to

18 U.S.C. Section 1350,

as Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

This Certification is being filed pursuant to 18 U.S.C. Section 1350, as adopted by Section 906 of the Sarbanes-Oxley Act of 2002. This Certification is included solely for the purposes of complying with the provisions of Section 906 of the Sarbanes-Oxley Act and is not intended to be used for any other purpose. In connection with the accompanying Quarterly Report on Form 10-Q of Corbus Pharmaceuticals Holdings, Inc. for the quarter ended March 31, 2017, each of the undersigned hereby certifies in his capacity as an officer of Corbus Pharmaceuticals Holdings, Inc. that to such officer’s knowledge:

(1) The Quarterly Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

	By:	/s/ Yuval Cohen
Dated: May 9, 2017		Yuval Cohen
		Chief Executive Officer
		(Principal Executive Officer)

EX-32.2 5 ex32-2.htm

Exhibit 32.2

Certification of Chief Financial Officer Pursuant to

18 U.S.C. Section 1350,

as Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

(1) The Quarterly Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

	By:	/s/ Sean Moran
Dated: May 9, 2017		Sean Moran
		Chief Financial Officer
		(Principal Financial Officer and Chief Accounting Officer)

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<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 29px; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify">2.</td> <td style="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify">SIGNIFICANT ACCOUNTING POLICIES</td></tr> </table>   A summary of the significant accounting policies followed by the Company in the preparation of the financial statements is as follows:   Use of Estimates   The process of preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of assets and liabilities at the date of financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and changes in estimates may occur. The most significant estimates are related to stock based compensation and the accrual of research, product development and clinical obligations.   Prior to the registration of its common stock and the subsequent public listing of the common stock, the Company had granted stock options at exercise prices not less than the fair value of its common stock as determined by the board of directors, with input from management. The Company’s board of directors determined the estimated fair value of the common stock based on a number of objective and subjective factors, including external market conditions affecting the biotechnology industry sector and the historic prices at which the Company sold shares of preferred stock.   Cash and Cash Equivalents   The Company considers only those investments which are highly liquid, readily convertible to cash, and that mature within three months from date of purchase to be cash equivalents. Marketable investments are those with maturities in excess of three months. At March 31, 2017 and December 31, 2016, cash equivalents were comprised of money market funds. The Company had no marketable investments at March 31, 2017 and December 31, 2016.   Restricted cash as of March 31, 2017 and December 31, 2016 included a $150,000 collateral account for the Company’s corporate credit cards and is classified in current assets. Additionally, as of March 31, 2017 and December 31, 2016 restricted cash included a stand-by letter of credit issued in favor of a landlord for $50,000 (See Note 4) and is classified in noncurrent assets.   Cash, cash equivalents, and restricted cash consists of the following:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">March 31, 2017</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2016</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%">Cash</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">100,046</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">1,127,530</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Money market fund</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: right">48,827,079</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: right">13,864,727</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 10pt">Cash and cash equivalents</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">48,927,125</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">14,992,257</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Restricted cash, current</td> <td> </td> <td> </td> <td style="text-align: right">150,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">150,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Restricted cash, noncurrent</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">50,000</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">50,000</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 10pt">Restricted cash</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">200,000</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">200,000</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Total cash, cash equivalents, and restricted cash shown in the statement of cash flows</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">49,127,125</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">15,192,257</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   Financial Instruments   The carrying amounts reported in the consolidated balance sheet for cash and cash equivalents and accounts payable approximate fair value based on the short-term nature of these instruments. The carrying values of loans payable approximate their fair value due to their market terms.   Property and Equipment   The estimated life for the Company’s property and equipment is as follows: three years for computer hardware and software and three to five years for office furniture and equipment. The Company’s leasehold improvements and assets under capital lease are amortized over the shorter of their useful lives or the terms of the respective leases. See Note 3 for details of property and equipment and Note 4 for operating and capital lease commitments.   Research and Development Expenses and Collaborative Research Agreements   Costs incurred for research and development are expensed as incurred.   For the development award received from the CFFT during 2015 and 2016 (See Note 7), the Company is amortizing these amounts on a straight-line basis over the expected duration of the performance period of the development program under the award, which is expected to conclude in the second quarter of 2017.   Accruals for Research and Development Expenses and Clinical Trials   As part of the process of preparing its financial statements, the Company is required to estimate its expenses resulting from its obligations under contracts with vendors, clinical research organizations and consultants and under clinical site agreements in connection with conducting clinical trials. The financial terms of these contracts are subject to negotiations, which vary from contract to contract and may result in payment terms that do not match the periods over which materials or services are provided under such contracts. The Company’s objective is to reflect the appropriate expenses in its financial statements by matching those expenses with the period in which services are performed and efforts are expended. The Company accounts for these expenses according to the timing of various aspects of the expenses. The Company determines accrual estimates through financial models taking into account discussion with applicable personnel and outside service providers as to the progress of clinical trials, or the services completed. During the course of a clinical trial, the Company adjusts its clinical expense recognition if actual results differ from its estimates. The Company makes estimates of its accrued expenses as of each balance sheet date based on the facts and circumstances known to it at that time. The Company’s clinical trial accruals are dependent upon the timely and accurate reporting of contract research organizations and other third-party vendors. Although the Company does not expect its estimates to be materially different from amounts actually incurred, its understanding of the status and timing of services performed relative to the actual status and timing of services performed may vary and may result in it reporting amounts that are too high or too low for any particular period. For the three months ended March 31, 2017 and 2016, there were no material adjustments to the Company’s prior period estimates of accrued expenses for clinical trials.   Concentrations of Credit Risk   The Company has no significant off-balance-sheet concentration of credit risk such as foreign exchange contracts, option contracts or other hedging arrangements. The Company may from time to time have cash in banks in excess of Federal Deposit Insurance Corporation insurance limits.   Segment Information   Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, or decision making group, in making decisions regarding resource allocation and assessing performance. To date, the Company has viewed its operations and manages its business as principally one operating segment, which is developing and commercializing therapeutics to treat rare life-threating, inflammatory fibrotic diseases. As of March 31, 2017 and December 31, 2016, all of the Company’s assets were located in the United States.   Income Taxes   For federal and state income taxes, deferred tax assets and liabilities are recognized based upon temporary differences between the financial statement and the tax basis of assets and liabilities. Deferred income taxes are based upon prescribed rates and enacted laws applicable to periods in which differences are expected to reverse. A valuation allowance is recorded to reduce a net deferred tax benefit when it is more likely than not that the tax benefit from the deferred tax assets will not be realized. Accordingly, given the cumulative losses since inception, the Company has provided a valuation allowance equal to 100% of the tax benefit in order to eliminate the deferred tax assets amounts. Tax positions taken or expected to be taken in the course of preparing the Company’s tax returns are required to be evaluated to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority.   Tax positions not deemed to meet a more-likely-than-not threshold, as well as accrued interest and penalties, if any, would be recorded as a tax expense in the current year. There were no uncertain tax positions that require accrual or disclosure to the financial statements as of March 31, 2017 or December 31, 2016.   Impairment of Long-lived Assets   The Company continually monitors events and changes in circumstances that could indicate that carrying amounts of long-lived assets may not be recoverable. An impairment loss is recognized when expected cash flows are less than an asset’s carrying value. Accordingly, when indicators of impairment are present, the Company evaluates the carrying value of such assets in relation to the operating performance and future undiscounted cash flows of the underlying assets. The Company’s policy is to record an impairment loss when it is determined that the carrying value of the asset may not be recoverable. No impairment charges were recorded during the three months ended March 31, 2017 and 2016.   Share-based Payments   The Company recognizes compensation costs resulting from the issuance of stock-based awards to employees, non-employees and directors as an expense in the statement of operations over the service period based on a measurement of fair value for each stock-based award. The fair value of each option grant is estimated as of the date of grant using the Black-Scholes option-pricing model. The fair value is amortized as compensation cost on a straight-line basis over the requisite service period of the awards, which is generally the vesting period. Stock options granted to non-employee consultants are revalued at the end of each reporting period until vested and the changes in their fair value are recorded as adjustments to expense over the related vesting period.    Net Loss Per Common Share   Basic net loss per share of the Company’s common stock has been computed by dividing net loss by the weighted average number of shares outstanding during the period. Diluted net income per share of the Company’s common stock has been computed by dividing net income by the weighted average number of shares outstanding plus the dilutive effect, if any, of outstanding stock options, warrants and convertible securities. Diluted net loss per share of the Company’s common stock has been computed by dividing the net loss for the period by the weighted average number of shares of the Company’s common stock outstanding during such period. For years in which there is a net loss, options, warrants and convertible securities are anti-dilutive and therefore are excluded from diluted loss per share calculations. The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31, 2017 and 2016     <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">Three Months Ended March 31</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2017</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2016</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Basic and diluted net loss per share of common stock:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 62%">Net loss</td> <td style="width: 1%"> </td> <td style="width: 1%; border-bottom: black 2.25pt double">$</td> <td style="width: 16%; border-bottom: black 2.25pt double; text-align: right">(7,465,439</td> <td style="width: 1%">)</td> <td style="width: 1%"> </td> <td style="width: 1%; border-bottom: black 2.25pt double">$</td> <td style="width: 16%; border-bottom: black 2.25pt double; text-align: right">(2,892,241</td> <td style="width: 1%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Weighted average shares of common stock outstanding</td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">46,381,482</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">37,605,210</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Net loss per share of common stock-basic and diluted</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(0.16</td> <td>)</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(0.08</td> <td>)</td></tr> </table>   The following potentially dilutive securities outstanding during the three months ended March 31, 2017 and 2016 have been excluded from the computation of dilutive weighted average shares outstanding as the inclusion would be anti-dilutive.   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">March 31,</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2017</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2016</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%">Warrants</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">1,288,500</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">1,967,375</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Stock options</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">7,513,130</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">5,152,685</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Total</td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">8,801,630</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">7,120,060</td> <td> </td></tr> </table>   Recent Accounting Pronouncements   Restricted Cash Presentation   On November 17, 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2016-18, Restricted Cash (a consensus of the FASB Emerging Issues Task Force) (“ASU 2016-18”), which addresses classification and presentation of changes in restricted cash on the statement of cash flows. ASU 2016-18 requires an entity’s reconciliation of the beginning-of-period and end-of-period total amounts shown on the statement of cash flows to include in cash and cash equivalents amounts generally described as restricted cash and restricted cash equivalents. ASU 2016-18 is effective for public business entities for annual and interim periods in fiscal years beginning after December 15, 2017. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, adjustments should be reflected at the beginning of the fiscal year that includes that interim period. The Company early adopted ASU 2016-18 for the fiscal year ended December 31, 2016 using a retrospective transition method for each period presented.   Revenue Recognition   In May 2014, the FASB issued guidance codified in Accounting Standards Codification (ASC) 606, Revenue Recognition — Revenue from Contracts with Customers (“ASC 606”) which amends the guidance in former ASC 605, Revenue Recognition, and is effective for public companies for annual and interim periods beginning after December 15, 2017. The Company plans to adopt the standard in the first quarter of 2018 and believes that its adoption may have an impact on the Company’s consolidated financial statements. Specifically, the new standard differs from the current accounting standard in many respects, such as in the accounting for variable consideration received, including milestone payments or contingent payments. Under the Company’s current accounting policy, milestone payments are recognized as revenue in the period that the payment-triggering event occurred or was achieved (See Note 7). ASC 606, however, may require the Company to recognize these payments before the payment-triggering event is completely achieved, subject to management’s assessment of whether it is probable that the triggering event will be achieved and that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved.   Accounting for Leases   In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). Under ASU 2016-02, a lessee will be required to recognize assets and liabilities for leases with lease terms of more than 12 months. Consistent with current GAAP, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. However, unlike current GAAP, which requires only capital leases to be recognized on the balance sheet, ASU 2016-02 will require both types of leases to be recognized on the balance sheet. ASU 2016-02 will take effect for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early application permitted. Management has not yet determined if it will adopt ASU 2016-02 earlier than the required adoption date. The adoption of ASU 2016-02 will have an impact on the Company’s financial position, results of operations, cash flows, and disclosures as the Company has an operating lease commitment for office space as of March 31, 2017 in the amount of $969,370 (see Note 4) for which ASU 2016-02 would apply.   Employee Share-Based Payment Accounting   On March 30, 2016, the FASB issued ASU No. 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). ASU 2016-09 simplifies several aspects of the accounting for employee share-based payment transactions including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. ASU 2016-09 will take effect for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, with early application permitted. Management does not expect the adoption of ASU 2016-09 to have a material impact on the Company’s consolidated financial statements, although there may be additional disclosures upon adoption.

<table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 29px; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify">9.</td> <td style="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify">STOCK OPTIONS</td></tr> </table>   In April 2014, the Company adopted the Corbus Pharmaceuticals Holdings, Inc. 2014 Equity Incentive Plan (the “2014 Plan”). Pursuant to the 2014 Plan, the Company’s Board of Directors may grant incentive and nonqualified stock options and restricted stock to employees, officers, directors, consultants and advisors. On January 1, 2016, pursuant to an annual evergreen provision contained in the 2014 Plan, the number of shares reserved for future grants was increased by 1,250,000 shares, respectively. As of December 31, 2016, there was a total of 9,916,017 shares reserved for issuance under the 2014 Plan and there were 2,840,133 shares available for future grants. Options issued under the 2014 Plan are exercisable for up to 10 years from the date of issuance.   Pursuant to the terms of an annual evergreen provision in the 2014 Plan, the number of shares of common stock available for issuance under the 2014 Plan shall automatically increase on January 1 of each year by at least seven percent (7%) of the total number of shares of common stock outstanding on December 31st of the preceding calendar year, or, pursuant to the terms of the 2014 Plan, in any year, the Board of Directors may determine that such increase will provide for a lesser number of shares. In accordance with the terms of the 2014 Plan, effective as of January 1, 2017, the number of shares of common stock available for issuance under the 2014 Plan increased by 3,127,722 shares, which was seven percent (7%) of the outstanding shares of common stock on December 31, 2016. As of January 1, 2017, the 2014 Plan had a total reserve of 13,043,739 shares and there were 5,967,855 shares available for future grants. As of March 31, 2017, there were 4,904,355 shares available for future grants.   Share-based Compensation   For stock options issued and outstanding for the three months ended March 31, 2017 and 2016, respectively, the Company recorded non-cash, stock-based compensation expense of $1,583,156 and $311,238, respectively, net of estimated forfeitures.   The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing model that uses the assumptions noted in the following table. Due to its limited operating history and limited number of sales of its common stock, the Company estimated its volatility in consideration of a number of factors, including the volatility of comparable public companies and, commencing in 2015, the Company also included the volatility of its own common stock. The Company uses historical data, as well as subsequent events occurring prior to the issuance of the financial statements, to estimate option exercises and employee terminations within the valuation model. The expected term of options granted under the 2014 Plan, all of which qualify as “plain vanilla” per SEC Staff Accounting Bulletin 107, is based on the average of the 6.25 years. For non-employee options, the expected term is the contractual term. The risk-free rate is based on the yield of a U.S. Treasury security with a term consistent with the option.   The assumptions used principally in determining the fair value of options granted were as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="text-align: center">Three Months Ended March 31,</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2017</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2016</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%">Risk free interest rate</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 18%; text-align: right">2.17</td> <td style="width: 1%">%</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 18%; text-align: right">1.81</td> <td style="width: 1%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Expected dividend yield</td> <td> </td> <td> </td> <td style="text-align: right">0</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Expected term in years</td> <td> </td> <td> </td> <td style="text-align: right">6.35</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">6.28</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Expected volatility</td> <td> </td> <td> </td> <td style="text-align: right">85.8</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">88.3</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Estimated forfeiture rate</td> <td> </td> <td> </td> <td style="text-align: right">5</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">5</td> <td>%</td></tr> </table>   A summary of option activity for the three months ended March 31, 2017 is presented below:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Weighted</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Average</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Remaining</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Weighted</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Contractual</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Aggregate</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Average</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Term in</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Intrinsic</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; text-align: justify">Options</td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Shares</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Exercise Price</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Years</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Value</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 40%; text-align: justify">Outstanding at December 31, 2016</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right">6,610,179</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">2.54</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Granted</td> <td> </td> <td> </td> <td style="text-align: right">1,063,500</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">9.05</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Exercised</td> <td> </td> <td> </td> <td style="text-align: right">(160,549</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">0.50</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Forfeited</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"> </td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Outstanding at March 31, 2017</td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">7,513,130</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">3.51</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">8.31</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">36,752,235</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Vested at March 31, 2017</td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">3,290,104</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1.26</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">7.36</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">23,011,278</td> <td> </td></tr> </table>   The weighted average grant-date fair value of options granted during the three months ended March 31, 2017 and 2016 was $6.66 and $1.05 per share, respectively. The aggregate intrinsic value of options exercised during the three months ended March 31, 2017 was approximately $1,402,164. No stock options were exercised during the three months ended March 31, 2016. The total fair value of options that were vested as of March 31, 2017 was $3,503,337. As of March 31, 2017, there was approximately $14,104,971 of total unrecognized compensation expense, related to non-vested share-based option compensation arrangements. The unrecognized compensation expense is estimated to be recognized over a period of 3.42 years as of March 31, 2017.

Use of Estimates   The process of preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of assets and liabilities at the date of financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and changes in estimates may occur. The most significant estimates are related to stock based compensation and the accrual of research, product development and clinical obligations.   Prior to the registration of its common stock and the subsequent public listing of the common stock, the Company had granted stock options at exercise prices not less than the fair value of its common stock as determined by the board of directors, with input from management. The Company’s board of directors determined the estimated fair value of the common stock based on a number of objective and subjective factors, including external market conditions affecting the biotechnology industry sector and the historic prices at which the Company sold shares of preferred stock.

Financial Instruments   The carrying amounts reported in the consolidated balance sheet for cash and cash equivalents and accounts payable approximate fair value based on the short-term nature of these instruments. The carrying values of loans payable approximate their fair value due to their market terms.

Property and Equipment   The estimated life for the Company’s property and equipment is as follows: three years for computer hardware and software and three to five years for office furniture and equipment. The Company’s leasehold improvements and assets under capital lease are amortized over the shorter of their useful lives or the terms of the respective leases. See Note 3 for details of property and equipment and Note 4 for operating and capital lease commitments.

Research and Development Expenses and Collaborative Research Agreements   Costs incurred for research and development are expensed as incurred.   For the development award received from the CFFT during 2015 and 2016 (See Note 7), the Company is amortizing these amounts on a straight-line basis over the expected duration of the performance period of the development program under the award, which is expected to conclude in the second quarter of 2017.

Accruals for Research and Development Expenses and Clinical Trials   As part of the process of preparing its financial statements, the Company is required to estimate its expenses resulting from its obligations under contracts with vendors, clinical research organizations and consultants and under clinical site agreements in connection with conducting clinical trials. The financial terms of these contracts are subject to negotiations, which vary from contract to contract and may result in payment terms that do not match the periods over which materials or services are provided under such contracts. The Company’s objective is to reflect the appropriate expenses in its financial statements by matching those expenses with the period in which services are performed and efforts are expended. The Company accounts for these expenses according to the timing of various aspects of the expenses. The Company determines accrual estimates through financial models taking into account discussion with applicable personnel and outside service providers as to the progress of clinical trials, or the services completed. During the course of a clinical trial, the Company adjusts its clinical expense recognition if actual results differ from its estimates. The Company makes estimates of its accrued expenses as of each balance sheet date based on the facts and circumstances known to it at that time. The Company’s clinical trial accruals are dependent upon the timely and accurate reporting of contract research organizations and other third-party vendors. Although the Company does not expect its estimates to be materially different from amounts actually incurred, its understanding of the status and timing of services performed relative to the actual status and timing of services performed may vary and may result in it reporting amounts that are too high or too low for any particular period. For the three months ended March 31, 2017 and 2016, there were no material adjustments to the Company’s prior period estimates of accrued expenses for clinical trials.

Concentrations of Credit Risk   The Company has no significant off-balance-sheet concentration of credit risk such as foreign exchange contracts, option contracts or other hedging arrangements. The Company may from time to time have cash in banks in excess of Federal Deposit Insurance Corporation insurance limits.

Segment Information   Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, or decision making group, in making decisions regarding resource allocation and assessing performance. To date, the Company has viewed its operations and manages its business as principally one operating segment, which is developing and commercializing therapeutics to treat rare life-threating, inflammatory fibrotic diseases. As of March 31, 2017 and December 31, 2016, all of the Company’s assets were located in the United States.

Income Taxes   For federal and state income taxes, deferred tax assets and liabilities are recognized based upon temporary differences between the financial statement and the tax basis of assets and liabilities. Deferred income taxes are based upon prescribed rates and enacted laws applicable to periods in which differences are expected to reverse. A valuation allowance is recorded to reduce a net deferred tax benefit when it is more likely than not that the tax benefit from the deferred tax assets will not be realized. Accordingly, given the cumulative losses since inception, the Company has provided a valuation allowance equal to 100% of the tax benefit in order to eliminate the deferred tax assets amounts. Tax positions taken or expected to be taken in the course of preparing the Company’s tax returns are required to be evaluated to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority.   Tax positions not deemed to meet a more-likely-than-not threshold, as well as accrued interest and penalties, if any, would be recorded as a tax expense in the current year. There were no uncertain tax positions that require accrual or disclosure to the financial statements as of March 31, 2017 or December 31, 2016.

Impairment of Long-lived Assets   The Company continually monitors events and changes in circumstances that could indicate that carrying amounts of long-lived assets may not be recoverable. An impairment loss is recognized when expected cash flows are less than an asset’s carrying value. Accordingly, when indicators of impairment are present, the Company evaluates the carrying value of such assets in relation to the operating performance and future undiscounted cash flows of the underlying assets. The Company’s policy is to record an impairment loss when it is determined that the carrying value of the asset may not be recoverable. No impairment charges were recorded during the three months ended March 31, 2017 and 2016.

Share-based Payments   The Company recognizes compensation costs resulting from the issuance of stock-based awards to employees, non-employees and directors as an expense in the statement of operations over the service period based on a measurement of fair value for each stock-based award. The fair value of each option grant is estimated as of the date of grant using the Black-Scholes option-pricing model. The fair value is amortized as compensation cost on a straight-line basis over the requisite service period of the awards, which is generally the vesting period. Stock options granted to non-employee consultants are revalued at the end of each reporting period until vested and the changes in their fair value are recorded as adjustments to expense over the related vesting period.

Net Loss Per Common Share   Basic net loss per share of the Company’s common stock has been computed by dividing net loss by the weighted average number of shares outstanding during the period. Diluted net income per share of the Company’s common stock has been computed by dividing net income by the weighted average number of shares outstanding plus the dilutive effect, if any, of outstanding stock options, warrants and convertible securities. Diluted net loss per share of the Company’s common stock has been computed by dividing the net loss for the period by the weighted average number of shares of the Company’s common stock outstanding during such period. For years in which there is a net loss, options, warrants and convertible securities are anti-dilutive and therefore are excluded from diluted loss per share calculations. The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31, 2017 and 2016     <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">Three Months Ended March 31</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2017</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2016</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Basic and diluted net loss per share of common stock:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 62%">Net loss</td> <td style="width: 1%"> </td> <td style="width: 1%; border-bottom: black 2.25pt double">$</td> <td style="width: 16%; border-bottom: black 2.25pt double; text-align: right">(7,465,439</td> <td style="width: 1%">)</td> <td style="width: 1%"> </td> <td style="width: 1%; border-bottom: black 2.25pt double">$</td> <td style="width: 16%; border-bottom: black 2.25pt double; text-align: right">(2,892,241</td> <td style="width: 1%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Weighted average shares of common stock outstanding</td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">46,381,482</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">37,605,210</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Net loss per share of common stock-basic and diluted</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(0.16</td> <td>)</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(0.08</td> <td>)</td></tr> </table>   The following potentially dilutive securities outstanding during the three months ended March 31, 2017 and 2016 have been excluded from the computation of dilutive weighted average shares outstanding as the inclusion would be anti-dilutive.   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">March 31,</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2017</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2016</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%">Warrants</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">1,288,500</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">1,967,375</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Stock options</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">7,513,130</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">5,152,685</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Total</td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">8,801,630</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">7,120,060</td> <td> </td></tr> </table>

Recent Accounting Pronouncements   Restricted Cash Presentation   On November 17, 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2016-18, Restricted Cash (a consensus of the FASB Emerging Issues Task Force) (“ASU 2016-18”), which addresses classification and presentation of changes in restricted cash on the statement of cash flows. ASU 2016-18 requires an entity’s reconciliation of the beginning-of-period and end-of-period total amounts shown on the statement of cash flows to include in cash and cash equivalents amounts generally described as restricted cash and restricted cash equivalents. ASU 2016-18 is effective for public business entities for annual and interim periods in fiscal years beginning after December 15, 2017. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, adjustments should be reflected at the beginning of the fiscal year that includes that interim period. The Company early adopted ASU 2016-18 for the fiscal year ended December 31, 2016 using a retrospective transition method for each period presented.   Revenue Recognition   In May 2014, the FASB issued guidance codified in Accounting Standards Codification (ASC) 606, Revenue Recognition — Revenue from Contracts with Customers (“ASC 606”) which amends the guidance in former ASC 605, Revenue Recognition, and is effective for public companies for annual and interim periods beginning after December 15, 2017. The Company plans to adopt the standard in the first quarter of 2018 and believes that its adoption may have an impact on the Company’s consolidated financial statements. Specifically, the new standard differs from the current accounting standard in many respects, such as in the accounting for variable consideration received, including milestone payments or contingent payments. Under the Company’s current accounting policy, milestone payments are recognized as revenue in the period that the payment-triggering event occurred or was achieved (See Note 7). ASC 606, however, may require the Company to recognize these payments before the payment-triggering event is completely achieved, subject to management’s assessment of whether it is probable that the triggering event will be achieved and that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved.   Accounting for Leases   In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). Under ASU 2016-02, a lessee will be required to recognize assets and liabilities for leases with lease terms of more than 12 months. Consistent with current GAAP, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. However, unlike current GAAP, which requires only capital leases to be recognized on the balance sheet, ASU 2016-02 will require both types of leases to be recognized on the balance sheet. ASU 2016-02 will take effect for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early application permitted. Management has not yet determined if it will adopt ASU 2016-02 earlier than the required adoption date. The adoption of ASU 2016-02 will have an impact on the Company’s financial position, results of operations, cash flows, and disclosures as the Company has an operating lease commitment for office space as of March 31, 2017 in the amount of $969,370 (see Note 4) for which ASU 2016-02 would apply.   Employee Share-Based Payment Accounting   On March 30, 2016, the FASB issued ASU No. 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). ASU 2016-09 simplifies several aspects of the accounting for employee share-based payment transactions including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. ASU 2016-09 will take effect for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, with early application permitted. Management does not expect the adoption of ASU 2016-09 to have a material impact on the Company’s consolidated financial statements, although there may be additional disclosures upon adoption.

The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31, 2017 and 2016     <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">Three Months Ended March 31</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2017</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2016</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Basic and diluted net loss per share of common stock:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 62%">Net loss</td> <td style="width: 1%"> </td> <td style="width: 1%; border-bottom: black 2.25pt double">$</td> <td style="width: 16%; border-bottom: black 2.25pt double; text-align: right">(7,465,439</td> <td style="width: 1%">)</td> <td style="width: 1%"> </td> <td style="width: 1%; border-bottom: black 2.25pt double">$</td> <td style="width: 16%; border-bottom: black 2.25pt double; text-align: right">(2,892,241</td> <td style="width: 1%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Weighted average shares of common stock outstanding</td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">46,381,482</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">37,605,210</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Net loss per share of common stock-basic and diluted</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(0.16</td> <td>)</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(0.08</td> <td>)</td></tr> </table>

The following potentially dilutive securities outstanding during the three months ended March 31, 2017 and 2016 have been excluded from the computation of dilutive weighted average shares outstanding as the inclusion would be anti-dilutive.   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">March 31,</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2017</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2016</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%">Warrants</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">1,288,500</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">1,967,375</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Stock options</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">7,513,130</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">5,152,685</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Total</td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">8,801,630</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">7,120,060</td> <td> </td></tr> </table>

Property and equipment consisted of the following:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">March 31, 2017</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2016</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%">Computer hardware and software</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">96,131</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">96,131</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Office furniture and equipment</td> <td> </td> <td> </td> <td style="text-align: right">265,162</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">259,138</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt">Leasehold improvements</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">188,219</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">188,219</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Property and equipment, gross</td> <td> </td> <td> </td> <td style="text-align: right">549,512</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">543,488</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt">Less: accumulated depreciation</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(139,726</td> <td style="padding-bottom: 1.5pt">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(108,237</td> <td style="padding-bottom: 1.5pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Property and equipment, net</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">409,786</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">435,251</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

Pursuant to the terms of the Company’s non-cancelable lease agreements in effect at March 31, 2017, the future minimum rent commitments are as follows:     <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 79%">2017 (remainder of year)</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">183,547</td> <td style="width: 1%"> </td></tr> <tr style="background-color: white"> <td>2018</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right">249,502</td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: #CCEEFF"> <td>2019</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right">254,709</td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: white"> <td>2020</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right">259,916</td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: #CCEEFF"> <td>2021</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; border-bottom: black 1.5pt solid"> </td> <td style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: right">21,696</td> <td style="vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Total</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">969,370</td> <td> </td></tr> </table>

Pursuant to the terms of this capital lease agreement, the future minimum capital lease commitments are as follows as of March 31, 2017:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 79%">2017 (remainder of year)</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">3,407</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>2018</td> <td> </td> <td> </td> <td style="text-align: right">4,543</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt">2019</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">379</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Total future minimum lease payments</td> <td> </td> <td> </td> <td style="text-align: right">8,329</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt">Less: interest</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(787</td> <td style="padding-bottom: 1.5pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Future capital lease obligations</td> <td> </td> <td> </td> <td style="text-align: right">7,542</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt">Less: current portion</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(3,933</td> <td style="padding-bottom: 1.5pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Long-term portion</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">3,609</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

Notes payable consisted of the following:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">March 31, 2017</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2016</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%">Notes payable</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">155,726</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">271,757</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Less: current portion</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(155,726</td> <td style="padding-bottom: 1.5pt">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(271,757</td> <td style="padding-bottom: 1.5pt">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Long term portion</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">—</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">—</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

Accrued expenses consisted of the following:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">March 31, 2017</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2016</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%">Accrued clinical operations and trials costs</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">1,333,114</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">1,647,490</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Accrued product development costs</td> <td> </td> <td> </td> <td style="text-align: right">1,246,527</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">713,426</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Accrued compensation</td> <td> </td> <td> </td> <td style="text-align: right">122,175</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">778,250</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Accrued other</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">172,302</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">117,289</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">2,874,118</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">3,256,455</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

The Company recorded $1,293,697 and $396,598 of revenue during the three months ended March 31, 2017 and 2016, respectively. Deferred revenue consists of the following:     <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">March 31, 2017</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2016</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%">Deferred revenue</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 18%; text-align: right">646,498</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">1,940,195</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Less: current portion</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(646,498</td> <td style="padding-bottom: 1.5pt">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(1,940,195</td> <td style="padding-bottom: 1.5pt">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Long-term portion</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">—</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">—</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

The assumptions used principally in determining the fair value of options granted were as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="text-align: center">Three Months Ended March 31,</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2017</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2016</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%">Risk free interest rate</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 18%; text-align: right">2.17</td> <td style="width: 1%">%</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 18%; text-align: right">1.81</td> <td style="width: 1%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Expected dividend yield</td> <td> </td> <td> </td> <td style="text-align: right">0</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Expected term in years</td> <td> </td> <td> </td> <td style="text-align: right">6.35</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">6.28</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Expected volatility</td> <td> </td> <td> </td> <td style="text-align: right">85.8</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">88.3</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Estimated forfeiture rate</td> <td> </td> <td> </td> <td style="text-align: right">5</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">5</td> <td>%</td></tr> </table>

A summary of option activity for the three months ended March 31, 2017 is presented below:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Weighted</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Average</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Remaining</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Weighted</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Contractual</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Aggregate</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Average</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Term in</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Intrinsic</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; text-align: justify">Options</td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Shares</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Exercise Price</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Years</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Value</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 40%; text-align: justify">Outstanding at December 31, 2016</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right">6,610,179</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">2.54</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Granted</td> <td> </td> <td> </td> <td style="text-align: right">1,063,500</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">9.05</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Exercised</td> <td> </td> <td> </td> <td style="text-align: right">(160,549</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">0.50</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Forfeited</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">—</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"> </td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Outstanding at March 31, 2017</td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">7,513,130</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">3.51</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">8.31</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">36,752,235</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Vested at March 31, 2017</td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">3,290,104</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1.26</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">7.36</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">23,011,278</td> <td> </td></tr> </table>

-787

7542

-3933

3609

CRBP

1583156

-6636145

-2514968

-40131

-65322

40611144

-70180

50000

7.00

9.71

969370

2017

2021-01-31

150000

1000000

10263

12433

65724

62182

31489

17285

-1000000

621862

Cash, cash equivalents, and restricted cash consists of the following:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">March 31, 2017</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2016</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%">Cash</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">100,046</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">1,127,530</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Money market fund</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: right">48,827,079</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: right">13,864,727</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 10pt">Cash and cash equivalents</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">48,927,125</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">14,992,257</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Restricted cash, current</td> <td> </td> <td> </td> <td style="text-align: right">150,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">150,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Restricted cash, noncurrent</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">50,000</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">50,000</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 10pt">Restricted cash</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">200,000</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">200,000</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Total cash, cash equivalents, and restricted cash shown in the statement of cash flows</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">49,127,125</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">15,192,257</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

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Cash and Cash Equivalents   The Company considers only those investments which are highly liquid, readily convertible to cash, and that mature within three months from date of purchase to be cash equivalents. Marketable investments are those with maturities in excess of three months. At March 31, 2017 and December 31, 2016, cash equivalents were comprised of money market funds. The Company had no marketable investments at March 31, 2017 and December 31, 2016.   Restricted cash as of March 31, 2017 and December 31, 2016 included a $150,000 collateral account for the Company’s corporate credit cards and is classified in current assets. Additionally, as of March 31, 2017 and December 31, 2016 restricted cash included a stand-by letter of credit issued in favor of a landlord for $50,000 (See Note 4) and is classified in noncurrent assets.   Cash, cash equivalents, and restricted cash consists of the following:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">March 31, 2017</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2016</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%">Cash</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">100,046</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">1,127,530</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Money market fund</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: right">48,827,079</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: right">13,864,727</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 10pt">Cash and cash equivalents</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">48,927,125</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">14,992,257</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Restricted cash, current</td> <td> </td> <td> </td> <td style="text-align: right">150,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">150,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Restricted cash, noncurrent</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">50,000</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">50,000</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 10pt">Restricted cash</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">200,000</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">200,000</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Total cash, cash equivalents, and restricted cash shown in the statement of cash flows</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">49,127,125</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">15,192,257</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

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Document and Entity Information - shares	Mar. 31, 2017	May 04, 2017
Document And Entity Information
Entity Registrant Name	Corbus Pharmaceuticals Holdings, Inc.
Entity Central Index Key	0001595097
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		50,218,010
Trading Symbol	CRBP
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2017

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Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 48,927,125	$ 14,992,257
Restricted cash	150,000	150,000
Grants receivable		1,000,000
Stock subscriptions receivable		330,413
Prepaid expenses	1,070,441	930,261
Total current assets	50,147,566	17,402,931
Restricted cash	50,000	50,000
Property and equipment, net	409,786	435,251
Total assets	50,607,352	17,888,182
Current liabilities:
Notes payable	155,726	271,757
Accounts payable	3,266,729	3,419,921
Accrued expenses	2,874,118	3,256,455
Deferred revenue, current	646,498	1,940,195
Deferred rent, current	12,433	10,263
Total current liabilities	6,955,504	8,898,591
Deferred rent, noncurrent	62,182	65,724
Other liabilities	3,609	4,632
Total liabilities	7,021,295	8,968,947
Commitments and Contingencies
Stockholders' equity
Preferred stock, $0.0001 par value; 10,000,000 shares authorized, no shares issued and outstanding at March 31, 2017 and December 31, 2016
Common stock, $0.0001 par value; 150,000,000 shares authorized, 50,143,742 and 44,681,745 shares issued and outstanding at March 31, 2017 and December 31, 2016	5,014	4,468
Additional paid-in capital	84,322,971	42,191,256
Accumulated deficit	(40,741,928)	(33,276,489)
Total stockholders' equity	43,586,057	8,919,235
Total liabilities and stockholders' equity	$ 50,607,352	$ 17,888,182

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Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	50,143,742	44,681,745
Common stock, shares outstanding	50,143,742	44,681,745

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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Statement [Abstract]
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Operating expenses:
Research and development	6,366,112	2,173,933
General and administrative	2,380,125	1,109,889
Total operating expenses	8,746,237	3,283,822
Operating loss	(7,452,540)	(2,887,224)
Other income (expense):
Interest income (expense), net	1,366	(5,360)
Foreign currency exchange (loss) gain, net	(14,265)	343
Other expense, net	(12,899)	(5,017)
Net loss	$ (7,465,439)	$ (2,892,241)
Net loss per share, basic and diluted	$ (0.16)	$ (0.08)
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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net loss	$ (7,465,439)	$ (2,892,241)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation expense	1,583,156	311,238
Depreciation and amortization	31,489	17,285
Loss (gain) on foreign exchange	14,265	(343)
Deferred rent	(1,372)
Changes in operating assets and liabilities:
Decrease in grants receivable	1,000,000
Increase in prepaid expenses	(140,181)	(98,045)
Increase (decrease) in accounts payable	191	(196,305)
(Decrease) increase in accrued expenses	(364,557)	732,136
Decrease in deferred revenue	(1,293,697)	(396,598)
Increase in other long-term liabilities		7,905
Net cash used in operating activities	(6,636,145)	(2,514,968)
Cash flows from investing activities:
Purchases of property and equipment	(40,131)	(65,322)
Net cash used in investing activities	(40,131)	(65,322)
Cash flows from financing activities:
Principal payments on notes payable	(116,031)	(69,061)
Proceeds from issuance of common stock	41,349,957
Issuance costs paid for common stock financings	(621,862)
Principal payments under capital lease obligation	(920)	(1,119)
Net cash provided by (used in) financing activities	40,611,144	(70,180)
Net increase (decrease) in cash, cash equivalents, and restricted cash	33,934,868	(2,650,470)
Cash, cash equivalents, and restricted cash at beginning of the period	15,192,257	12,374,650
Cash, cash equivalents, and restricted cash at end of the period	49,127,125	9,724,180
Supplemental disclosure of cash flow information and non-cash transactions:
Cash paid during the period for interest	1,527	6,430
Stock issuance costs included in accounts payable or accrued expenses	44,926
Asset acquired under capital lease obligation		11,638
Purchases of property and equipment included in accounts payable or accrued expenses		$ 112,720

XML 17 R6.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statement of Stockholders' Equity - 3 months ended Mar. 31, 2017 - USD ($)	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Total
Balance at Dec. 31, 2016	$ 4,468	$ 42,191,256	$ (33,276,489)	$ 8,919,235
Balance, shares at Dec. 31, 2016	44,681,745
Issuance of common stock, net of issuance costs of $470,439	$ 530	40,468,327		40,468,857
Issuance of common stock, net of issuance costs of $470,439, shares	5,301,448
Stock compensation expense		1,583,156		1,583,156
Issuance of common stock upon exercise of stock options	$ 16	80,232		$ 80,248
Issuance of common stock upon exercise of stock options, Shares	160,549			160,549
Net loss			(7,465,439)	$ (7,465,439)
Balance at Mar. 31, 2017	$ 5,014	$ 84,322,971	$ (40,741,928)	$ 43,586,057
Balance, shares at Mar. 31, 2017	50,143,742

XML 18 R7.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statement of Stockholders' Equity (Parenthetical)	3 Months Ended
	Mar. 31, 2017 USD ($)
Statement of Stockholders' Equity [Abstract]
Stock issuance cost	$ 470,439

XML 19 R8.htm IDEA: XBRL DOCUMENT

Nature of Operations

3 Months Ended

Mar. 31, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Operations

1.	NATURE OF OPERATIONS

Business

XML 20 R9.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies

3 Months Ended

Mar. 31, 2017

Accounting Policies [Abstract]

Significant Accounting Policies

2.	SIGNIFICANT ACCOUNTING POLICIES

A summary of the significant accounting policies followed by the Company in the preparation of the financial statements is as follows:

Use of Estimates

Cash and Cash Equivalents

Cash, cash equivalents, and restricted cash consists of the following:

	March 31, 2017		December 31, 2016
Cash	$	100,046	$	1,127,530
Money market fund		48,827,079		13,864,727
Cash and cash equivalents		48,927,125		14,992,257

Restricted cash, current		150,000		150,000
Restricted cash, noncurrent		50,000		50,000
Restricted cash		200,000		200,000
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$	49,127,125	$	15,192,257

Financial Instruments

Property and Equipment

Research and Development Expenses and Collaborative Research Agreements

Costs incurred for research and development are expensed as incurred.

Accruals for Research and Development Expenses and Clinical Trials

Concentrations of Credit Risk

Segment Information

Income Taxes

Impairment of Long-lived Assets

Share-based Payments

Net Loss Per Common Share

	Three Months Ended March 31
	2017			2016
Basic and diluted net loss per share of common stock:
Net loss	$	(7,465,439	)	$	(2,892,241	)
Weighted average shares of common stock outstanding		46,381,482			37,605,210
Net loss per share of common stock-basic and diluted	$	(0.16	)	$	(0.08	)

	March 31,
	2017		2016
Warrants		1,288,500		1,967,375
Stock options		7,513,130		5,152,685
Total		8,801,630		7,120,060

Recent Accounting Pronouncements

Restricted Cash Presentation

Revenue Recognition

Accounting for Leases

Employee Share-Based Payment Accounting

XML 21 R10.htm IDEA: XBRL DOCUMENT

Property and Equipment

3 Months Ended

Mar. 31, 2017

Property, Plant and Equipment [Abstract]

Property and Equipment

3.	PROPERTY AND EQUIPMENT

Property and equipment consisted of the following:

	March 31, 2017			December 31, 2016
Computer hardware and software	$	96,131		$	96,131
Office furniture and equipment		265,162			259,138
Leasehold improvements		188,219			188,219
Property and equipment, gross		549,512			543,488
Less: accumulated depreciation		(139,726	)		(108,237	)
Property and equipment, net	$	409,786		$	435,251

Depreciation expense was $31,489 and $17,825 for the three months ended March 31, 2017 and 2016, respectively.

XML 22 R11.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies

3 Months Ended

Mar. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

4.	COMMITMENTS AND CONTINGENCIES

Operating Lease Commitment

Pursuant to the terms of the Company’s non-cancelable lease agreements in effect at March 31, 2017, the future minimum rent commitments are as follows:

2017 (remainder of year)	$	183,547
2018		249,502
2019		254,709
2020		259,916
2021		21,696
Total	$	969,370

Total rent expense for the three months ended March 31, 2017 and 2016 was $58,508 and $36,546, respectively.

Capital Lease Commitment

2017 (remainder of year)	$	3,407
2018		4,543
2019		379
Total future minimum lease payments		8,329
Less: interest		(787	)
Future capital lease obligations		7,542
Less: current portion		(3,933	)
Long-term portion	$	3,609

XML 23 R12.htm IDEA: XBRL DOCUMENT

Notes Payable

3 Months Ended

Mar. 31, 2017

Debt Disclosure [Abstract]

Notes Payable

5.	NOTES PAYABLE

Interest expense for notes payable for the three months ended March 31, 2017 and 2016 totaled $1,278 and $1,130, respectively.

Notes payable consisted of the following:

	March 31, 2017			December 31, 2016
Notes payable	$	155,726		$	271,757
Less: current portion		(155,726	)		(271,757	)
Long term portion	$	—		$	—

XML 24 R13.htm IDEA: XBRL DOCUMENT

Accrued Expenses

3 Months Ended

Mar. 31, 2017

Payables and Accruals [Abstract]

Accrued Expenses

6.	ACCRUED EXPENSES

Accrued expenses consisted of the following:

	March 31, 2017		December 31, 2016
Accrued clinical operations and trials costs	$	1,333,114	$	1,647,490
Accrued product development costs		1,246,527		713,426
Accrued compensation		122,175		778,250
Accrued other		172,302		117,289
Total	$	2,874,118	$	3,256,455

XML 25 R14.htm IDEA: XBRL DOCUMENT

Development Award and Deferred Revenue

3 Months Ended

Mar. 31, 2017

Development Award And Deferred Revenue

Development Award and Deferred Revenue

7.	DEVELOPMENT AWARD AND DEFERRED REVENUE

The Company recorded $1,293,697 and $396,598 of revenue during the three months ended March 31, 2017 and 2016, respectively. Deferred revenue consists of the following:

	March 31, 2017			December 31, 2016
Deferred revenue		646,498		$	1,940,195
Less: current portion		(646,498	)		(1,940,195	)
Long-term portion	$	—		$	—

XML 26 R15.htm IDEA: XBRL DOCUMENT

Common Stock

3 Months Ended

Mar. 31, 2017

Equity [Abstract]

Common Stock

8.	COMMON STOCK

XML 27 R16.htm IDEA: XBRL DOCUMENT

Stock Options

3 Months Ended

Mar. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock Options

9.	STOCK OPTIONS

Share-based Compensation

The assumptions used principally in determining the fair value of options granted were as follows:

	Three Months Ended March 31,
	2017			2016
Risk free interest rate		2.17	%		1.81	%
Expected dividend yield		0	%		0	%
Expected term in years		6.35			6.28
Expected volatility		85.8	%		88.3	%
Estimated forfeiture rate		5	%		5	%

A summary of option activity for the three months ended March 31, 2017 is presented below:

						Weighted
						Average
						Remaining
				Weighted		Contractual		Aggregate
				Average		Term in		Intrinsic
Options	Shares			Exercise Price		Years		Value
Outstanding at December 31, 2016		6,610,179		$	2.54
Granted		1,063,500			9.05
Exercised		(160,549	)		0.50
Forfeited		—			—
Outstanding at March 31, 2017		7,513,130		$	3.51		8.31	$	36,752,235
Vested at March 31, 2017		3,290,104		$	1.26		7.36	$	23,011,278

XML 28 R17.htm IDEA: XBRL DOCUMENT

Warrants

3 Months Ended

Mar. 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Warrants

10.

WARRANTS

XML 29 R18.htm IDEA: XBRL DOCUMENT

Related Party Transactions

3 Months Ended

Mar. 31, 2017

Related Party Transactions

11.

RELATED PARTY TRANSACTIONS

XML 30 R19.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2017

Accounting Policies [Abstract]

Use of Estimates

Use of Estimates

Cash and Cash Equivalents

Cash and Cash Equivalents

Cash, cash equivalents, and restricted cash consists of the following:

	March 31, 2017		December 31, 2016
Cash	$	100,046	$	1,127,530
Money market fund		48,827,079		13,864,727
Cash and cash equivalents		48,927,125		14,992,257

Restricted cash, current		150,000		150,000
Restricted cash, noncurrent		50,000		50,000
Restricted cash		200,000		200,000
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$	49,127,125	$	15,192,257

Financial Instruments

Financial Instruments

Property and Equipment

Property and Equipment

Research and Development Expenses and Collaborative Research Agreements

Research and Development Expenses and Collaborative Research Agreements

Costs incurred for research and development are expensed as incurred.

Accruals for Research and Development Expenses and Clinical Trials

Accruals for Research and Development Expenses and Clinical Trials

Concentrations of Credit Risk

Concentrations of Credit Risk

Segment Information

Segment Information

Income Taxes

Income Taxes

Impairment of Long-lived Assets

Impairment of Long-lived Assets

Share-based Payments

Share-based Payments

Net Loss Per Common Share

Net Loss Per Common Share

	Three Months Ended March 31
	2017			2016
Basic and diluted net loss per share of common stock:
Net loss	$	(7,465,439	)	$	(2,892,241	)
Weighted average shares of common stock outstanding		46,381,482			37,605,210
Net loss per share of common stock-basic and diluted	$	(0.16	)	$	(0.08	)

	March 31,
	2017		2016
Warrants		1,288,500		1,967,375
Stock options		7,513,130		5,152,685
Total		8,801,630		7,120,060

Recent Accounting Pronouncements

Recent Accounting Pronouncements

Restricted Cash Presentation

Revenue Recognition

Accounting for Leases

Employee Share-Based Payment Accounting

XML 31 R20.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2017

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents and Restricted Cash

Cash, cash equivalents, and restricted cash consists of the following:

	March 31, 2017		December 31, 2016
Cash	$	100,046	$	1,127,530
Money market fund		48,827,079		13,864,727
Cash and cash equivalents		48,927,125		14,992,257

Restricted cash, current		150,000		150,000
Restricted cash, noncurrent		50,000		50,000
Restricted cash		200,000		200,000
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$	49,127,125	$	15,192,257

Computation of Basic and Diluted Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31, 2017 and 2016

	Three Months Ended March 31
	2017			2016
Basic and diluted net loss per share of common stock:
Net loss	$	(7,465,439	)	$	(2,892,241	)
Weighted average shares of common stock outstanding		46,381,482			37,605,210
Net loss per share of common stock-basic and diluted	$	(0.16	)	$	(0.08	)

Potentially Dilutive Securities Excluded from the Computation of Dilutive Weighted Average Shares Outstanding

	March 31,
	2017		2016
Warrants		1,288,500		1,967,375
Stock options		7,513,130		5,152,685
Total		8,801,630		7,120,060

XML 32 R21.htm IDEA: XBRL DOCUMENT

Property and Equipment (Tables)

3 Months Ended

Mar. 31, 2017

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment

Property and equipment consisted of the following:

	March 31, 2017			December 31, 2016
Computer hardware and software	$	96,131		$	96,131
Office furniture and equipment		265,162			259,138
Leasehold improvements		188,219			188,219
Property and equipment, gross		549,512			543,488
Less: accumulated depreciation		(139,726	)		(108,237	)
Property and equipment, net	$	409,786		$	435,251

XML 33 R22.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Rent Commitments

Pursuant to the terms of the Company’s non-cancelable lease agreements in effect at March 31, 2017, the future minimum rent commitments are as follows:

2017 (remainder of year)	$	183,547
2018		249,502
2019		254,709
2020		259,916
2021		21,696
Total	$	969,370

Schedule of Future Minimum Capital Lease Commitments

Pursuant to the terms of this capital lease agreement, the future minimum capital lease commitments are as follows as of March 31, 2017:

2017 (remainder of year)	$	3,407
2018		4,543
2019		379
Total future minimum lease payments		8,329
Less: interest		(787	)
Future capital lease obligations		7,542
Less: current portion		(3,933	)
Long-term portion	$	3,609

XML 34 R23.htm IDEA: XBRL DOCUMENT

Notes Payable (Tables)

3 Months Ended

Mar. 31, 2017

Debt Disclosure [Abstract]

Schedule of Notes Payable

Notes payable consisted of the following:

	March 31, 2017			December 31, 2016
Notes payable	$	155,726		$	271,757
Less: current portion		(155,726	)		(271,757	)
Long term portion	$	—		$	—

XML 35 R24.htm IDEA: XBRL DOCUMENT

Accrued Expenses (Tables)

3 Months Ended

Mar. 31, 2017

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following:

	March 31, 2017		December 31, 2016
Accrued clinical operations and trials costs	$	1,333,114	$	1,647,490
Accrued product development costs		1,246,527		713,426
Accrued compensation		122,175		778,250
Accrued other		172,302		117,289
Total	$	2,874,118	$	3,256,455

XML 36 R25.htm IDEA: XBRL DOCUMENT

Development Award and Deferred Revenue (Tables)

3 Months Ended

Mar. 31, 2017

Deferred Revenue Disclosure [Abstract]

Schedule of Deferred Revenue

The Company recorded $1,293,697 and $396,598 of revenue during the three months ended March 31, 2017 and 2016, respectively. Deferred revenue consists of the following:

	March 31, 2017			December 31, 2016
Deferred revenue		646,498		$	1,940,195
Less: current portion		(646,498	)		(1,940,195	)
Long-term portion	$	—		$	—

XML 37 R26.htm IDEA: XBRL DOCUMENT

Stock Options (Tables)

3 Months Ended

Mar. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of Assumptions Used Principally in Determining Fair Value of Options Granted

The assumptions used principally in determining the fair value of options granted were as follows:

	Three Months Ended March 31,
	2017			2016
Risk free interest rate		2.17	%		1.81	%
Expected dividend yield		0	%		0	%
Expected term in years		6.35			6.28
Expected volatility		85.8	%		88.3	%
Estimated forfeiture rate		5	%		5	%

Summary of Option Activity

A summary of option activity for the three months ended March 31, 2017 is presented below:

						Weighted
						Average
						Remaining
				Weighted		Contractual		Aggregate
				Average		Term in		Intrinsic
Options	Shares			Exercise Price		Years		Value
Outstanding at December 31, 2016		6,610,179		$	2.54
Granted		1,063,500			9.05
Exercised		(160,549	)		0.50
Forfeited		—			—
Outstanding at March 31, 2017		7,513,130		$	3.51		8.31	$	36,752,235
Vested at March 31, 2017		3,290,104		$	1.26		7.36	$	23,011,278

XML 38 R27.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies (Details Narrative)	3 Months Ended
Significant Accounting Policies (Details Narrative)	Mar. 31, 2017 USD ($) Segment	Mar. 31, 2016 USD ($)	Dec. 31, 2016 USD ($)
Significant Accounting Policies [Line Items]
Marketable investments	$ 0		$ 0
Restricted cash	$ 50,000		50,000
Operating segments \| Segment	1
Valuation allowance	100.00%
Uncertain tax position	$ 0		0
Impairment charges	0	$ 0
Operating lease office space	$ 969,370
Computer Hardware and Software [Member]
Significant Accounting Policies [Line Items]
Estimated useful life of all property and equipment	3 years
Corporate Credit Cards [Member]
Significant Accounting Policies [Line Items]
Restricted cash	$ 150,000		$ 150,000
Maximum [Member]
Significant Accounting Policies [Line Items]
Cash and cash equivalents maturity period	3 months
Maximum [Member] \| Office Furniture and Equipment [Member]
Significant Accounting Policies [Line Items]
Estimated useful life of all property and equipment	5 years
Minimum [Member]
Significant Accounting Policies [Line Items]
Marketable investments maturity period	3 months
Minimum [Member] \| Office Furniture and Equipment [Member]
Significant Accounting Policies [Line Items]
Estimated useful life of all property and equipment	3 years

XML 39 R28.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies - Schedule of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Cash and Cash Equivalents [Abstract]
Cash	$ 100,046	$ 1,127,530
Money market funds	48,827,079	13,864,727
Cash and cash equivalents	48,927,125	14,992,257
Restricted cash, current	150,000	150,000
Restricted cash, noncurrent	50,000	50,000
Restricted cash	200,000	200,000
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$ 49,127,125	$ 15,192,257	$ 9,724,180	$ 12,374,650

XML 40 R29.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share [Abstract]
Net loss	$ (7,465,439)	$ (2,892,241)
Weighted average shares of common stock outstanding	46,381,482	37,605,210
Net loss per share of common stock-basic and diluted	$ (0.16)	$ (0.08)

XML 41 R30.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies - Potential Dilutive Securities Excluded from the Computation of Dilutive Weighted Average Shares Outstanding (Details) - shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities excluded from the computation of dilutive weighted average shares outstanding	8,801,630	7,120,060
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities excluded from the computation of dilutive weighted average shares outstanding	1,288,500	1,967,375
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities excluded from the computation of dilutive weighted average shares outstanding	7,513,130	5,152,685

XML 42 R31.htm IDEA: XBRL DOCUMENT

Property and Equipment (Details Narrative) - USD ($)	3 Months Ended
Property and Equipment (Details Narrative) - USD ($)	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Dec. 30, 2015
Property, Plant and Equipment [Line Items]
Depreciation	$ 31,489	$ 17,825
Cost of machine	$ 549,512		$ 543,488
Copier Machine [Member]
Property, Plant and Equipment [Line Items]
Cost of machine				$ 12,000
Lease term	3 years

XML 43 R32.htm IDEA: XBRL DOCUMENT

Property and Equipment - Summary of Property and Equipment (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 549,512	$ 543,488
Less: accumulated depreciation	(139,726)	(108,237)
Property and equipment, net	409,786	435,251
Computer Hardware and Software [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	96,131	96,131
Office Furniture and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	265,162	259,138
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 188,219	$ 188,219

XML 44 R33.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies (Details Narrative)	1 Months Ended	3 Months Ended
Commitments and Contingencies (Details Narrative)	Sep. 30, 2016 USD ($) ft²	Mar. 31, 2017 USD ($)	Mar. 31, 2016 USD ($)
Commitment And Contingencies [Line Items]
Area of office space \| ft²	10,414
Rent expense \| $		$ 58,508	$ 36,546
September 2016 Amendment [Member]
Commitment And Contingencies [Line Items]
Area of office space \| ft²	4,088
Operating lease expiration date	Jan. 31, 2021
Standby letters of credit \| $	$ 50,000

XML 45 R34.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies - Schedule of Future Minimum Rent Commitments (Details)	Mar. 31, 2017 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2017 (remainder of year)	$ 183,547
2018	249,502
2019	254,709
2020	259,916
2021	21,696
Total	$ 969,370

XML 46 R35.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies - Schedule of Future Minimum Capital Lease Commitments (Details) - Copier Machine [Member]	Mar. 31, 2017 USD ($)
Commitment And Contingencies [Line Items]
2017 (remainder of year)	$ 3,407
2018	4,543
2019	379
Total future minimum lease payments	8,329
Less: interest	(787)
Future capital lease obligations	7,542
Less: current portion	(3,933)
Long-term portion	$ 3,609

XML 47 R36.htm IDEA: XBRL DOCUMENT

Notes Payable (Details Narrative) - USD ($)	1 Months Ended		3 Months Ended
Notes Payable (Details Narrative) - USD ($)	Oct. 31, 2016	Nov. 30, 2015	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Debt Instrument [Line Items]
Prepaid expenses			$ 262,500		$ 378,750
Interest expense related to debt			$ 1,278	$ 1,130
Three Point Two Five Percent Notes Payable [Member] \| Notes Payable Other Payables [Member]
Debt Instrument [Line Items]
Proceeds from issuance of notes payable		$ 207,750
Principal and interest payable		$ 23,397
Monthly loan payments term		9 months
Annual interest rate		3.25%
Two Point Two Five Percent Notes Payable [Member] \| Notes Payable Other Payables [Member]
Debt Instrument [Line Items]
Proceeds from issuance of notes payable	$ 348,750
Principal and interest payable	$ 39,114
Monthly loan payments term	9 months
Annual interest rate	2.25%

XML 48 R37.htm IDEA: XBRL DOCUMENT

Notes Payable - Schedule of Notes Payable (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Debt Disclosure [Abstract]
Notes payable	$ 155,726	$ 271,757
Less: current portion	(155,726)	(271,757)
Long term portion

XML 49 R38.htm IDEA: XBRL DOCUMENT

Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Payables and Accruals [Abstract]
Accrued clinical operations and trials costs	$ 1,333,114	$ 1,647,490
Accrued product development costs	1,246,527	713,426
Accrued compensation	122,175	778,250
Accrued other	172,302	117,289
Total	$ 2,874,118	$ 3,256,455

XML 50 R39.htm IDEA: XBRL DOCUMENT

Development Award and Deferred Revenue (Details Narrative)				1 Months Ended		3 Months Ended
	Jan. 31, 2017 USD ($)	Aug. 31, 2016 USD ($)	Apr. 20, 2015 USD ($) Installments	Nov. 30, 2015 USD ($)	May 31, 2015 USD ($)	Mar. 31, 2017 USD ($)	Mar. 31, 2016 USD ($)	Dec. 31, 2016 USD ($)
Development Award [Line Items]
Deferred revenue								$ 4,500,000
Revenue						$ 1,293,697	$ 396,598
Cystic Fibrosis Foundation Therapeutics Inc [Member]
Development Award [Line Items]
Amount received upon execution of award agreement	$ 1,000,000	$ 1,000,000		$ 1,250,000	$ 1,250,000
Deferred revenue								$ 500,000
Oral Anti-inflammatory Drug [Member] \| Cystic Fibrosis Foundation Therapeutics Inc [Member]
Development Award [Line Items]
Amount received upon execution of award agreement			$ 4,500,000
Oral Anti-inflammatory Drug [Member] \| Maximum [Member]
Development Award [Line Items]
Development award received			$ 5,000,000
Anabasum [Member]
Development Award [Line Items]
Number of installments \| Installments			3
Payment due period after the first commercial sale			90 days
Royalty payment, sales target			$ 500,000,000
Anabasum [Member] \| Upon Transfer Sale Or Licensing [Member]
Development Award [Line Items]
Royalty payable			15,000,000
Anabasum [Member] \| Maximum [Member] \| Upon Commercialization Of The Product [Member]
Development Award [Line Items]
Royalty payable			25,000,000
Anabasum [Member] \| Maximum [Member] \| Upon Reaching The Sales Target [Member]
Development Award [Line Items]
Royalty payable			$ 5,000,000

XML 51 R40.htm IDEA: XBRL DOCUMENT

Development Award and Deferred Revenue - Schedule of Deferred Revenue (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Deferred Revenue Disclosure [Abstract]
Deferred revenue	$ 646,498	$ 1,940,195
Less: current portion	(646,498)	(1,940,195)
Long-term portion

- Definition

The carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income.

+ References + Details

- Definition

The noncurrent portion of deferred revenue amount as of balance sheet date. Deferred revenue is a liability related to a revenue producing activity for which revenue has not yet been recognized, and is not expected to be recognized in the next twelve months. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.

+ References + Details

XML 52 R41.htm IDEA: XBRL DOCUMENT

Common Stock (Details Narrative) - USD ($)		1 Months Ended	3 Months Ended
Common Stock (Details Narrative) - USD ($)	Feb. 28, 2017	Nov. 30, 2016	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Common stock, shares authorized			150,000,000		150,000,000
Common stock, par value			$ 0.0001		$ 0.0001
Common stock, shares issued			50,143,742		44,681,745
Common stock, shares outstanding			50,143,742		44,681,745
Aggregate common stock sold, value			$ 40,468,857
Gross proceeds from sale of stock			41,349,957
Stock issuance cost			$ 470,439
Common stock issued upon the exercise of stock options and warrants			160,549
Net proceeds from exercise of stock options and warrants			$ 80,248
Securities Purchase Agreement [Member] \| Institutional And Accredited Investors [Member]
Aggregate common stock sold, shares	3,887,815
Shares issued price per share	$ 7.00
Gross proceeds from sale of stock	$ 27,214,705
Stock issuance cost	$ 48,291
Sales Agreement [Member]
Aggregate common stock sold, shares			1,413,633
Shares issued price per share			$ 9.71
Gross proceeds from sale of stock			$ 13,724,591
Stock issuance cost			$ 13,302,443
Sales Agreement [Member] \| Cantor Fitzgerald [Member]
Aggregate common stock sold, value		$ 15,400,000
Commission paid percentage		3.00%
Sales Agreement [Member] \| Cantor Fitzgerald [Member] \| Maximum [Member]
Aggregate offering amount		$ 35,000,000

XML 53 R42.htm IDEA: XBRL DOCUMENT

Stock Options (Details Narrative) - USD ($)		3 Months Ended		12 Months Ended
Stock Options (Details Narrative) - USD ($)	Jan. 02, 2016	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Jan. 02, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 1,583,156	$ 311,238
Weighted average grant-date fair value, options granted		$ 6.66	$ 1.05
Average intrinsic value of options exercised		$ 1,402,164
Fair value of options vested		3,503,337
Total unrecognized compensation expense		$ 14,104,971
Share-based compensation expense, not yet recognized period of recognition		3 years 5 months 1 day
2014 Equity Incentive Plan [Member] \| Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option expiration period				10 years
Expected term in years				6 years 3 months
2014 Equity Incentive Plan [Member] \| Condition One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increases in number of shares of common stock available for issuance, minimum percentage of outstanding common stock				7.00%
Evergreen Provision [Member] \| 2014 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase in number of shares of common stock available for issuance	1,250,000			3,127,722
Aggregate common stock available for stock options granted, shares				9,916,017	13,043,739
Shares available for grant		4,904,355		2,840,133	5,967,855
Percentage of outstanding common shares				7.00%

XML 54 R43.htm IDEA: XBRL DOCUMENT

Stock Options - Summary of Assumptions Used Principally in Determining Fair Value of Options Granted (Details) - Employee Stock Option [Member]	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free interest rate	2.17%	1.81%
Expected dividend yield	0.00%	0.00%
Expected term in years	6 years 4 months 6 days	6 years 3 months 11 days
Expected volatility	85.80%	88.30%
Estimated forfeiture rate	5.00%	5.00%

XML 55 R44.htm IDEA: XBRL DOCUMENT

Stock Options - Summary of Option Activity (Details)	3 Months Ended
Stock Options - Summary of Option Activity (Details)	Mar. 31, 2017 USD ($) $ / shares shares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Shares Outstanding, Beginning balance \| shares	6,610,179
Shares, Granted \| shares	1,063,500
Shares, Exercised \| shares	(160,549)
Shares, Forfeited \| shares
Shares Outstanding, Ending balance \| shares	7,513,130
Shares, Vested \| shares	3,290,104
Weighted Average Exercise Price Outstanding, Beginning balance \| $ / shares	$ 2.54
Weighted Average Exercise Price, Granted \| $ / shares	9.05
Weighted Average Exercise Price, Exercised \| $ / shares	0.50
Weighted Average Exercise Price, Forfeited \| $ / shares
Weighted Average Exercise Price Outstanding, Ending balance \| $ / shares	3.51
Weighted Average Exercise Price, Vested \| $ / shares	$ 1.26
Weighted Average Remaining Contractual Term in Years, Outstanding	8 years 3 months 22 days
Weighted Average Remaining Contractual Term in Years, Vested	7 years 4 months 10 days
Average Intrinsic Value, Outstanding \| $	$ 36,752,235
Average Intrinsic Value, Vested \| $	$ 23,011,278

XML 56 R45.htm IDEA: XBRL DOCUMENT

Warrants (Details Narrative) - $ / shares	3 Months Ended
Warrants (Details Narrative) - $ / shares	Mar. 31, 2017	Mar. 31, 2016
Equity [Abstract]
Issuance of common stock shares	1,288,500	693
Weighted average exercise price of warrants	$ 1.00
Weighted average remaining life of warrants	2 years 1 month 28 days
Number of shares purchased for warrants exercised		1,875
Number of warrants issued
Number of warrants cancelled

XML 57 R46.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Details Narrative) - USD ($)		1 Months Ended	3 Months Ended	12 Months Ended
	Jun. 21, 2014	Sep. 20, 2016	Mar. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2013
Related Party Transaction [Line Items]
Common stock, shares issued			50,143,742	44,681,745
Common stock, issued value			$ 5,014	$ 4,468
Common stock value per share			$ 0.0001	$ 0.0001
Options granted exercise price			$ 9.05
Stock-based compensation expense			$ 171,000	$ 222,000
2014 Equity Compensation Plan [Member]
Related Party Transaction [Line Items]
Option vested percentage			50.00%
Options granted exercise price			$ 7.14
Aegis Capital Corp And Other Affiliates [Member]
Related Party Transaction [Line Items]
Common stock, shares issued						6,000,000
Common stock, issued value						$ 120,000
Common stock value per share						$ 0.02
Director [Member]
Related Party Transaction [Line Items]
Common stock, shares issued						450,000
Trust [Member]
Related Party Transaction [Line Items]
Common stock, shares issued						90,000
Orchestra Medical Ventures L L C [Member]
Related Party Transaction [Line Items]
Compensation rate per month	$ 5,000
Amount paid to the service					$ 15,000
Orchestra Medical Ventures L L C [Member] \| 2016 Consulting Agreement [Member]
Related Party Transaction [Line Items]
Compensation rate per month		$ 100,000
Agreement expiry date		Mar. 20, 2017
Options to purchase, shares		50,000

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