Form 8-K Corbus Pharmaceuticals For: Aug 09
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): |
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
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. ☐
Item 2.02 Results of Operations and Financial Condition.
Corbus Pharmaceuticals Holdings, Inc. (the “Company”) issued a press release on August 9, 2022, disclosing financial information and operating metrics for its fiscal quarter ended June 30, 2022 and discussing its business outlook. A copy of the Company’s press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 7.01 Regulation FD Disclosure.
See “Item 2.02 Results of Operations and Financial Condition” above.
The information in this Current Report on Form 8-K under Items 2.02 and 7.01, including the information contained in Exhibit 99.1, is being furnished to the Securities and Exchange Commission, and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as shall be expressly set forth by a specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) The following exhibit is furnished with this report:
Exhibit No. |
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Description |
99.1 |
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Press Release issued by Corbus Pharmaceuticals Holdings, Inc. dated August 9, 2022 |
104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements 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.
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Corbus Pharmaceuticals Holdings, Inc |
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Date: |
August 9, 2022 |
By: |
/s/ Yuval Cohen |
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Name: Yuval Cohen |
Exhibit 99.1
Corbus Pharmaceuticals Reports Second Quarter 2022 Financial Results and Provides Corporate Update
Norwood, MA, August 9, 2022 (GLOBE NEWSWIRE) -- Corbus Pharmaceuticals Holdings, Inc. (NASDAQ: CRBP) (“Corbus” or the “Company”), an immunology company, today provided a corporate update and reported financial results for the second quarter of 2022.
Key Corporate and Program Updates:
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“We are continuing the transformation of Corbus into a company with a novel and diversified immuno-oncology pipeline and look forward to sharing additional data updates from our integrin programs later this year. We are greatly encouraged by recent clinical updates from the field of latent TGFb inhibition that point to a potential breakthrough in how this key cytokine could be successfully targeted in oncology.” commented Yuval Cohen, Ph.D., Chief Executive Officer of Corbus. “We are actively engaged in business development activities with the goal of expanding our pipeline while also bringing in non-dilutive funding by monetizing our ECS assets through new partnerships.”
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Financial Results for Second Quarter Ended June 30, 2022:
The Company reported a net loss of approximately $13.2 million, or a net loss per diluted share of $0.11, for the three months ended June 30, 2022, compared to a net loss of approximately $17.1 million, or a net loss per diluted share of $0.15, for the same period in 2021.
Operating expenses for Q-2 2022 included a one-time charge of $5 million to settle litigation. Operating expenses decreased by $9.5 million to approximately $7.3 million for the three months ended June 30, 2022, compared to $16.8 million in the comparable period in the prior year, excluding the one-time charge. The decrease was primarily attributable to decreased clinical trial and drug manufacturing costs, and an overall reduction in compensation expense.
As of June 30, 2022, the company has $74 million of cash and investments on hand which is expected to fund operations into the first quarter of 2024, based on the current planned expenditures.
About Corbus
Corbus is an immunology company committed to helping people defeat serious illness by bringing innovative scientific approaches to well understood biological pathways. Corbus’ current pipeline includes anti-integrin monoclonal antibodies that block activation of TGFβ and small molecules that activate or inhibit the endocannabinoid system. Corbus is headquartered in Norwood, Massachusetts. For more information on Corbus, visit corbuspharma.com. Connect with us on Twitter, LinkedIn and Facebook.
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Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and Private Securities Litigation Reform Act, as amended, including those relating to the Company's restructuring, trial results, product development, clinical and regulatory timelines, market opportunity, competitive position, possible or assumed future results of operations, business strategies, potential growth opportunities and other statements that are predictive in nature. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry and markets in which we operate and management's current beliefs and assumptions.
These statements may be identified by the use of forward-looking expressions, including, but not limited to, "expect," "anticipate," "intend," "plan," "believe," "estimate," "potential,” "predict," "project," "should," "would" and similar expressions and the negatives of those terms. These statements relate to future events or our financial performance and involve known and unknown risks, uncertainties, and other factors, including the potential impact of the recent COVID-19 pandemic and the potential impact of sustained social distancing efforts, on our operations, clinical development plans and timelines, which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include those set forth in the Company's filings with the Securities and Exchange Commission. Prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
INVESTOR CONTACT:
Sean Moran
-4-
Corbus Pharmaceuticals Holdings, Inc.
Condensed Consolidated Balance Sheets
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June 30, 2022 |
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December 31, 2021 |
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(Unaudited) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
25,770,665 |
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$ |
25,006,632 |
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Investments |
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47,532,557 |
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72,640,520 |
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Restricted cash |
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192,475 |
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192,475 |
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Prepaid expenses and other current assets |
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1,742,273 |
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2,365,010 |
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Total current assets |
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75,237,970 |
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100,204,637 |
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Restricted cash |
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477,425 |
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477,425 |
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Property and equipment, net |
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1,989,007 |
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2,392,696 |
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Operating lease right of use assets |
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4,258,077 |
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4,609,110 |
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Other assets |
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104,165 |
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46,385 |
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Total assets |
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$ |
82,066,644 |
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$ |
107,730,253 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Notes payable |
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$ |
110,705 |
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$ |
767,938 |
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Accounts payable |
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1,986,622 |
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1,782,277 |
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Accrued expenses |
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4,716,422 |
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10,093,312 |
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Derivative liability |
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133,710 |
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133,710 |
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Operating lease liabilities, current |
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1,207,471 |
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1,136,948 |
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Current portion of long-term debt |
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7,474,846 |
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3,093,344 |
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Total current liabilities |
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15,629,776 |
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17,007,529 |
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Long-term debt, net of debt discount |
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11,612,237 |
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15,636,275 |
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Other long-term liabilities |
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22,205 |
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22,205 |
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Operating lease liabilities, noncurrent |
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5,332,569 |
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5,956,217 |
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Total liabilities |
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32,596,787 |
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38,622,226 |
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Stockholders’ equity |
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Preferred stock, $0.0001 par value; 10,000,000 shares authorized, no shares |
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— |
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— |
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Common stock, $0.0001 par value; 300,000,000 shares authorized, |
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12,527 |
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12,523 |
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Additional paid-in capital |
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421,996,544 |
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418,891,713 |
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Accumulated deficit |
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(372,419,894 |
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(349,733,764 |
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Accumulated other comprehensive loss |
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(119,320 |
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(62,445 |
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Total stockholders’ equity |
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49,469,857 |
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69,108,027 |
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Total liabilities and stockholders’ equity |
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$ |
82,066,644 |
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$ |
107,730,253 |
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Corbus Pharmaceuticals Holdings, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
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For the Three Months |
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For the Six Months |
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2022 |
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2021 |
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2022 |
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2021 |
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Revenue from awards |
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$ |
— |
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$ |
136,558 |
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$ |
— |
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$ |
784,382 |
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Operating expenses: |
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Research and development |
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2,499,642 |
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11,265,220 |
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5,785,878 |
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21,986,043 |
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General and administrative |
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4,840,368 |
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5,572,397 |
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10,071,291 |
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10,913,594 |
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Litigation Settlement |
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5,000,000 |
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— |
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5,000,000 |
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— |
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Total operating expenses |
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12,340,010 |
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16,837,617 |
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20,857,169 |
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32,899,637 |
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Operating loss |
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(12,340,010 |
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(16,701,059 |
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(20,857,169 |
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(32,115,255 |
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Other income (expense), net: |
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Other income (expense), net |
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(208,683 |
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(227,609 |
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(402,034 |
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(242,703 |
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Interest income (expense), net |
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(490,339 |
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(401,170 |
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(949,248 |
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(1,047,720 |
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Change in fair value of derivative liability |
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— |
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204,000 |
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— |
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198,000 |
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Foreign currency exchange gain (loss), net |
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(209,856 |
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(12,538 |
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(477,679 |
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4,134 |
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Other income (expense), net |
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(908,878 |
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(437,317 |
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(1,828,961 |
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(1,088,289 |
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Net loss |
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$ |
(13,248,888 |
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$ |
(17,138,376 |
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$ |
(22,686,130 |
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$ |
(33,203,544 |
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Net loss per share, basic and diluted |
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$ |
(0.11 |
) |
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$ |
(0.15 |
) |
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$ |
(0.18 |
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$ |
(0.28 |
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Weighted average number of common shares outstanding, basic and diluted |
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125,255,881 |
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116,364,131 |
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125,249,596 |
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120,722,622 |
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Comprehensive loss: |
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Net loss |
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$ |
(13,248,888 |
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$ |
(17,138,376 |
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$ |
(22,686,130 |
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$ |
(33,203,544 |
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Other comprehensive income (loss): |
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Change in unrealized gain (loss) on marketable debt securities |
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50,373 |
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23,311 |
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(56,875 |
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(5,454 |
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Total other comprehensive income (loss) |
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50,373 |
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23,311 |
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(56,875 |
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(5,454 |
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Total comprehensive loss |
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$ |
(13,198,515 |
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$ |
(17,115,065 |
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$ |
(22,743,005 |
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$ |
(33,208,998 |
) |
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