Corbus Pharmaceuticals Holdings, Inc. Commitments Disclosure
Operating Lease Commitment
On August 21, 2017, the Company entered into a lease agreement (“August 2017 Lease Agreement”), which was subsequently amended on February 26, 2019 (“February 2019 Lease Agreement”) and October 25, 2019 for commercial lease of office space, pursuant to which the Company has agreed to lease an aggregate total of 63,256 square feet of office space (“Total Premises”). The term of the lease is through November 30, 2026.
Per the terms of the August 2017 Lease Agreement and the February 2019 Lease Agreement, the landlord agreed to reimburse the Company for approximately $2.1 million of leasehold improvements. The reimbursements have been deferred and is recognized as a reduction of rent expense over the term of the lease. Additionally, the August 2017 Lease Agreement and the February 2019 Lease Agreement required a standby irrevocable letter of credit of $0.8 million, which will be reduced, if the Company is not in default under the agreement on the third and fourth anniversary of the commencement date and have unencumbered funds in excess of $50.0 million. As of December 31, 2025, the Company has an unsecured letter of credit for $0.7 million in connection with the lease agreements.
The following table contains a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company’s operating leases for the year ended December 31, 2025 and 2024 (in thousands):
|
|
December 31, |
|
|
December 31, |
|
||
Lease cost |
|
|
|
|
|
|
||
Operating lease cost |
|
$ |
1,240 |
|
|
$ |
1,240 |
|
Total lease cost |
|
$ |
1,240 |
|
|
$ |
1,240 |
|
|
|
|
|
|
|
|
||
Other information |
|
|
|
|
|
|
||
Weighted average remaining lease term |
|
0.9 years |
|
|
1.9 years |
|
||
Weighted average discount rate |
|
|
8.00 |
% |
|
|
8.00 |
% |
Cash paid for rent expense recorded during the years ended December 31, 2025 and 2024 was $1.8 million and $1.7 million, respectively.
Pursuant to the terms of the Company’s non-cancelable lease agreements in effect at December 31, 2025, the following table summarizes the Company’s maturities of operating lease liabilities as of December 31, 2025 (in thousands):
2026 |
|
$ |
1,688 |
|
Total lease payments |
|
|
1,688 |
|
|
|
|
|
|
Less: imputed interest |
|
|
(55 |
) |
Total |
|
$ |
1,633 |
|
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 9, 2026 | Showing above |
| 2024 | Mar 11, 2025 | |
| 2023 | Mar 12, 2024 | |
| 2022 | Mar 7, 2023 | |
| 2021 | Mar 8, 2022 | |
| 2020 | Mar 15, 2021 | |
| 2019 | Mar 16, 2020 | |
| 2018 | Mar 12, 2019 | |
| 2017 | Mar 12, 2018 | |
| 2016 | Mar 8, 2017 | |
| 2015 | Mar 28, 2016 | |
About Commitments Disclosures
Commitments and contingencies disclosures catalog a company's off-balance-sheet obligations and legal exposures — purchase commitments, guarantee arrangements, pending litigation, and regulatory proceedings. These items represent potential future cash outflows that may not appear as liabilities on the balance sheet until they become probable and estimable.
Key signals: litigation reserves and disclosed loss ranges quantify management's estimate of legal exposure, but unquantified "reasonably possible" losses often represent the larger risk. Watch for changes in language around pending cases — shifts from "remote" to "reasonably possible" or increases in estimated loss ranges signal deteriorating outcomes. Unconditional purchase obligations and take-or-pay contracts create fixed cost structures that reduce operational flexibility. Guarantee arrangements for subsidiaries or joint ventures can create cascading obligations. Compare the total commitment schedule against projected free cash flow to assess whether the company can meet its obligations without additional financing.