CRBP - ASCO Data for CRB-701 (Nectin-4 ADC) Reinforces Strong Profile in HNSCC and Thesis on Differentiated Opportunity in Oropharyngeal Subset; Weakness Overdone

Research evidence excerpt

CRBP - ASCO Data for CRB-701 (Nectin-4 ADC) Reinforces Strong Profile in HNSCC and Thesis on Differentiated Opportunity in Oropharyngeal Subset; Weakness Overdone

FLASH NOTE

May 26, 2026

Paul Jeng, Ph.D. paul.jeng@guggenheimpartners.com CRBP - ASCO Data for CRB-701 (Nectin-4 ADC)

617 859 4618 Reinforces Strong Profile in HNSCC and Thesis on

Michael Schmidt, Ph.D.

michael.schmidt@guggenheimpartners.com Differentiated Opportunity in Oropharyngeal Subset;

617 859 4636 Weakness Overdone

CRBP KeyconferenceMessage:providedFull ASCOfirm validationdata forofCRB-701the asset’s(Nectin-4differentiatedADC)profilereportedin headaheadandofneckthe

Corbus Pharmaceuticals Holdings, Inc. cancers, with headline responses (43% cORR) and durability of benefit (5.6mo mPFS)

Sector: Biotechnology at the go-forward dose (3.6mg/kg) in OPSCC patients landing above the contemporary

investor bogeys for the 2L+ setting, clearly supporting advancement to Phase 3, in our

Company Update view. We believe the stock weakness (-27% intraday vs. ~flat XBI) is largely a reflection

Share Price $11.35 of lingering debates about the asset’s safety profile (we’d argue AE discontinuations

are minuscule, and the ocular tox is no worse than several commercially successful

ADCs) as well as the misconception that the commercial opportunity is now immaterial

Market Data given the narrowed focus on OPSCC. On the latter, we point to our analysis (here)

52-Week Range $6.72 - $20.56 suggesting OPSCC accounted for an appreciable ~40% of all patients enrolled across

Shares Out (M) 18.5 10 recent clinical studies, and represents a growing segment of HNSCC, particularly in

Market Cap (M) $210 the US/Western markets, which faces limited competition from next-gen EGFR therapies