2022-03-012023-02-282023-02-28false11195935CORBUS INTERNATIONAL 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CORBUS INTERNATIONAL LIMITED

Registered Number
11195935
(England and Wales)

Unaudited Financial Statements for the Year ended
28 February 2023

CORBUS INTERNATIONAL LIMITED
Company Information
for the year from 1 March 2022 to 28 February 2023

Directors

HODGSON, Ian, Dr
MORAN, Sean

Company Secretary

TAYLOR WESSING SECRETARIES LIMITED

Registered Address

5 New Street Square
London
EC4A 3TW

Registered Number

11195935 (England and Wales)
CORBUS INTERNATIONAL LIMITED
Statement of Financial Position
28 February 2023

Notes

2023

2022

£

£

£

£

Called up share capital not paid-1,000
Current assets
Debtors84,182,3102,834,550
Cash at bank and on hand1,661,60416,126,076
5,843,91418,960,626
Creditors amounts falling due within one year9(2,365,077)(4,380,092)
Net current assets (liabilities)3,478,83714,581,534
Total assets less current liabilities3,478,83714,581,534
Net assets3,478,83714,581,534
Capital and reserves
Called up share capital1,0001,000
Share premium88,389,83492,557,443
Profit and loss account(84,911,997)(77,976,909)
Shareholders' funds3,478,83714,581,534
The financial statements were approved and authorised for issue by the Board of Directors on 27 November 2023, and are signed on its behalf by:
MORAN, Sean
Director
Registered Company No. 11195935
CORBUS INTERNATIONAL LIMITED
Notes to the Financial Statements
for the year ended 28 February 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Principal activities
The Company is a precision oncology company with a diversified portfolio and is committed to helping people defeat serious illness by bringing innovative scientific approaches to well-understood biological pathways. The Company's principal activity during the year is the development of its pipeline to prepare for clinical trials, which includes CRB-701, a next generation antibody drug conjugate ("ADC") that targets the expression of Nectin-4 on cancer cells to release a cytotoxic payload, CRB-601, an anti-integrin monoclonal antibody that blocks the activation of TGFβ expressed on cancer cells, and CRB-913, a highly peripherally restricted cannabinoid type-1 ("CB1") receptor inverse agonist for the treatment of obesity.
4.Accounting policies
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Office Equipment4
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
Going concern
The directors expect that the company will have adequate resources to continue in operational existence for the foreseeable future. Therefore, they have adopted the going concern basis of accounting in preparing these financial statements.
5.Prior period and policy change adjustments
The Profit & Loss Account for the year ended 28 February 2022 has been re-stated to reflect the following adjustments : • an overstatement of R&D staff costs by £3,462,853, the corresponding management services by £346,285 and associated currency loss of £1,001 due to an error in the calculation of recharges from the parent company • true up of the R&D tax credit due to the company of £1,045,790 to reflect the actual amount to be received of £2,072,218
6.Employee information

20232022
Average number of employees during the year12
7.Property, plant and equipment

Office Equipment

Total

££
Cost or valuation
At 01 March 2267,75167,751
Disposals(67,751)(67,751)
Depreciation and impairment
At 01 March 2267,75167,751
On disposals(67,751)(67,751)
Net book value
At 28 February 23--
At 28 February 22--
8.Debtors

2023

2022

££
Other debtors4,086,7842,162,621
Prepayments and accrued income95,526671,929
Total4,182,3102,834,550
9.Creditors within one year

2023

2022

££
Trade creditors / trade payables1,152,603504,936
Amounts owed to related parties-1,785,829
Other creditors1,225554
Accrued liabilities and deferred income1,211,2492,088,773
Total2,365,0774,380,092