Two new metabolites, a diglyceride ester, corticaglyceride (1) and a sphingolipid, corticaceramide (5) were isolated and characterized from the Red Sea sponge Negombata corticata (Carter). Other previously reported compounds including nervonic acid (2), 24-methylene cholesterol (3) and cholesterol (4) were also isolated for the first time from this genus. GLC analysis of the unsaponifiable matter revealed that it contained a high percentage of hydrocarbons (89.474%) with n-hexacosane as a major component (10.979%). Furthermore, the identified sterol represents 7.162%. GLC analysis of the fatty acid methyl esters revealed that nervonic acid is the major fatty acid (73.782%). Compound 3 showed anti-inflammatory activity, while compounds 1 and 5 showed mild anti-oxidant properties.