Corvus Pharmaceuticals (CRVS) Q4 2024 Earnings Call March 26, 2025 12:20 AM ET Company Participants Zack Kubow - Managing DirectorLeiv Lea - Chief Financial OfficerRichard Miller - Co-Founder, President, CEO & Chairman of the BoardCha Cha Yang - Senior Associate, Biotech Equity ResearchSean Lee - VP - Equity Research Conference Call Participants Jeff Jones - Managing Director - Senior AnalystDaniel Browder - Analyst Operator Good afternoon, everyone. Thank you for standing by, and welcome to the Corvus Phar ...

Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS) Q4 2024 Earnings Conference Call March 25, 2025 4:30 PM ET Company Participants Zack Kubow - Real Chemistry, IR Leiv Lea - CFO Richard Miller - CEO Conference Call Participants Jeff Jones - Oppenheimer Aydin Huseynov - Ladenburg Thalmann Cha Cha Yang - Jefferies Daniel Bronder - Cantor Sean Lee - H.C. Wainwright Operator Good afternoon, everyone. Thank you for standing by. And welcome to the Corvus Pharmaceuticals Fourth Quarter and Full Year 2024 business update a ...

Corvus Pharmaceuticals, Inc. Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Exact name of registrant as specified in its charter) Delaware 001-37719 46-4670809 (State or other jurisdiction of incorporation) (Commission Fil ...

Financial Performance - The net loss for Q4 2024 was $12.1 million, compared to a net loss of $6.7 million for the same period in 2023[13]. - Corvus Pharmaceuticals reported a net loss of $12.1 million for Q4 2024, compared to a net loss of $6.7 million in Q4 2023, reflecting an increase of 81.5% year-over-year[28]. - Total operating expenses for the year ended December 31, 2024, were $27.5 million, up from $23.4 million in 2023, representing a 17.9% increase[27]. - The net loss per share for the year ended December 31, 2024, was $1.02, compared to $0.56 in 2023, reflecting a significant increase in losses per share[28]. - The company reported a change in fair value of warrant liability amounting to a loss of $33.4 million for the year ended December 31, 2024[28]. Cash and Funding - Corvus Pharmaceuticals reported cash, cash equivalents, and marketable securities of $52.0 million as of December 31, 2024, up from $27.1 million as of December 31, 2023[10]. - Cash, cash equivalents, and marketable securities increased to $52.0 million as of December 31, 2024, from $27.1 million in 2023, showing a growth of 91.7%[30]. - The company completed a registered direct offering generating $30.3 million in net proceeds during 2024[11]. - Corvus expects its cash to fund operations into the first quarter of 2026 based on current plans[11]. - The company anticipates funding operations into the first quarter of 2026, with ongoing clinical trials and product development milestones[25]. Research and Development - Research and development expenses for the full year 2024 totaled $19.4 million, an increase from $16.5 million in 2023, primarily due to higher clinical trial costs associated with soquelitinib[12]. - Research and development expenses for Q4 2024 were $6.0 million, compared to $4.0 million in Q4 2023, indicating a 49.3% increase[27]. - In the Phase 1 clinical trial for atopic dermatitis, 26% of patients in the soquelitinib group achieved IGA 0 or 1, and 37% achieved EASI 75, compared to none in the placebo group[4]. - The Phase 3 clinical trial for soquelitinib in relapsed peripheral T cell lymphoma (PTCL) is enrolling a total of 150 patients, with the primary endpoint being progression-free survival[10]. - Corvus initiated a Phase 2 clinical trial for autoimmune lymphoproliferative syndrome (ALPS) with an anticipated enrollment of up to 30 patients, focusing on efficacy determined by reductions in splenomegaly and lymph node volumes[6]. - The Phase 1b/2 clinical trial for ciforadenant in metastatic renal cell cancer is fully enrolled with 60 patients, evaluating deep response rate as the efficacy endpoint[10]. - Mupadolimab is being studied in combination with pembrolizumab in a Phase 1b/2 clinical trial for advanced head and neck cancers and NSCLC patients[23]. - Corvus plans to announce additional results from the atopic dermatitis trial, including data from all cohorts, in May 2025[4]. Corporate Governance - The company has a 49.7% equity stake in Angel Pharmaceuticals, which is developing three clinical-stage candidates in Greater China[24]. - Corvus Pharmaceuticals has designated three individuals on Angel Pharmaceuticals' five-person Board of Directors, indicating strong governance collaboration[24].

Soquelitinib Atopic Dermatitis Phase 1 Clinical Trial Data From Cohorts 1-3 anticipated to be Presented in May Initial Results From First Two Cohorts Supports Safety and Efficacy with Oral Agent and Novel Mechanism of Action Registration Phase 3 Clinical Trial of Soquelitinib in Peripheral T Cell Lymphoma (PTCL) Enrolling with Multiple Clinical Sites Open Conference call today at 4:30 p.m. ET / 1:30 p.m. PT SOUTH SAN FRANCISCO, Calif., March 25, 2025 (GLOBE NEWSWIRE) -- Corvus Pharmaceuticals, Inc. (Corvus ...

Core Insights - Corvus Pharmaceuticals announced additional data from its Phase 1/1b clinical trial of soquelitinib for T cell lymphoma, showcasing strong anti-tumor activity and encouraging results compared to standard treatments [1][2] Company Overview - Corvus Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developing ITK inhibition as a new immunotherapy approach for various cancers and immune diseases [10] - The lead product candidate is soquelitinib, an investigational oral small molecule drug that selectively inhibits ITK [10] Clinical Trial Data - The Phase 1/1b trial enrolled 25 patients, with 23 evaluable patients showing a 39% objective response rate, including a 26% complete response rate [4][6] - The median duration of response was 17.2 months, with a median progression-free survival (PFS) of 6.2 months and an 18-month PFS rate of 30%, significantly better than the <20% rate for standard treatments [6] - Soquelitinib was well-tolerated, with no new safety signals or dose reductions reported [6] Future Trials - A registrational Phase 3 trial is underway for soquelitinib in patients with relapsed Peripheral T cell lymphoma (PTCL), aiming to enroll 150 patients [4] - The trial will compare soquelitinib against physician's choice of either belinostat or pralatrexate, with the primary endpoint being PFS [4] Mechanism of Action - Soquelitinib is designed to selectively inhibit ITK, which plays a crucial role in T cell immune function, potentially enhancing anti-tumor immunity by reducing T cell exhaustion [9] - The drug has shown the ability to shift T cell differentiation towards Th1 helper cells, which are essential for tumor immunity [9] Industry Context - Peripheral T cell lymphoma (PTCL) accounts for about 10% of non-Hodgkin's lymphomas in Western populations, with a high relapse rate and poor outcomes for patients [7] - There are currently no FDA-approved treatments for relapsed PTCL based on randomized trials, highlighting a significant unmet medical need [4][7]

Core Viewpoint - Corvus Pharmaceuticals is actively engaging with investors through one-on-one meetings and a fireside chat at the H.C. Wainwright 3rd Annual Autoimmune & Inflammatory Disease Virtual Conference, scheduled for March 27, 2025 [1]. Group 1 - Corvus Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developing ITK inhibition as a novel immunotherapy approach for various cancer and immune diseases [3]. - The company's lead product candidate is soquelitinib, an investigational oral small molecule drug that selectively inhibits ITK [3]. - Corvus has additional clinical-stage candidates aimed at treating a variety of cancer indications [3]. Group 2 - A live webcast of the fireside chat will be available, along with access for 90 days post-event, through the investor relations section of the Corvus website [2].

Core Viewpoint - Corvus Pharmaceuticals, Inc. will host a conference call and webcast on March 25, 2025, to provide a business update and report its fourth quarter and full year 2024 financial results [1]. Company Overview - Corvus Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developing ITK inhibition as a novel approach to immunotherapy for various cancer and immune diseases [3]. - The company's lead product candidate is soquelitinib, an investigational oral small molecule drug that selectively inhibits ITK [3]. - Corvus is also developing other clinical-stage candidates targeting a range of cancer indications [3]. Conference Call Details - The conference call can be accessed by dialing 1-800-717-1738 for domestic calls or 1-646-307-1865 for international calls, or through a provided link for instant access [2]. - A live webcast will be available via the investor relations section of the Corvus website, with a replay accessible for 90 days [2].

Core Insights - Corvus Pharmaceuticals has announced a Phase 2 clinical trial for soquelitinib, targeting autoimmune lymphoproliferative syndrome (ALPS), in collaboration with the National Institute of Allergy and Infectious Diseases (NIAID) [1][2] - The trial aims to evaluate the efficacy of ITK inhibition in improving immune system balance and reducing dysfunctional T cell accumulation in patients with ALPS [2][3] - Soquelitinib is also under investigation for other indications, including peripheral T cell lymphoma (PTCL) and atopic dermatitis, highlighting its potential versatility in treating various immune-related conditions [4][8] Company Overview - Corvus Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developing ITK inhibition as a novel immunotherapy approach for cancer and immune diseases [8] - The company's lead product candidate, soquelitinib, is an investigational oral small molecule designed to selectively inhibit ITK, which plays a crucial role in T cell function [7][8] - Corvus is advancing soquelitinib through multiple clinical trials, including a registrational Phase 3 trial for PTCL and a Phase 1 trial for atopic dermatitis, with plans to initiate a Phase 1 trial for solid tumors in Q2 2025 [4][8] Disease Context - ALPS is a rare genetic disorder characterized by immune dysregulation, leading to symptoms such as lymphadenopathy, splenomegaly, and cytopenias, primarily caused by mutations in the Fas gene [5][6] - The condition typically manifests in early childhood and can lead to serious health complications, including autoimmune diseases and lymphoma, with no current cure available [2][5] - Current management strategies for ALPS involve empirical treatments aimed at alleviating symptoms and managing complications, including the use of corticosteroids and immunosuppressive medications [2][6]

Core Insights - Corvus Pharmaceuticals, Inc. is set to present a corporate overview and conduct one-on-one meetings with investors at the Oppenheimer 35th Annual Healthcare Life Sciences Conference on February 11, 2025 [1] - The presentation will be available via a live webcast, which can be accessed for 90 days post-event through the investor relations section of the Corvus website [2] Company Overview - Corvus Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developing ITK inhibition as a novel immunotherapy approach for various cancers and immune diseases [3] - The company's lead product candidate is soquelitinib, an investigational oral small molecule drug that selectively inhibits ITK, with additional clinical-stage candidates targeting multiple cancer indications [3]