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Mar 31, 2022
Corvus Pharmaceuticals Q1 2022 Earnings Report
Corvus Pharmaceuticals reported financial results for the first quarter of 2022 and provided a business update.
Key Takeaways
Corvus Pharmaceuticals reported a net loss of $8.3 million for the first quarter of 2022, compared to a net loss of $11.6 million for the same period in 2021. As of March 31, 2022, the company had cash, cash equivalents, and marketable securities totaling $62.9 million.
Advancing three clinical product candidates focused on tumor-immune system interaction.
Product candidates have demonstrated enhanced immune responses in various cancers.
Mid-to-late stage clinical trials for mupadolimab and ciforadenant are on track for initiation later this year.
ITK inhibitor shows encouraging potential in T cell differentiation for cancer and autoimmune diseases.
Corvus Pharmaceuticals
Corvus Pharmaceuticals
Forward Guidance
Corvus is advancing three clinical programs in 2022, including plans for a Phase 2 study for mupadolimab in front-line non-small cell lung cancer (NSCLC), a Phase 1b/2 study for ciforadenant in front-line renal cell cancer (RCC), and the ongoing Phase 1/1b study for CPI-818 in T-cell lymphoma.
Positive Outlook
- Advancing mupadolimab into a Phase 2 study for front-line NSCLC.
- Progressing ciforadenant into a Phase 1b/2 study for front-line RCC.
- Continuing the Phase 1/1b study for CPI-818 in T-cell lymphoma.
- Plans to provide an update on these clinical programs at an R&D Symposium.
- Demonstrated encouraging potential of ITK inhibitor on T cell differentiation
Challenges Ahead
- The Company’s ability to demonstrate sufficient evidence of efficacy and safety in its clinical trials of mupadolimab, CPI-818 and ciforadenant
- The accuracy of the Company’s estimates relating to its ability to initiate and/or complete preclinical studies and clinical trials
- The results of preclinical studies may not be predictive of future results
- The unpredictability of the regulatory process
- The Company’s ability to raise additional capital