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Mar 31, 2023
Corvus Pharmaceuticals Q1 2023 Earnings Report
Corvus Pharmaceuticals reported financial results for the first quarter of 2023 and provided a business update.
Key Takeaways
Corvus Pharmaceuticals reported a net loss of $7.9 million for the quarter ended March 31, 2023, compared to a net loss of $8.3 million for the same period in 2022. The company's cash, cash equivalents, and marketable securities totaled $34.5 million as of March 31, 2023. They expect full year 2023 net cash used in operating activities to be between approximately $19 million and $22 million.
Focus remains on advancing CPI-818 towards a potential registrational Phase 3 trial for T cell lymphoma later this year.
Encouraging clinical data from ongoing Phase 1/1b trial with objective responses in multiply recurrent T cell lymphomas.
Data supports the use of a biomarker to enrich for patients likely to respond to CPI-818 treatment.
CPI-818 shows therapeutic potential in solid tumors via a novel immunotherapy mechanism of action.
Forward Guidance
Corvus expects full year 2023 net cash used in operating activities to be between approximately $19 million and $22 million, resulting in a projected cash balance of between $20 million and $23 million as of December 31, 2023. Based on its current plans, Corvus expects its cash to fund operations into 2024.
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