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Mar 31, 2024
Corvus Pharmaceuticals Q1 2024 Earnings Report
Corvus Pharmaceuticals reported financial results for the first quarter ended March 31, 2024.
Key Takeaways
Corvus Pharmaceuticals reported a net loss of $5.7 million for the first quarter ended March 31, 2024. The company's cash, cash equivalents, and marketable securities totaled $22.1 million as of March 31, 2024, which does not include the $30.6 million from a financing completed on May 6, 2024.
Advanced soquelitinib for PTCL and generating early data for soquelitinib for atopic dermatitis.
Two newly evaluable PTCL patients from the soquelitinib Phase 1 trial achieved objective responses.
Registration Phase 3 trial is on track to be initiated in the third quarter.
Financing gives runway through several expected clinical readouts for pipeline in 2024 and 2025.
Forward Guidance
Corvus expects full year 2024 net cash used in operating activities to be between approximately $24 million and $27 million, resulting in a projected cash balance of between $31 million and $34 million at December 31, 2024. Based on its current plans, Corvus expects its cash to fund operations into the fourth quarter of 2025.
Positive Outlook
- Cash to fund operations into the fourth quarter of 2025.
Challenges Ahead
- Full year 2024 net cash used in operating activities to be between approximately $24 million and $27 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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