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Mar 31, 2025
Corvus Pharmaceuticals Q1 2025 Earnings Report
Provided Business Update and Reported First Quarter 2025 Financial Results
Key Takeaways
Corvus Pharmaceuticals reported a net income of $15.2 million for the first quarter of 2025, a significant improvement compared to a net loss in the prior year, primarily driven by a substantial gain from the change in the fair value of the warrant liability. The company also provided positive updates on its clinical pipeline, particularly for soquelitinib in atopic dermatitis and peripheral T cell lymphoma, and reported additional cash from warrant exercises.
Interim results from the Phase 1 soquelitinib trial in atopic dermatitis showed favorable safety and efficacy, with earlier and deeper responses in the higher dose cohort.
Enrollment is ongoing in the Phase 3 registrational clinical trial of soquelitinib in peripheral T cell lymphoma at multiple sites.
Early exercise of common stock warrants by stockholders in May 2025 provided cash proceeds of approximately $31.3 million.
As of March 31, 2025, Corvus had cash, cash equivalents, and marketable securities totaling $44.2 million.
Forward Guidance
Corvus expects its current cash resources, including proceeds from recent warrant exercises, to fund operations into the fourth quarter of 2026. The company plans to advance its soquelitinib program with a Phase 2 trial in atopic dermatitis and a solid tumor trial planned for initiation later in 2025, and expects data from the atopic dermatitis extension cohort in Q4 2025.
Positive Outlook
- Expect cash to fund operations into the fourth quarter of 2026.
- Plan to initiate a Phase 2 clinical trial for soquelitinib in atopic dermatitis before year-end 2025.
- Plan to initiate a solid tumor clinical trial later in 2025.
- Expect data from the new extension cohort of the Phase 1 atopic dermatitis trial in the fourth quarter of 2025.
- Patient enrollment is ongoing in the Phase 3 PTCL trial and Phase 2 ALPS trial.
Challenges Ahead
- Ability to demonstrate sufficient evidence of efficacy and safety in clinical trials.
- Accuracy of estimates relating to the initiation and completion of studies and trial data release.
Historical Earnings Impact
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