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Jun 30, 2025
Corvus Pharmaceuticals Q2 2025 Earnings Report
Corvus Pharmaceuticals provided a business update and reported financial results for the second quarter ended June 30, 2025.
Key Takeaways
Corvus Pharmaceuticals reported a net loss of $8.0 million for Q2 2025, an increase from $4.3 million in Q2 2024, primarily due to higher research and development expenses. The company's cash position significantly improved to $74.4 million, bolstered by $35.7 million from warrant exercises, extending its cash runway into Q4 2026. Key clinical advancements include positive Phase 1 data for soquelitinib in atopic dermatitis and ongoing enrollment in Phase 3 PTCL and Phase 2 ALPS trials.
Net loss for Q2 2025 was $8.0 million, compared to a net loss of $4.3 million for the same period in 2024.
Research and development expenses increased to $7.9 million in Q2 2025 from $4.1 million in Q2 2024, driven by higher clinical trial and manufacturing costs for soquelitinib.
Cash, cash equivalents, and marketable securities significantly increased to $74.4 million as of June 30, 2025, up from $52.0 million at the end of 2024, primarily due to $35.7 million in proceeds from warrant exercises.
The company expects its current cash to fund operations into the fourth quarter of 2026.
Forward Guidance
Corvus Pharmaceuticals anticipates significant progress in its clinical programs, particularly with soquelitinib, and expects its current cash reserves to fund operations into the fourth quarter of 2026.
Positive Outlook
- Extension cohort 4 of the Phase 1 trial for soquelitinib in atopic dermatitis is on track to report data in Q4 2025.
- Phase 2 trial for soquelitinib in atopic dermatitis is expected to initiate before year-end.
- Angel Pharmaceuticals plans to initiate a separate Phase 1b/2 trial of soquelitinib for atopic dermatitis in China, expanding clinical experience.
- Enrollment continues in the registrational Phase 3 clinical trial of soquelitinib in relapsed/refractory PTCL.
- Enrollment continues in the ALPS Phase 2 clinical trial under collaboration with NIAID.
Challenges Ahead
- The company's ability to demonstrate sufficient evidence of efficacy and safety in its clinical trials is a risk.
- The accuracy of estimates relating to the initiation and completion of preclinical studies and clinical trials, and data release, is uncertain.
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