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Sep 30, 2020
Corvus Pharmaceuticals Q3 2020 Earnings Report
Announced third quarter 2020 financial results and provided a business update.
Key Takeaways
Corvus Pharmaceuticals reported a net loss of $9.8 million for the third quarter ended September 30, 2020, and had cash, cash equivalents and marketable securities totaling $51.4 million at the end of the quarter.
On track to meet with FDA in December to finalize the design of a Phase 3, biomarker driven clinical trial focused on RCC patients.
ITK inhibitor, CPI-818, has shown activity in patients with advanced peripheral T cell lymphoma.
Plan to initiate a larger registrational study before the end of the year for CPI-006.
Co-founded Angel Pharmaceuticals, a biopharmaceutical company based in China.
Corvus Pharmaceuticals
Corvus Pharmaceuticals
Forward Guidance
Corvus Pharmaceuticals is focused on advancing its clinical programs for ciforadenant, CPI-006, and CPI-818, and expanding its pipeline through Angel Pharmaceuticals.
Positive Outlook
- Potential for ciforadenant in renal cell cancer (RCC) patients with the Adenosine Gene Signature.
- Activity of CPI-818 in patients with advanced peripheral T cell lymphoma.
- Encouraging initial results of CPI-006 in COVID-19 patients.
- Generation of a polyclonal immune response to the SARS-CoV-2 virus induced by relatively low doses of CPI-006.
- Expansion into the Chinese healthcare market through Angel Pharmaceuticals.
Challenges Ahead
- Risks related to the safety and efficacy of ciforadenant, CPI-006, and CPI-818.
- Uncertainties in developing and advancing product candidates into and successfully completing clinical trials.
- Dependence on the ability of Angel Pharmaceuticals to develop and advance product candidates.
- Unpredictability of the regulatory process in the United States, China, and other foreign countries.
- Potential impacts of COVID-19 on clinical programs and business operations.