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Sep 30, 2022
Corvus Pharmaceuticals Q3 2022 Earnings Report
Reported financial results for the third quarter ended September 30, 2022 and provided a business update.
Key Takeaways
Corvus Pharmaceuticals reported its Q3 2022 financial results, with a net loss of $14.8 million. The company had $49.6 million in cash, cash equivalents, and marketable securities as of September 30, 2022, and anticipates several milestones for its clinical programs.
Data from CPI-818 T Cell Lymphoma Study was accepted for presentation at the 64th ASH Annual Meeting and Exposition.
Advancing CPI-818 development for autoimmune and allergic diseases.
Initiated a Phase 1b/2 Clinical Trial of Ciforadenant in First Line Renal Cell Cancer (RCC) in partnership with Kidney Cancer Research Consortium (KCRC).
IND approved in China for Phase 1/1b Clinical Trial of Mupadolimab (Anti-CD73).
Forward Guidance
Corvus expects full year 2022 net cash used in operating activities to be between $27 million and $29 million, resulting in a projected cash balance of between $40.5 million and $42.5 million as of December 31, 2022. Based on its current plans, Corvus expects its cash to fund operations into early 2024.
Positive Outlook
- Cash to fund operations into early 2024.
Challenges Ahead
- Net cash used in operating activities expected to be between $27 million and $29 million for full year 2022.
- Projected cash balance of between $40.5 million and $42.5 million as of December 31, 2022.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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