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Sep 30, 2024
Corvus Pharmaceuticals Q3 2024 Earnings Report
Corvus Pharmaceuticals reported financial results for the third quarter of 2024 and provided a business update.
Key Takeaways
Corvus Pharmaceuticals reported a net loss of $40.2 million for the third quarter ended September 30, 2024, compared to a net loss of $6.0 million for the same period in 2023. As of September 30, 2024, Corvus had cash, cash equivalents and marketable securities of $41.7 million compared to $27.1 million as of December 31, 2023. The company expects its cash to fund operations into 2026.
Phase 1 clinical trial of Soquelitinib in Atopic Dermatitis is enrolling patients in the second dosing cohort, with interim data expected in December 2024.
The registration Phase 3 clinical trial of Soquelitinib in Peripheral T Cell Lymphoma (PTCL) is enrolling with multiple clinical sites open.
Corvus had cash, cash equivalents and marketable securities of $41.7 million as of September 30, 2024.
Corvus expects its cash to fund operations into 2026.
Forward Guidance
Corvus expects full year 2024 net cash used in operating activities to be between approximately $25 million and $26 million, resulting in a projected cash balance of between approximately $38 million and $39 million at December 31, 2024. Based on its current plans, Corvus expects its cash to fund operations into 2026.
Positive Outlook
- Soquelitinib for Immune Diseases
- Soquelitinib for T Cell Lymphoma
- Ongoing enrollment in registration Phase 3 clinical trial in PTCL
- Ongoing enrollment in Phase 1 clinical trial in atopic dermatitis
- Cash to fund operations into 2026
Challenges Ahead
- Net loss for the three months ended September 30, 2024 was $40.2 million compared to a net loss of $6.0 million for the same period in 2023.
- Non-cash loss of $32.8 million related to an increase in the fair value of its warrant liability during the three months ended September 30, 2024
- Common stock warrants expire on June 30, 2025.
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