Financial Data and Key Metrics Changes - Research and development (R&D) expenses in Q4 2025 totaled $9.9 million, up from $6 million in Q4 2024, with full-year R&D expenses reaching $33.7 million compared to $19.4 million in 2024, primarily due to higher clinical trial and manufacturing costs for soquelitinib and increased personnel costs [4] - The net loss for Q4 2025 was $12.3 million, slightly higher than the net loss of $12.1 million in Q4 2024, with total stock compensation expense increasing to $1.6 million from $0.8 million in the same period [5] - As of December 31, 2025, cash equivalents and marketable securities totaled $56.8 million, up from $52 million at the end of 2024, with pro forma cash including recent financing reaching approximately $246 million, extending the cash runway into Q2 2028 [6][7] Business Line Data and Key Metrics Changes - Significant progress was made in the development of soquelitinib, with promising results from clinical trials in peripheral T-cell lymphoma and atopic dermatitis, indicating its potential as a leading therapy for these conditions [8][9] - The phase I trial results for soquelitinib showed a mean percent reduction in EASI of 72% versus 40% for placebo, with 75% of patients achieving EASI 75 [12] Market Data and Key Metrics Changes - The company is entering 2026 with ongoing enrollment in its phase III PTCL trial and a recently initiated phase II atopic dermatitis trial, with plans to expand into mid-stage trials for other inflammatory diseases later in the year [9][10] - Market research indicates that soquelitinib's profile could significantly advance treatment options for patients with atopic dermatitis, with a unique mechanism of action and favorable safety profile [11][22] Company Strategy and Development Direction - The company aims to leverage the unique mechanism of action of soquelitinib to address multiple inflammatory diseases and cancers, with ongoing trials and data presentations planned for 2026 [9][28] - The strategy includes expanding into additional indications such as hidradenitis suppurativa and asthma, with a focus on the drug's durability and efficacy in patients who have failed prior therapies [27][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term potential of soquelitinib, highlighting its promising clinical data and the opportunity to unlock its full potential in various immune inflammatory diseases [28] - The company is optimistic about the upcoming data readouts from ongoing trials, which are expected to provide further insights into the drug's efficacy and safety [9][34] Other Important Information - The company plans to present additional data from its phase I clinical trials at upcoming medical meetings, emphasizing the importance of biomarker results and the drug's mechanism of action [23][24] - Collaboration with Angel Pharmaceuticals for a phase Ib/II trial in China is ongoing, with initial data expected later this year [24] Q&A Session Summary Question: Regarding the upcoming data readouts for PTCL and the China study - Management anticipates initial data from Angel Pharmaceuticals' trial later this year, with further data expected in mid-2027 from the phase II study [32][34] Question: Expectations for the SID meeting presentation - Management indicated that the presentation will focus on durability and new biomarkers related to soquelitinib's mechanism of action [38][39] Question: Efficacy benchmarks for the phase II trial in hidradenitis suppurativa - Management expects efficacy to be comparable or better than existing biologics, with ongoing assessments to determine optimal dosing [42] Question: Insights on the ALPS trial and its implications for other indications - Management noted that while ALPS results are promising, they do not directly predict outcomes for other diseases but indicate the drug's potential in managing aberrant autoinflammatory responses [68] Question: Durability of response in the phase II trial - The phase II trial includes a follow-up period of 90 days post-treatment, although the primary endpoint focuses on EASI scores at 12 weeks [94][96] Question: Target populations for the upcoming asthma study - Management is considering a broad patient population for the asthma study, without restricting to specific subtypes, and is still finalizing the study protocol [100]

Financial Data and Key Metrics Changes - Research and development (R&D) expenses in Q4 2025 totaled $9.9 million, up from $6 million in Q4 2024. For the full year 2025, R&D expenses were $33.7 million compared to $19.4 million in 2024, primarily due to higher clinical trial and manufacturing costs associated with soquelitinib and increased personnel costs [4][5] - The net loss for Q4 2025 was $12.3 million, slightly higher than the net loss of $12.1 million in Q4 2024. Non-cash losses included $0.7 million in Q4 2025 and $2.2 million in Q4 2024 from equity method investments [5] - As of December 31, 2025, cash equivalents and marketable securities totaled $56.8 million, an increase from $52 million at the end of 2024. Following a public offering, pro forma cash was approximately $246 million, extending the cash runway into Q2 2028 [6][7] Business Line Data and Key Metrics Changes - Significant progress was made in the development of soquelitinib, with promising results from clinical trials in peripheral T-cell lymphoma and atopic dermatitis. The company is entering 2026 with ongoing enrollment in a phase 3 PTCL trial and a newly initiated phase 2 atopic dermatitis trial [8][9] - The phase 1 trial results for soquelitinib showed a mean percent reduction in EASI of 72% versus 40% for placebo, with 75% of patients achieving EASI 75 [12][13] Market Data and Key Metrics Changes - The company is focusing on expanding soquelitinib's application in various inflammatory diseases, including hidradenitis suppurativa and asthma, with plans to initiate trials later in 2026 [9][26] - The market research indicates that soquelitinib's profile could significantly advance treatment options for patients with atopic dermatitis, particularly due to its oral administration and novel mechanism of action [11][21] Company Strategy and Development Direction - The company aims to leverage the unique mechanism of action of soquelitinib to address multiple inflammatory diseases and cancers, with a strong focus on clinical data and biomarker analysis to support its therapeutic potential [21][27] - The strategy includes expanding into mid-stage trials for other inflammatory diseases and maintaining a robust pipeline for soquelitinib, which is expected to be a leading option for treating moderate to severe atopic dermatitis [9][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term potential of soquelitinib, highlighting its safety profile and efficacy in patients who have failed prior therapies. The company anticipates significant data readouts in 2026 that will inform future development [9][27] - The management team emphasized the importance of ongoing clinical trials and the potential for soquelitinib to provide durable responses in patients, which could change treatment paradigms in inflammatory diseases [27][98] Other Important Information - The company plans to present additional data from the phase 1 clinical trial at the Society for Investigative Dermatology annual meeting, focusing on biomarker results and durability of response [22] - The phase 2 trial in atopic dermatitis will enroll 200 patients, with results expected in mid-2027, while the PTCL trial will have an interim analysis later this year [24][25] Q&A Session Summary Question: Regarding the upcoming data readouts for PTCL and the China study - Management anticipates initial data from Angel Pharmaceuticals' trial later this year, with further data expected in 2027. The PTCL trial will have an interim review later this year [32][34] Question: Expectations for the SID meeting presentation - Management indicated that the durability of response and new biomarkers will be key focuses of the presentation [38][39] Question: Efficacy benchmarks for the phase 2 trial in hidradenitis suppurativa - Management expects efficacy to be comparable or better than existing biologics in the market [42] Question: Updates on the phase 2 trial in atopic dermatitis - The phase 2 trial is blinded and randomized, with no interim data expected until completion. However, updates from the Angel trial will provide interim insights [52][53] Question: Insights on the ALPS trial and its implications - Management noted that while ALPS results are promising, they do not directly predict outcomes for other indications but indicate the drug's activity in autoimmune responses [70][71] Question: Durability of response in the phase 2 trial - The phase 2 trial includes a follow-up period of 90 days post-treatment, but the primary endpoint will focus on EASI scores at 12 weeks [96][99] Question: Asthma trial design considerations - Management is considering a broad patient population for the asthma trial, without restricting to TH2 high patients, and is still finalizing the protocol [100][102]

Financial Data and Key Metrics Changes - Research and development (R&D) expenses in Q4 2025 totaled $9.9 million, up from $6 million in Q4 2024, with full-year R&D expenses reaching $33.7 million compared to $19.4 million in 2024, primarily due to higher clinical trial and manufacturing costs for soquelitinib and increased personnel costs [4] - Net loss for Q4 2025 was $12.3 million, slightly higher than the net loss of $12.1 million in Q4 2024, with total stock compensation expense increasing to $1.6 million from $0.8 million in the same period [5] - As of December 31, 2025, cash equivalents and marketable securities totaled $56.8 million, up from $52 million at the end of 2024, with pro forma cash including net proceeds from a public offering amounting to approximately $246 million, extending the cash runway into Q2 2028 [6] Business Line Data and Key Metrics Changes - Significant progress was made in the development of soquelitinib, with ongoing enrollment in the phase 3 trial for peripheral T-cell lymphoma (PTCL) and a recently initiated phase 2 trial for atopic dermatitis [9] - The phase 1 trial results for soquelitinib in atopic dermatitis showed a mean percent reduction in EASI of 72% compared to 40% for placebo, with 75% of patients achieving EASI 75 [12] Market Data and Key Metrics Changes - The company is entering 2026 with strong investor interest, highlighted by a $200 million financing, reflecting confidence in the potential of soquelitinib and ITK inhibition [8] - The phase 1 trial data presented at the ASH annual meeting indicated that soquelitinib could be a leading therapy for atopic dermatitis and other inflammatory diseases, with a favorable comparison to existing treatments [25] Company Strategy and Development Direction - The company plans to expand its clinical trials for soquelitinib into mid-stage trials for other inflammatory diseases such as hidradenitis suppurativa and asthma later in the year [9] - The strategy focuses on leveraging the unique mechanism of action of soquelitinib to address multiple inflammatory diseases, with ongoing research into its safety and efficacy [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term potential of soquelitinib across various indications, emphasizing the drug's unique properties and the promising clinical data supporting its use [27] - The company is optimistic about the upcoming data readouts from ongoing trials, which are expected to provide further insights into the drug's efficacy and safety [33] Other Important Information - The company is collaborating with Angel Pharmaceuticals for a phase 1b/2 trial in China, which is expected to provide additional data on soquelitinib's efficacy in atopic dermatitis [21] - The phase 2 trial for atopic dermatitis is set to enroll 200 patients, with results anticipated in mid-2027 [24] Q&A Session Summary Question: Regarding the upcoming data readouts for PTCL and the China study - Management indicated that initial data from Angel Pharmaceuticals' trial will be available later this year, with further data expected in 2027 [31][33] Question: Expectations for the SID meeting presentation - Management highlighted that the presentation will focus on durability and new biomarkers related to soquelitinib's mechanism of action [37] Question: Insights on the phase 2 trial in hidradenitis suppurativa - Management stated that they expect efficacy to be comparable or better than existing biologics, with ongoing assessments to determine optimal dosing [40] Question: Comments on the ALPS trial and its implications - Management noted that while results from the ALPS trial are promising, they do not directly predict outcomes for other autoimmune diseases [68] Question: Enrollment dynamics in the PTCL trial - Management confirmed that the trial is progressing well, with patients being randomized to receive either soquelitinib or standard care options [72][75] Question: Durability of response in the phase 2 trial - Management confirmed that the phase 2 trial includes a follow-up period to assess durability, although the primary endpoint remains the EASI score at 12 weeks [93]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Corvus Pharmaceuticals, Inc. (Exact name of registrant as specified in its charter) Delaware 001-37719 46-4670809 (State or other jurisdiction of incorporation) (Commission Fil ...

Initiated soquelitinib atopic dermatitis Phase 2 trial Completed public offering raising net proceeds of $189 million, extending cash runway into the second quarter of 2028 Conference call and webcast today at 4:30 p.m. ET / 1:30 p.m. PT EXHIBIT 99.1 Corvus Pharmaceuticals Provides Business Update and Reports Fourth Quarter and Full Year 2025 Financial Results Announced data from cohort 4 of soquelitinib atopic dermatitis Phase 1 trial demonstrating positive safety and efficacy results, including in patient ...

Announced data from cohort 4 of soquelitinib atopic dermatitis Phase 1 trial demonstrating positive safety and efficacy results, including in patients who have received prior systemic therapy Initiated soquelitinib atopic dermatitis Phase 2 trial Completed public offering raising net proceeds of $189 million, extending cash runway into the second quarter of 2028 Conference call and webcast today at 4:30 p.m. ET / 1:30 p.m. PT SOUTH SAN FRANCISCO, Calif., March 12, 2026 (GLOBE NEWSWIRE) -- Corvus Pharmaceuti ...

Core Viewpoint - Corvus Pharmaceuticals, Inc. is set to provide a business update and report its fourth quarter 2025 financial results during a conference call on March 12, 2026 [1]. Group 1: Company Overview - Corvus Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developing ITK inhibition as a novel approach to immunotherapy for various immune diseases and cancers [3]. - The company's lead product candidate, soquelitinib, is an investigational oral small molecule drug that selectively inhibits ITK [3]. - Soquelitinib is currently being evaluated in a registration Phase 3 clinical trial for relapsed/refractory peripheral T-cell lymphoma (PTCL) and in a Phase 1 clinical trial for atopic dermatitis [3]. - Other clinical-stage candidates are being developed for multiple cancer indications [3]. Group 2: Conference Call Details - The conference call will take place on March 12, 2026, at 4:30 pm ET (1:30 pm PT) [1]. - Access to the conference call can be made via a toll-free domestic number or an international number, as well as through a link for instant telephone access [2]. - A live webcast will be available on the investor relations section of the Corvus website, with a replay accessible for 90 days [2].

Corvus Pharmaceuticals Conference Call Summary Company Overview - **Company**: Corvus Pharmaceuticals (NasdaqGM:CRVS) - **Focus**: Development of first-in-class immune modulators for oncology and immune-mediated diseases, particularly atopic dermatitis and peripheral T-cell lymphoma [2][3] Key Product: Soquelitinib - **Description**: A novel oral therapy targeting interleukin-2-inducible T-cell kinase (ITK), showing promise in treating atopic dermatitis and other immune diseases [2][3] - **Current Trials**: - Phase 3 trial for peripheral T-cell lymphoma ongoing, with interim analysis expected by year-end 2026 [3][4] - Phase 2 trial for atopic dermatitis to start soon, with data expected in approximately 18 months [4] - Two additional Phase 2 proof-of-concept studies in asthma and hidradenitis suppurativa (HS) planned for this year [4] Clinical Trial Results - **Efficacy in Atopic Dermatitis**: - 75% of patients achieved EASI-75, 25% achieved EASI-90, and 33% achieved IGA 0/1 after 8 weeks of treatment [11][24] - Mean EASI score reduction of 72% compared to 40% in placebo [24] - Durability of response observed, with continued reductions in EASI scores even after treatment cessation [11][20] - **Patient Population**: Included patients who had failed prior systemic therapies, demonstrating efficacy in a typically excluded population [31][32] Safety Profile - **Safety Observations**: No new safety signals reported in the extended 8-week treatment duration; adverse events (AEs) were similar between active and placebo groups [32][33] - **Specific AEs**: No significant lab abnormalities or infections reported; no injection site reactions due to the oral administration of soquelitinib [33] Market Opportunity - **Atopic Dermatitis Market**: - Affects approximately 30 million patients in the G7, with the market projected to grow from $12 billion in 2023 to $28 billion by 2030 [37] - Significant unmet need for oral therapies, as only about 10% of eligible patients are currently receiving advanced treatments [37] - **Commercial Potential**: The immune-mediated (IM) market is expected to reach $170 billion by 2030, with oral agents representing a small fraction of this potential [10] Competitive Advantage - **Mechanism of Action**: Soquelitinib modulates multiple inflammatory pathways, differentiating it from other therapies that typically target single cytokines [8][9] - **Intellectual Property**: Strong IP protection for soquelitinib, with composition of matter protection extending through 2037 [3] Upcoming Milestones - **Future Trials**: Phase 2 trial for atopic dermatitis to enroll 200 patients, with results expected in 2026 [36] - **Data Presentations**: Upcoming presentations at AAD and SID meetings to share further data [45] Conclusion - **Overall Assessment**: Soquelitinib is positioned as a promising first-in-class therapy with a favorable safety profile and significant efficacy in treating atopic dermatitis and other immune diseases, supported by a strong clinical pipeline and market potential [45]

Core Viewpoint - Corvus Pharmaceuticals is actively engaging with investors through one-on-one meetings and a corporate presentation at the Oppenheimer 36th Annual Healthcare Life Sciences Conference, highlighting its focus on immunotherapy and clinical development [1][2]. Company Overview - Corvus Pharmaceuticals is a clinical-stage biopharmaceutical company specializing in ITK inhibition as a novel approach to immunotherapy for various immune diseases and cancers [3]. - The company's lead product candidate, soquelitinib, is an investigational oral small molecule drug that selectively inhibits ITK, currently undergoing a registration Phase 3 clinical trial for relapsed/refractory PTCL and a Phase 1 clinical trial for atopic dermatitis [3]. Upcoming Events - The corporate presentation will take place virtually on February 26, 2026, at 2:40 PM ET, with a live webcast available for 90 days post-event [1][2].

Company Performance - The S&P 500 has shown sluggish performance in early 2026, rising just over 1% overall, but several individual companies have significantly outperformed this benchmark [2] - Corvus Pharmaceuticals Inc. has seen its shares spike by 188% year-to-date, driven by positive trial data for its drug candidate soquelitinib, which showed a 72% reduction in eczema severity in a Phase 1 trial [3][4] - New Era Energy & Digital has made progress in providing data center capacity despite facing legal hurdles [6] - USA Rare Earth has secured approximately $1.6 billion in federal funding to develop a domestic alternative to foreign rare earth minerals [6] Investment Outlook - Analysts remain bullish on Corvus Pharmaceuticals, with six out of seven analysts rating the stock as a Buy and a consensus price target suggesting an additional 51% growth potential [5] - Corvus initiated a $150 million equity offering to fund its upcoming Phase 2 trial, which is crucial for maintaining its cash runway, as it ended Q3 2025 with only $67 million in cash reserves [4]