Corvus Pharmaceuticals (CRVS) 2025 Conference Summary Company Overview - **Company**: Corvus Pharmaceuticals - **Lead Product**: Socolitinib, an ITK inhibitor - **Focus Areas**: Oncology, immune diseases, dermatology, and neurology Key Points and Arguments Drug Development and Mechanism - Socolitinib is in a registration phase three trial for peripheral T cell lymphoma and a phase one trial for moderate to severe atopic dermatitis [2][3] - The drug has a novel mechanism of action with a selective blockade of ITK, which is critical in T cell differentiation [3][6] - Socolitinib has an established safety profile in over 100 patients, with some treated for over two years [3][4] Market Potential - The markets for socolitinib are substantial, particularly in cancer, lymphoma, and immune diseases [4][20] - The patent for socolitinib extends until November 2037, with potential for further extensions beyond 2040 [4] Clinical Trials and Results - Phase three trial for peripheral T cell lymphoma shows a 40% response rate, with a median survival of six months for untreated patients [20][21] - The trial is open in four countries, enrolling 150 patients, comparing socolitinib to standard care [21] - In the phase one trial for atopic dermatitis, the mean reduction in EASI score was 54.6 for lower doses and 64.8 for higher doses, compared to 34.4 for placebo [40][41] Safety and Efficacy - No significant safety issues reported; only one grade one nausea event noted [54] - The drug shows a significant reduction in pruritus, with 50% of patients reporting a four-point or more change in PPNRS [56][60] - Efficacy data indicates a statistically significant difference at day 28 with a p-value of 0.036 [50] Future Plans - Corvus plans to extend the phase one trial for atopic dermatitis to include an additional 24 patients, treating for two months instead of one [61][62] - The company is preparing for a phase two trial based on the promising results from the ongoing studies [68] Additional Important Information - The management team has experience in blending lymphoma and immune diseases, drawing parallels to successful drugs like Rituxan and Ibrutinib [5][8] - Socolitinib's specificity for ITK is highlighted as a unique advantage, potentially leading to fewer side effects compared to other treatments [55][66] - The company emphasizes the importance of targeting multiple cytokines for a more effective treatment approach in autoimmune diseases [66][67] This summary encapsulates the critical insights from the conference, focusing on Corvus Pharmaceuticals' strategic direction, clinical advancements, and market opportunities.

Core Insights - Corvus Pharmaceuticals announced interim data from a Phase 1 clinical trial of soquelitinib for moderate to severe atopic dermatitis, showing cohort 3 (200 mg BID) had earlier and deeper responses compared to cohorts 1 and 2 [1][2][3] - The trial demonstrated a statistically significant improvement in the Eczema Area and Severity Index (EASI) score at day 28, with cohort 3 showing a mean reduction of 64.8% compared to 34.4% for placebo [1][3] - An extension cohort study has been initiated to explore the same dose of soquelitinib for a longer treatment period of 8 weeks [1][14] Efficacy Data - All three cohorts showed statistically significant separation from placebo at day 28, with cohort 3 achieving clinically meaningful reduction in itch as early as day 8 [1][4] - The mean reduction in EASI score for cohort 3 was 64.8%, while cohorts 1 and 2 combined showed a reduction of 54.6% [3][4] - At day 28, no placebo patients achieved IGA 0 or 1 or EASI 75, while cohort 3 had one patient achieving EASI 75 with an 89% reduction in EASI score [7][11] Safety Profile - As of May 28, 2025, soquelitinib was well tolerated with no new safety signals, and only one treatment-related adverse event of grade 1 nausea reported [12] - Grade 1/2 adverse events were observed in 38.9% of patients receiving soquelitinib compared to 25% in the placebo group [12] Biomarker Studies - Reductions in serum cytokines (IL-5, IL-9, IL-17, IL-31, IL-33, TSLP, and TARC) were observed, with cohort 3 showing greater reductions compared to cohorts 1 and 2 [13] - Relationships between cytokine reductions and improvements in EASI scores were noted, with no such relationships in the placebo group [13] Future Directions - The company is optimistic about the potential of soquelitinib as a safe and effective treatment for atopic dermatitis and other immune diseases, with further improvements expected from the extension cohort [2][14] - The extension cohort will enroll 24 patients randomized 1:1 between active and placebo, with an 8-week treatment period [14]

Core Viewpoint - Corvus Pharmaceuticals, Inc. is actively engaging with investors at the 2025 Jefferies Global Healthcare Conference, highlighting its innovative approach in immunotherapy and its lead product candidate, soquelitinib [1][3]. Company Overview - Corvus Pharmaceuticals is a clinical-stage biopharmaceutical company focused on ITK inhibition as a novel immunotherapy strategy for various cancers and immune diseases [3]. - The company's lead product candidate, soquelitinib, is an investigational oral small molecule drug that selectively inhibits ITK [3]. - Corvus is developing additional clinical-stage candidates targeting a range of cancer indications [3]. Event Details - The leadership team will present a corporate overview and conduct one-on-one meetings with investors at the conference in New York on June 5, 2025, from 9:20 to 9:50 am ET [1]. - A live webcast of the presentation will be available for 90 days post-event, accessible through the investor relations section of the Corvus website [2].

Core Insights - Corvus Pharmaceuticals released new interim data from a Phase 1 clinical trial for soquelitinib, showing a favorable safety and efficacy profile in patients with moderate to severe atopic dermatitis [1][6] Efficacy and Safety Data - All three cohorts demonstrated significant responses in EASI 75 and IGA 0 or 1 compared to placebo [2] - The percent reduction in mean EASI scores at 28 days was 54.6% for cohorts 1 and 2 combined receiving soquelitinib versus 30.6% for placebo, while cohort 3 showed a 71.1% reduction compared to 42.1% for placebo [3] - Active drug separation from placebo began at day 15 for cohorts 1 and 2, and at day 8 for cohort 3, with significant superiority at day 28 (p=0.03) [4] Tolerability and Adverse Events - Soquelitinib was well tolerated with no dose-limiting toxicities or clinically significant laboratory abnormalities observed [4] - Grade 1/2 adverse events occurred in 33.3% of soquelitinib patients and 25% of placebo patients, with only one treatment-related adverse event reported [5] Mechanism of Action and Future Plans - Relationships between reductions in certain cytokines and improvement in EASI scores were observed, along with an increase in circulating T regulatory cells [5] - The company plans to continue with key initiatives for soquelitinib, including data from a new extension cohort and a Phase 2 clinical trial by year-end [7] Financial Position - As of March 31, 2025, Corvus had cash and equivalents of $44.2 million, expected to fund operations into Q4 2026 [8] - Following the news, CRVS stock increased by 28.40% to $4.30 [8]

Financial Data and Key Metrics Changes - Research and development expenses for Q1 2025 totaled $7.5 million, up from $4.1 million in Q1 2024, primarily due to increased clinical trial and manufacturing costs for socolitinib [5] - Net income for Q1 2025 was $15.2 million, including a non-cash loss of $0.5 million related to Angel Pharmaceuticals, compared to a net loss of $5.7 million in Q1 2024 [6] - Total stock compensation expense increased to $1.3 million in Q1 2025 from $0.7 million in Q1 2024 [6] - As of March 31, 2025, cash, cash equivalents, and marketable securities totaled $44.2 million, down from $52 million at the end of 2024 [6] Business Line Data and Key Metrics Changes - The company is focused on the development of socolitinib for atopic dermatitis, with promising Phase I trial results indicating a favorable safety and efficacy profile [9][26] - Cohort three of the trial showed a mean reduction in EASI score of 71.1% compared to 42.1% in the placebo group, indicating significant efficacy [18] Market Data and Key Metrics Changes - The company continues to enroll patients in its Phase III trial for socolitinib in relapsed peripheral T cell lymphoma, aiming for interim data in late 2026 [28] - Initial data from the Phase II trial for socolitinib in patients with autoimmune lymphoproliferative syndrome (ALPS) may be available in late 2025 or early 2026 [28] Company Strategy and Development Direction - The company plans to initiate a Phase II trial for socolitinib before the end of 2025, evaluating different doses and durations of therapy [25][28] - An extension cohort will evaluate an additional 24 patients at the 200 mg twice daily dose for eight weeks, aiming to optimize the design of the Phase II trial [25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the results from the atopic dermatitis trial, highlighting the potential for socolitinib as a new treatment for a range of immune diseases [27] - The company is not dependent on partnerships for development and plans to advance its programs independently, supported by recent cash inflows from warrant exercises [29][88] Other Important Information - The company reported a non-cash gain of $25.1 million from the change in fair value of its warrant liability during Q1 2025 [6] - The safety profile of socolitinib was noted to be favorable, with no significant safety issues observed in the trial [23] Q&A Session Summary Question: Comparison of cohort three EZ75 data with Dupixent - Management acknowledged that cohort three data is competitive with other agents approved for atopic dermatitis and sees potential for socolitinib to be used as an early line of therapy [34] Question: Efficacy curves and potential plateau - Management noted that the response curves are still decreasing, suggesting that continued therapy could yield deeper responses [36] Question: Explanation for efficacy jump between cohorts - The increase in efficacy in cohort three is attributed to the higher dose of the drug, which has shown significant occupancy [39] Question: Phase I study modifications and potential QD dosing - The extended duration cohort will study a single dosing regimen of 200 mg BID, with future trials considering QD dosing options [46] Question: Potential for combination therapies - Management indicated that due to the non-overlapping mechanism of socolitinib, there are opportunities for combination therapies, although the focus remains on monotherapy for now [96]

Financial Data and Key Metrics Changes - Research and development expenses for Q1 2025 totaled $7.5 million, up from $4.1 million in Q1 2024, primarily due to higher clinical trial and manufacturing costs for socolitinib [4][5] - Net income for Q1 2025 was $15.2 million, including a non-cash loss of $0.5 million related to Angel Pharmaceuticals, compared to a net loss of $5.7 million in Q1 2024 [5] - Total stock compensation expense increased to $1.3 million in Q1 2025 from $0.7 million in Q1 2024 [5] - As of March 31, 2025, cash, cash equivalents, and marketable securities totaled $44.2 million, down from $52 million at the end of 2024 [5][6] Business Line Data and Key Metrics Changes - The socolitinib Phase I trial showed encouraging results, with all treatment cohorts demonstrating a favorable safety and efficacy profile compared to placebo [9][25] - Cohort three patients had a mean baseline EASI score of 27-28, significantly higher than cohorts one and two, which ranged from 17-20, indicating worse disease at baseline for cohort three [14] Market Data and Key Metrics Changes - The Phase I trial included 48 patients, with 16 subjects in each of the first three cohorts, and the study is double-blind [10] - The trial endpoints include safety and efficacy measured by EASI and IGA scores, with cohort three showing earlier and deeper responses compared to cohorts one and two [12][25] Company Strategy and Development Direction - The company plans to amend the Phase I trial protocol to include an extension cohort evaluating an additional 24 patients at a 200 mg twice per day dose for eight weeks [23] - The company is on track to initiate a Phase II trial for socolitinib before the end of the year, which will likely evaluate different doses and durations of therapy [24][27] - The company aims to advance socolitinib on multiple fronts, including key data from the next 24 patients in the atopic dermatitis trial expected in Q4 2025 [28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the results from the trial, highlighting a favorable safety and efficacy profile for socolitinib [25] - The company is not dependent on any partners for development and plans to push forward with its clinical programs independently [84] Other Important Information - The company recorded a non-cash gain of $25.1 million from the change in fair value of warrants during Q1 2025 [5] - The early exercise of warrants resulted in approximately $31.3 million in cash proceeds, enabling the company to fund operations into late 2026 [6][28] Q&A Session Summary Question: Will socolitinib compete with Dupixent and JAK inhibitors? - Management believes socolitinib's data is competitive with other agents approved for atopic dermatitis and sees potential for it to be used as an early line of systemic therapy [32] Question: What is the expected plateau for efficacy? - Management noted that the efficacy curves are still decreasing, suggesting that continued therapy could yield deeper responses [35] Question: What explains the efficacy difference between cohorts two and three? - The higher efficacy in cohort three is attributed to the doubled dose of the drug compared to cohorts one and two [39] Question: What is the design of the extended duration cohort? - The extended duration cohort will study 24 patients at a 200 mg BID dosing regimen [45] Question: Will the company seek partnerships before Phase II? - The company plans to advance its programs independently and is not dependent on partnerships for development [84] Question: What are the thoughts on potential combinations with other therapies? - Management sees opportunities for combinations due to the non-overlapping mechanism of socolitinib with other drugs, but will focus on monotherapy for now [92]

Clinical Trials and Product Development - The lead product candidate, soquelitinib, is currently in a registrational Phase 3 clinical trial for relapsed peripheral T cell lymphoma (PTCL) with a target enrollment of 150 patients[121]. - Interim data from the Phase 1/1b clinical trial of soquelitinib showed an objective response rate (ORR) of 39% in evaluable patients, including 26% complete responses (CRs) and 13% partial responses (PRs)[117][118]. - The median progression-free survival (PFS) for patients in the Phase 1/1b trial was reported at 6.2 months, with an 18-month PFS rate of 30%[124]. - Soquelitinib received Fast Track designation from the FDA for the treatment of adult patients with relapsed or refractory PTCL after at least two lines of systemic therapy[127]. - A Phase 1 clinical trial for soquelitinib in patients with moderate to severe atopic dermatitis is planned to enroll 64 patients, with primary endpoints including safety, tolerability, and efficacy measured by the Eczema Area and Severity Index (EASI) score[128]. - In the atopic dermatitis trial, top-line results indicated that 26% of patients in the soquelitinib group achieved Investigator Global Assessment (IGA) scores of 0 or 1, while 37% achieved EASI 75[130]. - Soquelitinib is designed to covalently target the ITK protein, which plays a critical role in T cell activation and differentiation, potentially enhancing anti-tumor immunity[114]. - The optimal dose of soquelitinib for the Phase 1/1b trial was determined to be 200 mg taken twice daily, based on safety and efficacy data[115]. - The company is planning a Phase 1b/2 clinical trial of soquelitinib in solid tumors, specifically in patients with renal cell cancer who have failed checkpoint inhibitor therapy[123]. - Preclinical data suggest that ITK inhibition with soquelitinib enhances tumor immune responses, leading to increased T cell cytolytic capacity and reduced T cell exhaustion[122]. - Enrollment completed for cohorts 1, 2, and 3 with a total of 48 patients, including 32 receiving soquelitinib and 12 receiving placebo[131]. - Mean EASI scores at baseline were 22.3 for active treatment and 21.2 for placebo, with a 54.6% reduction in mean EASI scores at 28 days for cohorts 1 and 2[132][135]. - In cohort 3, the percent reduction in mean EASI score at 28 days was 71.1% for soquelitinib and 42.1% for placebo[135]. - Soquelitinib was well tolerated, with 33.3% of patients experiencing grade 1/2 adverse events, and only one treatment-related adverse event reported[139]. Financial Performance and Projections - As of March 31, 2025, the company had an accumulated deficit of $381.8 million and a net income of $15.2 million for the three months ended March 31, 2025[146]. - The company raised net proceeds of $30.3 million from a registered direct offering in May 2024, and has $100 million available for sale under the 2024 Sales Agreement[148][149]. - The company has no manufacturing capabilities and relies on third parties for the supply of its product candidates[152]. - Research and development expenses are expected to increase substantially as the company continues the development of its product candidates[155][160]. - The company has not generated any revenue from product sales and does not expect to until regulatory approval is obtained[154]. - The company anticipates needing additional financing to support ongoing operations and may face challenges in raising capital[150]. - For the three months ended March 31, 2025, total operating expenses increased to $9.9 million from $6.3 million, representing a 58.7% increase year-over-year[161]. - Research and development expenses rose to $7.5 million, up from $4.1 million, with a significant increase of $2.9 million attributed to Soquelitinib costs[163]. - Net income for the three months ended March 31, 2025, was $15.2 million, compared to a net loss of $5.7 million in the same period of 2024, marking a turnaround of $20.9 million[161]. - The change in fair value of warrant liability was $25.1 million, primarily due to a decrease in the market price of the company's common stock[168]. - As of March 31, 2025, the company had cash, cash equivalents, and marketable securities totaling $44.2 million, down from $52.0 million at the end of 2024[170][188]. - Cash used in operating activities was $8.3 million for the three months ended March 31, 2025, compared to $5.2 million for the same period in 2024[179]. - The company expects to incur substantial additional losses as it advances its product candidates through clinical development and seeks regulatory approval[173]. - The company anticipates that its existing cash resources will be sufficient to fund operations into the fourth quarter of 2026[176]. - Cash provided by financing activities was $0.3 million, primarily from the exercise of stock options during the three months ended March 31, 2025[185]. - The company has an accumulated deficit of $381.8 million as of March 31, 2025, reflecting ongoing losses since inception[170][173].

EXHIBIT 99.1 Corvus Pharmaceuticals Provides Business Update and Reports First Quarter 2025 Financial Results Soquelitinib data from cohorts 1-3 of atopic dermatitis Phase 1 clinical trial demonstrate favorable safety and efficacy profile, including earlier and deeper responses in cohort 3 compared to cohorts 1-2 Phase 3 registrational clinical trial of soquelitinib in peripheral T cell lymphoma (PTCL) enrolling with multiple clinical sites open Early exercise of common stock warrants by stockholders provid ...

Core Insights - Corvus Pharmaceuticals reported favorable safety and efficacy data for soquelitinib in atopic dermatitis, showing earlier and deeper responses in cohort 3 compared to cohorts 1 and 2 [1][6] - The company is advancing multiple clinical trials for soquelitinib, including a Phase 3 trial for peripheral T cell lymphoma (PTCL) and a Phase 2 trial for autoimmune lymphoproliferative syndrome (ALPS) [2][5] - Corvus raised approximately $31.3 million through the early exercise of common stock warrants by stockholders [1][10] Business Update and Strategy - Soquelitinib is positioned as a potential new treatment for atopic dermatitis and other immune diseases, with ongoing clinical trials and data expected in the fourth quarter [2][3] - The Phase 3 trial for PTCL is enrolling patients at multiple sites, aiming for a total of 150 participants [5][7] - The company is also developing next-generation ITK inhibitors for specific immunology indications [6] Financial Results - As of March 31, 2025, Corvus had cash, cash equivalents, and marketable securities totaling $44.2 million, down from $52.0 million at the end of 2024 [10][29] - Research and development expenses for Q1 2025 were $7.5 million, an increase from $4.1 million in Q1 2024, primarily due to higher clinical trial costs [11] - The net income for Q1 2025 was $15.2 million, including a gain of $25.1 million from changes in the fair value of the company's warrant liability [12][26]

Core Insights - Corvus Pharmaceuticals announced new interim data from a Phase 1 clinical trial of soquelitinib for moderate to severe atopic dermatitis, showing a favorable safety and efficacy profile with earlier and deeper responses in cohort 3 compared to cohorts 1 and 2 [1][2][3] Group 1: Clinical Trial Data - The Phase 1 trial included 48 patients, with 32 receiving soquelitinib and 12 receiving placebo, demonstrating significant responses in EASI 75 and IGA 0 or 1 endpoints [3][4] - The percent reduction in mean EASI scores at 28 days was 54.6% for cohorts 1 and 2 combined and 71.1% for cohort 3, compared to 30.6% and 42.1% for placebo, respectively [7][9] - All cohorts showed significant separation from placebo, with the combined soquelitinib treatment group being significantly superior at day 28 (p=0.03) [9][10] Group 2: Safety and Efficacy - Soquelitinib was well tolerated, with no dose-limiting toxicities and only one treatment-related adverse event reported [15] - Biomarker studies indicated reductions in inflammatory cytokines and an increase in T regulatory cells, supporting the drug's mechanism of action [16] Group 3: Future Directions - The trial protocol has been amended to include an additional 24 patients at the 200 mg twice per day dose for an extended treatment period of 8 weeks, aiming to evaluate stronger efficacy [2][18] - The company plans to initiate a Phase 2 trial before the end of the year based on the interim results [2][18] Group 4: Presentation and Communication - Data from the trial will be presented at the Society for Investigative Dermatology 2025 Annual Meeting, with details shared during the company's first quarter 2025 business update conference call [21][22]