Corvus Pharmaceuticals(CRVS) - 2024 Q2 - Quarterly Results

Financial Performance - Corvus Pharmaceuticals reported a net loss of $4.3 million for Q2 2024, an improvement from a net loss of$6.5 million in Q2 2023[9]. - The net loss for the quarter was $4,262,000, a decrease from a net loss of$6,503,000 in the same quarter of the previous year, indicating an improvement of 34.4%[20]. - Corvus Pharmaceuticals reported total operating expenses of $5,935,000 for the three months ended June 30, 2024, compared to$5,622,000 for the same period in 2023, reflecting an increase of 5.57%[20]. - The company reported interest income of $434,000 for the quarter, compared to$403,000 in the same quarter of 2023, showing a growth of 7.69%[20]. Cash Position - The company had cash, cash equivalents, and marketable securities of $47.2 million as of June 30, 2024, up from$27.1 million at the end of 2023[8]. - Cash, cash equivalents, and marketable securities increased to $47,246,000 as of June 30, 2024, up from$27,149,000 at the end of 2023, representing a growth of 74.1%[21]. - Corvus anticipates full-year 2024 net cash used in operating activities to be between $24 million and$27 million, projecting a cash balance of $31 million to$34 million by December 31, 2024[8]. - The company expects to fund operations into the fourth quarter of 2025, with estimated net cash used in operating activities for 2024 being a critical focus[19]. Research and Development - Research and development expenses for Q2 2024 totaled $4.1 million, slightly higher than$4.0 million in the same period of 2023[8]. - In the Phase 1/1b trial of soquelitinib for relapsed T cell lymphoma, 39% of evaluable patients (9 out of 23) achieved objective responses, including 26% with complete responses[4]. - The ongoing Phase 1 clinical trial of soquelitinib in atopic dermatitis aims to enroll 64 patients, with initial results showing clinical activity in three evaluable patients[3]. - Corvus plans to initiate a Phase 3 registrational trial for soquelitinib in patients with relapsed peripheral T cell lymphoma in Q3 2024[4]. - Corvus Pharmaceuticals is conducting a Phase 1b/2 clinical trial for mupadolimab in combination with pembrolizumab for patients with advanced head and neck cancers and NSCLC[17]. - Corvus Pharmaceuticals anticipates launching a registrational Phase 3 clinical trial for soquelitinib for PTCL, with specific timelines and patient enrollment targets yet to be detailed[19]. - The company expects to present interim data from the Phase 1 clinical trial of soquelitinib in atopic dermatitis in Q4 2024[3]. Investments and Equity - The company's investment in Angel Pharmaceuticals decreased slightly to $15,404,000 from$16,123,000, a decline of 4.44%[21]. - Corvus Pharmaceuticals has a total of 59,710,265 shares used to compute net loss per share for the quarter, compared to 47,497,414 shares in the same quarter of 2023[20]. - Corvus Pharmaceuticals has a 49.7% equity stake in Angel Pharmaceuticals, with a 7% equity reserved for issuance under the Angel ESOP[18]. Regulatory Designations - The FDA has granted Orphan Drug Designation for soquelitinib for the treatment of T cell lymphoma, and it has received Fast Track designation for relapsed or refractory peripheral T cell lymphoma[4]. - Corvus completed a registered direct offering in Q2 2024, generating $30.3 million in net proceeds[8].