Corvus Pharmaceuticals(CRVS) - 2024 Q4 - Annual Results

Financial Performance - The net loss for Q4 2024 was $12.1 million, compared to a net loss of$6.7 million for the same period in 2023[13]. - Corvus Pharmaceuticals reported a net loss of $12.1 million for Q4 2024, compared to a net loss of$6.7 million in Q4 2023, reflecting an increase of 81.5% year-over-year[28]. - Total operating expenses for the year ended December 31, 2024, were $27.5 million, up from$23.4 million in 2023, representing a 17.9% increase[27]. - The net loss per share for the year ended December 31, 2024, was $1.02, compared to$0.56 in 2023, reflecting a significant increase in losses per share[28]. - The company reported a change in fair value of warrant liability amounting to a loss of $33.4 million for the year ended December 31, 2024[28]. Cash and Funding - Corvus Pharmaceuticals reported cash, cash equivalents, and marketable securities of$52.0 million as of December 31, 2024, up from $27.1 million as of December 31, 2023[10]. - Cash, cash equivalents, and marketable securities increased to$52.0 million as of December 31, 2024, from $27.1 million in 2023, showing a growth of 91.7$30.3 million in net proceeds during 2024[11]. - Corvus expects its cash to fund operations into the first quarter of 2026 based on current plans[11]. - The company anticipates funding operations into the first quarter of 2026, with ongoing clinical trials and product development milestones[25]. Research and Development - Research and development expenses for the full year 2024 totaled $19.4 million, an increase from$16.5 million in 2023, primarily due to higher clinical trial costs associated with soquelitinib[12]. - Research and development expenses for Q4 2024 were $6.0 million, compared to$4.0 million in Q4 2023, indicating a 49.3% increase[27]. - In the Phase 1 clinical trial for atopic dermatitis, 26% of patients in the soquelitinib group achieved IGA 0 or 1, and 37% achieved EASI 75, compared to none in the placebo group[4]. - The Phase 3 clinical trial for soquelitinib in relapsed peripheral T cell lymphoma (PTCL) is enrolling a total of 150 patients, with the primary endpoint being progression-free survival[10]. - Corvus initiated a Phase 2 clinical trial for autoimmune lymphoproliferative syndrome (ALPS) with an anticipated enrollment of up to 30 patients, focusing on efficacy determined by reductions in splenomegaly and lymph node volumes[6]. - The Phase 1b/2 clinical trial for ciforadenant in metastatic renal cell cancer is fully enrolled with 60 patients, evaluating deep response rate as the efficacy endpoint[10]. - Mupadolimab is being studied in combination with pembrolizumab in a Phase 1b/2 clinical trial for advanced head and neck cancers and NSCLC patients[23]. - Corvus plans to announce additional results from the atopic dermatitis trial, including data from all cohorts, in May 2025[4]. Corporate Governance - The company has a 49.7% equity stake in Angel Pharmaceuticals, which is developing three clinical-stage candidates in Greater China[24]. - Corvus Pharmaceuticals has designated three individuals on Angel Pharmaceuticals' five-person Board of Directors, indicating strong governance collaboration[24].