Corvus Pharmaceuticals(US:CRVS)2025-11-04 21:01Financial Performance - As of September 30, 2025, Corvus had cash, cash equivalents, and marketable securities of $65.7 million, up from $52.0 million as of December 31, 2024, indicating a 26.5% increase[9] - The net loss for Q3 2025 was $10.2 million, significantly reduced from a net loss of $40.2 million in Q3 2024, which included a non-cash loss of $32.8 million[11] - For the three months ended September 30, 2025, total operating expenses increased to $10,572,000, up from $7,255,000 in the same period of 2024, representing a 46.5% increase[25] - The net loss for the three months ended September 30, 2025, was $10,157,000, a decrease from a net loss of $40,217,000 in the same period of 2024[25] - The net loss per share, basic, for the three months ended September 30, 2025, was $0.12, compared to $0.60 in 2024[25] - Stockholders' equity rose to $71,768,000 as of September 30, 2025, compared to $32,568,000 as of December 31, 2024[28] - Interest income and other expense, net, for the three months ended September 30, 2025, was $738,000, up from $566,000 in 2024[25] - The investment in Angel Pharmaceuticals was valued at $11,530,000 as of September 30, 2025, down from $12,540,000 as of December 31, 2024[28] Research and Development - Research and development expenses for Q3 2025 totaled $8.5 million, compared to $5.2 million for the same period in 2024, reflecting an increase of approximately 63.5%[10] - Research and development expenses for the three months ended September 30, 2025, were $8,454,000, compared to $5,222,000 in 2024, reflecting a 62.5% increase[25] - Corvus completed enrollment in extension cohort 4 of the soquelitinib atopic dermatitis Phase 1 trial with 24 patients, and data announcement is anticipated in January 2026[6] - The Phase 2 clinical trial for atopic dermatitis is set to enroll approximately 200 patients in early Q1 2026, with a treatment period of 12 weeks[6] - The registrational Phase 3 clinical trial of soquelitinib in relapsed/refractory peripheral T cell lymphoma (PTCL) is ongoing, with an expected enrollment of 150 patients[15] - The final results from the Phase 1/1b trial of soquelitinib in T cell lymphoma will be presented at the American Society of Hematology Annual Meeting in December 2025[15] - Corvus continues collaboration with the National Institute of Allergy and Infectious Diseases (NIAID) for the Autoimmune Lymphoproliferative Syndrome (ALPS) Phase 2 clinical trial[5] Cash Flow and Funding - Corvus anticipates its cash will fund operations into the fourth quarter of 2026[9] - Total assets as of September 30, 2025, were $80,474,000, an increase from $68,907,000 as of December 31, 2024[28] - Cash, cash equivalents, and marketable securities increased to $65,689,000 as of September 30, 2025, up from $51,964,000 as of December 31, 2024[28] Operational Loss - The company reported a loss from operations of $10,572,000 for the three months ended September 30, 2025, compared to a loss of $7,255,000 in the same period of 2024[25]