Corvus Pharmaceuticals(CRVS) - 2021 Q1 - Quarterly Report

Financial Performance - The company reported a net loss of $11.6 million for the three months ended March 31, 2021, with an accumulated deficit of $234.7 million[103]. - The net loss for the three months ended March 31, 2021, was $11.6 million, compared to a net loss of $12.9 million for the same period in 2020, representing an improvement of $1.4 million or approximately 10.5%[123]. - The loss from equity method investment for the three months ended March 31, 2021, was $0.1 million, reflecting the company's share of losses from Angel Pharmaceuticals[132]. - The company had an accumulated deficit of $234.7 million as of March 31, 2021, compared to $223.1 million as of December 31, 2020, an increase of $11.6 million[133]. Revenue Generation - The company has not generated any revenue from product sales to date and does not expect to until regulatory approval and commercialization of its products[114]. Clinical Trials and Development - The company plans to enroll up to 1,000 patients in a Phase 3 trial for its lead product candidate CPI-006, targeting hospitalized patients with mild-to-moderate COVID-19[98]. - Interim data from the Phase 1/1b trial of CPI-818 showed one complete response lasting over 15 months and one partial response lasting over five months in patients with PTCL[99]. - The company plans to increase research and development expenses substantially to support ongoing clinical trials and potential commercialization of its product candidates[117]. Financial Resources and Expenses - As of March 31, 2021, the company had capital resources of approximately $68.0 million, which may not be sufficient to fund ongoing clinical trials[107]. - Cash, cash equivalents, and marketable securities increased to $68.0 million as of March 31, 2021, up from $44.3 million as of December 31, 2020, an increase of $23.7 million or about 53.5%[133]. - Cash provided by financing activities for the three months ended March 31, 2021, was $32.6 million, primarily from a follow-on public offering[146]. - Cash used in operating activities was $8.8 million for the three months ended March 31, 2021, compared to $9.4 million for the same period in 2020, a decrease of $0.6 million or approximately 6.4%[141]. - The company expects to increase spending on the development and commercialization of product candidates, with funding primarily through equity and/or debt financings[139]. Operational Expenses - For the three months ended March 31, 2021, total operating expenses decreased to $11.5 million from $13.3 million, a reduction of $1.8 million or approximately 13.5%[123]. - Research and development expenses for the same period decreased to $8.2 million from $10.2 million, a decline of $1.9 million or about 19%[123]. - The company expects general and administrative expenses to increase as it expands headcount to support research and development efforts[121]. Company Structure and Partnerships - The company formed Angel Pharmaceuticals in October 2020, with a post-money valuation of approximately $106.0 million, to develop its clinical-stage candidates in Greater China[106]. - The company has no manufacturing capabilities and relies on third parties for the supply of its product candidates[110]. Future Outlook - The company anticipates that its current cash and marketable securities will be sufficient to fund planned expenditures for at least the next twelve months[139].