Corvus Pharmaceuticals(US:CRVS)2023-11-06 16:00Financial Position - As of September 30, 2023, the company had cash, cash equivalents, and marketable securities of $32.2 million, down from $42.3 million as of December 31, 2022, with an accumulated deficit of $328.1 million[226]. - The company reported an increase in interest income of $0.2 million for the three months ended September 30, 2023, due to rising interest rates[217]. - Cash provided by financing activities amounted to $7.9 million during the nine months ended September 30, 2023, primarily from net proceeds of common stock issuance through the at-the-market offering program[261]. Clinical Development - The company completed an End-of-Phase/Pre-Phase 3 meeting with the FDA in August 2023, anticipating to initiate a Phase 3 clinical trial of soquelitinib in early 2024, enrolling 150 patients with relapsed PTCL[189]. - The company plans to initiate a Phase 1 clinical trial of soquelitinib in solid tumors in the first half of 2024, based on preclinical findings suggesting enhanced anti-tumor immunity[192]. - The company is collaborating with the Kidney Cancer Research Consortium to evaluate ciforadenant in a Phase 1b/2 clinical trial for metastatic renal cell cancer, with interim data expected in early 2024[215]. - In the 200 mg cohort of the Phase 1/1b clinical trial, as of May 18, 2023, there were 3 complete responses (CRs) and 3 partial responses (PRs) among 20 evaluable patients[188]. - The 200 mg dose of soquelitinib was determined to be optimal, showing higher response rates and longer disease control in patients[202]. - Preclinical data for soquelitinib indicated in vivo anti-tumor activity across several mouse tumor models, including colon, renal, melanoma, and both B cell and T cell tumors[235]. - Soquelitinib demonstrated a dose-dependent Th1 skewing and Th2 blockade in vitro, supporting the selection of a 200 mg dose for further studies[233]. - The company is evaluating the potential registrational clinical trial for soquelitinib, alongside other product candidates like ciforadenant and mupadolimab[238]. Expenses and Income - For the nine months ended September 30, 2023, general and administrative expenses decreased by $1.3 million compared to the same period in 2022, primarily due to a $0.6 million decrease in personnel costs[216]. - For the nine months ended September 30, 2023, the company recognized a decrease in sublease income of $0.4 million due to the expiration of the sublease agreement with Angel Pharmaceuticals in January 2023[218]. - The company reported a decrease in sublease income of $0.1 million due to the expiration of a building sublease agreement with Angel Pharmaceuticals in January 2023[237]. - Corvus Pharmaceuticals reported total operating lease costs of $418,000 for the three months ended September 30, 2023, compared to $414,000 for the same period in 2022, reflecting a slight increase of 1%[236]. - The company incurred research and development costs of $306,000 for the three months ended September 30, 2023, consistent with the previous year, while total operating lease costs for the nine months ended September 30, 2023, were $1.226 million, up from $987,000 in 2022, representing a 24% increase[236]. Risks and Compliance - Corvus Pharmaceuticals is exposed to risks related to compliance with healthcare laws, which could result in significant penalties if violations occur[246]. - The remaining lease term for operating leases is 1.3 years as of September 30, 2023, down from 2.3 years in the previous year[236]. - The company expects to increase spending related to the development and commercialization of its product candidates, funded through equity and/or debt financings[227]. - Corvus Pharmaceuticals is focusing on the development of immune modulator product candidates aimed at treating solid cancers and T cell lymphomas, with three candidates currently in clinical development[232].