Corvus Pharmaceuticals Provides Business Update and Reports First Quarter 2025 Financial Results

Core Insights - Corvus Pharmaceuticals reported favorable safety and efficacy data for soquelitinib in atopic dermatitis, showing earlier and deeper responses in cohort 3 compared to cohorts 1 and 2 [1][6] - The company is advancing multiple clinical trials for soquelitinib, including a Phase 3 trial for peripheral T cell lymphoma (PTCL) and a Phase 2 trial for autoimmune lymphoproliferative syndrome (ALPS) [2][5] - Corvus raised approximately $31.3 million through the early exercise of common stock warrants by stockholders [1][10] Business Update and Strategy - Soquelitinib is positioned as a potential new treatment for atopic dermatitis and other immune diseases, with ongoing clinical trials and data expected in the fourth quarter [2][3] - The Phase 3 trial for PTCL is enrolling patients at multiple sites, aiming for a total of 150 participants [5][7] - The company is also developing next-generation ITK inhibitors for specific immunology indications [6] Financial Results - As of March 31, 2025, Corvus had cash, cash equivalents, and marketable securities totaling $44.2 million, down from $52.0 million at the end of 2024 [10][29] - Research and development expenses for Q1 2025 were $7.5 million, an increase from $4.1 million in Q1 2024, primarily due to higher clinical trial costs [11] - The net income for Q1 2025 was $15.2 million, including a gain of $25.1 million from changes in the fair value of the company's warrant liability [12][26]