Financial Data and Key Metrics Changes - Research and development expenses for Q2 2025 totaled $7.9 million, up from $4.1 million in Q2 2024, primarily due to higher clinical trial and manufacturing costs related to selcolitinib [4] - The net loss for Q2 2025 was $8 million, compared to a net loss of $4.3 million in Q2 2024, which included a non-cash gain of $1.8 million related to warrant liability [5] - As of June 30, 2025, cash, cash equivalents, and marketable securities amounted to $74.4 million, an increase from $52 million at the end of 2024 [5] Business Line Data and Key Metrics Changes - The focus remains on the development of socolitinib for atopic dermatitis, with encouraging data from the Phase one trial showing a mean percent reduction of EASI score of 64.8% in cohort three compared to 54.6% in combined cohorts one and two [8][9] - In cohort three, 50% of patients achieved EZ75, 8% achieved EZ90, and 25% achieved IGA 0 or 1, indicating a favorable response compared to earlier cohorts [9] Market Data and Key Metrics Changes - The company is advancing clinical development in multiple areas, including atopic dermatitis and T cell lymphoma, with ongoing trials and expected data releases in late 2025 and 2026 [18] Company Strategy and Development Direction - The company aims to maintain a presence in dermatology while exploring new indications such as hidradenitis suppurativa and asthma, leveraging existing data and mechanisms of action [22][24] - The strategy includes the development of next-generation ITK inhibitors to target various diseases involving inflammation and cancer [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term potential of socolitinib, highlighting its favorable safety and efficacy profile [7] - The company anticipates that current cash reserves will fund operations into 2026, indicating a stable financial outlook [6] Other Important Information - The company plans to initiate a Phase 2 clinical trial for socolitinib in atopic dermatitis, enrolling approximately 200 patients with a focus on various dosing regimens [13][14] - A Phase 1b/2 trial of socolitinib for atopic dermatitis is set to begin in China, further expanding the drug's development [16] Q&A Session Summary Question: Thoughts on next indications for socolitinib in autoimmune disease - Management is considering hidradenitis suppurativa and asthma as potential follow-up indications due to unmet needs and existing data [22][24] Question: Update on ciforadenant in renal cell cancer - Management is awaiting data from the ESMO presentation and will decide next steps based on the results [26][28] Question: Enrollment status for PTCL trial - Enrollment is proceeding as planned with approximately 20 centers open, and guidance for data release remains intact [32][33] Question: Phase 2 trial design for atopic dermatitis - The trial will include four cohorts with different dosing regimens, and the design is standard for such studies [39][43] Question: Timeline for results from the Phase 2 trial - Enrollment is expected to take 12 to 15 months, with results anticipated in about 18 months [48] Question: Next-generation ITK inhibitors - Details on differences from socolitinib are limited due to intellectual property reasons, but the company believes they may target various mechanisms effectively [54]

Core Insights - Corvus Pharmaceuticals reported positive interim results from the Phase 1 clinical trial of soquelitinib for atopic dermatitis, showing earlier and deeper responses compared to earlier cohorts, with a significant reduction in itch as early as day 8 [1][4][3] - The company is advancing its clinical trials, with ongoing enrollment in Phase 1 trial extension cohort 4 and plans to initiate a Phase 2 trial before the end of the year [1][3] - Corvus is also enrolling patients in a Phase 3 registrational clinical trial of soquelitinib for relapsed/refractory peripheral T cell lymphoma (PTCL) [1][6] Clinical Development - Soquelitinib demonstrated a mean reduction in Eczema Area and Severity Index (EASI) score of 64.8% in cohort 3 at 28 days, compared to 54.6% for cohorts 1 and 2 combined [4] - The Phase 1 trial showed a favorable safety profile, with no dose-limiting toxicities reported [4] - A separate Phase 1b/2 trial in China is planned to further explore soquelitinib's efficacy in atopic dermatitis with a 12-week treatment period [3][4] Financial Performance - As of June 30, 2025, Corvus had cash, cash equivalents, and marketable securities totaling $74.4 million, an increase from $52.0 million at the end of 2024 [9] - The company reported a net loss of $8.0 million for the second quarter of 2025, compared to a net loss of $4.3 million for the same period in 2024 [11] - Research and development expenses for the second quarter of 2025 were $7.9 million, up from $4.1 million in the same period in 2024, primarily due to increased clinical trial costs [10] Strategic Collaborations - Corvus is collaborating with the National Institute of Allergy and Infectious Diseases (NIAID) for a Phase 2 clinical trial in autoimmune lymphoproliferative syndrome (ALPS) [5] - The company has partnered with Angel Pharmaceuticals to develop and commercialize its clinical-stage candidates in China [23] Upcoming Events - A conference call and webcast is scheduled for August 7, 2025, to discuss the business update and second-quarter financial results [12][13]

Soquelitinib data from cohorts 1-3 of atopic dermatitis Phase 1 clinical trial demonstrate favorable safety and efficacy profile, including earlier and deeper responses in cohort 3 compared to cohorts 1-2 Phase 3 registrational clinical trial of soquelitinib in peripheral T cell lymphoma (PTCL) enrolling with multiple clinical sites open Early exercise of common stock warrants by stockholders providing cash proceeds of approximately $31.3 million Soquelitinib data to be highlighted on conference call and we ...

Financial Data and Key Metrics Changes - Research and development (R&D) expenses in Q4 2024 were $5.2 million, up from $3.2 million in Q4 2023, primarily due to increased clinical trial expenses for socalitinib [6] - Full year R&D expenses for 2024 totaled $19.4 million, compared to $16.5 million in 2023, reflecting an increase of approximately $2.9 million [7] - The net loss for Q4 2024 was $12.1 million, compared to a net loss of $6.7 million in Q4 2023 [8] - Total stock compensation expense for Q4 2024 was $0.8 million, compared to $0.6 million in Q4 2023 [8] - As of December 31, 2024, cash, cash equivalents, and marketable securities totaled $52 million, up from $27.1 million at the end of 2023 [9] Business Line Data and Key Metrics Changes - Socalitinib showed a 39% objective response rate in the Phase 1 trial for relapsed T-cell lymphoma, with a 26% complete response rate, significantly higher than standard chemotherapies [12] - Interim data from the Phase 1 trial of socalitinib in moderate to severe atopic dermatitis indicated significant responses compared to placebo [13] Market Data and Key Metrics Changes - The company is enrolling a registrational Phase 3 trial of socalitinib in patients with relapsed peripheral T-cell lymphoma [12] - The Phase 1 trial for atopic dermatitis includes four cohorts, with a total of 16 subjects each, showing promising efficacy results [15][19] Company Strategy and Development Direction - The company aims to position socalitinib as a first-in-class oral therapy for immune diseases and cancer, leveraging its unique mechanism of action [11] - Plans include advancing multiple clinical trials for socalitinib, including a Phase 2 trial in solid tumors and a Phase 2 trial in atopic dermatitis [29][32] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential of socalitinib, citing a strong body of evidence from clinical and preclinical research [11] - The company anticipates its cash runway will extend into the first quarter of 2026, allowing for the execution of key milestones [10][33] Other Important Information - The company is also advancing other clinical stage development programs, including adenosine A2A receptor antagonists for cancer treatment [30] - The ALPS trial is being conducted under a clinical research agreement with the NIH, targeting a rare autoimmune disease with a patient population of approximately 2,500 in the U.S. [68] Q&A Session Summary Question: Will the May update include full data on cohorts three and additional patients on cohort two? - Management confirmed that the May meeting will report full datasets on cohorts one, two, and three, including biomarker data [38] Question: What efficacy hurdles are being considered for the Phase 2a trial? - Management indicated satisfaction with the efficacy seen in cohorts one and two, noting a significant difference compared to placebo [41][44] Question: What are the plans for cohort four and the rationale for dosing? - Management stated that cohort four is planned at a 400 mg dose, pending review of cohort three data [50][52] Question: What is the addressable patient population for the ALPS indication? - Management noted approximately 2,500 patients in the U.S. with ALPS, emphasizing the potential for long-term treatment [68] Question: What subpopulations are being targeted in the upcoming Phase 2 for atopic dermatitis? - Management indicated that the focus will be on patients with moderate to severe atopic dermatitis who have failed prior treatments [76]