Corvus Pharmaceuticals(CRVS) - 2024 Q4 - Earnings Call Transcript

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]