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Research and Development Expenses (Q4 2024): $6 million, up from $4 million in Q4 2023.
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Research and Development Expenses (Full-Year 2024): $19.4 million, up from $16.5 million in 2023.
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Net Loss (Q4 2024): $12.1 million, compared to $6.7 million in Q4 2023.
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Net Loss (Full-Year 2024): $62.3 million, compared to $27.0 million in 2023.
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Stock Compensation Expense (Q4 2024): $0.8 million, compared to $0.6 million in Q4 2023.
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Stock Compensation Expense (Full-Year 2024): $3 million, compared to $2.1 million in 2023.
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Cash, Cash Equivalents, and Marketable Securities (as of Dec 30, 2024): $52 million, up from $27.1 million as of Dec 31, 2023.
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Cash from Warrant Exercises (Q4 2024): $18.6 million.
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Potential Additional Cash from Warrant Exercises: Approximately $41 million.
Release Date: March 25, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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Corvus Pharmaceuticals Inc (NASDAQ:CRVS) reported a 39% objective response rate in their phase one trial of soquelitinib for relapsed T cell lymphoma, with a 26% complete response rate, surpassing standard chemotherapy rates.
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The company has a strong cash position with $52 million in cash, cash equivalents, and marketable securities as of December 30, 2024, providing a financial runway into the first quarter of 2026.
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Interim data from the Phase 1 trial of soquelitinib in atopic dermatitis showed significant responses, with 26% achieving IGA 0 or 1 and 37% achieving EASI 75, with no significant safety issues observed.
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Corvus Pharmaceuticals Inc (NASDAQ:CRVS) is advancing a Phase 3 trial for soquelitinib in relapsed peripheral T cell lymphoma, with promising progression-free survival data from earlier trials.
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The company is exploring new indications for soquelitinib, including a Phase 2 trial for autoimmune lymphoproliferative syndrome (ALPS) and plans for a solid tumor trial in renal cell cancer.
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Corvus Pharmaceuticals Inc (NASDAQ:CRVS) reported a net loss of $12.1 million for the fourth quarter of 2024, significantly higher than the $6.7 million loss in the same period of 2023.
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The company recorded a non-cash loss of $33.4 million from changes in the fair value of its warrant liability during the full year 2024.
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Research and development expenses increased to $19.4 million for the full year 2024, up from $16.5 million in 2023, primarily due to higher clinical trial costs.
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The net loss for the full year 2024 was $62.3 million, more than double the $27.0 million loss reported for 2023.
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There is uncertainty regarding the efficacy and competitive positioning of soquelitinib in the broader market, particularly in autoimmune diseases, as the company is still in early stages of clinical trials.
