Corvus Pharmaceuticals Updates on Business and Q1 2024 Financials

Corvus Pharmaceuticals, a clinical-stage biopharmaceutical entity, released a business update alongside its financial results for Q1 2024. The company, focusing on advancing its primary candidates, soquelitinib and ciforadenant, highlighted significant progress in these areas.

Richard A. Miller, co-founder and CEO of Corvus, expressed optimism about the advancement of soquelitinib for Peripheral T Cell Lymphoma (PTCL) and atopic dermatitis. He emphasized the positive responses observed in the Phase 1 trial for PTCL, where two new evaluable patients showed objective responses—one complete and one partial. With preparations for a registration Phase 3 trial in PTCL underway, the company anticipates starting patient enrollment by the third quarter of 2024. Additionally, funds secured through recent financing will support ongoing and upcoming clinical trials, ensuring necessary financial backing for further developments into 2025.

Corvus' ciforadenant, which is being evaluated in a Phase 1b/2 trial for metastatic renal cell cancer, demonstrated promising preliminary results. The trial combines ciforadenant, an adenosine antagonist, with checkpoint inhibitors, showing significant anti-tumor efficacy. Dr. Miller highlighted the novel mechanism of combining adenosine antagonism with checkpoint inhibitors, which could enhance anti-tumor responses. Dr. Kathryn Beckermann, lead investigator of the ciforadenant trial, supported this view, noting that this new mechanism could synergistically improve outcomes for patients with metastatic renal cell cancer.

On the financial front, Corvus completed a registered direct offering on May 6, 2024, generating gross proceeds of approximately $30.6 million. This included the sale of common stock and accompanying warrants. These funds extend Corvus' financial runway through expected clinical readouts in 2024 and 2025.

The company provided updates on its key programs, starting with soquelitinib for T cell lymphomas. The Phase 1/1b trial, now closed to new patients, enrolled 25 individuals, with 23 being evaluable. Of these, 39% achieved objective responses, including 22% with complete responses. The disease control rate was 61%, with several patients continuing therapy due to ongoing tumor regression.

Corvus plans to initiate a Phase 3 trial for soquelitinib in relapsed PTCL by Q3 2024. The FDA has granted Orphan Drug Designation for soquelitinib for treating T cell lymphoma, highlighting its potential in this unmet medical need area.

For immune diseases, Corvus is recruiting patients for a Phase 1 trial of soquelitinib in moderate to severe atopic dermatitis. This placebo-controlled study aims to enroll 64 patients and expects early interim data by the end of 2024.

In collaboration with the Kidney Cancer Research Consortium, Corvus is evaluating ciforadenant in combination with ipilimumab and nivolumab in a Phase 1b/2 trial for metastatic renal cell cancer. As of early May 2024, the trial had enrolled 27 patients and met its interim efficacy threshold, allowing continued enrollment.

The company’s partner in China, Angel Pharmaceuticals, is conducting a Phase 1/1b trial of mupadolimab in non-small cell lung cancer and head and neck cancers. This trial includes monotherapy and combination treatments with pembrolizumab.

Financially, Corvus reported $22.1 million in cash, cash equivalents, and marketable securities as of March 31, 2024. The recent financing is not reflected in this figure. The company projects net cash usage for 2024 to be between $24 million and $27 million, with an expected cash balance of $31 million to $34 million by year-end, sufficient to fund operations into late 2025.

Research and development expenses decreased slightly for Q1 2024, totaling $4.1 million, down from $4.6 million in the prior year, primarily due to lower manufacturing costs for soquelitinib. The net loss for Q1 2024 was $5.7 million, an improvement from $7.9 million in Q1 2023, partly attributed to increased sublease income and equity method investment income.

Overall, Corvus remains focused on advancing its clinical programs and is poised for significant milestones in the coming years.