Corvus’ 2026 Q2 Call: AD Regulatory Strategy and PTCL Timeline Contradictions Clash

Date of Call: Aug 6, 2026

Guidance:

• Expect cash to fund operations into Q2 2028.
• Anticipate Phase 3 PTCL trial futility analysis in Q1 2027, with final data late 2027.
• Phase 2 atopic dermatitis trial top-line data expected Q3 2027.
• Angel Pharmaceuticals' Phase 1b2 AD trial first cohort data before year-end 2026, second cohort data Q2 2027.
• Plan to initiate Phase II asthma trial later this year and Phase Ib hidradenitis suppurativa trial in September.
• Aim to start Phase III AD trial by end of 2027 with data from Angel and Corvus.

Business Commentary:

Financial Performance and R&D Investment:

• Corvus Pharmaceuticals reported a significant increase in R&D expenses, totaling $16 million for Q2 2026 compared to $7.9 million for the same period in 2025.
• The rise in expenses was primarily due to higher clinical trial costs for socalitinib and increased personnel costs.
• The company experienced a net loss of $18 million for Q2 2026, up from a net loss of $8 million in Q2 2025.
• The increase in net loss was driven by the aforementioned R&D expenses, as well as a non-cash loss from its equity investment in Angel Pharmaceuticals and a change in fair value of a warrant liability in 2025.

Cash Position and Strategic Financing:

• Corvus reported cash, cash equivalents, and marketable securities of $215.2 million as of June 30, 2026, compared to $56.8 million at December 31, 2025.
• This increase was largely due to $189.4 million in net proceeds from a follow-on offering in Q1 2026.
• The company also invested $5 million in Angel Pharmaceuticals' financing round, contributing to its cash outflow.

Clinical Progress and Pipeline Development:

• Corvus is focused on advancing socalitinib, with key clinical efforts directed towards patient enrollment in its Phase III trial for Peripheral T-Cell Lymphoma and its Phase II trial for Atopic Dermatitis.
• The company plans to initiate trials in hidradenitis suppurativa and asthma, leveraging the drug's novel mechanism of action to modulate various cellular functions.
• Corvus is making progress in its collaboration with Angel Pharmaceuticals, with plans to initiate a Phase III trial by the end of 2027, contingent on the availability of key data.

Atopic Dermatitis Trial Results and Strategy:

• In the Phase 1 trial for atopic dermatitis, 75% of patients on the highest dose of socalitinib achieved an EASI 75 response, compared to 20% on placebo.
• The trial demonstrated positive efficacy and safety results, with no significant adverse events reported.
• Corvus aims to progress socalitinib through the typical development pathway for atopic dermatitis, with plans for a Phase III trial following the completion of Phase II trials.

Sentiment Analysis:

Overall Tone: Positive

• Management expressed strong confidence: 'Our confidence in Socolitinib continues to grow' and 'We are highly focused on socalitinib... Our efforts are primarily directed to driving patient enrollment and executing on our clinical trials.' They highlighted 'positive efficacy results' in atopic dermatitis and are 'excited about the potential' across multiple indications, with a broad pipeline and strong cash position supporting development.

Q&A:

• Question from Jeff Jones (Oppenheimer): On the topic of drug-free remissions, have you had any discussions with the agency about the potential for drug-free remissions and how you would generate a claim on the label and what study design could look like?
  Response: Current regulatory strategy focuses on standard endpoints vs. placebo; drug-free remission data would be from post-marketing studies, not required for initial approval.

• Question from Jeff Jones (Oppenheimer): Obviously top dose appears to be 200 mg BID right now. Are you guys doing any work to look at extended release formulations?
  Response: Exploring formulations for potential once-daily dosing, but 200 mg BID is effective and saturates the target.

• Question from Sam (Goldman Sachs): Maybe just on the PTCL, it seems that there was a delay in the schedule interim readout by a quarter. I'm just curious what the considerations were there, and do you guys still anticipate the Phase 3 data by the end of next year, or is that more of a 2028 story now?
  Response: Interim analysis timing depends on event counts; final Phase 3 data remains targeted for late 2027.

• Question from Eric (Goldman Sachs): Are you able to use the ANGEL partner data as part of the safety database for further FDA filings? And are you assuming incrementally better efficacy in the Chinese population for AD? Or what are your thoughts?
  Response: Data can be shared between Corvus and Angel filings; efficacy in Chinese population is expected to be comparable, potentially better due to Th17/Th2 dual inhibition.

• Question from ChaCha Young (Jefferies): Can you just tell us more about the thought process behind doing a 12-week versus the 16-week trial for AD for your Phase II? And then my second question is, can you just tell us more about the trial design and some of the baseline characteristics for your HS and asthma trials?
  Response: 12-week dosing based on strong 4- and 8-week efficacy data; HS trial is 12 weeks with no placebo; asthma trial includes both T2 and non-T2 patients (eosinophil count ≥150 and <150).

• Question from Ruben (Leidenberg): Can you explain mechanistically why you think sequelae would be able to work in both T2 and non-T2 asthma?
  Response: Blocks differentiation of both Th2 and Th17 cells, and inhibits ITK-expressing innate lymphoid cells, supporting activity in T2 and non-T2 asthma.

• Question from Leidenberg: Can you just comment a little bit more about potential study design there and how the learning from that study will be incorporated into the global program? And on those protocols, can you just Help us better understand the decision tree with regard to the ability to drop either T2 or non-T2.
  Response: Angel AD trial is identical to Corvus' Phase 2; for asthma, two identical Phase 2 trials planned. The trial includes an interim analysis to potentially drop T2 or non-T2 cohorts if efficacy thresholds are not met.

Contradiction Point 1

Regulatory Strategy for Drug-Free Remission in Atopic Dermatitis (AD)

Contradiction on whether drug-free remission data is required for initial regulatory approval.

Jeff Jones (Oppenheimer) - Jeff Jones (Oppenheimer)

2026Q2: The current regulatory strategy focuses on standard Phase 3 trial designs... Drug-free remission data is not part of the required regulatory pathway. - Richard Miller(CEO)

Have you discussed with the agency the potential for drug-free remissions, including label claims and study design? - Jeff Jones (Oppenheimer)

2026Q2: Assessing drug-free remissions... is not part of the initial regulatory pathway. - Richard Miller(CEO)

Contradiction Point 2

PTCL Phase III Trial Final Data Timeline

Contradiction on when final Phase 3 PTCL data will be available.

Questioner (Goldman Sachs) - Questioner (Goldman Sachs)

2026Q2: The final Phase 3 data is still anticipated in late 2027 as originally stated. - Richard Miller(CEO)

What were the reasons for the delayed PTCL interim readout, and does the company still expect Phase 3 data by the end of next year or has the timeline shifted to 2028? - Jiale Song (Jefferies)

20260313-2025 Q4: The PTCL Phase III trial... with complete results in late 2027. - Richard Miller(CEO)

Contradiction Point 3

PTCL Phase 3 Data Timeline

Inconsistent timeline for final Phase 3 data in PTCL.

Questioner (Goldman Sachs) - Questioner (Goldman Sachs)

2026Q2: The final Phase 3 data is still anticipated in late 2027 as originally stated. - Richard Miller(CEO)

What were the considerations behind the quarter delay in the PTCL interim readout, and do you still anticipate Phase 3 data by the end of next year or is it now expected in 2028? - Graig Suvannavejh (Mizuho)

20251105-2025 Q3: The data are expected in January. - Richard Miller(CEO)

Contradiction Point 4

Asthma Trial Design - Futility Analysis and Dropping Disease Types

Contradiction on the criteria for dropping a disease type (T2 or non-T2) in the asthma trial.

Questioner (Leidenberg) - Questioner (Leidenberg)

2026Q2: The decision to drop a disease type (T2 or non-T2) is based on the percentage of patients treated within that group and whether efficacy meets predefined thresholds. - Richard Miller(CEO)

Can you explain the decision tree for dropping T2 or non-T2 and the patient numbers involved in that assessment? - ChaCha Young (Jefferies)

2026Q2: The decision to drop a disease type... is based on the percentage of patients treated and predefined efficacy thresholds. - Richard Miller(CEO)

Contradiction Point 5

AD Trial Duration Rationale

Contradictory reasons given for choosing 12-week vs. 8-week treatment durations in AD trials.

ChaCha Young (Jefferies) - ChaCha Young (Jefferies)

2026Q2: The decision to use a 12-week regimen is based on strong efficacy observed at 4 and 8 weeks... Most efficacy in AD trials plateaus by 6-8 weeks, so extending treatment beyond 12 weeks may not provide significant additional benefit. - Richard Miller(CEO)

What was the rationale for choosing a 12-week versus a 16-week trial for AD in Phase II? - Xun Lee (H.C. Wainwright)

20251105-2025 Q3: The 12-week duration was chosen because most of the efficacy separation in AD studies is achieved by week 12, with marginal gains from extending treatment further. - Richard Miller(CEO)