Corvus Pharmaceuticals' 2025 Q1 Earnings Call: Unraveling Contradictions on Dosing, Efficacy, and Combination Therapies

Dose effect and receptor occupancy, Phase II trial dose considerations, placebo effect in AD trials, dosage and efficacy in Atopic Dermatitis, and potential for combination therapies are the key contradictions discussed in Corvus Pharmaceuticals' latest 2025Q1 earnings call.



Financial Performance and Funding:
- Corvus Pharmaceuticals reported net income of $15.2 million for Q1 2025, including a change in fair value of warrant liability that contributed a $25.1 million gain.
- This was primarily due to higher clinical trial and manufacturing costs associated with the development of soquelitinib and increased personnel-related costs.

Phase 1 Trial and Efficacy Results:
- The Phase 1 trial with soquelitinib in atopic dermatitis showed favorable safety and efficacy profiles, with significant reductions in EASI scores and an increased percentage of patients achieving EASI 75 and IGA 0 or 1.
- The trial demonstrated deeper and earlier responses in Cohort 3 compared to Cohorts 1 and 2, which is attributed to a higher drug dose and potentially increased receptor occupancy.

Extension Cohort and Future Trials:
- An extension cohort was added to the Phase 1 trial, evaluating an additional 24 patients at the 200-milligram twice a day dose for eight weeks.
- This amendment aims to assess the potential for greater efficacy with longer treatment duration, which will help optimize the design of the planned Phase 2 trial.

Business and Partnership Strategy:
- Corvus is continuing to enroll patients in its Phase 3 lymphoma trial, with interim data expected in late 2026, and plans to start a Phase 2 trial for atopic dermatitis by the end of the year.
- The company is not dependent on partnerships and is focusing on advancing its programs independently, despite engaging in discussions with potential partners for future collaborations.