Corvus Pharmaceuticals (CRVS) Q3 Earnings call transcript Nov 12, 2024
2min read Corvus Pharmaceuticals held its third quarter 2024 earnings call, providing a comprehensive update on its financial performance and business strategies. The call, led by CEO Richard Miller and CFO Leiv Lea, highlighted the company's clinical progress and financial health.
Financial Highlights
Corvus reported a net loss of $40.2 million in the third quarter of 2024, a significant increase from the same period in 2023. This increase was attributed to higher research and development expenses, primarily driven by clinical trial costs for the lead drug, soquelitinib. The company had cash, cash equivalents, and marketable securities of $41.7 million as of September 30, 2024. This increase reflects the proceeds from a recent financing round and the exercise of stock warrants. With this cash position, Corvus anticipates sufficient funding to support its operations into 2026.
Clinical and Business Updates
Richard Miller provided an update on the company's clinical programs, focusing on soquelitinib, an oral therapy that selectively inhibits ITK. The drug is in clinical trials for both autoimmune diseases, such as atopic dermatitis, and T-cell lymphoma. The atopic dermatitis trial, a Phase I study, is progressing well, with the first cohort showing rapid improvement in symptoms. The company plans to present initial data in December 2024, with a focus on safety, tolerability, and efficacy.
The registration Phase III trial for peripheral T-cell lymphoma is also underway, with a primary endpoint of progression-free survival. The company has received orphan drug and Fast Track designations from the FDA for the treatment of relapsed PTCL. Corvus aims to enroll 150 patients in this trial, with a goal of demonstrating the drug's efficacy in a challenging patient population.
Investor and Analyst Interactions
During the call, analysts and investors asked questions about the company's progress, clinical trial designs, and market potential. Li Wang Watsek inquired about the kinetics of ITK inhibition and the potential for improved EASI scores after the 28-day mark. Jiale Song asked about the follow-up time period for the atopic dermatitis trial and the potential kinetics of efficacy with different follow-up periods. Aydin Huseynov questioned the most typical prior therapy for enrolled patients and the enthusiasm of patients and physicians. Roger Song inquired about the duration of response from the Phase Ib patients and the potential for resistance.
Looking Ahead
Corvus Pharmaceuticals is making significant strides in its clinical programs, particularly with soquelitinib. The company's focus on autoimmune diseases and cancer indicates a broad therapeutic potential for its lead drug. With a strong financial position and ongoing clinical trials, Corvus is well-positioned to demonstrate the value of its programs and potentially bring new treatments to market.
The upcoming milestones, including the presentation of preclinical data at the American College of Rheumatology meeting and the initiation of a Phase II clinical trial in solid tumors, underscore Corvus' commitment to advancing its pipeline. As the company moves forward, it will face challenges and opportunities, but its progress to date suggests a promising future.
In conclusion, Corvus Pharmaceuticals' third quarter 2024 earnings call provided valuable insights into the company's financial health, clinical progress, and strategic direction. With a focus on innovative treatments for immune diseases and cancers, Corvus is poised to make a significant impact in the pharmaceutical industry.