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- **Financial Stability**: $65.7M cash runway supports operations into 2026; R&D expenses up 63% due to soquelitinib trials.
- **Atopic Dermatitis Milestones**: Cohort 4 data (Jan 2026) and Phase II trial (Q1 2026) targeting JAK/Dupixent-refractory patients.
- **Oncology Momentum**: ASH presentation highlights soquelitinib's >12-month PFS in PTCL; Phase III interim data expected late 2026.
- **Strategic Growth**: Exploring asthma, HS, and other I&amp;I indications; new board member to guide commercialization.

**【CFO Financial Commentary】**
- Q3 2025 R&D expenses: $8.5M (vs. $5.2M in 2024), driven by soquelitinib clinical trials and manufacturing costs.
- Net loss: $10.2M (vs. $40.2M in 2024), with $300K non-cash loss from China partner.
- Cash reserves: $65.7M as of Q3 2025, sufficient for operations into Q4 2026.

**【CEO Business Update】**
- **Atopic Dermatitis Progress**: 
  - Phase I Cohort 4 (24 patients) completed enrollment; 8-week data to be reported in January 2026.
  - Cohort 3 showed 64.8% EASI reduction vs. 34% placebo; 50% of patients achieved EASI 75.
  - Phase II trial (200 patients) to begin Q1 2026, targeting JAK/Dupixent-refractory patients.
- **Oncology Update**: 
  - ASH 2025 oral presentation highlights soquelitinib's durability in relapsed PTCL (median PFS >12 months).
  - Phase III PTCL trial enrolling; interim data expected late 2026.
- **Strategic Expansion**: 
  - Exploring asthma, hidradenitis suppurativa, and other I&amp;I indications.
  - New board member, David Moore (Novo Nordisk), to advise on commercial strategy.

**【Q&A Highlights】**
- **Cohort 4 Expectations**: Seeking consistency with Cohort 3 data and potential improvement with extended dosing.
- **Phase II Design**: 12-week treatment duration; no subgroup powering for JAK/Dupixent failure.
- **Biomarker Strategy**: Focusing on single-cell RNA sequencing of blood for novel biomarkers.
- **Partnership Potential**: Open to licensing deals but prioritizing internal development of soquelitinib.
- **Oncology Outlook**: PTCL trial control arm expected median PFS of 2-3 months, vs. soquelitinib's >12-month PFS in Phase I.

Corvus Pharmaceuticals, Inc. (CRVS) Q3 2025 Earnings Call Transcript

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