CRVS · Corvus Pharmaceuticals, Inc.

Corvus Pharmaceuticals disclosed its first quarter 2026 financial results and business update via press release on May 7, 2026. The company reported a net loss of $13.7 million, compared to net income of $15.2 million in the prior year period, primarily driven by higher research and development expenses of $11.2 million versus $7.5 million, attributed to increased clinical trial costs for soquelitinib and personnel-related expenses. Stock-based compensation rose to $2.7 million from $1.3 million. Balance sheet strengthened significantly with cash, cash equivalents, and marketable securities at $236.7 million as of March 31, 2026, including $189.4 million net proceeds from a January 23, 2026 financing, up from $56.8 million at December 31, 2025. This cash position funds operations into Q2 2028. CEO Richard A. Miller highlighted strong momentum for soquelitinib, a selective ITK inhibitor, positioning it for atopic dermatitis, immune diseases, and cancers through immune system rebalancing. Key clinical progress includes positive Phase 1 cohort 4 data in moderate-to-severe atopic dermatitis (as of January 15, 2026), with final data and new immunologic/biomarker insights on drug-free remission potential to be presented at the Society for Investigative Dermatology annual meeting May 13-16, 2026 in Chicago. An investor meeting is set for May 14, 2026. The company initiated a Phase 2 atopic dermatitis trial in Q1 2026, targeting 200 patients across doses with 12-week treatment and 90-day follow-up. Angel Pharmaceuticals is enrolling a Phase 1b/2 trial in China with similar design, results expected late 2026. Upcoming Phase 2 trials in hidradenitis suppurativa and asthma are planned later 2026. In oncology, Phase 3 registrational trial in relapsed/refractory PTCL (NCT06561048) continues enrolling toward 150 patients versus belinostat or pralatrexate, with PFS primary endpoint; soquelitinib holds Orphan Drug and Fast Track designations. NIAID-collaborated ALPS Phase 2 trial (NCT06730126) advances, targeting 30 patients.