Corvus Pharmaceuticals, Inc. Q1 FY2024 earnings call

• For soquelitinib's planned registrational Phase III trial for relapsed peripheral T-cell lymphoma (PTCL), on track to begin enrollment in Q3; 2 additional patients in Phase I/Ib trial achieved objective responses. - Soquelitinib's Phase I trial for moderate to severe atopic dermatitis began patient enrollment in April, on track to report early data by end of 2024. - Initial data from Phase Ib/II trial of ciforadenant in frontline metastatic renal cell cancer met protocol prespecified statistical criteria for expanding the study. - Soquelitinib for PTCL has an ORR of 39% in Phase III eligible patients, complete response rate of 22% which is double standard chemotherapies, median PFS of 6.2 months. - Soquelitinib for atopic dermatitis trial enrolls 64 patients, randomized, placebo-controlled, primary endpoint safety/tolerability, efficacy measured by EASI. - Ciforadenant Phase Ib/II trial in metastatic RCC has over 27 patients enrolled, interim analysis met efficacy threshold, deep response rate exceeds previous trials.

Research and development expenses in the first quarter of 2024 totaled $4.1 million compared to $4.6 million for the same period in 2023. The net loss for the first quarter of 2024 was $5.7 million, including noncash income of $0.2 million related to Angel Pharmaceuticals. Total stock compensation expense for the first quarter of 2024 was $0.7 million compared to $0.5 million for the same period in 2023. As of March 31, 2024, Corvus had cash, cash equivalents and marketable securities totaling $22.1 million as compared to $27.1 million at December 31, 2023. After closing a $30.6 million financing, pro forma cash at March 31, 2024, was approximately $52.7 million.

• Start registrational Phase III clinical trial of soquelitinib in PTCL in Q3 2024. - Generate interim results from soquelitinib Phase I atopic dermatitis trial before year-end, final data in early 2025. - Report additional data from ciforadenant Phase Ib/II clinical trial later in 2024. - Initiate Phase II clinical trial with soquelitinib in solid tumors in Q4 2024, initial data anticipated in second half of 2025.

Q: Regarding soquelitinib in PTCL, what are the standards of KCRs in other PTCL trials?

A: Approval studies for belinostat and pralatrexate were single-arm, CR rates ~10%, ORR ~25-30%, PFS ~1.5-3.5 months Q: How much will new responses increase preliminary PFS and OS in soquelitinib for PTCL?

A: Current ORR is 39%, PFS expected to improve as patients move through median Q: When will we have first glimpse on readout of Phase III trial for soquelitinib in PTCL?

A: Trial is 150 patients, expect to enroll fully in ~18 months, final data after follow-up, possible interim analysis but likely wait for end of study Q: In atopic dermatitis study, are patients including those who have previously had dupilimab and failed?

A: Not specific, patients have failed at least one prior therapy, may include those who failed dupilimab Q: For ciforadenant, how many patients were included in interim efficacy analysis?

A: 18 patients, protocol has criteria efficacy threshold to continue enrollment Q: Can you clarify about the population for soquelitinib with absolute lymphocyte count?

A: Criteria is greater than or equal to 1 less than or equal to 3 prior therapies, percentage of patients meeting criteria very high in Phase III trial Q: How much data should we expect from soquelitinib Phase I atopic dermatitis trial by year-end?

A: Expect data from first couple of cohorts, may see signs of efficacy in first cohort, biomarkers also measured Q: What are key differences between soquelitinib and other ITK inhibitors?

A: Over a dozen other ITK inhibitors, different chemical structures, some affect T-cell subsets more, strong intellectual property Q: For atopic dermatitis, do you have a benchmark in terms of improvement in Eczema Area and Severity Index?

A: No benchmark Q: For next-gen ITK inhibitors, do you plan to generate human data before BD discussions?

A: Doing both in parallel, selecting backup inhibitors, moving down parallel tracks