Corvus Pharmaceuticals, Inc. Q2 FY2025 earnings call

• Soquelitinib progress: Phase I trial Cohort 3 showed favorable efficacy with early, deep, and durable responses in atopic dermatitis. Amended Phase I protocol to extend Cohort 4. Finalizing Phase II trial design for atopic dermatitis with 200 patients in 4 cohorts (200mg once daily, 200mg twice daily, 400mg once daily, placebo) over 12 weeks.
• Other clinical programs: Ciforadenant Phase II data from renal cell cancer to be presented at ESMO. Registrational Phase III trial of soquelitinib in PTCL ongoing, with interim data expected in late 2026. Phase II trial of soquelitinib in ALPS ongoing. Partner Angel Pharmaceuticals to initiate Phase Ib/II trial of soquelitinib in China.
• Next-generation ITK inhibitors: Planning to develop next-gen inhibitors with unique properties for various indications.

Research and development expenses in Q2 2025 totaled $7.9 million, an increase of $3.8 million from Q2 2024, primarily due to higher clinical trial and manufacturing costs for soquelitinib and personnel-related costs. Net loss for Q2 2025 was $8 million, including a noncash loss related to Angel Pharmaceuticals and a noncash gain from warrant liability. Cash, cash equivalents, and marketable securities as of June 30, 2025, were $74.4 million. During Q2, common stock warrants were exercised, generating approximately $35.7 million in cash proceeds.

• Current cash expected to fund operations into Q4 2026.
• Phase II trial of soquelitinib for atopic dermatitis expected to start in December, with enrollment in 12-15 months and results in 18 months.
• Registrational Phase III trial of soquelitinib in PTCL aiming for interim data in late 2026.

Forward-looking statements are subject to risks and uncertainties described in Corvus' quarterly report on Form 10-Q for Q2 2025 and other SEC filings. Actual results may differ materially from forward-looking statements.

Q: Congrats on a productive quarter. Thoughts on Cifo in autoimmune disease and next indications?

A: Soquelitinib has follow-up indications in dermatology (hidradenitis suppurativa) and pulmonary disease (asthma). Ciforadenant is in renal cell cancer, with data from Phase II study at ESMO, and decisions on next steps based on that data.

Q: Enrollment and timeline for soquelitinib Phase II trial for atopic dermatitis?

A: Trial to start in December, enrollment in 12-15 months, results expected in 18 months.

Q: Phase II trial design for soquelitinib atopic dermatitis and next-gen ITK inhibitors?

A: Phase II trial has 4 cohorts, dosing based on precedents and FDA suggestions. Next-gen ITK inhibitors planned with unique properties for various indications, but details on differences not disclosed due to IP reasons.