Corvus Pharmaceuticals, Inc. Q4 FY2025 earnings call

Richard Miller discussed significant progress in developing socolitinib. Highlighted Phase 1/1B trial results in peripheral T-cell lymphoma and phase one atopic dermatitis trial cohort 4 data. Socolitinib shows advantages in atopic dermatitis like being oral, novel mechanism, safe/effective in broad patients, durable responses. Discussed cohort 4 efficacy, durability, broad applicability, safety. Mentioned upcoming presentations at SID, phase two atopic dermatitis trial initiation, phase three PTCL trial enrollment, pipeline expansion plans for hidradenitis superativa and asthma, and ALPS trial updates.

Research and development expenses in Q4 2025 totaled $9.9M vs $6M in 2024; full year 2025 R&D was $33.7M vs $19.4M in 2024. Net loss in Q4 2025 was $12.3M vs $12.1M in 2024. Cash, cash equivalents, and marketable securities at Dec 31, 2025 were $56.8M vs $52M in 2024. Closed an upsized underwritten public offering in Jan 2025 generating net proceeds of $189M, pro forma cash at Dec 31, 2025 was approx $246M.

Cash runway extends beyond key data readouts for programs. Phase II atopic dermatitis trial data expected mid-2027. PTCL trial interim analysis later in 2025, complete results expected late 2027. Angel Pharmaceuticals' atopic dermatitis trial expected late 2025 and more data in first half of 2027. Plan to initiate phase two trials for hidradenitis superativa and asthma later in 2026.

Forward-looking statements subject to risks and uncertainties described in Corvus' annual report on Form 10-K and other SEC filings. Uncertainties related to clinical trial results, regulatory approvals, and market acceptance of socolitinib and other programs.

Q: Roger Song from Jefferies asked about data from PTCL and China 12-week study and their impact on Phase II AD.

A: Richard Miller discussed expected data from Angel's trial and PTCL trial timelines.

Q: Lee Watzik from Kantor asked about SID meeting data and HS trial benchmark.

A: Richard Miller talked about SID presentation biomarkers and durability, and HS trial efficacy expectations.

Q: Greg Savani from Mizzou asked about abstract rejection and phase two AD trial updates.

A: Richard Miller commented on abstract review process and phase two AD trial data availability.

Q: Jeff Jones from Oppenheimer asked about AD dosing strategy and ALPS trial impact.

A: Richard Miller discussed AD dosing based on studies and ALPS trial insights.

Q: Aiden Hazino from Leidenberg asked about PTCL trial enrollment and AD resistant patients.

A: Richard Miller explained PTCL trial enrollment and considerations for resistant AD patients.

Q: Sean Lee from HC Wainwright asked about Phase II AD durability and asthma study targeting.

A: Richard Miller discussed Phase II AD follow-up and asthma study patient inclusion plans.