Corvus Pharmaceuticals reports Q4 EPS (18c), consensus (12c)

Reports as of December 31, Corvus had cash, cash equivalents and marketable securities of $52.M as compared to $27.1M as of December 31, 2023. During the year ended December 31 the Company completed a registered direct offering in which it sold shares of common stock, pre-funded warrants and common warrants, generating $30.3M in net proceeds. During the quarter ended December 31 two holders of 5,311,198 common stock warrants early exercised all of their warrants in advance of the June 30 expiration date, resulting in cash proceeds to the Company of approximately $18.6M . Based on its current plans, Corvus expects its cash to fund operations into the first quarter of 2026. “We continue to advance our selective ITK inhibitor, soquelitinib, in a range of diseases,” said Richard A. Miller, M.D., co-founder, president and chief executive officer of Corvus. “Our Phase 1 clinical trial in atopic dermatitis is nearing completion of enrollment in the third cohort at a dose level that we anticipate may be optimum based on our experience in T cell lymphomas. The results from the first two cohorts demonstrated safety and activity compared to placebo utilizing the rigorous endpoint of EASI 75 and IGA 0 or . Our Phase 3 registration clinical trial in peripheral T cell lymphoma or PTCL, is enrolling at multiple sites and we have recently initiated a Phase 2 trial in autoimmune lymphoproliferative syndrome or ALPS, a rare life-threatening genetic disease with multiple autoimmune manifestations. Our clinical strategy is to demonstrate the value of soquelitinib’s novel mechanism of action in both cancers and immune diseases, across multiple disease indications. This includes our planned solid tumor clinical trial, which we now anticipate initiating in the third quarter 2025.”