Corvus Pharmaceuticals – Q1 Cash Skyrockets to $236.7M

By Philip Seaworth • Thursday, May 07 16:24 • Permanent Link

Corvus Pharmaceuticals ended the first quarter with $236.7 million in cash, cash equivalents and marketable securities, up sharply from $56.8 million at Dec. 31, 2025. The increase reflected about $189.4 million in net proceeds from a financing completed on Jan. 23, 2026.

For the quarter ended March 31, 2026, research and development spending rose to $11.2 million, compared with $7.5 million a year earlier, an increase of $3.7 million. Corvus said the higher spending was driven mainly by clinical trial costs for soquelitinib and higher personnel-related costs.

The company reported a net loss of $13.7 million for the quarter, versus net income of $15.2 million in the same period of 2025. The swing was affected by $25.1 million of non-cash income in the prior-year quarter tied to a change in the fair value of the company’s warrant liability. In the latest quarter, Corvus recorded $0.6 million of non-cash losses from its investment in Angel Pharmaceuticals, compared with $0.5 million of non-cash losses in the first quarter of 2025.

Stock-based compensation expense increased to $2.7 million from $1.3 million a year earlier.

On the clinical side, Corvus said soquelitinib’s atopic dermatitis program advanced in the quarter with positive cohort 4 data from the phase 1 study and the start of a phase 2 trial. The phase 2 study is expected to enroll about 200 patients across four 50-patient cohorts, testing 200 mg once daily, 200 mg twice daily, 400 mg once daily, and placebo over a 12-week treatment period followed by a 90-day no-treatment follow-up.

In China, partner Angel Pharmaceuticals is enrolling a phase 1b/2 trial in atopic dermatitis. The blinded placebo-controlled study is planned for 48 patients in the phase 1b portion, with an additional 60 to 90 patients possible in phase 2 depending on results.

Corvus also said its phase 2 ALPS trial is moving forward with plans to enroll up to 30 patients, and its registrational phase 3 PTCL trial continues to enroll toward a target of 150 patients. The PTCL study is comparing soquelitinib with physicians’ choice of belinostat or pralatrexate. The market has reacted to these announcements by moving the company's shares -4.27% to a price of $14.79. For the full picture, make sure to review Corvus Pharmaceuticals's 8-K report.

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