Corvus Spends $17.8 Million On Research As Soquelitinib Trials Expand Across Immune Diseases
The drug developer expects its $202.9 million cash pool to fund operations into the second quarter of 2028.
Corvus Pharmaceuticals, which develops experimental drugs for immune diseases and cancer, spent $17.8 million on third-quarter research, compared with $8.5 million a year earlier, as soquelitinib trial costs and personnel expenses rose. The company reported the results Thursday alongside an SEC filing and said its funding should cover operations into the second quarter of 2028.
Trial Costs Drive The Larger Loss
Higher spending on soquelitinib development was the main reason research costs increased by $9.3 million, together with higher personnel costs. Corvus reported a quarterly net loss of $20.3 million, compared with $10.2 million a year earlier; those figures included non-cash losses on its Angel Pharmaceuticals investment of $0.9 million and $0.3 million, respectively.
Stock compensation expense reached $2.8 million for the quarter, versus $1.2 million a year earlier. Basic and diluted losses per share were $0.22, compared with $0.12.
Corvus held a $202.9 million pool of cash, cash equivalents and marketable securities at September 30, against $56.8 million at the end of 2025. A financing completed January 23, 2026, supplied approximately $189.4 million in net proceeds. The company's funding forecast rests on its current operating plans.
CRVS shares rose about 2% to $9.90 in Friday trading.
Soquelitinib Anchors The Clinical Program
Corvus has no medicines approved for sale. Its lead candidate, soquelitinib, is an experimental oral drug designed to block ITK, an enzyme involved in immune-cell function; ciforadenant and mupadolimab target solid tumors.
Enrollment remains on track in its late-stage trial for peripheral T-cell lymphoma that has returned or resisted treatment. The study plans to enroll 150 patients and compare soquelitinib with physicians' choice of belinostat or pralatrexate chemotherapy, measuring how long patients live without their disease worsening. Corvus said there are no fully FDA-approved treatments for this relapsed or refractory disease.
The company's mid-stage eczema trial also remains on track. Approximately 200 patients with moderate-to-severe disease who failed a prior topical or systemic treatment are expected to participate. Three dosing groups and a placebo group will receive 12 weeks of treatment, with the main goal measuring improvement in eczema severity against placebo.
Angel Pharmaceuticals, Corvus' China partner, completed enrollment of 24 patients in the initial group of its early-to-mid-stage eczema study. Corvus anticipates those results in March 2027. Angel holds greater China development and commercialization rights to Corvus' three clinical-stage candidates.
Skin, Asthma And Rare-Disease Readouts
Corvus' early-stage hidradenitis suppurativa trial, studying a painful inflammatory skin disease, is enrolling up to 25 patients. Initial results are anticipated in the first half of 2027. Corvus plans to begin a mid-stage asthma trial by the first quarter of 2027; Angel anticipates starting its own in the second quarter.
A separate mid-stage study with the National Institute of Allergy and Infectious Diseases targets autoimmune lymphoproliferative syndrome, a rare genetic immune disease. All three patients treated for 360 days responded positively, Corvus said. None had severe grade 3 or 4 adverse events or treatment interruptions, and all stopped background medicines, including steroids.
More detailed results are scheduled for the American Society of Hematology meeting in December 2026. Corvus plans discussions with the FDA about adding treatment centers and including younger patients.
Richard A. Miller, Corvus' co-founder, president and chief executive officer, said the company is positioned for “a series of potentially significant data milestones” across its soquelitinib development pipeline in 2027.
Sources
- 8-K Filing — Corvus Pharmaceuticals, Inc. (CRVS) — SEC EDGAR
- Exhibit exh_991.htm — Corvus Pharmaceuticals, Inc. 8-K exhibit — SEC EDGAR
- Corvus Pharma Q3 2026 Earnings Call Transcript — benzinga.com
- Corvus Pharmaceuticals Provides Business Update and Reports — globenewswire.com
- Corvus Pharmaceuticals Announces Initial Data from — globenewswire.com
