Markets

Corvus Stock Soars 8.22% — Adding $67 Million Even With Eczema Results Delayed

The drug developer’s third-quarter loss widened to $20.3 million as research costs rose, with trial results expected in 2027.

Corvus Pharmaceuticals, which develops drugs targeting proteins involved in immune-cell function, soared 8.22% to $10.53 in Friday trading, as of 12:09 PM ET, adding $67 million in market value. The gain came despite management saying on Thursday’s earnings call that it would delay eczema results to preserve the trial’s blinded design, which keeps treatment assignments concealed.

A Rally Below The High

Corvus had a market value of $885.79 million in Friday trading, as of 12:09 PM ET, and was on pace for its second gain of 7% or more this month. The stock remained 61% below its 52-week high at that same Friday reading.

The rally followed a year-to-date gain of 26% through Thursday’s close, compared with an 8% increase for the S&P 500 over the same period. Before Friday’s advance, Corvus was still 62% below its highest closing price of the past year.

Research Costs Widen The Loss

Corvus spent $17.8 million on research in the third quarter of 2026, more than double the $8.5 million it spent a year earlier, according to its SEC filing. Higher research expenses were the primary reason its quarterly loss widened to $20.3 million from $10.2 million.

The spending supports a business built around experimental treatments for inflammatory and immune-mediated diseases and cancer. Corvus has no approved products to sell and uses outside contract manufacturers rather than operating manufacturing facilities of its own.

Soquelitinib’s Results Move Into 2027

The lead drug candidate, soquelitinib, is being tested in a late-stage trial for relapsed peripheral T cell lymphoma and a mid-stage trial for atopic dermatitis, or eczema. Corvus began the eczema trial in March 2026.

Management expects the eczema trial’s results in the third quarter of 2027 and results from the late-stage lymphoma trial by the end of 2027. Those remain expected readouts, rather than completed trial findings.

Corvus also has ciforadenant and mupadolimab in development for solid tumors. Its intellectual-property holdings included fourteen owned and fourteen licensed issued U.S. patents as of February 3, 2026.

Soquelitinib’s next expected eczema readout is now in the third quarter of 2027, while Corvus continues funding development without an approved product for sale.