Corvus Pharmaceuticals (CRVS) Q1 2026 earnings summary

Executive summary

• Clinical-stage biopharma focused on immune-mediated diseases and cancers, with lead candidate soquelitinib in Phase 3 for relapsed peripheral T cell lymphomas and Phase 2 for atopic dermatitis; advanced soquelitinib clinical development with positive Phase 1 data and initiated Phase 2 trial in Q1 2026.

• Pipeline includes ciforadenant (A2A receptor antagonist) and mupadolimab (anti-CD73 antibody), both in clinical development.

• Presented new immunologic and biomarker data supporting potential for drug-free remissions at SID annual meeting.

• Ongoing and planned clinical trials for soquelitinib in hidradenitis suppurativa, asthma, and T cell lymphoma.

• No product revenue to date; operations funded primarily through equity offerings and warrant exercises.

Financial highlights

• Net loss of $13.7 million for Q1 2026, compared to net income of $15.2 million in Q1 2025, with prior year income driven by a $25.1 million non-cash gain from warrant liability revaluation.

• Operating expenses increased to $14.9 million, driven by higher R&D and G&A costs.

• Research and development expenses rose to $11.2 million in Q1 2026 from $7.5 million in Q1 2025, mainly due to higher clinical trial and personnel costs.

• Cash, cash equivalents, and marketable securities totaled $236.7 million as of March 31, 2026, up from $56.8 million at year-end 2025, including $189.4 million in net proceeds from January 2026 financing.

• Accumulated deficit reached $426.0 million.

Outlook and guidance

• Cash runway expected to fund operations into Q2 2028 at current spending levels.

• Additional capital will be needed to fund all planned development programs through commercialization.

• Ongoing and planned clinical trials for soquelitinib in PTCL, atopic dermatitis, hidradenitis suppurativa, and asthma, with key data readouts expected in late 2027/early 2028.

• Anticipates results from Angel Pharmaceuticals' China trial cohorts late 2026 and plans to initiate additional Phase 2 trials.