Corvus Pharmaceuticals (CRVS) Q4 2025 earnings summary

Executive summary

• Advanced soquelitinib clinical development with strong efficacy and safety data in atopic dermatitis and PTCL, including positive phase I/I-B and cohort 4 results, and ongoing phase III and II trials.

• Expanded pipeline with new trials in hidradenitis suppurativa and asthma planned for 2026, leveraging soquelitinib's broad immunomodulatory mechanism.

• Secured significant financing, including a $189M public offering in January 2026, extending cash runway into Q2 2028 to support all key clinical milestones.

• Reported positive safety and efficacy data from soquelitinib trials, including in patients previously treated with systemic therapies.

Financial highlights

• R&D expenses rose to $9.9M in Q4 2025 (from $6M in Q4 2024) and $33.7M for FY 2025 (from $19.4M in FY 2024), driven by soquelitinib development and increased personnel costs.

• Net loss for Q4 2025 was $12.3M, slightly higher than $12.1M in Q4 2024; included non-cash losses from equity investments and warrant liability changes.

• Stock compensation expense doubled to $1.6M in Q4 2025 versus $0.8M in Q4 2024.

• Cash, equivalents, and marketable securities were $56.8M at year-end 2025, with pro forma cash of ~$246M after January 2026 financing.

Outlook and guidance

• Cash runway extends into Q2 2028, covering all planned data readouts and clinical milestones.

• Phase II atopic dermatitis trial initiated, with data expected mid-2027; phase III PTCL interim analysis expected later in 2026.

• Additional phase II trials in hidradenitis suppurativa and asthma to begin in 2026.

• Anticipates reporting additional Phase 1 data at the Society of Investigative Dermatology meeting and results from China partner Angel Pharmaceuticals' trial later in 2026.