Quarterly ResultMay 7, 2026, 04:08 PM
Corvus Pharma Q1 Net Loss $13.7M; Cash $236.7M; Soquelitinib Progress
AI Summary
Corvus Pharmaceuticals reported a net loss of $13.7 million for Q1 2026, compared to a net income of $15.2 million in Q1 2025. The company ended the quarter with $236.7 million in cash, cash equivalents, and marketable securities, including $189.4 million from a January 2026 financing, providing a cash runway into Q2 2028. Operationally, Corvus advanced its soquelitinib program, initiating a Phase 2 trial for atopic dermatitis and planning two more Phase 2 trials for hidradenitis suppurativa and asthma. New immunologic data for soquelitinib will be presented at the SID annual meeting, with an investor event scheduled for May 14, 2026.
Key Highlights
- Q1 2026 net loss was $13.7 million, compared to net income of $15.2 million in Q1 2025.
- Cash, cash equivalents, and marketable securities totaled $236.7 million as of March 31, 2026.
- Cash runway is expected to fund operations into the second quarter of 2028.
- Research and development expenses increased to $11.2 million in Q1 2026 from $7.5 million in Q1 2025.
- Initiated Phase 2 clinical trial for soquelitinib in moderate-to-severe atopic dermatitis.
- Positive Phase 1 cohort 4 data for soquelitinib in atopic dermatitis reported in January 2026.
- Plans to initiate two new Phase 2 trials for soquelitinib in hidradenitis suppurativa and asthma.
- Registrational Phase 3 trial for soquelitinib in relapsed/refractory PTCL continues enrollment.