Lantern Pharma Reports Fourth Quarter and Fiscal Year 2021 Financial Results and Operational Highlights

On March 10, 2022 Lantern Pharma Inc. (NASDAQ: LTRN), a clinical stage biopharmaceutical company using its proprietary RADR artificial intelligence ("A.I.") and machine learning (ML) platform to transform the cost, pace, and timeline of oncology drug discovery and development, reported financial results and operational highlights for the fourth quarter and fiscal year ended December 31, 2021 (Press release, Lantern Pharma, MAR 10, 2022, View Source/news/press-releases/detail/82/lantern-pharma-reports-fourth-quarter-and-fiscal-year-2021" target="_blank" title="View Source/news/press-releases/detail/82/lantern-pharma-reports-fourth-quarter-and-fiscal-year-2021" rel="nofollow">View Source [SID1234609884]).

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"2021 was a transformational year for Lantern Pharma as we strengthened our financial position, significantly expanded our A.I. platform, and achieved multiple key clinical milestones that further advanced our oncology portfolio," stated Panna Sharma, President and CEO of Lantern Pharma. "Our proprietary RADR A.I. platform surpassed 18 billion data points and grew over 1,000% in 2021, significantly exceeding our growth expectations. This further development of RADR is enabling an acceleration of the insights that are powering development decisions for our drug candidates and also support evaluation of drugs and drug candidates of other biopharma companies."

"Across our entire portfolio of late-stage drug programs, we are progressing towards launching Phase 1 and Phase 2 clinical trials in 2022, including the Phase 2 trial for LP-300, The Harmonicä Clinical Trial, for advanced non-small cell lung cancer in never smokers. Our dedicated team is focused on completing the requirements and details to launch these trials including IND-enabling studies and submissions, clinical site selection, and patient enrollment," stated Sharma.

Operational Highlights:

RADR Platform Growth and Development

Surpassed 18 billion data points for RADR platform, a significant growth of more than 1,000% from year-end 2020; forecasting to reach more than 25 billion data points by year-end 2022.
The ongoing growth of RADR data points is expected to drive continual improvement in Lantern’s ability to rapidly identify new indications, combination therapies, and mechanisms of action for the Company’s drug candidates.
Expanding RADR’s capabilities with a focus on increasing the number of machine learning algorithms and self-learning algorithms.
The Company expects to continue to expand its focus on building biopharma collaborations to utilize and expand on the growth of RADR.
Lantern’s Portfolio of Targeted Therapies
Lantern Pharma is currently developing four drug candidates and an Antibody-Drug Conjugate (ADC) program across eight disclosed tumor targets, and several undisclosed targets. Lantern’s portfolio currently includes:

LP-100 – is in a Phase 2 trial for the treatment of metastatic castration resistant prostate cancer (mCRPC). We are evaluating possibilities for further enrollment in the current Phase II trial as well as other potential clinical development opportunities. Lantern reacquired global rights to LP-100 in July 2021.
LP-300 – is preparing to enter a Phase 2 clinical trial, the Harmonicä Clinical Trial, during 2022. The Harmonicä trial will be a 90 patient, two-arm, open label clinical trial focused on never smoker patients with relapsed primary adenocarcinoma of the lung, a type of NSCLC.
LP-184 – is in preparation for potentially multiple Phase 1 clinical trial launches for genomically defined cancers, including pancreatic, glioblastoma multiforme (GBM), bladder and atypical teratoid rhabdoid tumors (ATRT).
The FDA granted LP-184 Orphan Drug Designations for the treatment of pancreatic cancer, GBM, and ATRT and a Rare Pediatric Disease Designation for treatment of ATRT. These designations will assist the advancement of LP-184 towards clinical studies. Under the Rare Pediatric Disease Priority Review Voucher Program companies may be eligible to receive a priority review voucher if the product satisfies certain conditions, including receipt of regulatory marketing approval following required clinical testing. Vouchers may be sold or transferred to another sponsor, and past transfers of vouchers have occurred at average prices of more than $100 million.

LP-284 – is in preclinical development and has demonstrated potency at low nanomolar levels in hematological cancer cell lines, including lymphoma, multiple myeloma, and leukemia. LP-284’s indications in hematological cancers are distinct from the indications targeted by LP-184 and were generated with the assistance of RADR insights.
Antibody Drug Conjugate (ADC) Program – we have selected and ranked multiple targeting antibodies of interest with potential to be linked to selected cytotoxic payloads. We are currently evaluating various cytotoxic agents and classes of agents to be used as ADC payloads.
World-Class Scientific Collaborations

Expanded collaboration with the National Cancer Institute to accelerate the path to first in-human clinical trials for drug candidates LP-184 and LP-284.
Entered collaboration with The Greehey Children’s Cancer Research Institute (GCCRI) at University of Texas Health Science Center-San Antonio to expand Lantern’s drug portfolio research into several additional pediatric cancers.
Continued GBM & brain cancer collaboration with Johns Hopkins & Kennedy Krieger Institute to develop Phase 1 clinical design and further validate LP-184’s ability to works independently of MGMT (a DNA repair enzyme) status.
Expanded collaboration with Fox Chase Cancer Center in pancreatic cancers with a focus on clinical design and strategy for LP-184.
Launched a research collaboration with The Danish Cancer Society Research Center to support development of drug candidates LP-100 and LP-184 in 9 solid tumor types that have a known deficiency in DNA repair mechanisms. LP-100 and LP-184 have both been shown to have a synthetically lethal impact on tumors deficient in DNA repair mechanisms.
Publications and Presentations

Published two scientific articles in Oncotarget and BMC Bioinformatics highlighting the effectiveness of Lantern’s drug candidate LP-184 in potential tumor indications.
Presented positive preclinical data on the efficacy of LP-284 in hematologic cancers at the 63rd American Society of Hematology (ASH) (Free ASH Whitepaper) Annual Meeting.
Preclinical data supporting the effectiveness of LP-184 in select pancreatic cancers was presented at the American Association for Cancer Research (AACR) (Free AACR Whitepaper) Virtual Special Conference.
The effectiveness of LP-184 in multiple in vitro and in vivo Glioblastoma models was presented at the Society for Neuro-Oncology (SNO) 2021 Annual Meeting.
On World Pancreatic Cancer Day, Lantern hosted a virtual KOL webinar on the potential of drug candidate LP-184 for pancreatic cancer.
Additional Highlights

Strengthened intellectual property estate with 12 new patent applications, with the current total IP estate at over 80 active patents and patent applications across 14 patent families.
Completed strategic hires to expand and strengthen Lantern’s data science, research, management, and communications teams.
Financial Highlights:

Raised gross proceeds of $69 million USD through January 2021 public offering and full exercise of underwriter’s over-allotment option.
Capital raised extends cash runway into 2025, allowing the Company to focus on efficiently developing its portfolio of promising oncology therapeutics.
Authorized a share repurchase program to acquire up to $7 million of the Company’s common stock. Repurchases of shares of common stock pursuant to the repurchase program amounted to $0.9 million during the quarter and year ended December 31, 2021 and an additional $2.2 million of repurchases from January 1, 2022 through March 1, 2022.
Fourth Quarter and 2021 Financial Overview:

Balance Sheet: Cash, cash equivalents, and marketable securities were $70.7 million as of December 31, 2021, compared to $19.2 million as of December 31, 2020. The quarterly and annual cash burn for 2021 reflects our capital-efficient, collaborator-centered business model.
R&D Expenses: Research and development expenses were $2.2 million and $7.6 million for the quarter and year ended December 31, 2021 compared to $1.4 million and $2.2 million for the quarter and year ended December 31, 2020, respectively. The annual increase was primarily attributable to increases in product candidate manufacturing related expenses of approximately $2.7 million, increases in research studies of approximately $0.8 million, increases in research and development payroll expenses of approximately $0.7 million, and an increase of $1.0 million related to the upfront payment to Allarity Therapeutics under the Allarity Asset Purchase Agreement, which was a nonrecurring expense.
G&A Expenses: General and administrative expenses were $1.4 million and $5.0 million for the quarter and year ended December 31, 2021 compared to $1.6 million and $3.7 million for the quarter and year ended December 31, 2020, respectively. The annual increase was primarily attributable to increases in business and corporate development expense of approximately $0.4 million, increases in corporate insurance expense of approximately $0.6 million, and increases in legal and patent related expenses of approximately $0.4 million.
Net Loss: Net losses were $3.5 million (or $0.31 per share) and $12.4 million (or $1.13 per share) for the quarter and year ended December 31, 2021, compared to a net loss of $2.9 million (or $0.47 per share) and $5.9 million (or $1.37 per share) for the quarter and year ended December 31, 2020, respectively.
2022 Key Objectives:

Launch of The Harmonicä Trial – Ph. 2 clinical trial for LP-300 in NSCLC
Advance LP-100 clinical trial
Launch Ph. 1 clinical trial for LP-184 in solid tumors
Launch Ph. 1/2 clinical trial for LP-184 in GBM
Progress LP-184 in ATRT towards Ph. 1/2 clinical trial
Advance pediatric cancer program
Advance ADC preclinical studies to support future Phase 1 launch
Explore potential combinations for LP-184 & LP-300 with other existing approved drugs
Strategically grow RADR A.I. platform to 25 billion datapoints
Licensing and partnership opportunities
2022 Outlook:
"During 2022 we expect to reach over 25 billion data points and also grow the methods and algorithms powering the analysis and insights of our RADR platform. Our team has been developing machine learning modules and algorithms that enable a wide range of analysis, correlations and predictions that are central to cancer drug development," added Sharma. "These additions to our platform are cornerstone to the advancement of our programs, and we believe this will be clearly demonstrated this year as we launch multiple clinical trials, report new data, and expand our collaborations."

"Our team will continue to advance our portfolio and our platform along with the development of new drug programs which we will be able to accomplish through our significant cash position, our focused strategy of collaborations and our data-driven drug development model. We are looking forward to a year of significant value creation for cancer patients and investors alike as we transform and accelerate the drug development process in oncology."

Earnings Call and Webinar Details
Lantern will host its fourth quarter and fiscal year 2021 earnings call and webinar today, Thursday, March 10 at 4:30 p.m. ET.

View Source
Related presentation materials will be accessible at: View Source
Replay Details

A replay of the 2021 earnings call and webinar will be available at View Source
(Press release, Lantern Pharma, MAR 10, 2022, View Source/news/press-releases/detail/82/lantern-pharma-reports-fourth-quarter-and-fiscal-year-2021" target="_blank" title="View Source/news/press-releases/detail/82/lantern-pharma-reports-fourth-quarter-and-fiscal-year-2021" rel="nofollow">View Source [SID1234609884])

Gritstone Reports Fourth Quarter 2021 and Full Year 2021 Financial Results and Provides Corporate Updates

On March 10, 2022 Gritstone bio, Inc. (Nasdaq: GRTS), a clinical-stage biotechnology company developing the next generation of cancer and infectious disease immunotherapies, reported financial results for the fourth quarter and full year ended December 31, 2021 and provided recent clinical and corporate updates (Press release, Gritstone Oncology, MAR 10, 2022, View Source [SID1234609883]).

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"2021 was a transformational year for Gritstone, as we extended our unique understanding of T cell antigens and proprietary vaccine delivery platforms to infectious disease, expanding our pipeline to include novel programs in COVID-19 (CORAL) and human immunodeficiency virus (HIV). Furthermore, we made significant progress with our tumor-specific neoantigen oncology programs, GRANITE and SLATE, which are advancing into later-stage trials," said Andrew Allen, M.D., Ph.D., Co-Founder, President and Chief Executive Officer of Gritstone. "In CORAL, we have demonstrated the potential for our T cell enhanced samRNA vaccine candidates to drive broad and durable immune responses in humans against both current and future variants against COVID-19, a credible first step toward developing a pan-coronavirus vaccine given the high conservation of many T cell antigens across different coronaviruses. Within oncology, we have continued to demonstrate the ability to drive a large and sustained T cell response, including the challenging CD8+ killer T cells, against tumor-specific neoantigens. These T cell responses are potentially driving the molecular and radiological responses observed in our "off the shelf" program, SLATE, which is focused on KRAS mutations, and also appear to be driving molecular response and extended overall survival in the end-stage colorectal cancer patients treated in our individualized program, GRANITE."

"Our collective experience with cancer immunotherapy suggests that as these programs move into earlier stages of disease, immune responses may be stronger and the potential benefits of our approach will be further accentuated," Dr. Allen continued. "Consequently, we are excited to have initiated randomized Phase 2/3 trials with GRANITE in colorectal cancer (CRC) patients where unmet need persists and checkpoint inhibitor therapy has had little impact to date in the vast majority of patients. We believe Gritstone is well-positioned to continue advancing our programs and platforms, and look forward to sharing updates as the year progresses."

Clinical Program Updates

Tumor-Specific Neoantigen (TSNA) Oncology Programs

GRANITE – Individualized, tumor specific neoantigen (TSNA)-directed immunotherapy using an adenoviral priming vector and self-amplifying mRNA boost vector to deliver relevant neoantigens

To date, an ongoing Phase 1/2 study assessing GRANITE in combination with an anti-PD-1 checkpoint inhibitor, nivolumab, and subcutaneous anti-CTLA-4 antibody, ipilimumab, has demonstrated a favorable safety and tolerability profile for patients treated in the study and demonstrated consistent induction of neoantigen-specific CD8+ T cells, and reduction in circulating tumor DNA (ctDNA), an increasingly recognized biomarker within utility in immunotherapy in advanced solid tumors.

Additionally, colorectal cancer patients who demonstrated a molecular response (ctDNA reduction >50% from baseline) had median overall survival of >17 months (median not reached) whereas those without molecular response exhibited a median overall survival of 7.8 months, the latter being consistent with expected outcome in 3rd line treatment of metastatic, microsatellite-stable colorectal cancer (MSS-CRC) patients. These data support the potential for GRANITE to offer benefit in a disease setting such as MSS-CRC where patients do not traditionally respond to checkpoint inhibitor therapy.

Given the results of the Phase 1/2 study, Gritstone has initiated two studies assessing GRANITE in earlier stages of disease: GRANITE-CRC-1L (a Phase 2/3 randomized, controlled trial evaluating the individualized neoantigen vaccine GRANITE in combination with immune checkpoint blockade for the first line (1L) maintenance treatment of newly diagnosed patients with metastatic MSS-CRC) and GRANITE-CRC-ADJUVANT (Randomized, controlled phase 2 trial of adjuvant GRANITE immunotherapy in high risk MSS-CRC patients with stage II/III disease who are ctDNA+ after definitive surgery). In January 2022, Gritstone announced the first patient was enrolled for inclusion in the GRANITE-CRC-1L trial. As of March 2022, the first patient was enrolled for inclusion in the GRANITE–CRC-ADJUVANT study.
SLATE – "Off-the-shelf" shared neoantigen-directed immunotherapy using an adenoviral priming vector and self-amplifying mRNA boost vector to deliver a cassette of shared TSNA

Preliminary data from an ongoing Phase 1/2 trial in advanced disease patients indicated a favorable safety and tolerability profile and induction of CD8+ T cells against multiple KRAS TP53 driver mutations. Clinical activity was observed in NSCLC patients who had all progressed on prior chemoimmunotherapy, including 6 NSCLC patients with the G12C KRAS mutation. Among these G12C patients, ctDNA responses were observed in 2 of 3 eligible for analysis, which correlated with clinical benefit, and a RECIST radiologic response (unconfirmed) was observed in one 2nd line patient with aggressive disease who had progressed after 3 months of 1st line chemo-immunotherapy. There were no safety signals of note; the most common adverse events being low grade, self-limiting fever and injection site reactions. An optimized SLATE cassette (SLATE-KRAS, v2), which exclusively includes KRASmut epitopes, exhibited immunogenic superiority over version 1 in preclinical studies. This next-generation SLATE-KRAS cassette is now in Phase 2 testing in patients with advanced non-small cell lung cancer (NSCLC) and CRC, and initial data are expected in 2H 2022.
Infectious Disease Programs

CORAL – second-generation SARS-CoV-2 vaccine program delivering both spike and highly conserved non-spike T cell epitopes (TCEs) with a focus on the samRNA vector. This approach offers potential for more durable clinical protection and broader immunity against SARS-CoV-2 variants than first generation products by inducing potent CD8+ T cells in addition to neutralizing antibody responses.

To date, the CORAL program has demonstrated positive preclinical and clinical data supporting the approach of a T cell enhanced samRNA vaccine against COVID-19, indicating a favorable safety profile and induction of both neutralizing antibodies and T cells.

In January 2022, Gritstone announced positive clinical data from the first cohort of CORAL-BOOST, a Phase 1 study evaluating the safety, reactogenicity, and immunogenicity of a samRNA vaccine directed against Spike and highly conserved non-Spike TCEs as a booster against SARS-CoV-2 in healthy adults ≥60 years who previously received two doses of AstraZeneca’s first-generation COVID-19 vaccine AZD1222 (Vaxzevria). Enrollment of the second cohort of CORAL-BOOST has since concluded and based on the favorable immunogenicity and reactogenicity seen with the 10µg dose, the study is proceeding to additional cohorts utilizing this dose.

Two additional Phase 1 trials, CORAL-CEPI and CORAL-IMMUNOCOMPROMISED, were initiated in 1Q 2022. The CORAL-CEPI trial, which is evaluating T cell enhanced omicron- and beta-spike constructs in virus-naïve, convalescent, and HIV+ patients, is being run in South Africa with support from the Coalition for Epidemic Preparedness Innovations (CEPI). The CORAL-IMMUNOCOMPROMISED trial, which is evaluating T cell enhanced samRNA and chimpanzee adenovirus (ChAd) vaccines in B cell deficient subjects, is being run in the United Kingdom.

CORAL-NIH, a Phase 1 study evaluating the immunogenicity and safety of samRNA and/or ChAd vaccines in healthy adult subjects that is supported by the National Institute of Allergy and Infectious Diseases (NIAID) is being conducted through their Infectious Diseases Clinical Research Consortium (IDCRC). Initial data is expected in 1H 2022.

All four clinical trials within the CORAL program are now enrolling and Gritstone expects to provide data updates on each of these trials throughout the remainder of 2022.
HIV – Collaboration with Gilead Sciences, Inc (Gilead) under their HIV Cure Program to research and develop vaccine-based HIV immunotherapy treatment

Following initiation of the collaboration with Gilead in early 2021, an IND was submitted and subsequently cleared in December 2021.
2021 Funding Highlights and Recent Corporate Updates

2021 Funding Highlights

Gritstone entered into a funding agreement of up to $20.6 million with the Coalition for Epidemic Preparedness Innovations (CEPI) to advance the clinical development of Gritstone’s CORAL second generation mRNA COVID-19 vaccine program.
Gritstone secured $55 million Private Placement led by Frazier Life Sciences Public Fund, Redmile Group and Gilead Sciences.
Gritstone secured $60 million payment from Gilead at closing of HIV program collaboration, consisting of a $30 million upfront cash payment and a $30 million equity investment at a premium.
Recent corporate updates

The funding agreement with CEPI was expanded for up to $5 million to advance the clinical development of Gritstone’s CORAL second generation mRNA COVID-19 vaccine program targeting the omicron variant in South Africa (December 2021).
Clare Fisher, Senior Vice President of Business Development and Mergers & Acquisitions at BeiGene, was appointed to the Gritstone Board of Directors effective as of January 1, 2022 (December 2021).
Gritstone was added to the Nasdaq Biotechnology Index (December 2021).
Full Year 2021 Financial Results

Cash, cash equivalents, marketable securities and restricted cash were $223.5 million as of December 31, 2021, compared to $172.1 million as of December 31, 2020.
Research and development expenses were $97.5 million for the year ended December 31, 2021, compared to $88.6 as of December 31, 2020. The increase was primarily due to increases in personnel-related expenses and clinical trial expenses.
General and administrative expenses were $25.9 million for the year ended December 31, 2021, compared to $21.4 million as of December 31, 2020. The increase was primarily attributable to an increase in personnel-related costs as we expanded our headcount, and an increase in outside services for legal, finance, recruiting and other professional services to support our ongoing operations and operate as a public company.
Collaboration and license revenue was $46.7 million for the year ended December 31, 2021, compared to $3.5 million for the prior year. During the year ended December 31, 2021, we recorded $38.6 million in license revenue and $5.1 million in collaboration revenue related to the Gilead Collaboration Agreement, and $3.0 million in collaboration revenue related to the 2seventy bio Agreement.

CymaBay Therapeutics to Report Fourth Quarter and Full Year 2021 Financial Results on Thursday, March 17, 2022

On March 10, 2022 CymaBay Therapeutics, Inc. (NASDAQ: CBAY), a clinical-stage biopharmaceutical company focused on developing therapies for liver and other chronic diseases with high unmet need, reported that it will host a conference call and live audio webcast on Thursday, March 17, 2022 at 4:30 p.m. Eastern Time to discuss financial results for the fourth quarter and year ended December 31, 2021 and to provide a business update.

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Conference Call Details
To access the live conference call, please dial 877-407-0784 from the U.S. and Canada, or 201-689-8560 internationally, Conference ID# 13726915. To access the live and subsequently archived webcast of the conference call, go to the Investors section of the company’s website at View Source

Corvus Pharmaceuticals Provides Business Update and Reports Fourth Quarter and Full Year 2021 Financial Results

On March 10, 2022 Corvus Pharmaceuticals, Inc. (Corvus or the Company) (Nasdaq: CRVS), a clinical-stage biopharmaceutical company, reported a business update and reported financial results for the fourth quarter and year ended December 31, 2021 (Press release, Corvus Pharmaceuticals, MAR 10, 2022, View Source [SID1234609881]).

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"We continue to advance three clinical programs for novel product candidates targeting CD73, the adenosine 2A receptor, and ITK, which are involved in immune response to cancers and other diseases," said Richard A. Miller, M.D., co-founder, president and chief executive officer of Corvus. "We have established sound scientific foundations for our product candidates, which give us confidence as we initiate mid-stage clinical trials in front-line treatment of lung cancer and renal cell cancer. In addition, our partnership with Angel Pharmaceuticals has expanded the clinical development of CPI-818 for T cell lymphomas into China and is accelerating global development of this product candidate."

Mupadolimab (anti-CD73)

The Company plans to initiate a randomized Phase 2 clinical trial evaluating mupadolimab as a front-line therapy for the treatment of patients with advanced non-small cell lung cancer (NSCLC). The randomized, blinded trial will compare standard chemotherapy plus pembrolizumab (anti-PDL-1) with or without mupadolimab. The Company intends to enroll approximately 150 patients with any tumor PDL-1 expression in the clinical trial, potentially addressing a large patient population. The primary endpoint for the study will be progression free survival and secondary endpoints will evaluate objective response rate and overall survival.
The Company continues to enroll its two Phase 1b/2 clinical trial expansion cohorts of patients with (1) head and neck cancers that have failed previous treatment with anti-PD-1 therapy and chemotherapy and (2) relapsed refractory NSCLC who have failed previous treatment with anti-PD(L)-1 therapy and chemotherapy. Up to 15 patients will be enrolled in each expansion cohort and initial results are anticipated to be presented in the second half of 2022.
In November 2021, the Company presented results from its Phase 1/1b clinical trial that, along with pre-clinical data, provided further evidence regarding mupadolimab’s mechanism of action and its potential anti-tumor activity in cancer patients. The data showed that mupadolimab doses of 12mg/kg or greater, resulted in complete occupancy of the CD73 target and B cell activation. In the assessment of anti-tumor activity in sixteen evaluable patients receiving the 12mg/kg or greater doses of mupadolimab, tumor regression (not meeting the threshold for partial response by RECIST) was seen in five patients who had progressive disease as the best response to most recent prior therapy, which included anti-PD(L)1. We believe these interim findings support mupadolimab’s potential to cause tumor regression in patients with tumors refractory to anti-PD(L)1.
CPI-818 (selective ITK inhibitor)

The Company’s partner in China, Angel Pharmaceuticals, initiated patient enrollment in a Phase 1/1b clinical trial of CPI-818 for the treatment of refractory T cell lymphomas. Angel Pharmaceuticals is responsible for all expenses related to conducting the clinical trial in China.
The Company continues to enroll patients in its Phase 1/1b clinical trial, which was expanded to include patients with certain types of T cell leukemias in addition to T cell lymphomas.
Based on interim results observed in patients with peripheral T cell lymphoma (PTCL) in these Phase 1/1b clinical trials, the Company believes such results could provide the foundation for a potential global phase 2 clinical trial in advanced PTCL.
Ciforadenant (adenosine 2a receptor antagonist)

The Company plans to collaborate with the Kidney Cancer Clinical Trials Consortium to initiate an open-label Phase 2 clinical trial evaluating ciforadenant as a first-line therapy for metastatic renal cell cancer (RCC) in combination with ipilimumab (anti-PD-1) and nivolumab (anti-CTLA-4). The clinical trial will enroll up to 60 patients and is intended to evaluate the potential for ciforadenant to generate increased complete responses and deep responses in the front-line setting. The Kidney Cancer Clinical Trials Consortium is comprised of a group of leading cancer centers in the United States led by investigators at MD Anderson. The trial design is based on Corvus’ preclinical research published in 2018 in Cancer Immunology Research that demonstrated impressive antitumor control and cures in several animal models using ciforadenant in combination with anti-CTLA4 and anti-PD1.
The Company continues to advance its understanding of the Adenosine Gene Signature biomarker, which has been confirmed by other groups as a means to identify an unfavorable group of renal cell cancer patients. Tumor biopsies from the Phase 2 clinical trial will be evaluated for expression of the Adenosine Gene Signature.
Financial Results
As of December 31, 2021, Corvus had cash, cash equivalents and marketable securities totaling $69.5 million compared to $44.3 million as of December 31, 2020. Corvus expects full year 2022 net cash used in operating activities to be between $34 million and $36 million.

Research and development expenses for the three months and full year ended December 31, 2021 totaled $4.8 million and $29.1 million, respectively, compared to $7.2 million and $31.8 million for the same periods in 2020. In the fourth quarter of 2021, the decrease of $2.4 million was primarily due to a decrease in clinical trial and personnel costs.

Net loss for the three months and full year ended December 31, 2021 was $9.2 million and $43.2 million, respectively, compared to net income of $27.3 million and a net loss of $6.0 million for the same periods in 2020. Results for the year ended December 31, 2020 included a $37.5 million gain from the deconsolidation of Angel Pharmaceuticals. Total stock compensation expense for the three months and year ended December 31, 2021 was $0.7 million and $4.2 million, respectively, compared to $1.2 million and $5.7 million for the same periods in 2020.

Conference Call and Webcast
Corvus will host a conference call and webcast today, March 10, 2022, at 4:30 p.m. ET (1:30 p.m. PT), during which time management will provide a business update and discuss the fourth quarter and full year 2021 financial results. The conference call can be accessed by dialing 1-877-407-0784 (toll-free domestic) or 1-201-689-8560 (international) and using the conference ID 13727689. The live webcast may be accessed via the investor relations section of the Corvus website. A replay of the webcast will be available on Corvus’ website for 90 days.

Cellectar to Participate at Upcoming Banking Conferences

On March 10, 2022 Cellectar Biosciences, Inc. (NASDAQ: CLRB), a late-stage clinical biopharmaceutical company focused on the discovery, development, and commercialization of drugs for the treatment of cancer, reported the company will participate and be available for 1×1 meetings at the following upcoming conferences (Press release, Cellectar Biosciences, MAR 10, 2022, View Source [SID1234609880]):

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Roth Capital Partners 34th Annual Conference
Date: March 15, 2022
Time: 10:00 am PT / 1:00 pm ET
Format: Fireside chat and available for 1×1 investor meetings

Oppenheimer 32nd Annual Healthcare Conference
Date: March 16, 2022
Time: 3:20 pm ET
Format: Virtual presentation and available for 1×1 investor meetings
Webcast: To register, click on the link HERE
A replay of the Oppenheimer presentation will be available on the Investor page of the company website.