On May 7, 2026 Corvus Pharmaceuticals, Inc. (Nasdaq: CRVS), a clinical-stage biopharmaceutical company, reported a business update and announced financial results for the first quarter ended March 31, 2026.
Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:
Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing
Schedule Your 30 min Free Demo!
"We started the year with strong momentum for soquelitinib, our selective ITK inhibitor that we believe is well positioned to improve therapy for a broad range of patients with atopic dermatitis, other immune diseases and cancers," said Richard A. Miller, M.D., co-founder, president and chief executive officer of Corvus. "The data generated from our clinical and preclinical work support soquelitinib’s potential to provide a new treatment paradigm for these diseases based on a rebalancing of the immune system. We will share additional data supporting this mechanism at the upcoming annual meeting of the Society for Investigative Dermatology, where we are reviewing data from our Phase 1 atopic dermatitis trial in two oral presentations. Looking forward, we are focused on our ongoing and planned soquelitinib clinical trials, including the initiation of new Phase 2 studies in hidradenitis suppurativa and asthma anticipated later this year."
Business Update and Strategy
Soquelitinib for Immune Diseases
In January 2026, Corvus reported data from cohort 4 of the randomized, blinded, placebo-controlled Phase 1 trial evaluating soquelitinib in patients with moderate-to-severe atopic dermatitis (data as of January 15, 2026). Cohort 4 data demonstrated positive safety and efficacy results, including additional clinical benefit observed following longer 8-week treatment.
Final data from the randomized, blinded, placebo-controlled Phase 1 trial evaluating soquelitinib in patients with moderate-to-severe atopic dermatitis will be presented in two oral sessions at the Society for Investigative Dermatology (SID) Annual Meeting, which is taking place May 13-16, 2026 in Chicago. The Company will host an in-person and virtual investor and analyst meeting on May 14, 2026 to review soquelitinib data being presented at SID, including new immunologic and biomarker data that focus on the drug’s mechanism of action and potential for drug-free remissions.
Corvus initiated its Phase 2 randomized placebo-controlled atopic dermatitis clinical trial during the first quarter 2026. The trial is anticipated to enroll approximately 200 patients with moderate-to-severe atopic dermatitis that have failed at least one prior topical or systemic therapy. This includes four cohorts of 50 patients each, with soquelitinib doses of 200 mg once per day, 200 mg twice per day and 400 mg once per day, along with a placebo group. The treatment period is 12 weeks with a 90-day follow-up period with no treatment.
Angel Pharmaceuticals, Corvus’ partner in China, is enrolling a Phase 1b/2 clinical trial evaluating soquelitinib in patients with moderate-to-severe atopic dermatitis. This is a blinded, placebo-controlled trial that is planned to evaluate a 12-week treatment regimen in 48 patients utilizing soquelitinib doses of 100 mg twice per day, 200 mg once per day, 200 mg twice per day and 400 mg once per day. The patient eligibility and endpoints are similar to those used previously by Corvus. Depending on the results from the Phase 1b portion of the study, an additional 60-90 patients will be enrolled in the Phase 2 portion of the study. The trial is open at several leading dermatology centers in China who have been involved in global registration trials. The study is conducted in close collaboration with Corvus. Results from the initial cohorts are anticipated late this year.
Corvus plans to initiate two additional Phase 2 clinical trials evaluating soquelitinib in patients with hidradenitis suppurativa and asthma.
Corvus also continues to advance its next-generation ITK inhibitor preclinical product candidates, which are designed to deliver precise T-cell modulation for specific immunology and oncology indications.
Collaboration with National Institute of Allergy and Infectious Diseases (NIAID)
The Autoimmune Lymphoproliferative Syndrome (ALPS) Phase 2 clinical trial continues to advance. This trial is being conducted under a clinical research and development agreement with NIAID. The Phase 2 clinical trial (NCT06730126) is anticipated to enroll up to 30 patients aged 16 or older with confirmed ALPS based on genetic testing.
Soquelitinib for T Cell Lymphoma
Corvus continues to enroll patients in a registrational Phase 3 clinical trial of soquelitinib in patients with relapsed/refractory PTCL at multiple clinical sites. This randomized controlled trial is anticipated to enroll a total of 150 patients with relapsed/refractory PTCL and is evaluating soquelitinib versus physicians’ choice of either belinostat or pralatrexate chemotherapies. The primary endpoint of the trial is progression free survival. There are no FDA fully approved agents for the treatment of relapsed/refractory PTCL, and the FDA has granted soquelitinib Orphan Drug Designation for the treatment of T cell lymphoma and Fast Track designation for treatment of adult patients with relapsed or refractory PTCL after at least two lines of systemic therapy.
Financial Results
As of March 31, 2026, Corvus had cash, cash equivalents and marketable securities of $236.7 million compared to $56.8 million as of December 31, 2025. Cash, cash equivalents and marketable securities as of March 31, 2026 included approximately $189.4 million in net proceeds received in a financing completed on January 23, 2026. Based on its current plans, Corvus expects its cash, cash equivalents and marketable securities to fund operations into the second quarter of 2028.
Research and development expenses for the three months ended March 31, 2026 totaled $11.2 million compared to $7.5 million for the same period in 2025. The increase in research and development expenses of $3.7 million was primarily due to higher clinical trial costs associated with the development of soquelitinib as well as an increase in personnel related costs.
Net loss for the three months ended March 31, 2026 was $13.7 million compared to net income of $15.2 million for the same period in 2025. Included in net loss for the three months ended March 31, 2026 and net income for the three months ended March 31, 2025 were non-cash losses of $0.6 million and $0.5 million, respectively, from Corvus’ investment in Angel Pharmaceuticals and non-cash income of $25.1 million in the three months ended March 31, 2025 associated with a change in fair value of the Company’s warrant liability. Total stock compensation expense for the three months ended March 31, 2026 was $2.7 million compared to $1.3 million for the same period in 2025.
(Press release, Corvus Pharmaceuticals, MAY 7, 2026, View Source [SID1234665316])