Corvus Pharmaceuticals, Inc.

Corvus reported no product revenue on the call. Research and development expense for Q2 2026 was $16 million, up from $7.9 million in Q2 2025, and net loss was $18 million versus $8 million a year ago. The company said the prior-year period included a $2 million noncash gain from warrant liability fair value changes, while Q2 2026 and Q2 2025 included noncash losses of $700 thousand and $400 thousand, respectively, from the Angel Pharmaceuticals equity-method investment. Stock compensation expense was $2.6 million versus $1.3 million in the prior-year quarter. Cash, cash equivalents, and marketable securities totaled $215 million at 6/30/2026, up from $56.8 million at 12/31/2025, and management expects that balance to fund operations into Q2 2028. Forward-looking updates: PTCL Phase III enrollment remains on track, interim futility analysis is now expected in Q1 2027, final data is still expected late 2027, SEERA-1 atopic dermatitis enrollment is expected to finish in early 2027 with top-line data in Q3 2027, and Angel’s first atopic dermatitis cohort data is expected before year-end 2026 with cohort 2 data in Q2 2027.

Richard A. Miller emphasized Soquelitinib as the company’s central asset and framed the strategy as building a broad clinical package around ITK inhibition across cancer and inflammatory diseases. He highlighted PTCL, atopic dermatitis, asthma, and hidradenitis suppurativa as the near- and mid-term priorities, and repeatedly argued the drug’s mechanism could support both efficacy and durable remission. His tone was upbeat and confident, especially on atopic dermatitis, where he pointed to durable responses, lack of severe safety issues, and the possibility of once-daily dosing and eventually broader immune rebalancing effects.

Leiv Lea focused on the quarter’s expense growth and liquidity. He said Q2 2026 R&D was $16 million, up from $7.9 million, mainly due to higher clinical trial costs for Soquelitinib and higher personnel costs, while net loss widened to $18 million from $8 million. He noted $215 million in cash, cash equivalents, and marketable securities at quarter-end, including about $189 million from the Q1 follow-on offering, plus the $5 million investment in Angel’s $13.5 million financing. Based on current plans, management expects the cash balance to fund operations into Q2 2028.

Analysts pressed management on whether drug-free remissions could support a label claim, and Richard Miller said the current regulatory path is conventional placebo-controlled endpoints such as EASI and IGA at 12 or 16 weeks; he said remission would be a meaningful clinical advantage but not part of the initial approval strategy. Questions also focused on dosing and formulation, and Miller said the company is exploring other formulations and expects the eventual regimen may be once daily. On PTCL timing, management said the final data remain expected late 2027, while the interim futility analysis moved to Q1 2027 based on event rates. Analysts also asked about China data and asthma design; management said Angel data can be used in filings, expects comparable rather than necessarily superior efficacy, and plans identical phase 2 asthma studies in the U.S. and China that can drop either T2 or non-T2 arms for futility.