Release Date: May 06, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
- Corvus Pharmaceuticals Inc (CRVS, Financial) reported a reduced net loss in Q1 2024 of $5.7 million compared to $7.9 million in Q1 2023, showing improved financial management.
- The company successfully closed a $30.6 million financing round, demonstrating strong investor confidence and extending its cash runway into Q4 of 2025.
- Progress in clinical trials, including the planned Phase 3 trial of soquelitinib for relapsed peripheral T-cell lymphoma, with enrollment expected to begin in Q3 2024.
- Encouraging initial data from the Phase Ib/II trial of ciforadenant in metastatic renal cell cancer, meeting the protocol's prespecified statistical criteria for expansion.
- Initiation of patient enrollment in a placebo-controlled Phase 1 trial of soquelitinib for moderate to severe atopic dermatitis, with data expected before the end of the year.
Negative Points
- Corvus Pharmaceuticals Inc (CRVS) experienced a decrease in cash and cash equivalents, from $27.1 million at the end of 2023 to $22.1 million by March 31, 2024.
- The company reported an increase in total stock compensation expense to $0.7 million in Q1 2024 from $0.5 million in the same period in 2023, indicating rising costs.
- Despite recent financing, there is a need for careful financial management to ensure sufficient funds through planned clinical trials without requiring further significant capital raises.
- The complexity and uncertainty of clinical trial outcomes, particularly as Corvus Pharmaceuticals Inc (CRVS) ventures into new treatment areas like atopic dermatitis with soquelitinib.
- Potential challenges in patient recruitment and retention for clinical trials, which could delay timelines and increase costs.
Q & A Highlights
Q: Could you remind us what is the standard of care CRC and other PTCL trials, of projects, eight or nine other agents?
A: (Richard Miller, CEO) The approval studies for both Belinda stat and pralatrexate were single-arm studies. They each had CR rates of about 10% and overall response rates of about 25% to 30%. They had progression-free survivals of about 1.5 to 3.5 months.
Q: With the new responses, how much is this going to increase your preliminary PFS and OS?
A: (Richard Miller, CEO) The current overall response rate is 39%. The progression-free survival (PFS) is expected to improve as the last few patients move through the mediums.
Q: When do you think we'll have a first look at the data from the Phase three trial?
A: (Richard Miller, CEO) The study is expected to enroll fully in about 18 months, with some follow-up needed after that to get to the final data. An interim analysis will occur when half of the PFS events occur, but it's likely we will wait for the end of the study to make a final determination.
Q: Are there any potential biomarkers to screen patients who would be more likely to respond?
A: (Richard Miller, CEO) We are continuously looking for mutations and baseline immune status as potential biomarkers. Recent changes to eligibility criteria based on immune status at baseline have shown more and faster responses.
Q: Can you remind me if cutaneous T-cell lymphoma patients are going to be included in the Phase 3?
A: (Richard Miller, CEO) A couple of patients with cutaneous T-cell lymphoma were included in our 23 patient data set, but typical CTCL patients will not be enrolled in our Phase 3 trial as it is a different disease treated with different drugs.
Q: Regarding the atopic dermatitis study, are you including patients who have previously had dupilumab and failed?
A: (Richard Miller, CEO) The trial includes patients who have failed at least one prior therapy, either systemic or topical. It is not specific to dupilumab, and some patients may have failed other treatments like a JAK inhibitor.
Q: How many patients were included in the interim efficacy analysis for the ciforadenant trial?
A: (Richard Miller, CEO) There were 18 patients included in the interim efficacy analysis out of the 27 enrolled.
Q: Could you clarify whether the cash from the recent raise gets you through the Phase 3 trial for Soquelitinib?
A: (Leiv Lea, CFO) The $30 million from the recent financing, plus potentially $60 million if all warrants are exercised, should get us through the Phase 3 trial.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.