Release Date: November 12, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
- Corvus Pharmaceuticals Inc (CRVS, Financial) has initiated a registration phase three trial for peripheral T cell lymphoma (PTCL), which is enrolling patients and progressing as planned.
- The company has a strong cash position with $41.7 million in cash, cash equivalents, and marketable securities, providing a financial runway into 2026.
- Corvus Pharmaceuticals Inc (CRVS) is advancing its lead program, Socolit, in multiple fronts, including a phase one trial for atopic dermatitis, which has shown no safety signals in the initial cohort.
- The company has received orphan drug designation and fast track designation from the FDA for Socolit in the treatment of relapsed T cell lymphoma.
- Corvus Pharmaceuticals Inc (CRVS) is exploring a broad range of indications for its ITK inhibitors, including asthma, psoriasis, scleroderma, inflammatory bowel disease, and fibrotic diseases, supported by promising preclinical data.
Negative Points
- Corvus Pharmaceuticals Inc (CRVS) reported a significant net loss of $40.2 million for the third quarter of 2024, compared to a $6 million loss in the same period in 2023.
- The company recorded a non-cash loss of $32.8 million from the change in fair value of its warrant liability during the third quarter of 2024.
- Research and development expenses increased to $5.2 million in the third quarter of 2024, up from $4 million in the same period in 2023, primarily due to increased clinical trial expenses.
- The phase one trial for atopic dermatitis is still in early stages, with only the first cohort fully enrolled and follow-up data pending for subsequent cohorts.
- There is uncertainty regarding the optimal dosing for Socolit in atopic dermatitis, as the disease differs from lymphoma, and the company is still determining the best dose through ongoing trials.
Q & A Highlights
Q: Can you comment on the kinetics of ITK inhibition on clinical scores in atopic dermatitis and expectations for the Easy score improvement after 28 days?
A: Richard Miller, CEO: The response kinetics are quick, with improvements seen in about the first week. We expect the criteria for success to be similar to other approved agents like Dupixent, with a durable effect anticipated due to the mechanism of action.
Q: How should we think about the follow-up time period for the atopic dermatitis cohorts and the efficacy endpoints?
A: Richard Miller, CEO: We will report 28-day data in December. Responses are seen rapidly, within a week. We will evaluate the kinetics and durability of responses over a two-month period as we progress through the cohorts.
Q: What is the most typical prior therapy for patients in the atopic dermatitis trial?
A: Richard Miller, CEO: Patients have typically failed topical therapies rather than systemic ones. Most have discontinued their topical therapy while on our drug.
Q: How do you deal with patients who are complete responders and go on to transplant in the PTCL phase three trial?
A: Richard Miller, CEO: Patients who go on to a bone marrow transplant are censored at that point. The number of such patients is anticipated to be small, around 10%.
Q: What are your thoughts on the competitive landscape for oral agents in atopic dermatitis?
A: Richard Miller, CEO: While many drugs in development are injectables, there are some oral compounds in the clinic. However, I am not in a position to comment on their data or timelines relative to ours.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
