Corvus Pharmaceuticals (NASDAQ:CRVS) reported a net loss of $18 million for the second quarter of 2026, up from $8 million in the same period last year, driven by a strategic surge in clinical development spending for its flagship ITK inhibitor, soquelitinib.
R&D Investment and Financial Position
Research and development expenses rose to $16 million this quarter, compared to $7.9 million in the prior-year period. CFO Leiv Lea attributed this increase primarily to intensified clinical trial activity and higher personnel costs. Despite the wider loss, the company maintains a robust balance sheet, reporting $215.2 million in cash equivalents and marketable securities as of June 30, 2026. Bolstered by $189.4 million in net proceeds from a first-quarter follow-on offering, Corvus projects its current capital is sufficient to fund operations through the second quarter of 2028.
Additionally, the company invested $5 million into a $13.5 million financing round for Angel Pharmaceuticals, its China-based partner, further solidifying its position as Angel’s largest shareholder.
Advancing the Soquelitinib Pipeline
CEO Richard Miller confirmed that the company is prioritizing two core clinical programs: a Phase III trial for relapsed or refractory peripheral T-cell lymphoma (PTCL) and a Phase II study for moderate-to-severe atopic dermatitis.
The Phase III PTCL trial aims to enroll 150 patients, comparing soquelitinib against standard-of-care chemotherapy (belinostat or pralatrexate). Enrollment is proceeding as planned, with an interim futility analysis expected in Q1 2027. While final Phase III data is anticipated in late 2027, the company also noted that results from its Phase I PTCL trial are currently in press at the journal Blood and expected later this year.
Atopic Dermatitis and Efficacy Data
Corvus showcased positive Phase I results for soquelitinib in atopic dermatitis during the Society for Investigative Dermatology annual meeting. In the highest-dose cohort, 75% of patients achieved EASI-75—a key measure of skin clearance—compared to only 20% in the placebo group. Notably, 33% of treated patients achieved an Investigator’s Global Assessment score of 0 or 1, with no reported severe adverse events or significant laboratory abnormalities.
The ongoing Phase II SIERRA-1 trial, which targets approximately 200 patients, is expected to complete enrollment in early 2027, with top-line data anticipated in the third quarter of 2027.
Upcoming Clinical Milestones
Beyond PTCL and atopic dermatitis, Corvus is aggressively expanding its clinical footprint:
- Hidradenitis Suppurativa: A Phase Ib proof-of-concept trial is scheduled to begin in September, evaluating 25 patients on a 12-week regimen.
- Asthma: The company remains on track to initiate a U.S. Phase II trial later in 2026, which will evaluate both allergic/eosinophilic T2 and non-T2 patient populations.
Management emphasized that cross-border data sharing with Angel Pharmaceuticals will remain a key component of their regulatory strategy, allowing for the integration of safety and efficacy findings across both U.S. and Chinese clinical studies as they push toward year-end development goals.
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