Q2 2026 Corvus Pharmaceuticals Inc Earnings Call Transcript
Key Points
- Phase 3 PTCL trial enrollment is on track, with a futility analysis expected in early 2027 and final data anticipated by late 2027.
- Phase 1 trial results for soquelitinib in PTCL have been accepted for publication in the peer-reviewed journal Blood.
- Phase 1 atopic dermatitis data showed strong efficacy, with 75% of patients achieving EASI-75 in cohort 4 versus 20% for placebo, and no significant safety issues.
- Soquelitinib demonstrated durable responses beyond the dosing period without disease rebound, potentially offering drug-free remissions.
- Expansion into hidradenitis suppurativa and asthma trials is planned, with asthma targeting both T2 and non-T2 patients, potentially doubling the addressable population.
- Angel Pharmaceuticals' phase 1b/2 atopic dermatitis trial in China is progressing, with first cohort data expected by year-end 2026, and data can be shared for regulatory filings.
- Cash position of $215.2 million is expected to fund operations into Q2 2028.
- R&D expenses increased significantly to $16 million in Q2 2026 from $7.9 million in Q2 2025, and net loss widened to $18 million from $8 million.
- The futility analysis for the PTCL trial has been delayed to early 2027, and no efficacy data will be released at that time, creating uncertainty.
- The phase 2 atopic dermatitis trial (Sierra-1) is not expected to complete enrollment until early 2027, with topline data only in Q3 2027, delaying potential registration.
- The company is investing additional $5 million in Angel Pharmaceuticals, increasing financial exposure to a partner with uncertain trial outcomes.
- The phase 1b hidradenitis suppurativa trial has no placebo group, which may limit the strength of efficacy conclusions.
- The asthma trial design allows for discontinuation of either T2 or non-T2 patient groups based on futility, indicating potential for failure in one or both populations.
Good afternoon, everyone, and thank you for standing by. Welcome to the Corvis Pharmaceuticals second quarter 2026 business update and financial results conference call. At this time, all participants are in listen-only mode, later we will conduct a question-and-answer session, and instructions will follow at that time. It is now my pleasure to turn the call over to Zachubo of Real Chemistry. Please go ahead, sir.
Thank you, operator, and good afternoon, everyone. Thanks for joining us for the Corvis Pharmaceuticals second quarter 2026 business update and financial results conference call. On the call to discuss the results and business updates are Richard Miller, Chief Executive Officer. Life Lee, Chief Financial Officer. Jeff Rarra, Chief Business Officer, and Ben Jones, senior Vice President of pharmaceutical Development. The executive team will open the call with some prepared remarks followed by a question-and-answer period. I would like to remind everyone that comments made by management today and answers to
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