Corvus Pharmaceuticals, a biopharmaceutical company focused on developing precision medicines for serious diseases, has provided an update on its financial results and business progress for the fourth quarter and full year of 2023. The company reported a net loss of $6.7 million for the fourth quarter, with research and development expenses totaling $4 million. For the full year, the expenses were $16.5 million. Despite the losses, Corvus ended the year with $27.1 million in cash and securities.
The company is preparing to launch Phase 3 trials for its drug candidate soquelitinib for PTCL (Peripheral T-Cell Lymphoma) and a Phase 1 trial for atopic dermatitis, both scheduled for 2024. The potential market for PTCL treatments is substantial, with current therapies priced between $200,000 to $600,000 annually in the U.S. Corvus is also advancing other clinical programs, including trials for ciforadenant in renal cancer and mupadolimab in lung and head and neck cancers, with interim data expected in the first half of 2024.
Key highlights include the company's focus on soquelitinib, which has shown promising results in early trials for PTCL, with a 33% objective response rate among Phase 3 eligible patients. The company is also exploring the potential of soquelitinib in treating atopic dermatitis, with a Phase 1 trial set to begin in April 2024. Corvus is seeking partnerships for ITK inhibitors in immunology and oncology, aiming to leverage its clinical programs and manage financial resources effectively.
Despite financial challenges, including a net loss and significant R&D expenses, Corvus Pharmaceuticals remains committed to advancing its clinical programs and exploring new opportunities for its pipeline. The company's efforts in addressing unmet medical needs in oncology and immunology are poised to progress through the upcoming clinical trials and potential partnerships.
