CRVS - Earnings call transcript Q1 2019 | Corvus Pharmaceuticals, Inc.

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Operator

Good afternoon, ladies and gentlemen. Thank you for standing by, and welcome to the Corvus Pharmaceuticals First Quarter 2019 Business Update and Financial Results Conference Call. Today's conference is being recorded. [Operator Instructions] It is now my pleasure to turn the call over to Zack Kubow of Pure Communications. Please go ahead, sir.

Zack Kubow

good and operator, you, afternoon, everyone. Thank joining XXXX Business for us Conference for Quarter First Pharmaceutical's Corvus Update the Call. Thanks and Results Financial

for that Officer, Leiv Lea, to and by like Financial Officer; are open On the statements. Mobasher, Chief traveling executive call Miller, with will the everyone Chief and Mehrdad highlights followed in Medical Richard team Officer; call to XXXX is remarks first would Executive I will questions the the made Chief and quarter today who discuss a business results The management period. remotely. prepared question-and-answer to by and comments remind some answers forward-looking include phoning

that from including the Forward-looking implied estimates and today Corvus' assumptions company any that, forward-looking statements undertakes statements are of those by to as the based on publicly call results those uncertainties and as and quarterly like revise on no or other XX-Q to company differ cause Leiv report the expressed may with by Leiv? Form to actual law. update and Lea. or materially subject in described are uncertainties risks and to risks filed required filings over obligation The turn the today makes SEC statements time time. the I'd SEC to to from With with except

Leiv Lea

million decrease expenses business Richard a of our XXXX. financials development and cash, million same as million XX, securities $XX.X million for million quarter for to Research a turn first then had December equivalents Total net XXXX At was compared of $X.X Zach. in you, decrease of period of XXXX, and The and call of to for a $XX.X primarily the quarter start first marketable $XXX.X ciforadenant in stock I'll to the the period $XXX.X expense quarter period to now over expense the at first same overview compensation in net compared totaling million compared compared totaled Thank cash $X.X $XX.X $X.X XXXX. for March million same Corvus $X for to million quick with turn XX, stock to million total compensation quarter loss the I program the call over cost. in to XXXX due XXXX. Richard. first will XXXX loss was XXXX. for the in was The a the update. of

Richard Miller

our have are a Leiv, take business you, for milestones At building and development key and through like ingenuity testing are the afternoon, XXXX. everyone. advancing with have the you public conducted and progress to mechanisms us becoming Thank and we trials. bringing moments update. product this cancer Thank will IPO action we then on first to value our our anticipated our the provide of we say good made since hosted I first development, rigorously since extensive programs for company, the to want XXXX candidates significant we highlight Corvus, that them with and call joining remainder of Since few identifying update is to quarter product preclinical pipeline. today precise an I quarterly clinical for we drug that a

know over ITK focused have leadership meaningful committed result, which updates to the of for in this if our medical programs been lead of as a I and remainder expect hematologic at time. wide ESMO, AXA pipeline we inhibition meetings was that on molecule mechanisms drug adenosine have meetings Ciforadenant we clinical a receptor. with which In an more we you to built with provide with as affects ciforadenant clinical clinic to cancer three data data mission. candidate biology. team have CPI-XXX. preclinical product now in following T-cell that on providing lead as continue range into is adenosine of program programs the with we solid a novel a the to differentiating two deeply that our update several experienced program third SITC drug are is action detailed just highly such clinical steady starting distinct that studies today. And data. our IND-enabling agents from now a from have that over pathway you make There total, with an we have major committed adenosine have of We generated is presented consistently unique our believe regular factors entered And to the oral, studies, cancers previously Our a leading will adenosine that pathway our is a Corvus, with novel year. AACR, the we in that small And and pathway new three position been trials major are plan along cadence programs, medical the of have known ASCO. ciforadenant, at move development antagonist of the

few these. Let a discuss of me

monotherapy disease First, with over atezolizumab therapies, durable XX patients with over anti-PD-X failed three Ciforadenant have responses in to patients in demonstrated efficacy XX% and has control that data. failed some mainly a out of therapies prior antitumor and activity as months. median combination experiencing

We've been Phase cancer. is and Of cancer now has agents cancer. progression-free median disease refractory for patients cell XX an to survival months. our cell renal than in an renal recurrent are renal efficacy on cancer, other cell in compared other months seen at These renal Multiple to there XX cell in more exceeding our study have X/Xb two X.X achieve. XX% years. cancer lung trials as difficult note, in We in cell need who with numerous have the is advanced been signals results patients non-small several comprehensive overall long-term solid with very survival unmet of and ciforadenant control

cancer patients monotherapy our crucial combination data drugs, focused on of data prostate this therapy, have presented AACR with response. for Monotherapy We At that. and signs receptor in AstraZeneca meeting, also is we results showing including is pleased why inhibitor prostate developing their better also understanding see activity the note, partial Phase recent is cancer and strong. receptor we AXA Although cancer that data have I blockade. efficacy AXA activity seen of patients. monotherapy adenosine in Of oral activity were very we a the confirms to their

is an is drug controls disease illness, a feature blood-brain has during that results cancer cancer brain or cross As of in it adenosine important important that relates devastating present barrier, vital to that develop of treatment attractive implications patients with the it in cancer other metastasis Many which their able since antagonists we to control efficacy, of ciforadenant neurologic for receptor unlike some patients. in of it is development, lack the brain organ consequences. in the course and tumor believe

in For like partly very example, control well drugs successful and they are alectinib because brain. the disease anti-PD-Xs the targeted

Second, safety safety data. profile have dose-limiting Today, patients to XXX treated without discontinued over been No pharmacodynamic therapy with adverse have due patients a pharmacokinetic and events. toxicity. strong with ciforadenant

Our PK/PD AXA studies complete have shown excellent oral bioavailability receptor and blockade.

This was most Signature activation use related the be medicine, perspective, anti-PD-Xs, genes The a therapies. Signature patients of appears as collection to doing. genetic have clinicians the precision predictive of the with developed biopsies provide may ciforadenant a From through to to Third, Adenosine team. to genetic are Signature, analysis, Adenosine compelling of in biomarker, discovered to identification as combination a select the that on likely Adenosine and based biologic anti-PD-X rationale benefit resistance with we ciforadenant we therapy. our provides ability by a from to diligent now

receptor Taken that ciforadenant together, as inhibitor. the AXA we believe is leading positioned

evaluating PD currently ciforadenant The X with atezolizumab in the antibodies inhibitors. trial Phase with in Ib/II in have failed trial a cell patients and tyrosine cancer. anti- are combination We clinical with in treatments renal kinase patients

biomarker-unselected data to last fall patients, recent a or and such who Our less very large survival reported prior is ongoing have equal given earlier tumor encouraging three group at advanced SITC therapies. trial which disease. durable than current is prolong in failed patients presentation The objective in responses of

cell going and Ib/II failed being by cancer MORPHEUS patients which with We regimens. of immunotherapy -- established was also no The lung ongoing to in have efficiently. is Genentech more rapidly on lung prior than part have its is ciforadenant who therapies more a develop study conducted platform, Phase combination atezolizumab in with two as evaluating combination is cancer non-small study and

Removing is this the of action. humanized antibody Our potent blocking is second monoclonal as which synergistic. CPI-XXX, antibody, antitumor by and it and eliminates of immune named a CDXX, trafficking Largely dual catalytic the induces it activating meetings. to migration. immunity. been against of to CDXX. the tissues. and lymphoid We adenosine, possessed CPI-XXX is could a presented at inhibits in activation has program mechanisms antibody because others, of It enhance peripheral activation immune development immunosuppressive its cell overlooked properties production lymphocytes directed unique anti-CDXX CDXX These protein function are recent selected is cells function effects and adenosine

You will much more this hear ASCO. at about

ciforadenant biomarkers developing anti-PD-X a are and as are pembrolizumab. The in renal trial standard is tumors several have other patients and and single escalation combination advanced agent X/Xb a evaluate and cell CPI-XXX failed combination treat We lung the therapies. with safety, pharmacokinetics, in evaluating it cancer, the solid efficacy dose study the currently cancers and dose with and who to cancer multicenter Phase in antibody designed in with immune to select

this presentation will cancer the play activity agent. in role enrolling in data portion in Phase Luke, University be an multiple the CPI-XXX X/Xb build important X/Xb Cancer Professor from June enroll that to escalation study Jason Immunotherapeutics dose This will Medicine development believe in Signature and on Pittsburgh monotherapy ciforadenant. of February We across Center. may in will up pathways Medical The and of as study that the that combination data by Associate therapy. also at be for X and ASCO XXX Initial delivered at the administered the study Phase of demonstrated a signs with upon immunologic our of of in will important presented is early currently patients oral Adenosine of Director Dr. an

clinical also immunologic monotherapy the and In ciforadenant. myriad addition data in to of present we with effects, with combination will early

during CPI-XXX. oral and his provide X ASCO, an In an reception addition will overview on Central on analyst Luke of will Time, presentation hosting the also we Dr. June which presentation investor to X at oral at P.M. be Sunday,

on update us I of In an our and be programs, provide will addition, Mobasher Q&A. will three all Dr. available and for Mehrdad

like you Leiv. to out this attending please on receive If event, reach to would information

has system development in immune oral, has that small inhibit in Our immune is by increasing an is leukemias We CPI-XXX, be lymphomas may cytotoxic expressed potential enzyme natural and selectively CPI-XXX lymphomas therapeutic an the solid to for molecule is a normal and role of function. is believe T-cells as also program to third plays tumors. a drug cell T-cell provide directly and could and been immune benefit shown the T-cell that to ThX killer as which ITK lead which well the lymphomas for in response, enhancement to and ITK.

Some that of be examine an indicates drug in our autoimmune this drug diseases. to research candidate may also attractive

We has development the in to the inhibiting has was CPI-XXX CPI-XXX targeted lymphomas are because for ibrutinib, of analogous strategy inhibitor, described treatment that functional inhibitors. been types a led a BTK similarities about team ibrutinib previously feature of this first B-cell which we in biochemical the T-cell B-cell that is with of specificity, believe several and Corvus, on that lacking an BTK of inhibition similar the lymphomas. of And scientific program with approved CPI-XXX the extraordinary for to and effects ITK of has BTK, myself, have particularly ITK lymphomas. could development members of with ITK BTK excited based at including inhibitors. many

evidence efficacy human gives drugs with lymphomas previously We occurring This lymphomas. us reported optimism its have naturally T-cell potential of spontaneous CPI-XXX. T-cell for with in treated in

enrollment we very patient group a release, options often patients poor announced study Phase X/Xb patient a outcome. and global with in we CPI-XXX press today's T-cell has a clinical lymphomas, that of As in in have treatment initiated limited

highlighted ASCO. the year. to programs at medical data over planning have the three all CPI-XXX already course present we're presentation oral our I forward, of meetings our of from Looking at

updated to CPI-XXX and provide Meeting. for data expect American first of CPI-XXX data We at at SITC and ciforadenant The the Society Hematology

initiate renal to this patients. of Adenosine utilize to patients in in plan use cell renal the late Signature the will believe we study this further improve year. to efficacy will study ciforadenant, will with treated calls. late-stage the These Operator? I with cancer and forward these This are and results ciforadenant. patients call select important company, question-and-answer biomarker our on our cancer operator session. update For We business a providing we to look the with catalysts in future over now the turn progress updates medical for the at meetings for cell

Operator

[Operator Biren with Jefferies. we'll Amin Instructions] go to And first

Biren Amin

with Maybe when RCC into and reach -- expect we XXX. do I on point lung And the to you how advanced cohort? from I guess, expect start forward a non-small can decision next can make When data you where a more you time study? a cell when can to proceed can

Richard Miller

update data CPI-XXX, SITC ciforadenant, is expect that with next the now renal We November. at we'll cell have meeting, known as in cancer on which

of cut treated terms by a very of with Genentech, in of report a In data atezolizumab, being is I'm nicely, I that position that our of lung Taxotere. in months. control part since enrolling to patients study we're the the a MORPHEUS run That's it's just concomitant the group conducted know ciforadenant that actually. data, has cancer exactly chemotherapy, of study study we'll and getting been a by program but couple not on when with Genentech sure be

the next with in question your Now on ciforadenant studies subsequent renal.

right working are We now.

have we opportunity In which at meetings II into in Mobasher on Signature we a a hard, our even TKIs. to is ciforadenant, That we failed to at very or Phase who Signature interesting use very patients, going the enrollment patients moreover, Adenosine would respond That'll recent year. likely as very identifies will fact, renal Adenosine KOL cell patients with convert patients that respond this to trial because Phase to think select is working cancer set PD-Xs failed later who randomized to be Dr. ASCO meetings, to start in study for PD-Xs. to drug, that that it a study. briefly, a be presented we study. that it identifies our for up seems to who are III design, our study think and Again, identify patients and

adenosine because sense. in resistance presumably because therefore, a PD-Xs, combining perfect a mechanism, and and the they makes those production who patients good sense So ciforadenant it's selecting have biomarker to respond very it's don't PD-X the as

of sort that -- sort that's of question. on hope plans So that. our That's I answers your

Biren Amin

just on that in a TKI. planning cell failed maybe that PD-X renal follow-up the patients and you're study So

that with well? first-line Would conversations in evaluate recent Our some IPI KOLs that patients be as to suggest [ph]. the of seems potentially you also PD-X in area cohort

Richard Miller

anti-PD-X GU are papers now, in results recent Possibility. mean those those as with and are were good. but or Medicine axitinib, presented in discussions on combinations anti-PD-LX San Francisco. mean I were very and I two New of going They at you aware, meetings looked at the published England Journal

everybody And So results PFS partial curves those we have that of studies, downward while going rates frontline subject mostly I a although there in the to lot [indiscernible], relapsing. is still results, response progression-free we're very on to is survival continuous using getting to XX%, of the physicians XX%, axitinib their very trajectory. very response, know those patients many very, and you are but look at good, are if curves pembro a are believe soon. PD-X The Those are going move axitinib. good. probably be

moving predicted we ago, move frontline As patients. world predicted along the years to relapsed with for our We those the TKIs would is our in and PD-Xs therapies that be two in that field direction. would perfect

playing out And think that's nicely. so, we

There drug. of need will patients in therapy. patients So lines the relapse with subsequent those and who are avelumab-axitinib, be of or there Pfizer plenty will for pembro-axitinib be plenty of

Biren Amin

are data failed metastatic given cancer on the well that AR to in and also their that forward they in several CRPC may set tumor where move as AstraZeneca therapy? patients given in any then plans with have recent And AXAR type, there saw data responses your prostate

Richard Miller

for where lot of for that. of all, good a AstraZeneca congratulations first look Again, a plans There's doing monotherapy. to study they at

so can going on. good So well know what's clinical really you they very research. We understand folks those do --

was I prostate on with, think patients and of one immunotherapy. their their were four or of three cancer anti-PD-LX combination course,

a had who patient another monotherapy. in had with PSA they think I drop

hear So of general. prostate and our cancer about on look And be to more target blockade, to presentation, a least adenosine in prostate we definitely for seems based at with therapy. kind at yes, prostate early have plans good results, to ciforadenant seems Come ASCO you'll there. to this -- with

-- really good AXA AstraZeneca's think work -- we're and work a receptor So I with target. AstraZeneca our now work as really validates

Operator

next from take We'll Instructions] [Operator our question Crédit Morabito Michael Suisse. with

Michael Morabito

each just was enroll if for if to patients you give I looking many how enrollment just the come of reminder is bit type us enroll of how update have same roughly plan arm, on in? or And far, per to so of patients can patients you to as if could lymphoma you CPI-XXX been many a enrolled see little they how plan ongoing? a number you

Richard Miller

good is lot Very a there question, here.

So clinical of first trial. first-in-human a this all, is

the you a but lymphoma. T-cell as is of The group of a taking know, in four escalation with study is main efficacy So well. about we're there's kinds T-cell patients all CPI-XXX diseases, at is heterogeneous look lymphoma, lymphomas, dose, purpose the T-cell course, and that the and five or of and, dose safety delivered define as to is the initial part of design, of X-by-X

adaptive biomarker effects We determined, at extensive have then where where once look And design is lymphomas. at the trial then target, T-cell the on various looking the kinds of the system, things the an of separate dose parts we're that. like occupancy immune breaks we in principal program into an

T-cell of lymphoma, T-cell lymphomas, have So lymphomas, of common for category is called we which the what's peripheral a example, angioblastic T-cell lymphoma, T-cell other. then those one more are cutaneous

those those in disease-specific So And in in manner, as cohorts, on then different we the enroll initially disease-specific a all-comers patients we dose expand can response in appropriate. based escalation cohorts. disease-specific

of to on patients have very, but -- cohorts guess record track hundreds we're you final it our malignancies. -- group depending centers, could got because many hematologic very ibrutinib, we of of expended. how of you here I hard number -- the in if put The -- if those be well the of connected number, So the obviously with

with has My with the thought leaders. worked Corvus leaders the have worked all all throughout here We at thought group world. the

Australia, think very there The for But more started, very, correctly. pace than be there this that involved States, sites enrollment be that United of XX is centers It a is up unique just agent. novel study, plans We have number centers, We're be conducting because is not going will -- in probably this Korea, recalling I think this international Canada, the to I are total of there. trial. really if study best -- yet. I'm thinking will if I'm an our the people be will in very study a mechanism action of in South good

of nice for the way little success interleukin-X-inducible thing was BTK course, that felt which sleepy as about a in that the The group And target, T-cell that of targets hopefully target mean ibrutinib with I BTK. about a the and the about excited oncology kinase. made last ITK with are much we're by important years. stands in most now it is reason because XX or this XX people our nobody Now one replanting the of and, ITK.

with opportunities think, more fruit. stuff. compound, opportunity better? manipulate T-cell properties And intrinsic but biology learn really killer ITK there's the necessarily significant. a intend tumor And can -- lot are of a might that in are pharmaceutical So you the to and about involved lowest-hanging inhibitor, tumor, not the T-cell lot to the cytotoxic whole you gets sort we you with of is a of a it. ITK solid they a effect gives other attack autoimmune Now into the diseases? so T-cell that us but biology. lymphoma we cells Like solid a is can It lot Cancers do an

selectivity. the of attributed effects. I to the point difficult ITK, in and crucial It kinases, in succeeded mentioned hits kinases And amino development who BTK are of Because about few XX of get its I is that This the As really the very kind it's already group that. similarity our the to very, only immunologic here, key my is there talent really extraordinary difficult family, the and to selectivity compound with acid think other this opening the their and the remarks, do selectivity. that And is obviously ibrutinib. differences of it's for have experience ITK.

you you that. about that on get you talk for tuned -- Sorry but long answer when

Michael Morabito

I is And see follow-up, ASH will chance at so, any SITC from guess actually chance see safety is there might a it data? there be year? just as will that we we early dose-escalation rather a this data. that data, or dose-expansion data this pure Or later if

Richard Miller

that about GLP know about because don't you because get X-by-X good thing did, periods. drug dose-expansion wait of reasonable to which showed I trial at I the was Phase at data extensive study. to your is safe, dose the through start design, obviously animal preclinical actually to in we're least in work we the a able But have systems, quite our that our

don't I lot at low waste have data mean hope have to we I some in is that mean up doses. a we to December. of we my -- I meeting present So lot through that the a going think ASH time of

think early only and have hopefully, you efficacy have data. efficacy. I lot to some data we'll safety present of have only And we before. that's -- hopefully, never been immunology some know -- Michael, we'll going whole certainly, a have described we we're

that. others... Unlike here for we You efficacy. know are

Operator

go to We'll Driscoll Wedbush. Robert next with

Robert Driscoll

out overexpression find ITK depending related And bit work varies going type ITK as talk any to you the about between kind a an lymphoma add just within also to just you're study, XXX. on, signaling? to of you biomarker the are or there? types, little have to trying on during Do what in each Again -- of or type a activation kind how T-cell sense of each

Richard Miller

Okay.

expressed ITK differently lymphomas. is T-cell So in different

most -- expressed angioimmunoblastic known. in for a T-cell for the together a all that And I there those. We're put other that. the lymphomas, T-cell the in the not over But like is AITL, But the or common Similarly lot field. T-cell in that. that mentioned ITK T-cell about of expressed is them. information of expression seminal correct is lymphomas in very lymphomas. the do in and peripheral lymphoma not AITL, all receptor lot information well of we is And ITK which collecting and XX% You're literature about sure. common T-cell it's know says is so there's that tumors

So it going Robert, going have I'm it a turn on to I'm to PhD, I around, turn around you. know you

that ask if tumor all lymphomas, But signaling you would receptor, So I it aware is many, none in answer be T-cell B-cell BTK, I'm is which the the overexpressed receptor and bet of. that is of T-cell and them have T-cell was many involved there signals. in

So question a whether and a what that's it's, tumors, driver the all and doing not process. whether think overexpressed critical all T-cell course, and present or in it's just in I it's T-cells of malignant of

that functioning that is pathway there's to lot receptor PTCL of this. appears in T-cell many, But be ITK. a T-cell be have and learned there's to lot a So But in lymphomas. about no that AITL question many

T-cell I'm the that know will somebody the some does call, this know that I don't express not I fact, T-cell lymphoma receptor. her lymphoma, sure after paper if T-cell In but don't find me

it the cancer by play receptor? does or to that so has receptor T-cell process? it malignant the critical So yourself is why that it a is role? you Why accident question, have ask every to that Is

Robert Driscoll

thoughts might you any potentially positive us then proportion And of remind quickly Signature, presentation. cancer I what Adenosine Very patients cell early SITC here? helpful. on renal how probably commercialized? And up looked on screen from be Can the that might test just this the

Richard Miller

question. cell overlap by with patients in and cancer significant XXX their called -- Adenosine we're published cell finding speak Signature. Genentech Yes, by myeloid XX% our Adenosine cancer, myeloid okay. you studies, done we've in to of a patients what of expressed in this In study between the for question your Thank are genes that XX% for -- renal express asking is, cell a that. of our hours but can and renal I signature signature. Most our they Great related our the patients XXXX on myeloid Signature. late coworkers derived. over There's answer

it of patients. number the -- and good concordance in the RNA-Seq, do and done those it's a biopsy. even two the these not methods. in might, two to of histochemical the test from also blood, with believe biopsies, way, done it's we've on of it with we've NanoString analysis of possible, -- tumor We terms markers. By develop might it commercialization there's is some We done it's be So this ways. tumor The the test

are least we companies the clinical talking Adenosine developing Signature. now of So a three about at ultimately detection with for approved and our diagnostic

So Phase I either will commercial test an for III that, or that the think of sale development don't at trials be impediment all.

Operator

That concludes closing additional today's over it like remarks. back any session. today's to I'd to question-and-answer turn management for or

Richard Miller

operator. you, Thank

you all and ASCO. in forward First, And we'll this future for hopefully, at participating very We calls let me with you. Thank interesting. see thank call, everyone future look to speaking you updates. on more

Operator

conference. today's Thank participation. you concludes That your for

now may You disconnect.

Corvus Pharmaceuticals (CRVS) 12 May 192019 Q1 Earnings call transcript