CRVS - Earnings call transcript Q3 2019 | Corvus Pharmaceuticals, Inc.

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good afternoon, ladies and gentlemen. Thank you for standing by, and welcome to the Corvus Pharmaceuticals Third Quarter 2019 Update and Financial Results Webcast. Today's conference is being recorded. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session, and instructions will follow at that time.

pleasure Pure the Communications. my Zack over now of Kubow is to call turn to It Please ahead, go sir.

Zack Kubow

quarter and Thank you, for third us Thanks for business operator, and good the afternoon, Corvus call. results conference financial everyone. joining XXXX update Pharmaceuticals

Dr. discuss Miller, Also Corvus' On Richard Mehrdad business question-and-answer executive highlights XXXX Executive Mobasher, Willingham Officer; joining and Officer; are Leiv Stephen Chief results for the prepared the Scientist, the Drew and Officer. third remarks, the Dr. the call Hotson. Senior a will call by team quarter Financial call Medical to Chief some period. are and with Lea, followed Chief The open

that I statements. management made by answers include would everyone today forward-looking like to comments to remind and questions will

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

Leiv Lea

to and for begin update. with turn a Zack. I'll overview over our quarter Thank quick Richard then you, of third the call a financials, business

continue XXXX to December costs, was million $X.X ciforadenant quarter compared in securities manage cash, we to to cash like costs and costs. used in with the currently XXXX $XX $XX I to personnel million our and full primarily year-end development for third million loss to increase third be million. $XX.X as expenses year would the increase for million. totaling million million, $X.X of quarter and XXXX. and XXXX, CPI-XXX of stock totaled same XX, $XX.X XX, program compensation had net period expenses The net expect was for an Research Corvus XXXX million marketable and loss The third XXXX September carefully million equivalents and to $X between and expense period balance the compared $XX operating cash to XXXX. At note $XXX.X compared of the $XX between offset the million for was due CPI-XXX by activities Total partially XXXX in a million in million and at in the of that $XX.X XXXX. quarter same XXXX reduced $X.X net cash

will now turn over to I Richard. the call

Richard Miller

for business Thank joining today you, afternoon, for our good update. us you Thank third and quarter XXXX everyone. Leiv,

During the advancing continued of clinical all quarter, our we three programs.

clinical data Our very ciforadenant, Adenosine data our forward presentation clinical and SITC meeting AXA anti-CDXX and with the in an CPI-XXX studies clinical at and inhibitor to CPI-XXX, providing updated well, updated to three in our in look we ITK Enrollment go continues receptor all and oral antagonist, ciforadenant November. posters CPI-XXX.

I medicines, CPI-XXX. by multiple short, clinical products and presentations, In to We followed our an believe studies allow us over preview other also meetings months. efficient clinical update the our medical next related and deeper biomarker-driven to at developments. programs designs brief to precision today's other we On our on SITC are ciforadenant that of and present CPI-XXX planning call, advance four provide into will programs, data will ciforadenant a

its of is a CPI-XXX reminder, kind As a antibody. first novel, anti-CDXX

mechanisms this as an Dr. in it human on advanced because in presentation presented ASCO CPI-XXX oral the independent clinical evidence these presented with CPI-XXX demonstrated immunobiology the unique molecule to important blocks is highlights to protein it CPI-XXX disease, saw of advanced synergistic. co-stimulatory cancer. achieved two of and cells. a CPI-XXX key In early Jason who refractory of earlier immunosuppressive possesses from ASCO are administered which resistant properties. adenosine. Briefly, of very in immune has developing results and blocking activity, binds in to first Pittsburgh, also included properties Clinically, we CDXX activity disease be blockade, its current combining enzymatic on that interacts tumor with are of immune process treatment production that and at His site are a demonstrated stimulation approaches. with the signs CDXX prostate the when Luke adenosine on renal ciforadenant. dose-dependent University combination molecule cancers, patients year. adenosine. is immune particular, activation presentation and the from leads patients that the expected the cells. and monotherapy control created to of with action, control the cell at ASCO a We of in regression This early site

also was so limiting reported observed no far. a safety We profile CPI-XXX toxicities tolerated levels all at as with dose dose positive well

of expansion the cohorts November at We ASCO, basis will a agent our on with of and an evidence the the Time, in at ciforadenant. with build the the dose ciforadenant Friday, clinical study, approximately patients X:XX the enroll This for first presentation the optimal follow-up and focus on pharmacokinetics Based highlighting at Phase the Dr. dose oral the per have X/Xb Luke with X/Xb continue combination will dose of we CPI-XXX. and focused provides with include weeks ASCO patients XX On sustained the date, SITC, to in CPI-XXX both occupancy This at goals CPI-XXX from and main to updated two experience the we data on full and dose arms, CDXX arms three in X, efficacy. study. milligrams monotherapy trials with the of in patients. escalation the PM in sites Since on trial monotherapy, more of this future further single assessments advanced combination for Phase cancer XX every Eastern on in believe of immunobiology study tumors. and presented provides data selected blood trial longer the one and current activity for kilogram

short treated follow of of up are patients. we levels optimal at indications or some is kilogram, dose, the for near to in dose milligrams patients see While these XX at the per tumor activity pleased

circulating related and the CPI-XXX results, to specifically of prior are effects immune in-vivo, activated in-vitro dramatic to both effects T-cell to and with antibody. producing B-cells antibody properties Similar these and cells, and our are continue redistribution. cells immunomodulatory on mobilization and B-cell we see are adenosine independent into

not are molecule that has agent, targeting other exhibited of aware We any antibody properties. small these or CDXX

those to not Eastern that talk able highlight and to X:XX X:XX at Luke's investor Time. on reception from SITC will results Dr. discuss attend PM We X, for PM Friday, an are these November

the for will that webcast the attend take those place at that those in Center, Hotel at be we National will For person. meeting, the will also Gaylord the Convention cannot event event and &

If like you would to reach out to Leiv. attend, please

present and SITC, adenosine posters by In at Dr. addition CPI-XXX ciforadenant. to the Luke, we two programs, covering our will presentation also

more the of Willingham's will the now adenosine will predict as at targeting poster immunotherapy Dr. our a work an response or in will between and journal. cancer. in believe with Adenosine will to Gene medical press monophosphate, and AMP implications the therapies. This Stephen with This to pathway adenosine Xth, moment on Corvus. cancer. -- renal understanding Scientist adenosine elucidation pioneered our Adenosine in interplay and the Willingham, Gene a provide poster first Senior Adenosine I of for important will biomarker, scientific by major very a for a has the is therapies update cell have be The well ciforadenant Dr. Signature of cell research in be here Hotson Dr. CDXX, the Dr. This used correlation has presented identification adenosine this on axis Gene Drew Signature presented renal on as deepened which Willingham and a talented tumor the and be moment. Friday in to highlight Signature response patients we in basis in can touch general. our

Mehrdad His details the we ongoing Officer. the of be of adenosine second at by Overall, poster CPI-XXX. development in data SITC Dr. Chief with driven based The our will pathway immuno-oncology our presented trials as presented will the a that will Medical the cover Mobasher, the and of design anticipate leader reinforce development medicines. in our targeted poster therapeutics position biomarker Saturday second-generation of on

monotherapy durable of prior strong molecule patients more profile. now includes years. a over receiving been with out and the with median is ciforadenant several advanced and safety the XX failed ciforadenant activity the ciforadenant, than small patients has now an to atezolizumab candidate development across treatment-to-date. antagonists, of a on in have and adenosine than that three as experiencing for patients disease two in AXA oral AXA of It months, with responses in PK-PD control antagonist our who have patients This antitumor demonstrated receptor drug therapies, that Turning combination to receptor, most with more XXX some landscape is

This evaluating to with with renal cancer. ciforadenant enroll cell advanced clinical patients on patients Xb/X most atezolizumab. recently continue patients cancer our combination prostate study We with focused and Phase in been in trial in refractory has

with Gene a for Signature patients will to We as investigate to our also therapy biomarker that for ciforadenant. continue Adenosine respond the potential to predictive serve

reported this Adenosine a reflects as in combination have -- As tumor in response we existing We is of immunosuppressive cell Signature we believe that such microenvironment. of is anti-PD-Xs. Addition RCC, and with or counteracts previously, associated receptor atezolizumab, The in in IO a seen the AXA with adenosine with adenosine Gene Signature both antagonist have response. an lack monotherapy cancer, with presence the associated renal Signature and limits of the negative -- immunosuppression. therapies positive

Gene had cell atezolizumab that the patients which in cell by in in patients. XXX expressing tumors the Adenosine in with poor June with renal as with to Medicine outcomes Nature study over in therapy patients myeloid published renal involved McDermott signature, Importantly, referred paper front signature cancer the cancer, Genentech XXXX, line

signature, signature adenosine likely independently our genes. of are the patients with were poorly patients they which eight the are who composed AXA to respond Note, ciforadenant. do most discovered to positive and anti-PD-Xs, an inhibitor, the identical Signature are myeloid but

resistance with preliminary of We mechanism at With out responses cancer. So PD-X selected a aimed patients as the in we our to play therapies. atezolizumab ciforadenant seeing see are our biomarker this is has rationale believe cell our data, overcoming combination in renal we strong a it studies. and

that Gene The those cell solid Adenosine in tumors strategy as other of patients. Signature be present types to about similar well. in renal suggest many tumors of cancer Its XX% may to XX% a appears to presence apply

enrolling also are with cancer. patients We prostate

seen have We activity disease in ciforadenant both monotherapy with for combination this in and atezolizumab.

the ciforadenant mechanism, when ASCO ciforadenant expect in prostate has meeting in to cancers. abstract Francisco, has activity to molecular and atezolizumab. with encouraging biomarker combination in data short, with shown San a an present in Genitourinary predictive has and It Cancers where submitted we atezolizumab treated CPI-XXX. known Symposium, In cifo have and We potential a also several a February in different -- used patients

the and T-cell by varieties enhancement ThX enrolling patients peripheral with potential T-cell Outside the T-cell ITK response. the increasing our directly lymphomas, of of we pathway, T-cell molecule adenosine of cutaneous trial to Phase are inhibitor. system lymphomas, CPI-XXX of may lymphoma. study including has lead also CPI-XXX, cytotoxic to We lymphoma, small other believe in our This T-cell immune to lymphoma be the and immune X/Xb is

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

the the team of scientific types B-cell the strategy development the based the to similar lymphomas. at inhibitors, is Corvus, of of treatment on a several first CPI-XXX of approved led of BTK members development and targeting including was reminder, inhibitor, BTK which ibrutinib, a myself of As that for

the We PD has the and predicted. limiting date as South drug the are United findings, so at been patients toxicitism has we in to PK well-tolerated study Australia and continue far CPI-XXX with Korea. very and which The we in to sites dose enroll no been with States, pleased

a agents Hematology La these meeting that is Jolla three most molecular presentation to of benefit Each precisely We In poster and Forum to December therapy. for allow targets in well-positioned biomarkers summary, Corvus American likely unique in and an accepted of in presentation in defined believe patients, enrichment Lymphoma at have from the of with candidates January. the we T-cell continue the at clinic. Society should for a has

worldwide hold rights agents. to three We continue to all

with addition, ciforadenant CPI-XXX and complementary be In a potential as attractive therapy. appear combination to

on ASCO We meeting and ciforadenant Forum are meeting CPI-XXX data to excited initial at clinical GU in in CPI-XXX to in and from the in January. continue at and presenting the ciforadenant data December the February November at SITC at T-Cell from ASH

expect advancing XXXX, clinic, of our pivotal one but also is stage the the when our later focused We work. calls. Operator? majority in meetings the we updates our of advancing now to to we our focus look or of update trials. to I programs continues look on our forward perhaps advance forward three will upcoming team questions on we both our assets, into pipeline and adenosine on with medical Our future business turn Outside programs providing at our and in pipeline clinical are to the to answer operator for be our call over progress period. pipeline and

Operator

First Instructions] Thank Jefferies. you. from with Amin come [Operator question will Biren

Biren Amin

the we thresholds should data program questions. ciforadenant plus for think maybe order to it GU -- for prostate in taking could my as terms program. at ASCO get Thanks we in Richard, about year stage cancer start is if I into How Hi, the of of the just guys. with data studies? the move terms of next Atezo, good next what forward in

Richard Miller

That's good with it discussed our We've thought experts our Thanks, we trials. about that a involved and are Okay. a in have clinical question. lot who Biren.

would of or so of be drops response a so, response XX%, in of PSA with Obviously, or also in that, XX% objective components key results. a be and good that refractory six around patients think of of XX% cancer, seen durability metastatic XX%, duration in result. in be prostrate good we very hormone rate So XX% are alternatively safety would would castration-resistant months response excess also

order whether or XX%. So XX%, populations X% I novel in be anti-PD-X or completely mind rates PD-Xs, Keep think around patient it here. have a of action have threshold here that keep Also the is the mind even in very similar you anti-PD-LX low mechanism on in less. had response of that

XX% XX%, is here ORR. targets our So

Biren Amin

measurable a you XX%, in are look talking patients at ORR, disease? by when recess about that with So XX% you being measured

Richard Miller

Yes.

Biren Amin

Okay.

Richard Miller

That would criteria. be in this

Biren Amin

on that helpful. And at arm combination to it That's or we months about now? year the PFS as with going basically on, you XX update last know then across patients. think cohort, of you in us relates top I I that, PFS basically terms that finished to presented RCC you guess of -- X.X Okay. is program, in sorry, and the Atezo, Are is saw SITC, of

Richard Miller

study The No. is continuing.

of out, I answer captured came Biren, and sure so But enrolling, all. I'm We part think are try not your question, best I'll it I in my to your question.

where I going. you think, I were knew

with failed is in in cancer patients our not bad study and these negative patients. them therapy cifo, of again, have So of their ongoing third-line cell Most fourth-line therapy. PD-Xs, keep them, mind PD-LX all patient and if renal are of group Atezo who've

would patients in in population, of adenosine study target beyond we'll patients. of continues trial cancer earlier, population ORR the looking adenosine negative. kind looking Now, we've more a lot a negative, we're resist for be tell slightly target pivotal and that target, if stage a in really And that at our RCC got probably are signature cell the At for and for proceed perhaps our SITC by hold using The signature in in to you're this to predict signature exclude end future is renal or patients study. positive a in I responsiveness XX% meeting, similar positive a can to the adenosine who this, wanting because you on we versus that or current in up the you or trial. would ORR perhaps update patient those

which patients. Positive a in the think rate XX% population, XX% or higher XX% we're response or cell resist about be looking by renal of for Signature Adenosine cancer would So I

Biren Amin

to that you And response patients correlation do the to are what of Gene achieve -- about Signature duration of in response, those expect… a

Richard Miller

the I who curve, number remitters, That's The the now about frequency on those it's PFS Okay. exactly, Signature early the who in look press. that and to really great and It Adenosine the those think out the I are beginning are in but say -- also are paper patients Positive. turns prostate long-term cancers, does is, the all forget question at and tail apply and that too every of a mean, and our of cell response, one well Gene The and just to it's Signature to cancer. that predicts Signature I renal question very them. are Adenosine durability that. other just discussed we

Biren Amin

my for taking Got it, Thanks great. questions.

Operator

with ROTH Partners. hear [Operator from will Butler Tony Instructions] we Capital Next

Tony Butler

once there a exists. the Richard, upon time notion and still it was perhaps

to minus I'm need board that the addition just were you refresh the So on there and or using abrogation leak the let's other. if anti-CDXX adenosine in or of leak that understanding one notion AXA could PD-LX. perhaps to the I'd such perhaps put to speak an using if like by just Thanks In maximum some the it an And adenosine is again. call to molecular of curious PD-X, you adenosine you plus get combination. of

Richard Miller

So, CDXX, there of many not just sources are through production, adenosine CDXX.

So strategy adenosine. are final I also CDXX Blocking mentioned, was But other receptor it the of upon and why that's the levels that will that reduce our pathways. we've as thought always receptor, the there improve blocking AXA potentially, the first. because we work will in best area initiated that

looks reason Main you'll question AMP also multiple a AMP out AXA a about you to of because in there give Now, has because of Dr. don't using sense turns when get there. consequences but give his it other lot build-up If being production a CDXX, that hear Willingham's posters poster. to I will buildup consequences is of his that going specifically dirty And and CDXX, reasons. away make you of together has other poster a adenosine it an and he and blocks interesting this pathways address block want me lot of anti-CDXX are for that are AMP.

our CPI-XXX antagonist receptor AXA strategy Now, keep is together the even important. more has and mind I think yet in that combining strategy, which another

immune to immunosuppression the sort an little together and receptor If block thing immune than we're stimulating doing strategy, could cells awesome you our removing of is we more the is CPI-XXX good but think a can which of that a thing probably with eliciting different bit adenosine adequately others. very that's AXA response. do, the we're that's combination and primary important That with be

So, question in but we both if Corvus combination just both idea has that. ability is here using top on I where using a guess is on even good summary you're advantage in the combination, feel your to focused I adenosine an of is other this immunostimulatory think

to want there terms thing well do, pathway you throw that's or anti-PD-X to if of another as Now pathway block PD-X, a another in because about yet reasonable that's think in to to stimulation. about CDXX I address immune -- think poster want and consequences But presents I findings to right divulge really the Stephen poster will don't Willingham's of here. new Willingham's Stephen blocking that

Tony Butler

Thank question. Thank if you for even you adenosine decrease have immune in-vitro, blocking use you do rid of that or in other second AXA agents second the the both different for when in fact you. is this macrophages around does actually at My or example, to -- microenvironment, that do but Richard. inhibition, you site block it my one cells you forget other? versus is and if increase get moment for about were question the by way, And for the in example, anti-CDXX, an

Richard Miller

to and this. with have antagonist tough it's -- you're biopsies, our is blockade have comment knowledge here biopsies, -- some data Stephen sure increase hard and study, demonstration you patients you that's if be and -- going Signature press, guys infiltrate, a in on we receptor on paper showing known The cell really recall myeloid this. asking change myeloid-cell derived. also data sure his But from you have if question we here out AXA of Adenosine genes monocytic an whether very the convincing in but in let Gene in cases not our about. is are in this we He sure not set seat as see to I'm to with or jump question. a Yes, of that or just T-cells, I'm we question CDXX I'm myeloid and of answer hard certainly any that adenosine requires know many falling in have signature or gene and some

myeloid your the really putting -- finger type, is want in very add of you're probably on all this Stephen, to to something cell critical important So you cell that?

Dr. Stephen Willingham

very the anti-CDXX see at SITC use big antagonist when Only be Conference. anti-CDXX AXA what and versus in that. alone Yes, our that's I'll we plus part presenting in-vitro we differences an

Tony Butler

I Stephen much. and Richard, very appreciate it. thanks

Richard Miller

Okay.

Operator

call And closing Richard the with no to I'd Miller, or like over turn further questions any additional in back queue, the for to remarks.

Richard Miller

of very that Immunotherapy those We November for Okay. forward can look everyone thank meeting that or evening, you Cancer you who X the come our afternoon. presentations our Well, call. reception to webcast. in for of first good SITC and Society at Friday all of our you to Thank to participating hope much in to evening and attend, or listening the can't

Operator

does our for your for Once again, today. conclude participation. Thank you that call

You disconnect. may now

Corvus Pharmaceuticals (CRVS) 29 Oct 192019 Q3 Earnings call transcript