Earnings call transcript Q3 2022

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Operator

Good afternoon, ladies and gentlemen. Thank you for standing by, and welcome to the Corvus Pharmaceuticals Third Quarter 2022 Business Update and Financial Results Conference Call. 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.

It is now my pleasure to turn the conference over to Zack Kubow of Real Chemistry. sir. ahead, go Please

Zack Kubow

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

to followed Leiv Lea, with open Financial updates call On President and Senior James the by some Chief period. the executive of Chief Officer; Miller, call Research. Officer; business The the a Executive question-and-answer are discuss Rosenbaum, Richard remarks, Vice and prepared results will team

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

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

With to Leiv Leiv? call turn over that, Lea. to the like I'd

Leiv Lea

compared begin equivalents quarter and will for marketable securities turn cash I $XX.X quick Zack. $XX.X our update. at a to At as third million XXXX. business a you, Thank call over of Corvus XXXX XXXX cash, had overview then and December Richard financials with the to September XX, million XX, totaling

development offset to increase The the quarter same primarily by period costs. of a to $XX.X runway $X.X early reduction $X.X we clinical our $X totaled provide believe the million partially costs, in trial in in million million into million a recent of plans, in third which prioritization was increase was manufacturing and Research for $X.X the XXXX. million drug cash related Based clinical our XXXX compared pipeline stage on of XXXX. will expenses

this manage prudently support personnel, while external our we of products. of of continue We our As portfolio candidates. can our careful help to product resources collaborations advancing achieve rate, experienced cash you that development see, by to utilization burn establishing able and leveraging were

Examples of Cancer in in nivolumab and now cancer. a which ciforadenant these for is China trials and partner involved mupadolimab clinical our and first-line Angel the trial in cell with CPI-XXX ipilimumab are Consortium, combination collaborations Pharmaceuticals Kidney renal conducting with with

net for of The net the loss quarter in loss to $XX.X XXXX million quarter in of for for same for XXXX. million the $X.X was a third compared was million million expense XXXX. XXXX compensation stock third same $XX.X period compared the to of Total period the $X.X

Richard, over I'll turn to and our strategy who the now plans. elaborate on call will

Richard Miller

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

aim to on diseases share and excited of are which We programs, our immune-mediated bring an including cancer new clinical to to therapeutic approaches update range diseases. a

to the precisely by intend our of utilizing cells, immune We this drugs. activity accomplish targeted modulating

of expanding a across of goal ability help portfolio approach we our end we of positioned year, As series with the patients. potential are to more catalysts our for the the

ITK is similar of is autoimmune that treatment the CPI-XXX with B ITK inhibitor cells anti-CDXX inhibitors the diseases. opportunity allergic and We and to binds target BTK. CPI-XXX a B has covalent is target cell and inhibitor fibrotic to autoimmunity, BTK program to that that way believe lead oncology, antibodies Our diseases believe of the our across opportunities diseases. binds to ibrutinib CPI-XXX, lymphomas to T ITK diverse cells we both and for similar

development these roles the agents. in the of and members Corvus of crucial Importantly, team play discovery

clinical inhibitors ITK other any development. of aware not are currently We in

Phase with relapsed CPI-XXX T a in trial clinical in currently lymphoma. X/Xb is being cell patients studied

with oral China our milligrams XXX a dose. of dose Angel are optimal cohort of Corvus Pharmaceuticals an this focused along identified partner patients per in on and have We twice expanding day

We evaluable morning reported presentation this that at a study as from of complete treated Hematology the presented previously poster there XX and dose. stable will American December BID five in eight be that XXX Meeting at nodal the data response on We announced were one response, had We response, patients XX. partial this milligram Society of disease. patients July one with complete one

first is the We disease. view median the less had therapies X.X overall these results four of survival of cell severity in the is of three months a prior median reported lymphoma than months a relapse. the first to progression-free patients of positively survival These relapsed published T and be given and

three relapses. had patients our or four Now

ASH antitumor and The in will cohort. patients for XXX safety update at activity include this more milligram mature

immunomodulatory CPI-XXX the and for presentation therapy differentiated important effects by allergic of and as analyses samples patients. of blood immune cells will measured addition are cells These of from serum in implications cells T known very ThX, various include changes diseases. ThXX terminally modulation T memory these autoimmune has in normal what ThX, and effector cytokines as In

diseases our Advancing and company ongoing clinical XXXX. in is Rosenbaum, in our work, are increasingly will we led Dr. for the us major of that focus by Based half being CPI-XXX trials who the we allergy confident on for James and/or joined in initiate strategy autoimmune autoimmune a in first allergic July.

Dr. of in this of time. during have plan XXXX. more in also Rosenbaum a elaborate if Phase T initiate on trial X Q&A, CPI-XXX cell will our to we lymphoma We

third on curtain and specifics to We with to along the the included announced XX, today closer discuss be are about will and allergy. more disease time event. in Initial plan CPI-XXX plans the webcast of autoimmune the host call ASH for releases ASH to details data, CPI-XXX and this at press in on our meeting, quarter our updates results conference raiser December a and call

which The the of our institutions nivolumab. Moving seven evaluating Kidney being a on consortium. Phase Cancer a receptor ipilimumab to trial Xa first-line the metastatic Consortium Anderson Texas as was antagonist. led trial Ib/II for cell clinical is by Cancer one of renal ciforadenant with partner up cancer October, University in therapy combination the that In and triplet the a Research Center, ciforadenant initiated make potential MD adenosine

are premier institutions synergy All Pennsylvania, trial ciforadenant our from showing Beth I demonstrating The Michigan, Vanderbilt. include University preclinical University, Duke of Israel studies Deaconess is activity and publication University of and on based UT in anti-CTLA-X cifo. antibody the others data XXXX, Southwestern with of of models members our and tumor in Phase antitumor

every Stage up systemic oral X cell milligram XXX – combination XX four mgs/kg twice planned doses is any this nivolumab ipi with renal three These milligrams daily therapy. newly milligram or continuously receive given X and IV for with trial that standard enroll diagnosed have kilogram in weeks cifo cancer recurrent not The prior received to three fairly weeks. X will for every to disease. regimens Patients per patients once are

complete This survival partial The defined volume greater to tolerability have in Phase as the safety, Ib endpoint portion, and responses. II overall is portion that Phase of the points reduction run-in plateau survival adding tumor percent is than deep and of responses activity. eight and In will the achieve patients reflecting the CRs progression-free enroll on by with XX% primary responses cifo. goal antitumor raise patients end primary who the our

receiving correlate prolonged that mentioned deep Historical ipi/nivo. survival in shown data responses and from progression-free institutions these has with I of seen approximately is just patients XX%

that efficacy this As an good so we open-label for a in get feel we the anticipate single-arm trial, early trial. will is a reminder

cells Next memory immunotherapy. in protein, activating and is antibody. anti-CDXX We mupadolimab in results in into which the the unique mupadolimab B binds that differentiation landscape cells. We differentiated CDXX immunomodulatory B their antibody-producing mechanism provide think a of our B on to the a action properties CDXX unique is cells believe it cell on as and into activation epitope plasma

Pharmaceuticals cell the continue with the controlled initiate US, we XXX. neck focus cancer as in term resources to China advance in our relapsed/refractory a cell to we of Phase in our mupadolimab partner cancers. head and patients with remain We the In I/Ib and with trial will together non-small but ready a anticipate patients randomized mupadolimab paused lung with Angel development II that trial squamous near into on alone pembrolizumab clinical Phase and

in early upcoming cash closing with will data we positioned is at believe our in potential Key with CPI-XXX presented combined Corvus milestones next include I new into months a be catalysts December. programs the for ASH Phase In runway XXXX. well several XX

that As T-cell for a reminder of the Pharmaceuticals, are for in who portion study trial this planning China and we study XXXX. responsible is includes II Angel Phase lymphoma a in

the of clinical CPI-XXX With we ongoing for autoimmune in activity and enrollment of clinical the initiation Ib/II half on Pharmaceuticals, key ciforadenant, potential development in yield is in next look quarters. response cell the first And by study. open-label cancer year. in is the an of trial development XXXX. trials read to trial for is data a these since renal have Phase China continuing goal coming which first-line in mupadolimab early pending the with updates initiating with the providing of on forward rate Angel Phase I could allergy new We initiatives it a

to questions-and-answer call now over turn the the for Operator? will operator I period.

Operator

Thank you.

question-and-answer session question. now Our Instructions] with Mizuho. first will from today come will your [Operator ahead Mara of We begin the go Please question Goldstein

Jerry Gong

Goldstein. Hi. for accepted the on Gong on our for Mara Jerry And abstract. Thanks congratulations This taking is questions.

trial breakdown provide in the continuing for confirm higher you any of in For Australia? patients you dose ongoing Thank are cohorts? can can China via patients any as like you on or you. monitor CPI-XXX to trial, the the CPI-XXX if And US color

Richard Miller

ASH your milligrams We and on is the cohorts relationship have at question primarily cell milligrams XXX dose for the has of we we higher response milligram to to we milligrams is drug. and will a the a T identified thing differentiation. ongoing follow-up this focused dose cohort. think And meeting dose, the effects very our One in a enrollment XXX important are XXX that very on based XXX emphasize that patients patients that XXX milligram done is interesting be in is enrolling What XXX dose probably the on is cohorts.

around the but And cell that interesting terms we also of might been This in biology. previously. this T We the normal add. effects on ASH not at meeting hitting never property antitumor will be we think only I has have effects the described intellectual hard

second question The was was question? what your Jerry, second –

Jerry Gong

Yes.

Sorry.

the the in trial US China provide So patients for color on CPI-XXX in via as or Australia? can breakdown any the you

Richard Miller

some US, are from significantly More China the recently been well from Most trial enrollment patients been here. Australia treated our of on coming as has Korea. who've as South and from the

Jerry Gong

more policy. ask Got zero-COVID you. And follow-up? can recently reiterated that has So one there's China I

So, got how approval? and just China that might IND in recently affect trial clinical this the trials Mupa current including CPI-XXX

Richard Miller

in our So, or four the what last those monitoring five we've has had impact And the centers that don't policy believe China of the policy opened or on it that now trial only weeks, in the centers substantial a been zero-COVID some at in appears COVID few We're I up subsided. very zero-COVID that carefully. just China. recently. and pandemic

impact So right now, seeing we're significant on not any that.

Jerry Gong

for the you. color. Thanks Got

Operator

Our of today will Roger Please from Song Jefferies. go next come question ahead.

Roger Song

what those us, for can for address in and the the step for press us the be Maybe XXX. of remind congrats Thanks Maybe you're is just the biology questions Rich, XXX Since the disease confirm XXX. looking and for I'm Great. also, disease? global at China? for prepared or particularly of couple to taking trying the for XXX, the you the for autoimmune and what progress. with US questions will just And next a prioritizing the release your outside remarks, is allergic

Richard Miller

Okay.

to me let can help lymphomas for be view path think our continues drug emphasize most of effective, we lymphoma disease, So our patients efficient, shortest all, most main the still with T-cell a thrust. that approval to bad first at disease. We this T-cell

can we a relapsed as -- in effect have that believe to continue in disease. a significant monotherapy We

combine earlier-stage over the Of course, to lymphoma. looking would it be longer-term, with patients we in

of So that, T-cell is thrust lymphoma the want I main emphasize still to activities. our

really ITK, very very, to with team of it's we notice B-cells lymphoma what is bunch effects saw, that treating myself patients to like it of the reminiscent other in effects things were that and ignore the on see patients could profound important when in difficult case Rituxan However, started diseases. my lymphoma our very and for a be T-cells that started of case other we ibrutinib, there in we

this. has on talk we'll of biasing the And killing or helper T and of what in that poster do called question causes ASH. T-cells. cancer a cells are the there's What that question no and ThX we No cells. our skewing of this cool to to there on at at XXX stuff lot of differentiation effects So effects with virally in killing see ASH, evidence that are the is we cells have and really infected important vivo about ThX cells.

that ThX atopic inhibition and can IL-X, IL-X, cause in its dramatic this, These diseases. pathologic of that IL-XX. in other cytokines We many cytokines we like dermatitis, are and are resulting diseases scleroderma asthma, of have vitro like evidence many,

the autoimmune over provide disease T-cell lymphoma So is I blast to forward we trials can initiating XXXX. maybe the resources to can, you're as might in on detail to And more concomitantly Dr. think, good this invest be it strategy a a but with who turn asking. best little our bit question Rosenbaum, point in

to the XXXX. the So, short key allergic we key relatively for get clinical can large can us, is disease, do. what clinic pick we in that's where get opportunities intend in endpoints the autoimmune we quickly, an we get and data for And disease in given of number meaningful us autoimmunity, have or the

to details maybe to But our want add that? this going to give more on ASH conference lot you call. at we're Now, a Jim,

James Rosenbaum

Sure. pleasure. My Richard. Thanks,

As is and are ITK you toward dermatitis to so-called leaning clinical we're for generation in and atopic is T-cell in allergic disease and cells enzyme ThX scientific are ThX right vital of is target, covalently disease a XXX rationale that subset involved disease. first said, the binds critical our because that now, overwhelming. of atopic And ITK T-cells cells, that fibrotic the the that as

course need addition, And of effective XXX efficacy oral. can to within are drugs clinical an or unique we XX that given attractively, clinical often be effective has mechanism sometimes and It In drugs it's only we believe a unmet partly that days. action. by of need injection. with find that is

will efficacy said, more XX. trials ASH the before light December at we to XXXX. you So, clinical in provide end that we shed And XXXX expect we'll be the of spring intend on in the as have conference on of and to details results

Richard Miller

Jim. Thanks,

So, Roger, any follow-up questions on that?

Roger Song

Yes.

data I look great. forward mean, that's to I both think and I disease. the lymphoma from autoimmune

prioritizing a you China. XXX, in Mupa the for the you're are understanding, just So follow-up Mupa maybe advancing but also

the So, maybe the we will of Mupa development just see when condition in for update [pg] the world in or outside the China? US

Richard Miller

Okay.

already IND expect sites we China, in And patients clinical of and before to the lung So, very prominent start Angel has in up been China. cancer lined end has approved the enrolling neck several and year. head with experts. good cancer

and trials. But studies will it Mupa Mupa pembro. together those course, with non-randomized include alone Of are

that study on II put plans as situation trial to ready, now have US, to field sites pioneer. we've hold. That because when we the as is the always been cancer. frontline we in who in Again, ready lung in focused we would some Now to conserve from ready you have number in the trying results US. highly start the and we're that Phase we get know, don't looking Obviously, plans could collaboration, -- We're we on our any capital well. randomized I being protocol, a a others, one, was Phase in XXX. this have suffering because restart change, definite go. a It's place we're really have to working trial, from go some our two, are to everything – paused with just we that have Mupa were II number we as

in So wait case, things out. we're play some been pioneer, we have but going the other for this of to now these to

and will soon antibodies Those know, are impact as TIGIT be other you our Those studies several cancer plans. in also there's course the lung as could Now of being other Roger, looked next at. results along that things months. coming

Roger Song

it. Yeah. Got

So…

Richard Miller

Okay.

a good – about Now, we're talking as because question. long as that's

really In a is that is really fortify out thing something a my turns could frontline some the we yet, me to not want make lay novel have it team about science forward criticizing interesting willing once mechanism rationale The quite action. to of pronounciation. property because with looking is use and or of cetera. And And always cifo, it that. data. that behind ipi/nivo people. I'm in perfect out ciforadenant, there's collaborators, about event, we that to fascinating. going any et special You That's really with together intellectual that, for But cifo's trial. for same sense do to ciforadenant the really ask uncovered our We're my we our

that of about call what deep a that PRs. we based deep PRs thing There been CR trial that, other and with publications have already The is it's correlate CRs OS. on couple and and PFS

So who people, respond most are to respond months. going in three

whether know rate, All right? I we're this having impact is on would we So PR/CR the about deep study, early quickly very the in is in mentioned my which XX%. very in remarks literature an

Roger Song

Thank the for you. for Yeah. cifo. great. Thank color Awesome. Great. That's additional you the

Operator

question right. Watsek next of [Operator Fitzgerald. from today our Cantor All Li Instructions] will come And

Unidentified Analyst

Thank Hi. This question. so for have Li. is quick I taking my you on ones. just Rosemary much two for

into on FDA for discussions do X? move to could you any how on had ciforadenant. And one approval? have path cifo you think you So fast CPI-XXX, the then And Phase with potential

combo with cell, what ipi sense in view? of us could be you So a your and good renal the would frontline give nivo and with data

Richard Miller

Okay.

The first question on T-cell lymphoma.

again, and go peripheral refractory to cutaneous lymphomas. T-cell T-cell plans be So, into our monotherapy, patient's lymphomas would

We already. have a around investigators. protocol drafted two circulating It's

patients not of But And you're of that trial at with reviewed be ASH would protocol probably that more a FDA. what at intend about probably that to patients, trial. the talk like We again, our something single-arm a start that XXX meeting are have can We midyear. trial XXX thoughts looking in would terms on We the yet that. size.

because remarks that mentioned that and would of shown that's CR PR couple my be great is I success, a question papers XX%. a second deep have we what question, in The have that

beat I So, to simple. want Very XX%.

Unidentified Analyst

XX%? above Anything

Richard Miller

but... XX%, be rather I'd mean, I Well,

Unidentified Analyst

course. of Right

Richard Miller

recent mean But yes data. historical XX% basically I is data historical your

Unidentified Analyst

much. Thank Got so you Okay. it.

Operator

gentlemen and Ladies go – ahead.

Richard Miller

immunotherapies, complete like increased thing into cures and has complete turn into it's oncologists in never is add PFS and and to PRs though not excited – increased about want and cell that no especially question OS there's highlighting really cases one renal cures remission rates rate that even much. the worth that remission interestingly CRs in many just things never. that immuno-oncology cancer. rate response most because has CRs everybody good almost turn can But And Yeah

rate what is So, at looking response PR and CR that's deep be you'll rate.

Okay.

other any operator – Sorry,

Operator

No.

time. have no questions this further We at

Richard Miller

Okay. All right.

Operator

can for So Dr. or Richard ahead. turn I back Miller go you. to – closing. Thank you

Richard Miller

Okay. Well, thank you operator.

call. look hope much. the give And Orleans. We move XXXX. thank in of an usual everyone very interest. the on end to your update you from updates through to all, December call our well we First XX New as there, on listening for the Appreciate you as year Thank next as and the you forward of quarterly

Operator

has this do attending concluded conference time. The you We presentation. for now at thank today's

disconnect. may You now

Corvus Pharmaceuticals (CRVS) 3 Nov 222022 Q3 Earnings call transcript