CRVS - Earnings call 3 2023 | Corvus Pharmaceuticals, Inc.

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Operator

Good afternoon, ladies and gentlemen. Thank you for standing by, and welcome to the Corvus Pharmaceuticals Third Quarter 2023 Business Update and Financial Results Conference Call. [Operator Instructions]It is now my pleasure to turn the call over to your host, Zack Kubow of Real Chemistry. Please go ahead, sir.

Zack Kubow

Thank you, operator, and good afternoon, everyone. for Financial Pharmaceuticals Results us Business Quarter joining and Update Conference for the Third Corvus XXXX Thanks Call.

Chief Executive On results the Research; Regulatory Leiv and Chief President Senior President and and the James Lea, Officer; of business updates Ben Senior call are Richard of to Vice Financial Officer; discuss Vice Rosenbaum, Jones, Miller, that management I Pharmaceutical followed by remarks and with some would to questions forward-looking Sciences.The like prepared will executive by team statements. will open comments remind to answers everyone question-and-answer today call period. made the include a

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

Leiv Lea

Angel of associated for XXXX million related for stock you, million, development of quarter of Richard a million quarter our XXXX of a Total loss was compared clinical loss million XXXX, for primarily $X.X manufacturing trial Pharmaceuticals. to the Pharmaceuticals, of net to loss third begin mupadolimab, loss third lower partner $XX.X in our quarter to totaled including related XXXX business XXXX. the financials $X.X the the with $X the $X the of million development compared Thank Zack. Research period included net decrease XXXX, million antibody.The in China. was to $XX.X related call a Angel costs the period for with in compensation to anti-CDXX in quarter compares in the to will million same $X.X and update. overview our and the non-cash which third I a $X.X This a quick over then expenses was turn expense $X.X XXXX same period third million million non-cash for same to for and

be of and as of and marketable totaling in $XX.X As XXXX cash, used projected $XX.X $XX equivalents and as million we XXXX. at year to of cash full Corvus million resulting forward, compared $XX XXXX, $XX September XX, in balance million, XX, $XX December net cash between had XX, million XXXX.Looking a million million to expect activities operating securities between December cash

focus manage we progress provide our discuss believe soquelitinib, the will into call to will turn As plans that our and and promising prudently product late XXXX.I support our and of stated collaborations quarter, burn on and our our strategy current now cash runway development will who clinical on last establishing to over our elaborate Richard, our plans. cash on opportunities this we most Based focusing candidates. on by rate our continue help trend,

Richard Miller

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

alignment no recruitment a diseases interactions ongoing last in and starting were there submitted substantial September, a last, provides end potential physician's further to cell now with with to FDA progressing that or clear our four, and Briefly, soquelitinib arm PTCL, in of we evaluate the clinical international meeting registration in with in or the prior Since on study we phase cancers, submitted trial remarkable -- recurrent we following milestones. the terms of research to Phase trial, a preprint mechanism diseases. some of of a trial II design XX three, and clinical We patients The reached of registration enroll August, the regulatory confirm a of with incorporate And total lymphoma absolute novel relapsed the have it meeting poster it per our ITK our in group early in is finalized leading Phase tumors, outside of we endpoint two, in our and trial or chemotherapy Number soquelitinib have in I/Ib early presentation number in FDA, with plans the gemcitabine. soquelitinib equal oncology, investigators call XXX and therapy. academic lymphocyte survival be we can agents. or received with are tumors, will inhibitor continued protocol patients, accomplishments, all immune concurrent review between opportunity recently six, belinostat the in changes animal pralatrexate, trial. lymphoma the trial also of portion an milligrams X enrollment standard-of-care the been feedback, those at PTCL. patients and cell to and be of XXX have approval for above renal Ib/II III for protocol we ITK now on X one, details in in abstract will therapies rationale progress day FDA. we we important the we Kidney trial. for Phase III inflammatory be solid T of required plans.From cancer.I are soquelitinib Number development to contract by immune-mediated soquelitinib, a starting inhibitor, processes. trial because the our sites allowances of a mediated multiple The with December.Number to and relapsed standard-of-care cell opportunity review an of progress immune-mediated registration that treatment program, demonstrating our an utility ASH earnings independent make an continued ciforadenant registration plans strategy to agents immune the for to meeting, Number discuss with trial.Number counts to this has receive accomplished III institutional Research through of or review finalized of in board are which robust with randomized provides to therapies. immunocompetent the call patients than our agreement FDA's for Phase have of was selective the The these accepted now renal of will nivolumab the XXX.Patients continue inhibition usual FDA relapsed initiate the to met which patients prior that solid cancer for FDA, planned we follow-up a and failed of enrollment hematologic soquelitinib proposed alignment Subsequently, for and of in monotherapy T less primary description soquelitinib cell towards the update in times Phase a a ipilimumab activity obtained identifies continued our on our five, presenting in across at on platform perspective, to Phase which we key progression-free published what complete combined X models refined conducted Number from have provide the soquelitinib Cancer regulatory choice clinical Consortium checkpoint by in study PTCL. we will protocol our we peripheral restriction moving in committee. several diseases.Since the protocol of a bioRxiv, scientists, with with I determined that

an will include will study response analysis. endpoints survival, objective the interim and Secondary overall rate also include

if investigators study FDA is approval support achieved conducted.Concurrent statistical should been well is finalizing the the have the trial for recruiting protocol, significance Our with we and study.

involved and number Hutchinson others.The far level interest sites the includes participating UCSF, of Center The in interest in interest Sloan leading Anderson, the trial XX many will that United steps approvals and by soquelitinib the States.We Phase of We will study. data the usual is U.S. in the from reducing centers Cancer needs the strong provides Farber, Stanford, and we risk believe and quarter vast in Memorial fronts contracts, by high making reduced Kettering, States, participation our We needed regulatory centers on of about majority U.S., the City greater second execution executing centers cost. a in from so to stronger the very of progress anticipate anticipate the and be III in of found MD quality, Hope, trial, several all are other centers IRB exemplified centers XXXX. U.S. have U.S. Fred over in the are Dana study United of the and U.S. sites good initiate we the the for control approval from outside process initiate quality utilizing for including the reduced securing from greater We package advantages, can is participate

tumor that we by trial of also a data paper led We Rosenbaum renal selective ITK soquelitinib ASH will there published immune University potential its cancer soquelitinib, of highlighted confirming Jim review provide recent soquelitinib evidence the Phase Cancer cell supporting results lymphoma. our of clinical of in confirming to Phase XXXX.I on trial body solid cell In poster aligned with the the a of to solid from presentation preclinical and to tumors. along preclinical anti-tumor the oncology. and response immunotherapy. We In the potential extending laboratory collaborators in clinical an immune remain Center on selective Medical with a soquelitinib and note, of in inhibition enhance and in initiation published approach related to provide September, I/Ib lymphoma our the a in data for present clinical T inhibition ITK Dr. to Beijing preclinical for immune inhibition and is and tumors.The I/Ib in additional evidence a novel a Phase to and for in correlative Ib/II T to group Erasmus diseases. potential relapsed solid and are potential to developments on December.On plan tumors growing of in meeting solid at trial July, data cancer academic on a were hematologic We our continuing call Center independent pass treatment additional track enhance early responses cell the with in data from now clinical at Rotterdam, inflammatory ITK the team the

James Rosenbaum

you, Richard. Thank

immune-mediated chronic preclinical inhibitor of discoveries potential by we the paper described differentiation, models, these week, involves Last is production published diseases by the for more that and such we second several asthma, in its are One categories inhibition that models. the psoriasis, finding ThXX subsequent acute IL-XX and IL-X, to mechanism our their a supporting an is disease.This indications. on the our these same as We range the generate treatment with of novel in across immune-mediated range potential produced cell cytokines is as get inhibitors results our evidence interleukin-X, of selective that wide diseases. specifically, that key ITK cytokines ITK to of data ITK and the soquelitinib inhibition the are supporting ThX the paper approach inhibiting believe many versus platform a and medical cells.More action ITK successful of The fibrosis, blocks of the critical IL-XX. pathophysiology remarkable a scleroderma of and continue cytokines production of our and root inhibition multitude including of of cut targeted host blockade of of available across third-generation These bioRxiv of review cause established of asthma, website diseases. medicines inflammatory by of supporting in of pulmonary cells production T and that provides graft many these in-depth a the and each

administered, a to inhibition So ThX inflammatory molecule, a block approach the that responding cells targeted upstream called multiple an production play time, the vital ITK of infection. mechanism role spares same with to in small works provide orally soquelitinib mediators.At novel that a

not in As trial date been compromised to consequence, with patients has lymphoma immune observed system. treating infection a opportunistic a our

compounds multiple of to blocks is encourage third-generation stoichiometric as now details.I a call this or responsible As cytokine source the with blocking and to of Contrast the a relationship back review and one-to-one our amplified T receptor press opposed cytokine, accompanying paper the release you I production. production the for Richard. noted turn cells and administration blocking activity that multiple second by antibody single or to the this will mediators. soluble previously, of soquelitinib a other our for of are

Richard Miller

Thanks, Jim.

features pharma ITK immune-mediated partner the commercialization potential biotech opportunities. a we with and or to We in in to the that lymphoma opportunities, inhibition, with strong our and capabilities position. data given established and various attract plan work, partners are market property up position Given of development soquelitinib that safety we from inhibition match strong large have and broad believe with the ITK human of our unique diverse companies intellectual inflammatory diseases,

Angel continue we the responses will with patients, receptor where XX we squamous that clinical and a exceeds patients at lines, to of report based Ib/II shown for clinical The early on response inhibitor our complete ciforadenant have is partial XX% trial Pharmaceuticals, time, have benchmark rate and plus pleased enrolling our with therapy volume cell progression-free exceed and neck that been cell evaluating initial predict endpoint clinical and received first-line non-small The nivolumab. track We Recall, Phase Xa to alone Kidney expected in that data of patients trial current trial XX% cell potential XX% partner, is a to head pembrolizumab Phase survival a as deep tumor and on patients adenosine mupadolimab expertise Cancer evaluable cancers. one Research assessment. XXXX.At renal this the reduction. response with Consortium China enroll This is focus based follow-up continuing lung together deep with to combination time with cancer, the success.Turning least portion anticipate enroll on mupadolimab, in in to combination.For patients rate I X to responses currently partner-led record ipilimumab is Phase others by to prolonged has in cancer in ipi/nivo interim II in and a I/Ib programs. is metastatic our and up am cancer or

ITK XXXX, ASH in soquelitinib XXXX, monotherapy of interim upcoming lymphoma ciforadenant many cancer cell of of trial Taken myriad clinical December, a trial in remainder in in by Phase cancer the new initiation soquelitinib our of metastatic Phase together, Phase by XXXX.Let the foundational early RCC all trial a into of system.Over points. its relapsed have Phase on we Ib/II soquelitinib and the at pipeline, clinical that multiple led interim frontline activities XXXX, Ib/II in initial second diseases. upcoming the milestones data I/Ib catalysts biologic the me work solid T large tumor in and quarter immune meeting with products year our III opportunities across novel initiation our of summarize from and in inhibition few of cell renal include and the the areas data of pipeline trial from in of the the markets Corvus immune has address diverse a early registration

about We one are indication pathway Phase trial. to registration III clinical enter advancing along with the development a

of indications the on products. and while In we look prudently questions programs The forward to will updates the coming breadth closing, over managed turn and to now our call our potential partnering effectively opportunities. operator cash answers. providing the in for products have advancing our quarters.I We provides

Operator

[Operator Ladenburg. Instructions] first from with Huseynov Our comes Aydin question

Aydin Huseynov

Richard quarterly team, of have results progress. the congratulations and Corvus the a with couple and I questions.

you either rate numbers many And at XX%. expect change patient X there? what Corvus I many ASH? patients the the how next or expect conference planning you should we control upcoming expect data overall regarding disease more think to give of are month, direction? are us flavor to you -- we responses, out or ASH data reported of in more a how kind XX XX% So data could But report do previously,

Richard Miller

or the first question the question? second that Is

Aydin Huseynov

It's...

Richard Miller

Okay, my first question. I'll take

on we T and release what action or to to before.In cytolytic present colleagues elaborate the ASH and more cells University abstract been on update and submitted on -- biopsy which focus the our what question, first ThX its you've do in going we was Corvus And press meeting? in confirming more ThXX, So soquelitinib. blood to cells, So on data. clinical poster the the to poster of and the sequencing RNA at parallel are single-cell at that the they've various Cancer mostly Center. Beijing mechanism and Peking they the our of with things induce that, that with these less samples block heard leads intends And ThX indeed, issue collaboration

be waterfalls, disease in stable there number will and things a update. going Now of couple a we're that of One is durations, include swimmers. patients, responses, to that

-- or for to candidates trial. questions also III Phase we using therapies We because candidates on absolute versus lymphocyte suitable eligibility had this our identify count prior

change that.So rate. have on substantial more So follow-up. showing data we'll don't I do a response We be expect in

response I think consistent and less up. our that and responses are rate or holding more durability of

Aydin Huseynov

This ongoing? they still is the helpful. And -- CRs are PRs, are and reported previously

Richard Miller

change those. I not in believe really there's the of been duration a

I the think that's down now top out the those at XX or so. duration off head, on recollect positive can't the CR my ongoing of I can't just months is patients. -- other I definitely And still of, and

Aydin Huseynov

All right. Understood. question... Okay. And another

Richard Miller

me is control. And been therapies responses. think really had standard disease in that you're our the of Let very that short finger your durability -- on durations notable point putting they important very have the on have because good just I a

Aydin Huseynov

This is Yes. helpful. Right.

I on trial question renal soquelitinib monotherapy cancer is have another So design.

expectation the for obviously, any So to monotherapies ORR. have

you different the cancer bit is saw minimum we sort different for as think -- PTCL? we is a think little it's this expect similar in ORR responses threshold is of you do Can of renal do and the what here? So of a in threshold types cancer? Or type

Richard Miller

study. the Well, patients a knowing coming question what exactly answer that's difficult without to I into are think of kind

checkpoint we're or -- X therapies. failed have is And inhibitor. allowing a X to prior you eligibility So have

responses in relapsed in drug of the this XX% will tolerated, that's But say, novel ultimately, quite PD-X any on well is lot -- a the response would mechanism saw drug, would patient that setting combinations. would to CTLA-X be action. a in monotherapy action oral of be following that be relapsed think a mechanism I But would course, if depend evaluated would with of big patient a selection. notable. I breakthrough.I a patient I mean, or say, hey, you a So rate novel

threshold So interesting to XX%, would what it's say, yourself my little a have XX%, I be, say very difficult say a I'd bit would you'd molecule.

Operator

with Jones question is Our Jeff from next Oppenheimer.

Jeffrey Jones

come that ASH out? data And be updated XX% just on as mentioned, sort that there's similar had ASH will you've or you a for on quick Richard, an an question the going ORR when Is then do in for itself, the announcement have And -- press of around of a that terms around to related XX%. at previously data. the release abstract feel out Aydin ORR. with shown timing

similar soquelitinib was thinking to guess RCC, are I about PTCL? just asked for the in efficacy So what the on bar you how

Richard Miller

of So to the regarding we the with the out that disclosure timing would of concomitant put announcement, poster. the

is or when around that ASH December so, date. So X around

think I is consistent. data the data, pretty the Regarding

what drug asked oral durability with consider response. be to XX%, and do safety, good anything consider outcome. again, you I above a I Now a good

Jeffrey Jones

also on soquelitinib the Okay. your for No, in or programs remarks, prepared And limited perhaps Or then appreciate oncology, consider you in to soquelitinib indications? discussed autoimmune inflame I be this as you territory? that. by in oncology other partnerships would partnering, would

Richard Miller

molecule, to are that pretty close separate have We models. a They're we series the They backup properties. partnering inflammation which pharmaceutical know clinic. they opportunity molecules now, good the the think lot in from interest advantageous and getting it's Dr. that represents desirable is what think And part we're inbound and because really a -- as immunology I disease immune Rosenbaum partnering position.I oncology a work we novel part of thinking Jeff, have such already it, animal disease significant strong immune the want. property other approaches mentioned. it. intellectual a have the people on we're a of And the approach potentially I of over of

cetera. autoimmune because is disease, our as cancer, expertise and like many you know, et Now, crosses dermatology disease autoimmune pulmonary we medicine and rheumatology, of disciplines different types that there like and that are

immune a So our disease to sense at we lymphoma makes continue partnering with on think to allows our and cell tumors. stage the T aspects most the company focus resources, and us solid

sort that's our now. of strategy So

the change, could partners answer and on your obviously, Now forth. depending interest of that things question? Does so

Jeffrey Jones

I'll Richard, No, Yes. back queue. appreciate in I jump it. the

Operator

Roger is next from with Our question Song Jefferies.

Jiale Song

quick Great. quick questions. Maybe a X one --

any PTCL Rich, III will one us said you Phase what's in year. before the quarter just second need approval, So and funding. IRB of is Maybe you other to help about the And thing left is -- compete? quick talked I to steps initiation. other another the a start regarding next is, understand you the question runway trial kind logistics think And you

the should XXXX towards later is of III. How about Phase you're while runway the Phase starting the part think of Your funding we the III?

Richard Miller

Roger. Thanks, Okay.

-- the answer research the is, they perspective, first get Most IRBs. a regulatory everything institutions from sort complete that to part The to few -- IRB, now -- takes first have protocols an of a protocol, all the complete. committee. to question a it through is not The first have only reason stuff, months

So the we've been of We're Most any it centers. now not will a approval not gone institutions FDA that's unless getting that. of process, study will done paperwork anticipating They through consider problem. has evaluate. these not the and these through just

I we to getting in study want really question? country. Leiv the the good respect as So the to very be hurdles involved to mentioned, second in people response really, best have really answer I'll the the going. And no people let with study, there's who a had And

Leiv Lea

need we're know capital. we raise additional Roger, So going to to

markets opens However, of in the finance diseases. it diverse its soquelitinib that partnering as to inflammatory of believe enable and the mentioned, for company and immune-mediated of We us. and opportunities cancer both disease will benefit and immune to our Thus, address us broad we're and up pipeline novel large stockholders. areas very excited about oncology potential products Corvus Richard both

like our So candidates. we product

company finance and So the excited we'll the both as and for stockholders. about appropriate soquelitinib, very company the to benefit

Richard Miller

All right.

I see any think, more don't questions. I

We look on forward you the everyone. thank future to everyone So progress. I our to participating call. for updating Thanks, in want

Operator

conference. today's concludes This

for You your your and we thank this participation. at you lines may disconnect time,

Corvus Pharmaceuticals (CRVS) 7 Nov 232023 Q3 Earnings call transcript