CRVS - Earnings call transcript Q4 2023 | Corvus Pharmaceuticals, Inc.

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Operator

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

Zack Kubow

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

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

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

Leiv Lea

compared a compared call $XX.X million included quarter a XXXX in million then net full Research to including for the full net the $XX.X compensation Angel, in the for for loss the partner $X.X the to totaled overview year million $XX.X was including million to year the million same to the $X.X for fourth period fourth full Angel, update. million to period for and which loss million, million related quarter million including million the R&D related quarter our stock noncash in related year same to our Angel was a XXXX fourth loss expenses million, $X.X This $XX $X.X turn to in the compared of to respectively, full net and a year I and in $X.X of Pharmaceuticals, XXXX XXXX, the related $X.X for quick was a for a The loss China. loss XXXX $X.X for million, loss XXXX. The compares $XX of totaled Thank of of loss $X.X $X.X noncash fourth XXXX. noncash to a XXXX a Zack. full million expenses Pharmaceuticals. year XXXX. Total financials with net noncash $X.X XXXX development million you, and begin compared will loss Richard $X and full quarter business over the for same expense million, year period million Angel and XXXX. for to

and XX, million over cash, will turn had December Corvus totaling strategy progress and As elaborate to XXXX. now cash equivalents of to December XXXX, the at million on discuss our as plans. securities compared XX, will our and call who $XX.X Richard, clinical I marketable $XX.X

Richard Miller

diseases. with everyone. in pioneer as Thank become has of new ITK the us patients research and development call. update diverse Leiv, inhibition you modality a you, business range Thank Corvus joining therapeutic afternoon, our for a benefit to good and today for a of

Phase the capabilities dermatitis, Corvus an term immune positioned in which the of a is before soquelitinib for an peripheral expected significant in unmet indication drivers year. We key of and cell to fully had XX involving therapy XX% for need; oncology with fairings significant subsequently generate Chief fourth the soquelitinib in the value second, reduction therapy, our represents ], plan end Business in is to clinical relapsed to that of enrollment the in complete of first patient diseases. In the strategy his focused data patient with converted XX%. ORR, partial III a lymphomas, the ITK trial NK/T-cell [ objective presenting in will now patients We lead out patient, to January relapsed PTCL for on and begin patients This build clinical and believe out continues of patient of further XXXX, that of the lymphoma target or soquelitinib the moderate moment. I continued Phase milestones disease from for immune Phase data near at be diseases, other Phase we that leads our upcoming Officer. and priorities to in our previously of could for X new year and T details Jeff inhibition. demonstrated found of and 'XX, inhibition weeks confirm to for longer registrational role opportunity: evolve views further response broad and X remains and soquelitinib at effects X response X soquelitinib the business begin of Phase further a I significant programs, which PRs inhibition to trial target data to due of the development indications, or with the business patient from with development, for XXXX. value XX biologic starting provide data X for XX expanded and strengthening on treatments in response I weeks trial appointment relapsed on ITK with and FDA-approved response. a Jeff advance with CRs enrollment enrollment published of the we Arcara extranodal PTCL. begin will trial patients clinical partnering for immune we on with response treated Phase ongoing for complete and our in range of cancer III III X or have The with cutoff third this remains to to eligible potential a no We to in follow-up severe are nasal approximately patients selective in patients is who opportunities the patients. In concentrated reported I quarter Phase trial ITK III our have this most Recently, atopic eligible a trial. The demonstrated after lesion with recent registrational PTCL, therapies tumor first, our placebo-controlled as rate, approach

United a survival our rate, that received the definitive trial PTCL months, the we compares approval belinostat agents. has not X.X progression-free are III Although accelerated remains States, at The disease III to but trial. substantially group or response the will our for progression-free than ORR, endpoint this with studied in for the in which standard be comparing overall PFS, for head-to-head, either. for survival no rate, results and chemotherapies complete the seen favorably for pralatrexate, conducted which control been standard the and Phase is primary trial Phase and agents survival, reported patients for These median better against

with with provide the an interactions final that we in drug our toxicity. and important soquelitinib on existing patients for alignment drugs protocol limited February, This orphan cell treatment for granted FDA, reinforces these study milestone the associated new unmet significant therapies designation lymphomas. need is they reached and of the are Regarding efficacy given T for

NCCN preferred treatment recommend current an for relapsed/refractory the for fact, guidelines as PTCL enter second-line experimental that trial therapy. patients In clinical

centers the about in discussions States We Canada. centers The working advanced with a in with vast of or in already number are United are will in and the XX majority U.S. will We participate be trial. leading anticipate the

are exploring. indication we is atopic the first dermatitis, priority soquelitinib for disease immune second Our

to Our successfully to trial dermatitis. plans supported move preclinical a spontaneous using treat canine atopic our into by including clinical soquelitinib are work,

Phase measurement available the E-A-S-I. enrollment data in in that assessment enrolled sequentially at EASI, randomized trial administered in complete patients as be plan are the is an will cohorts dermatitis track the and soquelitinib in doctor double-blind, The cohort evaluate one being ongoing noted follow-up known blinded, and We end but while believe that study There physician. We and be completion randomized, dosing and early and also different has not each and the patients progressed patients regimens atopic primary XXXX successive data treating to and of blinded and anticipated tolerability, on severe we Index, before is cohorts investigator days. The the be April. validated Severity efficacy patient of be of clinically initial trial should to are least as XX the patients or prior improvement to will XXXX. on manner to therapy. using Based blinded. cohorts safety the dermatitis I XX endpoint We lines, will of initiate patients on enroll in is Area It global from to atopic Eczema the with time moderate enrollment. company with XX measured study with to placebo X:X be a placebo-controlled of plan for will X

are planning and in We the initiation solid are atopic of a PTCL dermatitis tumor prioritizing relapsed renal trials. cell conduct cancer to trial but

our plans Research we and that that is Erasmus at motivated independent soquelitinib on search inhibitors, ITK next-generation supported we cell in have Kidney modulation with Cancer and partnership included academic seen to first immunology team for confirmation Consortium. The clinical our a February, results work is move specific which Diseases and for Our designed Symposia University T ITK description led presented Keystone In data to conducted trial preclinical a be optimized the trial preclinical analogs of The in investigators inhibitors. into deliver of have additional the the us by clinical are to from by Autoimmune at with are Systemic planned indications. Rotterdam. Autoinflammatory precise to

potential development, industry, XX inhibition Jeff with we briefly commercial match experience commercial Corvus the activities, Chief corporate biotech to accelerate product including business across companies to corporate we February, development capabilities development strategy. functional comment joins Given will to with order Jeff? pass to that on the He commercialization seek opportunities. In broad and pharma various appointed and Officer. as that experience in Jeff and and the the Business development, more initiatives. Arcara I established call our biopharmaceutical development years partnering than of business have inflammatory broad diseases, in immune-mediated now with partner licensing our of or in ITK

Jeffrey Arcara

high patients the commercial so bring for rate years, appealing Thank for PTCL join to unmet our was treatments for the important value points It the perspective, for To target of to the approved, in to desperate a and globally it promising that areas and very opportunity give FDA-approved milestones development fully relapsed advance you, a with per next if very team for XX months, X to very with including PTCL. under to new join very focusing and the in of XX,XXX to the which sense opportunity am $XXX,XXX estimated provides with are a Richard, is of unmet is high the will there in Corvus novel an low opportunity, U.S. a Corvus. From excited up The $XXX,XXX for is time of commercial key an with year. III significant is treatment start of magnitude for ranging pricing cases a a unmet Phase number potential trial, soquelitinib inflection the therapies. addressing company PTCL, only indication option of the survival the over to and XX% and a effective need this of there relapsed to need afternoon, with PTCL from pipeline. need with Corvus new cancer, potential. need current In Corvus treatment and good I factors. has the very these consider at significant create everyone. X be

XXX drugs opportunity and for III enroll to grow The projected planned billion a our malignancies Phase represents to at commercial to market trial to patients. XXXX. is $XX by billion protocol large with $XX Soquelitinib treat near-term approximately hematologic is intended

these to novel immune drug cell sales PTCL billion XX% lymphomas, of global the hematology for More For the opportunity in solid other anti-CDXX with were make lymphoma, expand tumors as XX% approximately with $X.X effective to cases. entry the primarily therapies patients benchmarking, of for purposes as about in with subset in numerous XXXX, treatment, disease-modifying substantial in opportunity point an with with of an conjugate, and patients anaplastic a PTCL estimated of we of view is to factors Together, diseases. ways a sales seen $XXX help with potential T PTCL non-Hodgkin's accounting million and patients broadly, more space. ADCETRIS,

soquelitinib not market to of lymphoma Given position and and opportunities mechanism can immune and for in partnering next-generation out given trial, well oncology. all property an opportunity our likely I partners, for soquelitinib and large preferred diverse the in with regional disease soquelitinib intellectual from composition be November is partners strategy immunology seek that, strong this, with we attractive find of human the believe Phase as our safety inhibitors oncology to action, our in commercialization data with patents to unique development our ITK extensions. With including XXXX, extending expertise issued partnerships matter as and

We Phase soquelitinib turn publications interest in have in and Richard. announcement XXXX models partnering to on seen the and preclinical momentum of the the activity third our will cancer immune and since recent increasing trial I back registration of III of of now diseases. the call quarter

Richard Miller

you, Thank Jeff.

XXXX. Encouragingly, nivolumab. first-line of ciforadenant partner-led therapy our is Consortium responses Kidney or based deep II deep the shown reduction. the patients enroll to Recall, is ipilimumab XX plus by programs, renal first that clinical AXA inhibitor current it to nivolumab. XX% is in Based XX Phase at least trial for anticipate The and Phase and there patients progression-free currently assessment, response rate partial that cancer is has call. survival, prolonged ipilimumab we trial Research to XX% clinical up adenosine that and response of predict about QX the enrolled. volume our receptor Turning response tumor our evaluable with This received combination cell data time continue XX others on a complete patients, initial potential X XX% patients rate patients and on follow-up benchmark endpoint as as evaluating at interim been to are to portion Cancer with evaluable enrolling metastatic exceed expected have we in more lines, one half from patients, a up the in see Ib/II currently enroll we exceeds

For cancer cell with pembrolizumab head outlook clinical patients clinical clinical allows starting and our neck is in with ciforadenant Angel partner, the with XXXX. I/Ib our in III trial first data XXXX, for mupadolimab anti-CDXX cell in a of milestones, reporting including patients soquelitinib alone atopic enroll Phase together continuing us current data the Phase in antibody to squamous lung renal achieve to I China with mupadolimab, trial Pharmaceuticals near-term Phase half interim early registrational the and and cohorts non-small soquelitinib generating interim and trial cash of cancer our our of from cancers. Summarizing in cell in PTCL, dermatitis

these on antagonist additional our our AXA including updates ITK coming receptor as ciforadenant. to seek the for our over in quarters. I a funding immunology Operator? leverage the turn to in and near-term Our achievements We intent oncology partnerships for is now the period. milestones operator programs question-and-answer forward well will to and inhibitors call and we as look programs, providing as other the novel

Operator

Graig [Operator Securities. Suvannavejh Instructions] first comes our from And with question Mizuho

Jiayuan Gong

trial? on do been you any I the follow-up. of adjustments Jerry protocol have that This from on can to start kind us. have And is Graig. of for X gating initiation, the a To speak start since? trial III Maybe kind off, to what's soquelitinib of the Phase there

Richard Miller

or in the the There's design adjustments been complete to Nothing's in with FDA changed changes parameters statistics the been and on regard. We've trial. that protocol. of agreement other no

I than Phase we administrative things. contracts of the have and follow-up. other We're data the continues to gating as no the process really Our improve various items there's with usual now centers, longer in finalizing

Jiayuan Gong

question a for then And helpful. super That's you. Got you, Jeff.

speak that a you in did to kind range little in of of scaled about you I range guess, how Can that on thinking a pricing? where is range pricing you a So to, of speak Corvus or more PTCL. fall

Jeffrey Arcara

at areas. market in what terms terms the current of Yes. is obviously, these we Thanks. and in pricing, of analogs charging look I guess

present, need, data into safety going the going we But size take is you that the of have. so know the well PTCL, after. is pricing you're profile importantly, we of product as patient be on think population efficacy the in medical that more I large the we the the size account and really to dictated which very that as unmet

at do time. with and once data But price obviously, get set value point think, this testing we looking final some at the we're be on I the analogs payers final in proposition. the So ultimately, will

Operator

with comes Jeff Oppenheimer. question Jones next Our from

Jeffrey Jones

I to the now? And unconfirmed? in speak Can then reported the for And guess versus the clarify, confirmed of those unconfirmed just PTCL me. CR to versus additional how are many outcomes study X you one follow-up. with confirmed

Richard Miller

in disease, more really short They're appropriate all we all might That's relapsed They're a in talk this months. people beyond and in unconfirmed. Jeff, therapy. that confirmed. such your confirmed. half also I case, it's most live even clinicians especially time Yes. In few confirmed disease, to And in don't frontline usually disease, difficult add -- don't relapsed get that people a about

but and complete. our responses all -- are of So confirmed, partial

Jeffrey Jones

looks still in treatment. showing, are plot swimmer quite patients are who The like you're it early there some

enrolling almost like it study. so in And you're that patients looks still

enrolling I patients I So Phase guess, are you able And to to the study? still III? those patients be you over roll in perhaps Phase that would

Richard Miller

The the not they I the be of therapy, and them We on followed, of now continuing We're patients patients until are the on that are Phase patients some shown swimmers the new our participating I centers enrolling are enrolled in in are no therapy Phase and participated study. being Phase in -- and will who I. many course, III. new there's Phase on continued waterfalls, the But centers focusing of in the progress.

guys III on So now trial. Phase we've the those got focused

Operator

comes with next question Our Jefferies. from Roger Song

Liang Cheng

on for Cheng Roger. Liang is This

questions X from think I us.

the Phase soquelitinib, one data. I I think updated first on

have treatment? a long how have continue, I criteria X follow-up. PR, the then the that So they been the that for And treatment? so the were on patients not the Then meet of they did for X how with on tumor long reductions

Richard Miller

right. the all For --

with for reached are didn't first long how do that that not on had the many for treatment. are criteria who question how they -- have those the still -- -- PR, to are still those For

by one you is And look have you months, can okay? X or One is been if swimmer, is which be X would way, ones do at the the about other yourself, months, -- So months. X X the one another that is PRs.

that's my was So question at what? look the quick of part And second the swimmer. your

Liang Cheng

guess... the the So on continues I So treatment? for yes, that X,

Richard Miller

some continue on until continue They but safety issue, have or that's treatment Patients they on treatment. happened. not progress they sort of a the

Liang Cheng

Sure.

Okay.

maybe So moving on...

Richard Miller

that clear? Is

Liang Cheng

yes. Yes,

I study about my second Phase the dermatitis. think I atopic question in is

are patients So prior. least the required fail to at one

So that? any on requirements specific

Richard Miller

your to that have the to patients atopic prior one They dermatitis. I Does failing to their prior end required have severe systemic failed of are didn't required your question? answer requiring quite or -- therapy. hear are moderate topical They're therapy. be to -- have to

Liang Cheng

yes. Yes,

Operator

comes next question Our Watsek Cantor from with Li Fitzgerald.

Rosemary Li

then This is was see? the you some follow-up what to the Li. so PTCL, on I you're hoping firstly, could call interference didn't I that. reiterate Rosemary And do Maybe relapsed/refractory for have catch on There benchmarks for the question. a earlier,

Richard Miller

So for agents the ago, pralatrexate currently companies T and the agents XX approval relapsed never cell confirmatory standard and received did years belinostat trials. are peripheral Those accelerated the lymphoma. approximately

So PFS, single-arm of correct. patients. between X.X was, I response which from XXX X relapsed case based for drug is XXX enrolled anemia. antagonist. PTCL. case the in basically -- of suffers toxicities, in additional are memory Pralatrexate was XX%. chemotherapy about was suffer those an inhibitor, months, a II and is somewhere belinostat, folate around are studies progression-free pralatrexate the FDA-approved drugs -- neutropenia, approval Both was the it on it was belinostat mucositis. The and response and that months, thrombocytopenia, chemotherapy The there believe my toxicity, an if survival, Pralatrexate currently is patients is pralatrexate, usual those fully The no the drugs from of those of Phase HDAC Belinostat drugs. rate

about a on slide this website. have presentation We up our slide on

we our response albeit most CR pralatrexate in response So CRs. a XX.X% or CRs. responders, a is small with In than of see of about with and XX% rate XX% response, CRs, the more rate with about ours being XX% responders number. half belinostat are rate double the so

is survival and progression-free are substantially lymphoma X.X hematology important in our X.X mentioned world. than months The in CRs earlier. X.X I especially hands the in the So is very better months, and which

soquelitinib, headed, So study we XX go our about XX% -- the each to We in -- in versus about where on study X.X power, I X.X the the care which okay? enroll as XXX improvement we our XX%, of mentioned. are is design, to XX from I -- know arm, see have our arm, -- is just patients, an standard each statistical months, of power months I to design target, to we because think

Rosemary Li

just for a dermatitis. Thanks Yes. quick question And the thorough it. then answer. really have on I atopic Got

the the just for how doses? year, we data too anticipation So data, like nature that have Or tell? any patients, this is get like how that around to you may later of it early do many many

Richard Miller

we have of No, very that. good no, estimation

Okay.

evaluating of the drug first lot with cetera. lot a safety, patients dosing know since the a we target, about in the occupancy this already et of So all, about it the been know of we've We pharmacokinetics, lymphoma. the

patients that be we're So going cohorts X of enrolled studying sequentially. are to

So with, studies is the proposed is our low say, milligrams milligrams the in our in lymphoma dose XXX BID XXX we cohort, Phase BID. dose let's the start III. in and case, which,

other go milligrams we XXX effective, will to we a convenient, X the So randomization is XX next X:X and think enroll get dosing the in day, get patients regimen, soquelitinib which where will we it's of that course. and we'll milligrams be XXX XX more placebo. Then once a BID, once-a-day because dose think

placebo, randomized. in twice is go XX randomization, then the be get idea, day. get a -- same drug, milligrams which go And would X XXX lymphoma. again, And patients using XXX that once final third a to soquelitinib, Again, cohort there. patients thing, day, the the regimen So we're placebo. in the milligrams the the Same XX where get get the cohort, X:X XX we same X then that

it's some good to we of gives that know biologic occupancy, reason the probably not effect. complete, -- enough studying at the those complete is occupancy not receptor. Now that you cause XXX cohorts pretty get good you but we're but that XXX milligrams,

some I lowest effect if see be even regimen. the we surprised would -- at So at dose not the

mentioned I are not. and the the as company patient doctor So is earlier, blinded. The

at and we I is reporting able data the to a enrolled. anticipate can at don't going look each we we it be every data our reporting or monitoring report data board after can mean that week. can look have not. And we're data that we're be that data. So the I at discretion, But cohort to

we Now from study. subsets, biomarkers, et accumulating and IL-X there's also of our to a lymphoma what We're other studies And and done that's the of amount are published, animal cetera, rich data know during biomarker IL-X a affected very we've number and measuring cytokines going be studies lymphocyte different already cytokines our et know and we that others. like what and cetera.

So these safety. We doctors at score be of at all her would patient things relative changes global we And grading to and investigator and or cohort, in each in is I the as would on earlier, baseline. criteria efficacy see will be biomarkers assessment. course, in looking be his EASI the -- -- our the to of each global and IL-X comparing what treatment would the looking assessing group baseline. we'll be X course, mentioned expect changes for to based We

a to going we're lot of from learn these. So each

know a as Now I we about in -- mentioned, dosing terms already. dosing, we the the lot of

this drug a in XX, also start remember, very IL-X picking we and know much we'll milligrams very a but idea X is our early, BID. not from We about well. studies. the the about the studies, So we're T efficacy, at by called dermatitis only studies our get able early study. expect mediated what's function I I other lymphoma ThX it helper think that reason X from very is And and disease XXX very ThX, atopic first biologic preclinical something we're that our and that the to an this because activity disease, and to cell would learned see blocks

that that monitoring our We be we'll immunologic we're to and, determine we safety. having the the to determine So the know not efficacy. very already early lymphoma study course, whether from to expect We'll be about clinical able or going studies. of in we're effects able be

Now be entry immune because becomes one the other are the stepping ThX, psoriasis, to is -- would several other point, Asthma the other immune diseases? diseases. important scleroderma, is this the effects diseases. immunologic very What much that are stone

list whole of a our website have on them We presentation.

antibody study and diseases. important what to on very very a It's diseases. purpose we learned -- immune of a in worked taught Rituxan of dermatologic modality I an and reminiscent we that So And but host cetera. in immunologic -- lymphoma called study an et B -- this of whole that about opened ITK it map important other what is the that we data not atopic on and where cells, get us happens for We opens a door therapeutic of lot informative, basically, for for it's inhibition only quickly this as the very the the dermatitis, field. up puts

to I long was had So your to that perspective. I question. a appreciate make proper a answer wanted really but sure that way we question, the

Operator

questions further for the no at remarks. are I'll Miller Richard there to back closing floor this turn And time.

Richard Miller

giving thank everyone We coming call to for months. soquelitinib and to want look forward today. updates very the I quarter Well, operator. products in other additional Thank advancing and you, participating Thank in you the each much.

Operator

This parties Have may day. today's a you. concludes disconnect. call. good Thank All

Corvus Pharmaceuticals (CRVS) 19 Mar 242023 Q4 Earnings call transcript