Corvus Pharmaceuticals Provides Business Update and Reports First Quarter 2026 Financial Results
Rhea-AI Summary
Corvus Pharmaceuticals (Nasdaq: CRVS) reported Q1 2026 results and a business update on May 7, 2026. Key clinical advances include positive Phase 1 cohort 4 data for soquelitinib, Phase 2 initiation in atopic dermatitis, ongoing Phase 3 PTCL enrollment, and planned Phase 2 trials in hidradenitis suppurativa and asthma. Cash and marketable securities were $236.7M at March 31, 2026, expected to fund operations into Q2 2028.
AI-generated analysis. Not financial advice.
Positive
- Phase 1 cohort 4 showed positive safety and efficacy
- Initiated Phase 2 atopic dermatitis trial (≈200 patients)
- Cash and marketable securities of $236.7M as of 3/31/2026
- Cash runway into the second quarter of 2028
Negative
- R&D expenses increased to $11.2M in Q1 2026
- Net loss of $13.7M for the three months ended 3/31/2026
Key Figures
Market Reality Check
Peers on Argus
CRVS fell 1.59% while peers were mixed: one rose 17.93% (REPL), others moved modestly up or down, indicating a stock-specific reaction rather than a sector-wide move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 12 | Earnings and update | Positive | -4.3% | Q4 2025 results plus positive Phase 1 AD data and financing update. |
| Mar 05 | Earnings preview | Neutral | -1.6% | Announcement of upcoming Q4 2025 call and webcast scheduling. |
| Nov 04 | Earnings and update | Positive | -1.4% | Q3 2025 results with soquelitinib trial progress and cash runway detail. |
| Oct 28 | Earnings preview | Neutral | +1.2% | Scheduling of Q3 2025 business update and results call. |
| Aug 07 | Earnings and update | Positive | +4.4% | Q2 2025 results with promising AD data and strengthened cash position. |
Earnings-related and preview announcements have typically produced modest single-digit moves, with a mix of positive and negative reactions and no consistent directional bias.
Over the past several quarters, Corvus has repeatedly paired financial updates with clinical progress for soquelitinib, including advancing atopic dermatitis programs and a registrational Phase 3 PTCL trial. Prior earnings and preview releases on Aug 7, 2025, Nov 4, 2025, Oct 28, 2025, Mar 5, 2026, and Mar 12, 2026 produced mostly modest single‑digit price moves, averaging about -0.37%. Today’s Q1 2026 update continues this pattern of pipeline advancement alongside rising R&D investment and an extended cash runway.
Historical Comparison
In the past year, CRVS released 5 earnings-related updates with an average move of about -0.37%. Today’s -1.59% reaction to Q1 2026 results is somewhat weaker but within the historical range.
Earnings updates have tracked steady advancement of soquelitinib from early atopic dermatitis cohorts into Phase 2, alongside a registrational Phase 3 PTCL trial and an extended cash runway supported by financings.
Regulatory & Risk Context
An effective Form S-3ASR shelf filed on Mar 13, 2026 allows Corvus to offer common stock, preferred stock, debt securities, warrants, and units over time, providing flexibility to raise capital through multiple offerings.
Market Pulse Summary
This announcement combines a Q1 2026 financial update with continued clinical expansion for soquelitinib across atopic dermatitis, PTCL, and additional immune indications, supported by cash and securities of $236.7M and runway into Q2 2028. Rising R&D spend to $11.2M and a quarterly net loss of $13.7M highlight investment in development. Investors may watch upcoming SID presentations, Phase 2 initiations, and any use of the active S-3ASR shelf and at-the-market facility as key future catalysts.
Key Terms
atopic dermatitis medical
biomarker medical
placebo-controlled medical
Autoimmune Lymphoproliferative Syndrome medical
progression free survival medical
Orphan Drug Designation regulatory
Fast Track designation regulatory
relapsed/refractory medical
AI-generated analysis. Not financial advice.
Soquelitinib clinical development for atopic dermatitis advancing with Phase 1 cohort 4 positive data and initiation of Phase 2 trial during the quarter
New immunologic and biomarker data supporting the potential for drug-free remissions with soquelitinib to be presented at Society for Investigative Dermatology (SID) annual meeting
Company hosting investor and analyst meeting to review SID data on May 14, 2026 at 1:30 pm ET (12:30 pm CT)
SOUTH SAN FRANCISCO, Calif., May 07, 2026 (GLOBE NEWSWIRE) -- Corvus Pharmaceuticals, Inc. (Nasdaq: CRVS), a clinical-stage biopharmaceutical company, today provided a business update and reported financial results for the first quarter ended March 31, 2026.
“We started the year with strong momentum for soquelitinib, our selective ITK inhibitor that we believe is well positioned to improve therapy for a broad range of patients with atopic dermatitis, other immune diseases and cancers,” said Richard A. Miller, M.D., co-founder, president and chief executive officer of Corvus. “The data generated from our clinical and preclinical work support soquelitinib’s potential to provide a new treatment paradigm for these diseases based on a rebalancing of the immune system. We will share additional data supporting this mechanism at the upcoming annual meeting of the Society for Investigative Dermatology, where we are reviewing data from our Phase 1 atopic dermatitis trial in two oral presentations. Looking forward, we are focused on our ongoing and planned soquelitinib clinical trials, including the initiation of new Phase 2 studies in hidradenitis suppurativa and asthma anticipated later this year.”
Business Update and Strategy
Soquelitinib for Immune Diseases
- In January 2026, Corvus reported data from cohort 4 of the randomized, blinded, placebo-controlled Phase 1 trial evaluating soquelitinib in patients with moderate-to-severe atopic dermatitis (data as of January 15, 2026). Cohort 4 data demonstrated positive safety and efficacy results, including additional clinical benefit observed following longer 8-week treatment.
- Final data from the randomized, blinded, placebo-controlled Phase 1 trial evaluating soquelitinib in patients with moderate-to-severe atopic dermatitis will be presented in two oral sessions at the Society for Investigative Dermatology (SID) Annual Meeting, which is taking place May 13-16, 2026 in Chicago. The Company will host an in-person and virtual investor and analyst meeting on May 14, 2026 to review soquelitinib data being presented at SID, including new immunologic and biomarker data that focus on the drug’s mechanism of action and potential for drug-free remissions.
- Corvus initiated its Phase 2 randomized placebo-controlled atopic dermatitis clinical trial during the first quarter 2026. The trial is anticipated to enroll approximately 200 patients with moderate-to-severe atopic dermatitis that have failed at least one prior topical or systemic therapy. This includes four cohorts of 50 patients each, with soquelitinib doses of 200 mg once per day, 200 mg twice per day and 400 mg once per day, along with a placebo group. The treatment period is 12 weeks with a 90-day follow-up period with no treatment.
- Angel Pharmaceuticals, Corvus’ partner in China, is enrolling a Phase 1b/2 clinical trial evaluating soquelitinib in patients with moderate-to-severe atopic dermatitis. This is a blinded, placebo-controlled trial that is planned to evaluate a 12-week treatment regimen in 48 patients utilizing soquelitinib doses of 100 mg twice per day, 200 mg once per day, 200 mg twice per day and 400 mg once per day. The patient eligibility and endpoints are similar to those used previously by Corvus. Depending on the results from the Phase 1b portion of the study, an additional 60-90 patients will be enrolled in the Phase 2 portion of the study. The trial is open at several leading dermatology centers in China who have been involved in global registration trials. The study is conducted in close collaboration with Corvus. Results from the initial cohorts are anticipated late this year.
- Corvus plans to initiate two additional Phase 2 clinical trials evaluating soquelitinib in patients with hidradenitis suppurativa and asthma.
- Corvus also continues to advance its next-generation ITK inhibitor preclinical product candidates, which are designed to deliver precise T-cell modulation for specific immunology and oncology indications.
Collaboration with National Institute of Allergy and Infectious Diseases (NIAID)
- The Autoimmune Lymphoproliferative Syndrome (ALPS) Phase 2 clinical trial continues to advance. This trial is being conducted under a clinical research and development agreement with NIAID. The Phase 2 clinical trial (NCT06730126) is anticipated to enroll up to 30 patients aged 16 or older with confirmed ALPS based on genetic testing.
Soquelitinib for T Cell Lymphoma
- Corvus continues to enroll patients in a registrational Phase 3 clinical trial of soquelitinib in patients with relapsed/refractory PTCL at multiple clinical sites. This randomized controlled trial is anticipated to enroll a total of 150 patients with relapsed/refractory PTCL and is evaluating soquelitinib versus physicians’ choice of either belinostat or pralatrexate chemotherapies. The primary endpoint of the trial is progression free survival. There are no FDA fully approved agents for the treatment of relapsed/refractory PTCL, and the FDA has granted soquelitinib Orphan Drug Designation for the treatment of T cell lymphoma and Fast Track designation for treatment of adult patients with relapsed or refractory PTCL after at least two lines of systemic therapy.
Financial Results
As of March 31, 2026, Corvus had cash, cash equivalents and marketable securities of
Research and development expenses for the three months ended March 31, 2026 totaled
Net loss for the three months ended March 31, 2026 was
About Corvus Pharmaceuticals
Corvus Pharmaceuticals is a clinical-stage biopharmaceutical company pioneering the development of ITK inhibition as a new approach to immunotherapy for a broad range of immune diseases and cancer. The Company’s lead product candidate is soquelitinib, an investigational, oral, small molecule drug that selectively inhibits ITK. Soquelitinib is being evaluated in a registration Phase 3 clinical trial for relapsed/refractory PTCL and in a Phase 2 clinical trial for the treatment of atopic dermatitis. Its other clinical-stage candidates are being developed for a variety of cancer indications. For more information, visit www.corvuspharma.com or follow the Company on LinkedIn.
About Soquelitinib
Soquelitinib (formerly CPI-818) is an investigational small molecule drug given orally designed to selectively inhibit ITK (interleukin-2-inducible T cell kinase), an enzyme that is expressed predominantly in T cells and plays a role in T cell and natural killer (NK) cell immune function. Soquelitinib has been shown to affect T cell differentiation and induce the generation of Th1 helper cells while blocking the development of both Th2 and Th17 cells and production of their secreted cytokines. Th1 T cells are required for immunity to tumors, viral infections and other infectious diseases. Th2 and Th17 helper T cells are involved in the pathogenesis of many autoimmune and allergic diseases. The Company believes the inhibition of specific molecular targets in T cells may be of therapeutic benefit for patients with cancers, including solid tumors, and in patients with autoimmune and allergic diseases. Recent third-party studies have demonstrated that ITK controls a switch between the differentiation of Th17 proinflammatory cells and T regulatory suppressor cells. Inhibition of ITK leads to a shift toward T regulatory cell differentiation, which has the potential to suppress autoimmune and inflammatory reactions. Based on interim results from a Phase 1/1b clinical trial in patients with refractory T cell lymphomas, which demonstrated tumor responses in very advanced, refractory, difficult to treat T cell malignancies, the Company has initiated a registration Phase 3 clinical trial (NCT06561048) of soquelitinib in patients with relapsed/refractory PTCL. Soquelitinib is also now being investigated in a randomized placebo-controlled Phase 2 clinical trial in patients with atopic dermatitis. A publication describing the chemistry, enzymology and biology of soquelitinib appeared in npj Drug Discovery in December 2024 and is available online at the Nature website and on the Publications and Presentations page of the Corvus website.
About Peripheral T Cell Lymphoma
Peripheral T cell lymphoma is a heterogeneous group of malignancies accounting for about
PTCL is a disease of mature helper T cells that express ITK, often containing numerous genetic mutations and frequently associated with viral infection. Most often the malignant cells of PTCL express a Th2 phenotype.
About Atopic Dermatitis
Atopic dermatitis, also called eczema, is a chronic disease that can cause inflammation, redness, scaly patches, blisters and irritation of the skin. It affects up to
About Autoimmune Lymphoproliferative Syndrome (ALPS)
ALPS is a rare genetic disease affecting children that manifests with lymphadenopathy, splenomegaly, cytopenias (low blood counts), proteinuria and autoimmunity. The disease is caused by a mutation in the Fas gene, which provides instructions for making a signaling protein involved in the induction of apoptosis. The mutation results in immune dysregulation due to abnormally high levels of “double negative” T cells (CD4 and CD8 double negative), which infiltrate the blood, spleen and lymphoid tissues. Fas signaling is regulated by ITK and T cell receptor signaling and patients with ALPS have an imbalance in this regulation resulting in a failure of T cells to undergo apoptosis and an accumulation of abnormal T cells.
About Angel Pharmaceuticals
Angel Pharmaceuticals is a privately held biopharmaceutical company developing a pipeline of precisely targeted investigational medicines for cancer, autoimmune, infectious and other serious diseases in China. Angel Pharmaceuticals was launched through a collaboration with Corvus and investments from investors in China. Angel Pharmaceuticals licensed the rights to develop and commercialize Corvus’ three clinical-stage candidates – soquelitinib, ciforadenant and mupadolimab – in greater China and obtained global rights to Corvus’ BTK inhibitor preclinical programs. Under the collaboration, Corvus currently has a
Forward-Looking Statements
This press release contains forward-looking statements, including statements related to the potential safety and efficacy of the Company’s product candidates; the potential use of soquelitinib to improve therapy for a broad range of patients with atopic dermatitis, other immune diseases and cancers; clinical strategy and the design of clinical trials, including the Company’s collaborations and the timeline for initiation, target or expected number of patients to be enrolled, dose levels, number of sites and other product development milestones; and the amount of cash to fund operations into the second quarter of 2028. All statements other than statements of historical fact contained in this press release are forward-looking statements. These statements often include words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “seek,” “will,” “may” or similar expressions. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond the Company’s control. The Company’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, filed with the Securities and Exchange Commission on or about the date hereof, as well as other documents that may be filed by the Company from time to time with the Securities and Exchange Commission. In particular, the following factors, among others, could cause results to differ materially from those expressed or implied by such forward-looking statements: the Company’s ability to demonstrate sufficient evidence of efficacy and safety in its clinical trials of its product candidates; the accuracy of the Company’s estimates relating to its ability to initiate and/or complete preclinical studies and clinical trials and release data from such studies and clinical trials; the results of preclinical studies and interim data from clinical trials not being predictive of future results; the Company’s ability to enroll sufficient numbers of patients in its clinical trials; the unpredictability of the regulatory process; regulatory developments in the United States and foreign countries; the costs of clinical trials may exceed expectations; the Company’s ability to accurately estimate the cash on hand providing funding into the second quarter of 2028 and the Company’s ability to raise additional capital. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee that the events and circumstances reflected in the forward-looking statements will be achieved or occur, and the timing of events and circumstances and actual results could differ materially from those projected in the forward-looking statements. Accordingly, you should not place undue reliance on these forward-looking statements. All such statements speak only as of the date made, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. The Company’s results for the first quarter ended March 31, 2026 are not necessarily indicative of its operating results for any future periods.
| CORVUS PHARMACEUTICALS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share data) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| (unaudited) | ||||||||
| Operating expenses: | ||||||||
| Research and development | $ | 11,175 | $ | 7,453 | ||||
| General and administrative | 3,702 | 2,469 | ||||||
| Total operating expenses | 14,877 | 9,922 | ||||||
| Loss from operations | (14,877 | ) | (9,922 | ) | ||||
| Interest income and other expense, net | 1,784 | 525 | ||||||
| Change in fair value of warrant liability | - | 25,129 | ||||||
| Income (loss) before equity method investment | (13,093 | ) | 15,732 | |||||
| Loss from equity method investment | (599 | ) | (539 | ) | ||||
| Net (loss) income | $ | (13,692 | ) | $ | 15,193 | |||
| Net (loss) income per share, basic | $ | (0.15 | ) | $ | 0.21 | |||
| Net loss per share, diluted | $ | (0.15 | ) | $ | (0.13 | ) | ||
| Shares used to compute net (loss) income per share, basic | 89,996,728 | 72,126,496 | ||||||
| Shares used to compute net loss per share, diluted | 89,996,728 | 75,152,514 | ||||||
| CORVUS PHARMACEUTICALS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) | ||||||||
| March 31, | December 31, | |||||||
| 2026 | 2025 | |||||||
| (unaudited) | ||||||||
| Assets | ||||||||
| Cash, cash equivalents and marketable securities | $ | 236,714 | $ | 56,750 | ||||
| Operating lease right-of-use asset | 751 | 839 | ||||||
| Other assets | 5,234 | 2,539 | ||||||
| Investment in Angel Pharmaceuticals | 10,496 | 10,991 | ||||||
| Total assets | $ | 253,195 | $ | 71,119 | ||||
| Liabilities and stockholders' equity | ||||||||
| Accounts payable and accrued liabilities and other liabilities | $ | 11,682 | $ | 8,977 | ||||
| Operating lease liability | 834 | 937 | ||||||
| Stockholders' equity | 240,679 | 61,205 | ||||||
| Total liabilities and stockholders' equity | $ | 253,195 | $ | 71,119 | ||||
INVESTOR CONTACT:
Leiv Lea
Chief Financial Officer
Corvus Pharmaceuticals, Inc.
+1-650-900-4522
llea@corvuspharma.com
MEDIA CONTACT:
Julia Stern
Real Chemistry
+1-949-903-4750
sseapy@realchemistry.com
