Corvus Pharmaceuticals, Inc.

What they do

Corvus is a clinical-stage biopharmaceutical company focused on developing product candidates that target proteins critical to immune cell function. Its lead candidate, soquelitinib (formerly CPI-818), is an oral, selective covalent inhibitor of ITK being studied in a registrational Phase 3 trial for relapsed/refractory peripheral T cell lymphoma and a Phase 2 trial for atopic dermatitis. The company also has two additional clinical-stage product candidates for solid tumors: ciforadenant and mupadolimab.

Revenue drivers

• Soquelitinib — Lead product candidate; no approved products or revenue from sales. Potential revenue hinges on regulatory approval in PTCL and atopic dermatitis, with additional indications in hidradenitis suppurativa and asthma.
• Angel Pharmaceuticals collaboration — Partner in China conducting a Phase 1b/2 atopic dermatitis trial and planning a Phase 2 asthma trial. Corvus invested $5.0 million of a $13.5 million equity financing in Angel Pharma, which may lead to future milestone or royalty payments.
• Ciforadenant and mupadolimab — Two additional product candidates in clinical development for solid tumors; no revenue generated and early stage.

Recent performance

For the year ended December 31, 2025, Corvus reported a net loss of $15.3 million and diluted EPS of -$0.53, an improvement from 2024's net loss of $62.3 million and EPS of -$1.02. Operating cash flow was -$32.8 million in 2025 versus -$25.4 million in 2024. As of June 30, 2026, cash, cash equivalents and marketable securities totaled $215.2 million, with total assets of $239.3 million and shareholder equity of $225.3 million. The company has an accumulated deficit of $412.3 million as of December 31, 2025 and has never generated revenue from product sales.

Strategy

Corvus is advancing soquelitinib across multiple indications, prioritizing enrollment in the registrational Phase 3 PTCL trial and Phase 2 atopic dermatitis trial. The company plans to initiate a Phase 1b trial for hidradenitis suppurativa and a Phase 2 trial for asthma later in 2026. It is collaborating with Angel Pharmaceuticals in China to expand into atopic dermatitis and asthma, and continues to develop next-generation ITK inhibitors for immunology and oncology indications.

Risks

• No revenue or approved products — Corvus has never generated product revenue and may never become profitable; any approval is uncertain and distant.
• Clinical trial failure — Soquelitinib's Phase 3 PTCL and Phase 2 atopic dermatitis trials could fail to meet endpoints, delaying or preventing approval.
• Dependence on partner Angel Pharma — The China development program relies on Angel Pharmaceuticals; trial delays or partner underperformance could harm progress.
• Capital needs — The company expects losses to increase as development progresses, and may need additional financing beyond its current runway into 2Q28.

Outlook

Management expects continued enrollment in the Phase 3 PTCL and Phase 2 atopic dermatitis trials, with Phase 2 atopic dermatitis trial results potentially in 2027. Soquelitinib's Phase 1 atopic dermatitis data were presented at SID, supporting further studies. Corvus plans to initiate Phase 1b hidradenitis suppurativa and Phase 2 asthma trials later this year, and anticipates Angel Pharma's Phase 1b/2 atopic dermatitis cohort 1 results late this year.