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SOUTH SAN FRANCISCO - Corvus Pharmaceuticals, Inc. (NASDAQ: CRVS), a clinical-stage biopharmaceutical company with a Fair overall financial health score according to InvestingPro, has announced interim data from a Phase 1 trial indicating favorable safety and efficacy for soquelitinib, a treatment for moderate to severe atopic dermatitis. The trial demonstrated earlier and deeper responses in the higher-dosed cohort 3 compared to cohorts 1 and 2.
As of May 6, 2025, the trial completed enrollment of 48 patients, with 32 receiving soquelitinib and 12 receiving a placebo. Cohort 3 patients, treated with a higher daily dose of 400 mg, showed a 71.1% reduction in mean Eczema Area and Severity Index (EASI) scores at 28 days, compared to a 54.6% reduction in cohorts 1 and 2, which received a 200 mg daily dose. No placebo patients achieved the clinically significant endpoints of IGA 0 or 1 or EASI 75.
Soquelitinib was well tolerated, with no dose-limiting toxicities or clinically significant laboratory abnormalities. Adverse events were mostly grade 1/2, with only one treatment-related event of grade 1 nausea reported.
The study also observed reductions in serum cytokine levels and an increase in circulating T regulatory cells, aligning with the drug’s proposed mechanism of action via ITK inhibition.
Based on these results, Corvus has amended the trial protocol to include an additional 24 patients at the 200 mg twice per day dose, extending treatment to 8 weeks. This amendment aims to evaluate potential enhanced efficacy over a longer treatment period and inform the design of a forthcoming Phase 2 trial, expected to commence before the year’s end. While the company’s stock has seen significant volatility, showing a -66% return over the past six months but maintaining a positive 63% return over the last year, InvestingPro analysis indicates the company holds more cash than debt, providing financial flexibility for its clinical programs.
The data will be presented at the Society for Investigative Dermatology 2025 Annual Meeting and discussed in Corvus’s first quarter 2025 business update conference call and webcast today.
The company, known for pioneering ITK inhibition therapies, is planning further development of soquelitinib based on these promising interim results. The drug is part of Corvus’s broader clinical pipeline targeting various cancer and immune diseases. Trading at a price-to-book ratio of 7.01, the company currently appears overvalued according to InvestingPro’s Fair Value analysis. Investors seeking deeper insights can access comprehensive Pro Research Reports covering over 1,400 US stocks, including detailed analysis of Corvus’s financial health, valuation metrics, and growth potential.
This news is based on a press release statement from Corvus Pharmaceuticals, Inc.
In other recent news, Corvus Pharmaceuticals announced a wider-than-expected net loss of $12.1 million for the fourth quarter of 2024, with an earnings per share (EPS) of -$0.18, which missed analyst forecasts of -$0.12. The company did not generate any revenue for the year, as anticipated by market analysts. Despite the financial loss, Corvus maintains a strong cash position with $52 million in cash and cash equivalents, which is expected to support operations through the first quarter of 2026. H.C. Wainwright reaffirmed its Buy rating for Corvus, setting a price target of $11, citing confidence in the company’s financial management and strategic planning.
Additionally, Corvus Pharmaceuticals expanded its board of directors with the appointment of Richard van den Broek, a managing partner at HSMR Advisors, who brings extensive experience in the life sciences sector. This move is anticipated to enhance the company’s strategic direction as it advances its lead product candidate, soquelitinib. During the earnings call, Corvus highlighted promising trial results for sokolitinib and outlined key milestones for 2025, including the presentation of atopic dermatitis data and the initiation of a solid tumor trial. CEO Richard Miller expressed optimism about sokolitinib’s potential as a new approach for treating immune diseases and cancer.
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