Corvus Pharmaceuticals Announces Second Quarter Financial Results and Provides Business Update
“We are making good progress with our product candidates,” said
“We also initiated IND-enabling studies with our humanized anti-CD73 antibody, an adenosine production inhibitor, in anticipation of commencing a Phase 1 trial in late 2017. Additionally, we selected a lead candidate for our ITK inhibitor program and expect to start IND-enabling studies with a Phase 1 trial anticipated in late 2017.
“To date, our successful execution of a strategy based on in-licensing product opportunities and developing products from our internal R&D efforts has led to a robust pipeline of four programs. During the quarter, we continued to build upon this strategy and expertise with the recently announced addition of Dr.
Summarized highlights of the quarter and subsequent weeks included:
- Ongoing enrollment in the dose selection stage of Corvus’ Phase 1/1b trial with CPI-444 with patients dosed in each of the four cohorts; three of which are single agent and one that is in combination with Genentech’s TECENTRIQ™
- Presented at the Rational Combinations meeting in June preliminary biomarker and research data indicating CPI-444’s ability to block the peripheral lymphocyte adenosine A2A receptor. These data confirmed that dosing leads to high levels of A2A receptor occupancy by the drug. In addition, observations of an increase in activated immune cells in blood in some treated patients receiving single agent and combination therapy were reported. The presentation also included preclinical models demonstrating the foundational strategy for CPI-444 with single agent activity and synergy shown in several tumor models with various checkpoint inhibitors
- Received notice of the acceptance of three abstracts for the
European Society for Medical Oncology (ESMO) meeting to be heldOctober 7-11 - Announced the hiring of Dr.
Jason Coloma fromRoche to the newly created post of Chief Business Officer - Initiated IND-enabling studies using Corvus’ humanized anti-CD73 antibody with a Phase 1 trial planned for late 2017
- Selected a lead ITK inhibitor drug candidate for IND enabling studies with plans to initiate a Phase 1 in late 2017
Second Quarter 2016 Financial Results
At
Research and development expenses for the three months ended
General and administrative expenses for the three months ended
The net loss for the three months ended
About
Forward-Looking Statements
This press release contains forward-looking statements, including statements related to the potential efficacy of CPI-444, both as a single agent and in combination with anti-PD-1 or anti-PD-L1, the Company’s ability to develop and advance product candidates into and successfully complete clinical trials, the timing of Phase I clinical trials for the Company’s anti-CD73 antibody and ITK inhibitor, the Company’s ability to identify assets that can be in-licensed and further developed internally. 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 Corvus’ control. Corvus’ 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 registration statement on Form S-1 filed with the
CORVUS PHARMACEUTICALS, INC. | |||||||||||||||||||
CONDENSED STATEMENTS OF OPERATIONS | |||||||||||||||||||
(in thousands, except share and per share data) | |||||||||||||||||||
(unaudited) | |||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||
2016 |
2015 |
2016 |
2015 |
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Operating expenses: | |||||||||||||||||||
Research and development | $ | 7,119 | $ | 2,005 | $ | 12,517 | $ | 3,928 | |||||||||||
General and administrative | 1,706 | 327 | 2,734 | 618 | |||||||||||||||
Total operating expenses | 8,825 | 2,332 | 15,251 | 4,546 | |||||||||||||||
Loss from operations | (8,825 | ) | (2,332 | ) | (15,251 | ) | (4,546 | ) | |||||||||||
Change in fair value of convertible preferred stock liability | – | (17,900 | ) | – | (17,600 | ) | |||||||||||||
Interest income | 180 | – | 259 | 1 | |||||||||||||||
Net loss | $ | (8,645 | ) | $ | (20,232 | ) | $ | (14,992 | ) | $ | (22,145 | ) | |||||||
Net loss per share, basic and diluted | $ | (0.43 | ) | $ | (58.42 | ) | $ | (1.42 | ) | $ | (68.80 | ) | |||||||
Shares used to compute net loss per share, basic and diluted | 19,959,459 | 346,339 | 10,568,562 | 321,868 | |||||||||||||||
CORVUS PHARMACEUTICALS, INC. | |||||||||
CONDENSED BALANCE SHEETS | |||||||||
(in thousands) | |||||||||
(unaudited) | |||||||||
June 30, | December 31, | ||||||||
2016 | 2015 | ||||||||
Assets | |||||||||
Cash, cash equivalents and marketable securities | $ | 152,152 | $ | 94,386 | |||||
Other assets | 4,769 | 4,073 | |||||||
Total assets | $ | 156,921 | $ | 98,459 | |||||
Liabilities, convertible preferred stock and stockholders’ equity (deficit) | |||||||||
Accounts payable and accrued liabilities and other liabilities | $ | 4,953 | $ | 3,780 | |||||
Convertible preferred stock | – | 125,780 | |||||||
Stockholders' equity (deficit) | 151,968 | (31,101 | ) | ||||||
Total liabilities, convertible preferred stock and stockholders’ equity | $ | 156,921 | $ | 98,459 | |||||
Investor Contact:Leiv Lea Chief Financial Officer LLea@corvuspharma.com 650-900-4522 Media Contact:Julie Normart ,W2O Group 415-946-1087 jnormart@w2ogroup.com