Corvus Pharmaceuticals Announces First Quarter 2016 Financial Results
"Since commencing operations in
“In the first quarter of 2016, our achievements were particularly noteworthy as we commenced enrollment in an expansion cohort designed Phase 1/1b clinical trial to evaluate our novel oral checkpoint inhibitor, CPI-444, alone and in combination with atezolizumab, an investigational anti-PD-L1 antibody from Genentech in patients with solid tumors. We also successfully completed our IPO, raising
First Quarter 2016 Financial Results Compared To First Quarter 2015 Financial Results
At
Research and development costs for the three months ended
General and administrative costs for the three months ended
The net loss for the three months ended
Additionally, in
About Adenosine A2A Receptor Antagonists
Over the last several years, significant progress has been made in developing immunotherapies for the treatment of cancer, in part due to the development of checkpoint inhibitors -- antibodies that block immuno-suppressive mechanisms.
Tumors evade immune attack by usurping pathways that negatively regulate immune responses. Adenosine in the tumor microenvironment leads to the activation of the A2A receptor and has been shown to represent one such negative immune regulatory mechanism. Because the tumor microenvironment produces relatively high concentrations of adenosine, blocking A2A receptor activation has the potential to enhance anti-tumor immunity. Data have demonstrated the ability of A2A receptor blockade to enhance anti-tumor immunity, checkpoint blockade and adoptive T-cell therapy. Studies to date support the development of A2A receptor antagonists as novel immunotherapy treatments.
About CPI-444
CPI-444, Corvus’s lead checkpoint inhibitor, is an adenosine A2A receptor antagonist. It is designed to disable a tumor’s ability to subvert attack by the immune system by inhibiting adenosine in the tumor microenvironment. CPI-444 is a small molecule that is taken orally. It is in development as an immuno-oncology therapy for the treatment of patients with solid tumors.
Corvus is currently evaluating CPI-444 in a multicenter Phase 1/1b clinical trial in patients with various solid tumors. This successive expansion cohort trial is examining the activity of CPI-444 both as a single agent and in combination with atezolizumab (MPDL3280A), Genentech's investigational cancer immunotherapy. Atezolizumab is a fully humanized monoclonal antibody targeting protein programmed cell death ligand 1 (PD-L1). Corvus is conducting the trial with Genentech, a member of the
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 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’s control. Corvus’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 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 | |||||||||
March 31, | |||||||||
2016 | 2015 | ||||||||
Operating expenses: | |||||||||
Research and development | $ | 5,397 | $ | 1,924 | |||||
General and administrative | 1,029 | 290 | |||||||
Total operating expenses | 6,426 | 2,214 | |||||||
Loss from operations | (6,426 | ) | (2,214 | ) | |||||
Change in fair value of convertible preferred stock liability | – | 300 | |||||||
Interest income | 79 | 1 | |||||||
Net loss | $ | (6,347 | ) | $ | (1,913 | ) | |||
Net loss per share, basic and diluted | $ | (5.39 | ) | $ | (6.44 | ) | |||
Shares used to compute net loss per share, basic and diluted | 1,176,546 | 297,123 | |||||||
CORVUS PHARMACEUTICALS, INC. | ||||||||
CONDENSED BALANCE SHEETS | ||||||||
(in thousands) | ||||||||
(unaudited) | ||||||||
March 31, | December 31, | |||||||
2016 | 2015 | |||||||
Assets | ||||||||
Cash, cash equivalents and marketable securities | $ | 152,300 | $ | 94,386 | ||||
Other Assets | 4,924 | 4,073 | ||||||
Total assets | $ | 157,224 | $ | 98,459 | ||||
Liabilities, Convertible Preferred Stock and Stockholders’ Equity (Deficit) | ||||||||
Accounts payable and accrued liabilities and other liabilities | $ | 4,674 | $ | 3,780 | ||||
Convertible preferred stock | -- | 125,780 | ||||||
Stockholders' equity (deficit) | 152,550 | (31,101 | ) | |||||
Total liabilities, convertible preferred stock and stockholders' equity | $ | 157,224 | $ | 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