Corvus Pharmaceuticals Announces Third Quarter Financial Results and Provides Business Update
“We continue to make good progress on the development of our lead product candidate, CPI-444,” said
Recent Business Progress
CPI-444 Program
- Completed enrollment of 48 patients in four cohorts in the dose-selection part of the Phase 1/1b trial for the Company’s lead oral checkpoint inhibitor, CPI-444, as a single agent and in combination with Genentech’s TECENTRIQ® (atezolizumab), an anti-PD-L1 antibody.
- Selected an oral dose of 100 mg twice daily for 28 days for both the single agent and combination arms of the disease-specific expansion cohort stage of the trial, which is now enrolling.
- Presented preclinical and preliminary biomarker data at the Second CRI-CIMT-EATI-AACR International Cancer Immunotherapy Conference in September, which showed that CPI-444 is well tolerated and that single agent treatment is associated with activation of T-cells detected in the blood. Corvus believes this is the first demonstration of immune modulation in cancer patients receiving an adenosine antagonist.
- Presented additional biomarker data from the Phase 1/1b study showing continued evidence of treatment-related immune activation at the
European Society for Medical Oncology (ESMO) Congress in October. CPI-444 continued to be generally well tolerated, with one patient experiencing a possibly drug related serious adverse event.
Other Product Candidates
- Demonstrated in preclinical studies that Corvus’ anti-CD73 antibody directly inhibited catalytic activity of CD73 and was differentiated from other competitive CD73 antibodies. Large scale manufacturing of anti-CD73 is in progress and IND enabling studies have been initiated.
- Selected a lead compound for Corvus’ interleukin-2 (IL-2)-inducible T-cell kinase (ITK) inhibitor program and initiated IND enabling studies.
Upcoming Milestone
- The Company expects to present preliminary efficacy data from the dose-selection part of the Phase 1/1b trial for CPI-444 in the fourth quarter of 2016.
Third 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, including the Company’s Phase 1/1b clinical trial for CPI-444, the timing of regulatory filings and Phase I clinical trials for the Company’s anti-CD73 antibody and ITK inhibitor, the utility of biomarker data collected and the suitability of the dosing regimen selected for the Company’s Phase 1/1b clinical trial for CPI-444. 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 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 | Nine Months Ended | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||||||
Operating expenses: | |||||||||||||||||||
Research and development | $ | 7,707 | $ | 2,514 | $ | 20,224 | $ | 6,443 | |||||||||||
General and administrative | 2,769 | 606 | 5,502 | 1,223 | |||||||||||||||
Total operating expenses | 10,476 | 3,120 | 25,726 | 7,666 | |||||||||||||||
Loss from operations | (10,476 | ) | (3,120 | ) | (25,726 | ) | (7,666 | ) | |||||||||||
Change in fair value of convertible preferred stock liability |
– | – | – | (17,600 | ) | ||||||||||||||
Interest income and other expenses, net |
179 | (31 | ) | 437 | (30 | ) | |||||||||||||
Net loss | $ | (10,297 | ) | $ | (3,151 | ) | $ | (25,289 | ) | $ | (25,296 | ) | |||||||
Net loss per share, basic and diluted | $ | (0.51 | ) | $ | (7.97 | ) | $ | (1.83 | ) | $ | (72.98 | ) | |||||||
Shares used to compute net loss per share, basic and diluted | 20,183,497 | 395,320 | 13,797,927 | 346,621 | |||||||||||||||
CORVUS PHARMACEUTICALS, INC. | ||||||||
CONDENSED BALANCE SHEETS | ||||||||
(in thousands) | ||||||||
(unaudited) | ||||||||
September 30, | December 31, |
|||||||
2016 |
2015 | |||||||
Assets | ||||||||
Cash, cash equivalents and marketable securities | $ | 145,123 | $ | 94,386 | ||||
Other assets | 4,640 | 4,073 | ||||||
Total assets | $ | 149,763 | $ | 98,459 | ||||
Liabilities, convertible preferred stock and stockholders’ equity (deficit) | ||||||||
Accounts payable and accrued liabilities and other liabilities | $ | 6,853 | $ | 3,780 | ||||
Convertible preferred stock | – | 125,780 | ||||||
Stockholders' equity (deficit) | 142,910 | (31,101 | ) | |||||
Total liabilities, convertible preferred stock and stockholders’ equity | $ | 149,763 | $ | 98,459 |
Investor Contact:Jason Coloma , Ph.D. SVP and Chief Business Officer 650-900-4511 JColoma@corvuspharma.com Media Contact:Julie Normart ,W2O Group 415-946-1087 jnormart@w2ogroup.com