Corvus Pharmaceuticals Reports Fourth Quarter and Full Year 2016 Financial Results and Provides Business Update
“In 2016, Corvus made the successful transition to becoming a public company, initiated clinical investigation of our lead program, CPI-444, and reported promising results, and continued to advance our additional pipeline candidates,” said
Recent Achievements and Upcoming Milestones
Clinical & Preclinical Development
- Initiated enrollment of the disease-specific expansion part of the Phase 1/1b clinical study of 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. This second stage of the study utilizes an optimal oral dose of 100 mg twice daily for 28 days, which was identified in the initial dose-selection part of the study.
- Expanded the cohort of renal cell carcinoma patients treated with single-agent CPI-444 from 14 to 26 patients in the Phase 1/1b clinical study, per predefined protocol criteria.
- Reported evidence of single agent CPI-444 activity in patients in other disease-specific cohorts, including lung cancer and melanoma. Overall, in 33 patients receiving single agent CPI-444, two patients achieved partial responses and 12 patients had stable disease.
- Presented preliminary safety and efficacy data from the dose-selection phase of the Phase 1/1b clinical study at the
Society for Immunotherapy of Cancer’s (SITC ) 31st Annual Meeting. - Continued to progress anti-CD73 antibody and ITK inhibitor programs toward Phase 1 study initiation in 2018.
- Plan to present clinical updates from the Phase 1/1b study of CPI-444 at the
American Association for Cancer Research (AACR) Annual Meeting inApril 2017 and at theAmerican Society of Clinical Oncology (ASCO ) Annual Meeting inJune 2017 . - Plan to initiate a registration trial for CPI-444 in renal cell carcinoma patients, if the data warrant.
- Anticipate expanding additional disease-specific cohorts in the Phase 1/1b clinical trial, if the data warrant.
Corporate
- Appointed
Ian T. Clark , former Genentech chief executive officer, to the Board of Directors. - Hold first R&D Day on
March 14, 2017 to highlight the emerging role of the adenosine axis in immuno-oncology and provide additional updates on the CPI-444 program. Webcast information for the presentation will be provided closer to the date.
Financial Results
At
Research and development expenses for the three months and full year ended
General and administrative expenses for the three months and full year ended
The net loss for the three months and full year ended
About
Tecentriq® is a registered trademark of Genentech.
Forward-Looking Statements
This press release contains forward-looking statements, including statements related to the potential safety and efficacy of CPI-444, both as a single agent and in combination with anti-PD-1 or anti-PD-L1, the Company’s plan to develop and advance product candidates into and successfully complete clinical trials, clinical updates and other upcoming milestones, and the Company’s expected net cash utilization in 2017. 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 Annual Report on Form 10-K for the year ended
CORVUS PHARMACEUTICALS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share data) (unaudited) |
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Three Months Ended | Year Ended | |||||||||||||||||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||||||||||
Research and development | $ | 9,131 | $ | 4,909 | $ | 29,356 | $ | 11,352 | ||||||||||||||||||||||||||||||||
General and administrative | 2,118 | 1,195 | 7,620 | 2,418 | ||||||||||||||||||||||||||||||||||||
Total operating expenses | 11,249 | 6,104 | 36,976 | 13,770 | ||||||||||||||||||||||||||||||||||||
Loss from operations | (11,249 | ) | (6,104 | ) | (36,976 | ) | (13,770 | ) | ||||||||||||||||||||||||||||||||
Change in fair value of convertible preferred stock liability | – | – | – | (17,600 | ) | |||||||||||||||||||||||||||||||||||
Interest income and other expenses, net | 163 | 65 | 601 | 35 | ||||||||||||||||||||||||||||||||||||
Net loss | $ | (11,086 | ) | $ | (6,039 | ) | $ | (36,375 | ) | $ | (31,335 | ) | ||||||||||||||||||||||||||||
Net loss per share, basic and diluted | $ | (0.55 | ) | $ | (13.31 | ) | $ | (2.36 | ) | $ | (83.86 | ) | ||||||||||||||||||||||||||||
Shares used to compute net loss per share, basic and diluted | 20,262,752 | 453,776 | 15,422,041 | 373,643 | ||||||||||||||||||||||||||||||||||||
CORVUS PHARMACEUTICALS, INC. | ||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||||||||||||||||
December 31, |
December 31, | |||||||||||||||||||||||||||||||||||||||
2016 |
2015 | |||||||||||||||||||||||||||||||||||||||
Assets |
||||||||||||||||||||||||||||||||||||||||
Cash, cash equivalents and marketable securities |
$ | 134,896 |
$ | 94,386 | ||||||||||||||||||||||||||||||||||||
Other assets |
5,254 | 4,073 | ||||||||||||||||||||||||||||||||||||||
Total assets | $ | 140,150 |
$ | 98,459 | ||||||||||||||||||||||||||||||||||||
Liabilities, convertible preferred stock and stockholders’ equity (deficit) | ||||||||||||||||||||||||||||||||||||||||
Accounts payable and accrued liabilities and other liabilities |
$ | 7,349 |
$ | 3,780 | ||||||||||||||||||||||||||||||||||||
Convertible preferred stock |
– | 125,780 | ||||||||||||||||||||||||||||||||||||||
Stockholders' equity (deficit) |
132,801 | (31,101 | ) | |||||||||||||||||||||||||||||||||||||
Total liabilities, convertible preferred stock and stockholders’ equity (deficit) | $ | 140,150 |
$ | 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