Corvus Pharmaceuticals (NASDAQ:CRVS) reported a wider third-quarter loss as spending on clinical trials increased, while executives outlined a series of 2027 milestones for its lead experimental drug, soquelitinib.
The company reported a net loss of $20.3 million for the third quarter of 2026, compared with $10.2 million a year earlier. Research and development expenses rose to $17.8 million from $8.5 million, primarily because of higher soquelitinib clinical trial and personnel costs, Chief Financial Officer Leiv Lea said.
Corvus is developing soquelitinib, an oral ITK inhibitor, for several diseases. Its two priority programs are a Phase III trial in relapsed or refractory peripheral T-cell lymphoma, or PTCL, and the Phase II SIERRA1 trial in moderate to severe atopic dermatitis, Chief Executive Officer Richard Miller said.
Key Trial Readouts Expected in 2027
Corvus expects an independent data monitoring committee to conduct a futility analysis of the PTCL trial in the first quarter of 2027. The analysis will occur after a predefined number of progression-free survival events, rather than on a fixed schedule, Miller said.
The committee will decide whether the study should continue or stop based on available safety and efficacy data. If it continues, Corvus plans to disclose the decision without releasing trial data, which Miller said could bias the remainder of the study. If the trial is stopped, the company could disclose data at a later point, he said. Top-line PTCL results are anticipated before the end of 2027.
For SIERRA1, Corvus expects top-line data in the third quarter of 2027. The study is designed to enroll approximately 200 patients across three soquelitinib doses and a placebo group, with 12 weeks of treatment followed by a 90-day drug-free observation period. Eligible patients must have failed a topical corticosteroid or systemic therapy; the trial also accepts patients who have failed treatments such as Dupixent or a JAK inhibitor, Miller said.
If SIERRA1 succeeds and timelines hold, Corvus could start a Phase III atopic dermatitis study in 2028, according to Miller.
Partner Study and Additional Indications
Corvus and its China partner, Angel Pharmaceuticals, anticipate announcing preliminary atopic dermatitis data in March 2027 from the first cohort of Angel’s Phase I-B/II trial. The cohort enrolled 24 patients, randomized evenly to two soquelitinib dosing regimens or placebo.
Miller said the timing allows patients to complete 12 weeks of therapy and at least 30 days of follow-up before the companies disclose data. Physicians and patients will remain blinded through the full 90-day post-treatment period to help assess response durability. Angel expects to begin enrolling a second cohort in November, with data potentially available in the second half of 2027.
Corvus also began a Phase I-B study in September for moderate to severe hidradenitis suppurativa, a chronic skin disease. The study is designed to enroll up to 25 patients, all of whom will receive soquelitinib for 12 weeks. Safety and tolerability are the primary endpoint; key efficacy measures include the proportion achieving HiSCR50 or HiSCR75 clinical responses at week 12.
Enrollment is ahead of plan, potentially allowing a data release in the first half of 2027, Miller said. Asked about efficacy benchmarks, he said Corvus would be pleased to see 50% to 60% of patients achieve HiSCR50 and approximately 30% achieve HiSCR75, or better, with a good safety profile.
Corvus plans to start an asthma trial in the first quarter of 2027, enrolling patients with both T2 and non-T2 disease. The trial will include an interim analysis that could allow the company to discontinue a disease group for futility. Miller said the shift from a previously discussed late-December start to January was not a material timeline change.
Early ALPS Results and Cash Runway
Miller also discussed initial results from three patients in a National Institute of Allergy and Infectious Diseases-led study of autoimmune lymphoproliferative disease, or ALPS. All three completed one year of treatment, discontinued their background medications and had a positive response, he said. No grade three or four adverse events were reported. Corvus plans to take over the investigational new drug application and meet with the Food and Drug Administration about expanding treatment sites and including pediatric patients.
Corvus ended September with $202.9 million in cash, cash equivalents and marketable securities, up from $56.8 million at the end of 2025. The balance included approximately $189.4 million in net proceeds from a first-quarter follow-on offering. Based on its current plans, the company expects its cash to fund operations into the second quarter of 2028, Lea said.
About Corvus Pharmaceuticals (NASDAQ:CRVS)
Corvus Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on developing medicines that harness the immune system to treat cancer. The company’s research centers on therapies designed to modulate immune-cell activity and address diseases with significant unmet medical needs.
Corvus’ leading product candidate is soquelitinib, formerly known as CPI-818, an oral, selective inhibitor of inducible T-cell kinase (ITK). The company is studying soquelitinib as a potential treatment for T-cell malignancies, including peripheral T-cell lymphoma.
