Corvus Pharmaceuticals, Inc. reported significant financial changes in its 10-Q filing for the quarter ending September 30, 2024. The company’s total current assets rose to $42.9 million, up from $28.0 million at the end of 2023, while total assets increased to $58.8 million from $45.6 million. However, total current liabilities surged to $46.4 million, a substantial increase from $6.9 million, leading to a decrease in total stockholders’ equity to $12.4 million from $38.7 million.

For the three months ended September 30, 2024, Corvus reported total operating expenses of $7.3 million, compared to $5.6 million in the same period of 2023. The loss from operations also increased to $7.3 million from $5.6 million year-over-year. The net loss for the quarter was $40.2 million, significantly higher than the $6.0 million loss reported in the prior year. This resulted in a net loss per share of $(0.60), compared to $(0.12) in 2023. For the nine-month period, the net loss escalated to $50.2 million from $20.4 million, with a net loss per share of $(0.86) versus $(0.43) in the previous year.

The increase in losses was attributed to a $32.8 million expense related to the revaluation of common warrants, reflecting a rise in the company's stock price. Total operating expenses for the nine months reached $19.4 million, up from $17.8 million in 2023. Research and development costs for the lead product candidate, Soquelitinib, increased due to higher clinical trial expenses.

Corvus raised $30.4 million in net cash from financing activities during the nine months, primarily from the issuance of common stock and warrants. This was a notable increase from $7.9 million in the same period of 2023. The company ended the quarter with $41.7 million in cash, cash equivalents, and marketable securities, compared to $27.1 million at the end of 2023.

The company has not generated any revenue from product sales and does not expect to do so until its candidates receive regulatory approval. Corvus plans to continue funding operations through equity offerings and collaborations, while management anticipates ongoing operating losses as product candidates advance through clinical trials.