Corvus Pharmaceuticals Reports $62.3 Million Net Loss for Fiscal Year 2024

Corvus Pharmaceuticals, Inc. reported a significant net loss of $62.3 million for the fiscal year ending December 31, 2024, compared to a loss of $27.0 million in the previous year. The company's accumulated deficit has now reached $397.0 million. The increase in losses is attributed to ongoing research and development expenses, which rose to $19.4 million from $16.5 million in 2023. General and administrative expenses also increased to $8.2 million from $6.9 million, reflecting the company's continued investment in its clinical programs and operational infrastructure.

The company has not generated any revenue from product sales, as its product candidates, including soquelitinib, ciforadenant, and mupadolimab, remain in various stages of clinical development. Soquelitinib is currently undergoing a Phase 3 clinical trial for relapsed peripheral T-cell lymphoma (PTCL) and a Phase 1 trial for atopic dermatitis. Corvus has also initiated a Phase 1b/2 trial for ciforadenant in collaboration with the Kidney Cancer Research Consortium. The company anticipates that its research and development expenses will continue to increase as it advances these clinical trials.

As of December 31, 2024, Corvus had cash, cash equivalents, and marketable securities totaling $52.0 million. However, the company has indicated that this amount is insufficient to fund its operations through at least the first quarter of 2026, raising substantial doubt about its ability to continue as a going concern. To address its funding needs, Corvus plans to pursue additional capital through public or private equity offerings, debt financing, and potential collaborations. The company has entered into a sales agreement with Jefferies LLC to sell up to $100 million in common stock, although no shares have been sold under this agreement as of the end of 2024.

Operationally, Corvus has a total of 31 employees, with 23 primarily engaged in research and development activities. The company continues to rely on third-party manufacturers for the production of its product candidates, which poses risks related to compliance with regulatory standards and the ability to scale manufacturing as needed. Additionally, Corvus is subject to various regulatory requirements, including those related to clinical trials and product approvals, which could impact its development timelines and commercialization efforts.

Looking ahead, Corvus remains focused on advancing its clinical programs and obtaining regulatory approvals for its product candidates. However, the company faces significant challenges, including the need for substantial additional financing, the inherent risks of clinical development, and competition from other biopharmaceutical companies. The outcome of these efforts will be critical to the company's future financial performance and ability to achieve profitability.