Corvus Pharmaceuticals reported its financial results for the fourth quarter and full year ended December 31, 2024, on March 25, 2025. The company's cash, cash equivalents, and marketable securities stood at $52.0 million as of December 31, 2024, an increase from $27.1 million at the end of 2023.
During the fourth quarter of 2024, early warrant exercises generated approximately $18.6 million in cash proceeds, contributing to $30.3 million in net proceeds from a registered direct offering in May 2024. The net loss for Q4 2024 was $12.1 million, compared to $6.7 million for the same period in 2023, while full-year 2024 R&D expenses increased to $19.4 million from $16.5 million in 2023.
The company expects its cash to fund operations into the first quarter of 2026, supporting the advancement of its selective ITK inhibitor, soquelitinib, across multiple indications. This includes the Phase 3 PTCL trial, the Phase 1 atopic dermatitis trial, and the recently initiated Phase 2 ALPS trial, with a planned solid tumor trial in Q3 2025.
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