Corvus Pharmaceuticals provided a business update and reported first quarter 2025 financial results on May 8, 2025, alongside new interim data from Cohorts 1-3 of its Phase 1 clinical trial of soquelitinib for atopic dermatitis. The data demonstrated a favorable safety and efficacy profile, with earlier and deeper responses observed in Cohort 3 (200 mg twice per day, 400 mg total daily dose) compared to Cohorts 1 and 2.
At day 28, Cohort 3 showed a 71.1% mean EASI reduction versus 42.1% for placebo, with 63% achieving EASI 75 and 25% achieving IGA 0/1, compared to 0% for placebo in both endpoints. The combined soquelitinib treatment group across all cohorts achieved a statistically significant mean EASI reduction at day 28 compared to placebo (p=0.03). The safety profile remained favorable, with no dose-limiting toxicities.
Financially, as of March 31, 2025, the company held $44.2 million in cash, cash equivalents, and marketable securities. In May 2025, holders of 8,945,175 common stock warrants, including CEO Richard Miller, exercised all their warrants at $3.50 per share, generating approximately $31.3 million in cash proceeds. This significant cash infusion extends the company's operational runway into the fourth quarter of 2026.
Net income for Q1 2025 was $15.2 million, primarily due to a $25.1 million non-cash gain from the change in fair value of the warrant liability, a shift from a $5.7 million net loss in Q1 2024. Research and development expenses increased to $7.5 million from $4.1 million in Q1 2024, reflecting increased clinical trial and manufacturing costs for soquelitinib.
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