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Corvus Pharmaceuticals, Inc. (CRVS)·Q3 2025 Earnings Summary

Executive Summary

  • Q3 2025 EPS was -$0.12 and net loss was $10.2M; operating expenses rose on higher clinical and manufacturing costs, while the year-ago net loss included a $32.8M non-cash warrant liability charge, driving a large YoY improvement .
  • EPS modestly beat Wall Street consensus: -$0.12 actual vs -$0.13 consensus; revenue was in-line at $0 as expected. Target price consensus stands at $15.33 across 6 estimates. Values retrieved from S&P Global*.
  • Operational milestones: completed enrollment in the 24‑patient extension cohort (200 mg BID, 8 weeks) with data expected in January 2026; Phase 2 AD trial on track to initiate in early Q1 2026; Phase 3 PTCL is enrolling, with final Phase 1/1b data set for oral presentation at ASH in December 2025 .
  • Liquidity: cash, equivalents, and marketable securities were $65.7M; management reiterated cash runway into Q4 2026 (consistent with prior quarter) .
  • Risk flag: 10‑Q raised substantial doubt about going-concern for at least 12 months absent additional capital; management is evaluating financing and potential partnerships .

What Went Well and What Went Wrong

What Went Well

  • Strong AD efficacy signal carried forward: “At day 28, cohort 3 showed a mean % reduction of EASI score of 64.8%… 50% achieved EASI 75… and 25% achieved IGA 0 or 1” .
  • Execution: extension cohort 4 (200 mg BID, 8 weeks; 24 patients, 1:1 randomization) fully enrolled and Phase 2 AD trial design readied for early Q1 2026 start .
  • Oncology momentum: CEO highlighted impressive PFS/OS in T‑cell lymphoma Phase 1/1b, reinforcing mechanism and supporting the Phase 3 PTCL program: “We have far better results than [typical six‑month relapse survival]” .

What Went Wrong

  • Higher operating spend: R&D rose to $8.5M (+$3.3M YoY) and total operating expenses increased to $10.6M, driven by clinical/manufacturing scale-up and personnel costs .
  • Slight timetable slippage: AD extension cohort readout shifted from Q4 2025 (prior guide) to January 2026, and Phase 2 AD initiation moved to early Q1 2026 (vs “before year-end” in Q2) .
  • Financing overhang: the 10‑Q disclosed substantial doubt about going-concern without additional capital; management acknowledged the need to raise funds to run multiple immune-disease trials .

Financial Results

P&L (quarterly)

MetricQ3 2024Q2 2025Q3 2025
EPS (basic, $)-$0.60 -$0.10 -$0.12
R&D Expense ($USD Millions)$5.2 $7.9 $8.5
G&A Expense ($USD Millions)$2.0 $2.4 $2.1
Total Operating Expenses ($USD Millions)$7.3 $10.3 $10.6
Net Loss ($USD Millions)-$40.2 -$8.0 -$10.2

Balance Sheet (select dates)

MetricDec 31, 2024Jun 30, 2025Sep 30, 2025
Cash, Cash Equivalents & Marketable Securities ($USD Millions)$52.0 $74.4 $65.7

Q3 2025 Actual vs S&P Global Consensus

MetricActualConsensusSurprise
EPS (Primary, $)-$0.12 -$0.13*+$0.01 (Beat)
Revenue ($USD Millions)$0.0 $0.0*In-line
EBITDA ($USD Millions)-$10.54*N/AN/A

Values retrieved from S&P Global*.
Coverage: Revenue estimates (5), EPS estimates (6), Target Price consensus $15.33 (6) for Q3 and Q4 2025*.

KPIs and Program Metrics

KPIQ3 2025 Status
AD Phase 1 Extension Cohort24 pts; 200 mg BID; 8 weeks; 1:1 active/placebo; data Jan 2026
AD Phase 2 Trial Plan~200 pts, four arms (200 mg QD, 200 mg BID, 400 mg QD, placebo), 12-week treatment; ~70 sites; start early Q1 2026
PTCL Phase 3150 pts, 1:1 soquelitinib vs belinostat/pralatrexate; primary endpoint PFS; Fast Track & Orphan Drug designations
ASH PresentationFinal Phase 1/1b T-cell lymphoma oral presentation Dec 8, 2025 (Publication #778)
Liquidity & RunwayCash $65.7M; runway into Q4 2026 (maintained)

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cash RunwayCorporateFund ops into Q4 2026 (Q2 PR) Fund ops into Q4 2026 (Q3 PR) Maintained
AD Extension ReadoutTrial MilestoneQ4 2025 (Q2 PR) January 2026 (Q3 PR/Call) Lowered/Delayed
AD Phase 2 StartTrial Milestone“Before year-end 2025” (Q2 PR) Early Q1 2026 (Q3 call) Lowered/Delayed
PTCL Phase 3 InterimTrial MilestoneNot previously specifiedFutility interim at end of 2026; full data end of 2027 (call) New
ASH Oral PresentationEventNot previously specifiedDec 8, 2025 oral session (final Phase 1/1b) New

Earnings Call Themes & Trends

TopicPrevious Mentions (Q1–Q2 2025)Current Period (Q3 2025)Trend
AD efficacy & kineticsCohort 3 showed earlier/deeper responses; EASI mean reductions 64.8%; PP‑NRS itch ≥4‑pt in 50% Reaffirmed prior efficacy; extension targets longer duration to deepen responses Strengthening
AD Phase 2 designTargeting 200 pts; multiple doses including 200 mg BID and 400 mg QD 12‑week primary endpoint (EASI reduction); include prior Dupixent/JAK failures; global ~70 sites Clarified & broadened
Oncology (PTCL)Phase 3 enrolling; Fast Track & Orphan designations CEO emphasized impressive PFS/OS; futility interim late 2026; potential broad use if approved Momentum building
BiomarkersCytokine reductions (IL‑5/9/17/31/33, TSLP, TARC); Treg trends Plan aggressive biomarker program (single‑cell RNA of blood); limited biopsies to ease enrollment Continued focus
Funding/partnershipsWarrant exercises improved cash; ATM program available Engaging majors on ITK; likely raise capital to run multi‑indication program Funding need explicit
Board/commercialN/ADavid Moore (Novo Nordisk) appointed to Board (Oct 2) Commercial acumen added

Management Commentary

  • “We believe soquelitinib has the potential to be ideally positioned as a well‑tolerated treatment for a range of immune diseases and cancers that works through a novel mechanism of action.” — Richard A. Miller, CEO .
  • “At day 28, cohort 3 showed a mean % reduction of EASI score of 64.8%… No placebo patients achieved EASI 75 or IGA 0 or 1.” .
  • “The PFS and OS being presented at ASH… are quite impressive… we’re seeing responses in T‑cell lymphomas… GATA3 positive… [which] bodes well… for a range of immune diseases.” .
  • “We intend to run multiple trials in immune disease… we’re optimistic… we’ll be in a position to raise money to fund those activities.” .

Q&A Highlights

  • Oncology efficacy context: management underscored favorable PFS/OS vs historical relapsed PTCL benchmarks and mechanistic relevance (Th2/GATA3) .
  • AD expectations: extension cohort aims to confirm consistency and assess whether 8‑week dosing further improves outcomes; safety remains a focus .
  • Phase 2 AD population: will include prior Dupixent/JAK failures; study stratified by prior systemic therapy exposure, but not powered for subgroup significance yet .
  • Additional indications: asthma and hidradenitis suppurativa highlighted; prurigo nodularis and alopecia areata under consideration .
  • Commercial/funding: active dialogue with potential partners; expects to raise capital to support multi‑program execution .

Estimates Context

  • Q3 EPS beat consensus by ~$0.01 (actual -$0.12 vs consensus -$0.13); revenue was in-line at $0. Target price consensus is $15.33 with six covering analysts. Values retrieved from S&P Global*.
  • With AD extension data now in January 2026 and Phase 2 starting early Q1 2026, models may shift timing of AD de‑risking and potential R&D/op-ex contours in 2026; PTCL Phase 3 interim late 2026 remains a long-dated catalyst .

Key Takeaways for Investors

  • Near-term catalysts: ASH oral (Dec 2025) and AD extension readout (Jan 2026) can reinforce mechanism and clinical efficacy narrative across oncology and immunology .
  • AD program trajectory: strong Cohort 3 signals provide a foundation; Phase 2 design (incl. Dupixent/JAK-failure patients) broadens addressable population and differentiates mechanism .
  • PTCL remains a high-need area: randomized Phase 3 underway with favorable mechanistic rationale; futility interim analysis targeted for late 2026 .
  • Financial runway maintained to Q4 2026, but 10‑Q flags substantial doubt on going-concern without additional capital; prepare for financing/partnering headlines .
  • Operating spend is rising with program scale-up (R&D +$3.3M YoY in Q3); expect continued investment intensity as multiple trials commence .
  • Strategic depth strengthened by Board appointment of David Moore (Novo Nordisk), adding commercialization expertise for eventual immune-disease markets .
  • Trading lens: incremental efficacy/safety details and biomarker readouts, along with trial start/readout dates, are the key narrative drivers near term; financing path is a parallel watch item .
Note: S&P Global consensus metrics marked with * and summarized in the Q3 2025 Actual vs S&P Global Consensus table above.