Corvus Pharmaceuticals, Inc. reported a net loss of $15.3 million for the year ended December 31, 2025, a significant decrease from the $62.3 million loss recorded in 2024. The company has not generated any revenue from product sales, as its product candidates remain in clinical development. As of December 31, 2025, Corvus had an accumulated deficit of $412.3 million. The increase in research and development expenses to $33.7 million from $19.4 million in 2024 was primarily driven by costs associated with its lead product candidate, soquelitinib, which entered a Phase 3 clinical trial for relapsed peripheral T-cell lymphoma (PTCL) and a Phase 2 trial for atopic dermatitis.
The company’s total operating expenses rose to $43.0 million in 2025, up from $27.5 million in 2024. This increase reflects higher costs in drug manufacturing and clinical trials, particularly for soquelitinib, which saw a $12.4 million increase in expenses compared to the previous year. Corvus also reported a change in the fair value of its warrant liability, which contributed to a net loss before equity method investment of $13.3 million, compared to a loss of $59.1 million in 2024.
In terms of operational developments, Corvus has focused on advancing its product pipeline, which includes soquelitinib, ciforadenant, and mupadolimab. The company has entered into strategic collaborations, including a partnership with Angel Pharmaceuticals, which is responsible for the clinical development and commercialization of these candidates in Greater China. As of December 31, 2025, Corvus had cash, cash equivalents, and marketable securities totaling $56.8 million, bolstered by a follow-on public offering that raised approximately $189.4 million in January 2026.
Looking ahead, Corvus anticipates continued operating losses as it invests in the development of its product candidates. The company expects its existing capital resources will be sufficient to fund operations into the second quarter of 2028, but additional financing will be necessary to support ongoing and future clinical trials. The company is actively exploring various funding options, including public and private equity offerings and potential collaborations, to ensure it can meet its operational and developmental goals.
About Corvus Pharmaceuticals, Inc.
Corvus Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company focused on developing targeted immuno-oncology and immune-mediated disease therapies. Its pipeline includes oral small molecules and monoclonal antibodies aimed at modulating immune cell signaling pathways, such as ITK inhibitors and adenosine receptor antagonists. The company targets cancers and inflammatory diseases, leveraging proprietary technology, strategic collaborations, and a focus on precision immune modulation to address large unmet medical needs.
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