Corvus Pharmaceuticals Reports $8M Net Loss in Q2 2025, Strengthens Financial Position

Corvus Pharmaceuticals, Inc. reported a net loss of $8.0 million for the three months ended June 30, 2025, compared to a loss of $4.3 million for the same period in 2024. For the six months ended June 30, 2025, the company recorded a net income of $7.2 million, which includes $27.1 million in non-operating income from the change in fair value of warrant liability. This marks a significant improvement from a net loss of $10.0 million in the prior year. Total operating expenses for the second quarter of 2025 were $10.3 million, up from $5.9 million in the same quarter of 2024, driven primarily by increased research and development costs associated with the company's lead product candidate, soquelitinib.

The company’s financial position has strengthened, with total assets increasing to $89.5 million as of June 30, 2025, compared to $68.9 million at the end of 2024. Cash and cash equivalents rose to $14.7 million, up from $8.7 million, while marketable securities increased to $59.7 million from $43.2 million. Corvus's accumulated deficit stood at $389.8 million as of June 30, 2025, reflecting the ongoing investment in research and development without any revenue from product sales, as none of its product candidates have yet received regulatory approval.

In terms of operational developments, Corvus has made significant strides in its clinical programs. The company is advancing soquelitinib, which is currently in a Phase 3 clinical trial for relapsed/refractory peripheral T cell lymphoma (PTCL) and a Phase 1 trial for atopic dermatitis. The FDA has granted Fast Track designation to soquelitinib for PTCL, indicating the agency's recognition of the drug's potential to address unmet medical needs. Additionally, the company has reported promising interim results from its clinical trials, including a 39% objective response rate in patients with T cell lymphomas.

Strategically, Corvus has also exercised warrants that generated approximately $54.3 million in proceeds, contributing to its liquidity. The company has indicated that it will need to raise additional capital to fund its ongoing operations and development programs, which may include public or private equity offerings and potential collaborations. As of June 30, 2025, Corvus believes its current cash and marketable securities will be sufficient to support its operations for at least the next 12 months, but it acknowledges the need for further financing to sustain its growth and development efforts.