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Saturday, December 9, 2023

Corvus Pharmaceuticals, Inc. (CRVS) stock has skyrocketed in aftermarket – Recent Developments you should know!

Corvus Pharmaceuticals, Inc. (CRVS) has experienced an increase of 56.64% in the aftermarket. However, the last trading session closed at $2.26 with a decline of 1.31%.

What’s going on?

CRVS did not update any latest news in today’s date but let’s discuss some of the recent news launched by the company.

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Participation in conferences by CRVS

CRVS, a clinical-stage biopharmaceutical firm, announced on 7th September 2021  that its management will speak at the Cantor Virtual Global Healthcare Conference, which will take place September 27-30, 2021. Moreover, at this conference, the Company will hold one-on-one discussions with investors, and Dr. Miller will provide a virtual business overview presentation on September 29 from 3:20-3:50 p.m. ET.

Attendees can also watch the webcasts of the above-mentioned presentations on the Corvus website’s investor relations section, and replays will be accessible for 90 days after the events.

CRVS Announces IND Acceptance for Phase 1/1b Clinical Trial of CPI-818 in China

CRVS announced on 16th August 2021 that the Center for Drug Evaluation of the China National Medical Products Administration has accepted an IND application. Angel Pharmaceuticals Ltd. initiated the Phase 1/1b clinical trial of Corvus’ small molecule ITK inhibitor CPI-818 for the treatment of relapsed/refractory T cell lymphomas (NMPA). Angel Pharma intends to start the trial by the end of 2021 and will be responsible for all costs associated with the study’s execution in China.

Furthermore, CPI-818 is an experimental covalent inhibitor of ITK that is orally accessible and has a low nanomolar affinity. It effectively reduced T cell receptor signal transduction in vitro, according to research. Lastly, Angel Pharma acquired the rights to develop, produce, and market CPI-818 in Greater China from Corvus.

Second Quarter 2021 Financial Results

CRVS announced second-quarter 2021 financial results on 2 August 2021.

Corvus’ cash, cash equivalents, and marketable securities were $66.5 million at the end of June 2021. As of December 31, 2020, the company had $44.3 million in cash, cash equivalents, and marketable securities. The $22.2 million increase in cash was due to the receipt of approximately $43.8 million in net proceeds.

For the three months ended June 30, 2021, research and development costs came out to be $9.1 million. The rise in clinical trial expenses for the Phase 3 COVID-19 clinical trial was largely responsible for the $1.2 million increase. It was somewhat offset by reduced clinical trial costs for CPI-818.

Also, the net loss was $11.8 million, compared to $10.6 million for the same period in 2020. Last but not the least, the total stock compensation expenditure was $1.2 million.

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