Corvus Pharmaceuticals — Third Quarter 2026 Earnings Summary

Financial Performance:

• Cash, cash equivalents, and marketable securities totaled $202.9 million as of September 30, 2026, compared to $56.8 million as of December 31, 2025.
• The September 30, 2026 cash balance included approximately $189.4 million in net proceeds from a financing completed on January 23, 2026.
• Research and development expenses for the three months ended September 30, 2026, were $17.8 million, an increase from $8.5 million in the same period of 2025.
• Total operating expenses for the three months ended September 30, 2026, were $21.4 million, compared to $10.6 million in the same period of 2025.
• Net loss for the three months ended September 30, 2026, was $20.3 million, compared to $10.2 million in the same period of 2025.
• Net loss for the nine months ended September 30, 2026, was $52.0 million, compared to a net loss of $3.0 million in the same period of 2025.
• Non-cash losses from the investment in Angel Pharmaceuticals were $0.9 million for the three months ended September 30, 2026, compared to $0.3 million in the same period of 2025.
• Total stock compensation expense was $2.8 million for the three months ended September 30, 2026, compared to $1.2 million in the same period of 2025.
• Net loss per share (basic) was $0.22 for the three months ended September 30, 2026, compared to $0.12 in the same period of 2025.
• Net loss per share (basic) was $0.57 for the nine months ended September 30, 2026, compared to $0.04 in the same period of 2025.
• Total assets were $223.9 million as of September 30, 2026, compared to $71.1 million as of December 31, 2025.
• Stockholders' equity was $208.3 million as of September 30, 2026, compared to $61.2 million as of December 31, 2025.

Guidance and Future Outlook:

• Cash, cash equivalents, and marketable securities are expected to fund operations into the second quarter of 2028.
• Topline data from the Angel Pharmaceuticals Phase 1b/2 atopic dermatitis cohort 1 is anticipated in March 2027.
• Initial data from the Phase 1b hidradenitis suppurativa trial is anticipated in the first half of 2027.
• Corvus plans to initiate a Phase 2 asthma trial by the first quarter of 2027.
• Angel Pharmaceuticals anticipates initiating a Phase 2 asthma trial in the second quarter of 2027.
• The Company expects a series of potentially significant data milestones across its soquelitinib development pipeline in 2027.

Business Segments and Product Lines:

• Soquelitinib (Atopic Dermatitis): Corvus is enrolling the SIERRA1 Phase 2 trial (approx. 200 patients) evaluating doses of 200 mg once daily, 200 mg twice daily, and 400 mg once daily. Angel Pharmaceuticals completed enrollment in cohort 1 (24 patients) of its Phase 1b/2 trial in China.
• Soquelitinib (Hidradenitis Suppurativa): A Phase 1b trial is enrolling up to 25 patients receiving 200 mg twice daily for 12 weeks; the primary endpoint is safety and tolerability.
• Soquelitinib (Asthma): A Phase 2 trial is planned to evaluate both T2 and non-T2 asthma patients.
• Soquelitinib (T Cell Lymphoma): The registrational Phase 3 SIERRA trial is enrolling 150 patients with relapsed/refractory PTCL, comparing soquelitinib to physician's choice of belinostat or pralatrexate.
• ALPS: The Phase 2 trial with NIAID is advancing; initial data published in November 2026 showed three patients treated for 360 days with no grade 3 or 4 adverse events and positive responses.
• Next-Generation Candidates: The Company is advancing preclinical next-generation ITK inhibitors for immunology and oncology indications.
• Angel Pharmaceuticals: Corvus holds a 49% equity stake in Angel Pharmaceuticals, which holds rights to soquelitinib, ciforadenant, and mupadolimab in greater China.

Market and Competitive Landscape:

• There are no FDA fully approved agents for the treatment of relapsed/refractory PTCL based on randomized trials.
• Soquelitinib has received Orphan Drug Designation for T cell lymphoma and Fast Track designation for adult patients with relapsed or refractory PTCL after at least two lines of systemic therapy.
• PTCL accounts for approximately 10% of non-Hodgkin's lymphomas in Western populations, with approximately 75% of patients not responding to or relapsing within the first two years of first-line chemotherapy.
• Atopic dermatitis affects up to 20% of children and up to 10% of adults.

Risks and Challenges:

• Forward-looking statements regarding clinical trial timelines, patient enrollment, and cash runway are subject to risks including the ability to demonstrate efficacy and safety, the unpredictability of the regulatory process, and the possibility that clinical trial costs may exceed expectations.
• Actual results may differ materially from projections due to factors such as the accuracy of cash estimates and the ability to raise additional capital.

Management Commentary and Tone:

• Richard A. Miller, M.D., President and CEO, stated the company is "driving the science and advancing the breadth of potential clinical indications for ITK inhibition."
• Management expressed confidence that soquelitinib is "on track" for Phase 3 PTCL and Phase 2 atopic dermatitis trials.
• Management noted "strong interest" in the new hidradenitis suppurativa trial and "good progress" toward initiating the asthma trial.
• Management believes soquelitinib has the potential to be effective in both T2 and non-T2 asthma patients based on its mechanism of action affecting Th2, Th17, and T regulatory cells.

Other Key Points:

• The IND application for soquelitinib treatment of ALPS patients is planned to be transferred to Corvus.
• Corvus plans to meet with the FDA to expand the number of ALPS treatment centers and reduce age eligibility to include pediatric patients.
• New biopsy analysis from Memorial Sloan Kettering Cancer Center supports soquelitinib's mechanism of action in mycosis fungoides, showing inhibition of cancerous Th2 cells and skewing to Th1 cells.
• Final data from the Phase 1/1b T cell lymphoma trial was published in the journal Blood.
• Initial data from the ALPS Phase 2 trial will be presented in a poster at the 68th American Society of Hematology (ASH) Annual Meeting in December 2026.