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Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS) Q1 2024 Earnings Call Transcript

Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS) Q1 2024 Earnings Call Transcript May 6, 2024

Corvus Pharmaceuticals, Inc. isn't one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).

Operator: Good afternoon ladies and gentlemen and welcome to the Corvus Pharmaceuticals' Business Update and Reports First Quarter 2024 Financial Results Conference Call. At this time, all lines are in a listen-only mode. Following the presentation we will conduct a question-and-answer session. [Operator Instructions] This call is being recorded on Monday, May 06, 2024. I would now like to turn the conference over to Zack Kubow of Real Chemistry. Please go ahead.

Zack Kubow: Thank you, operator and good afternoon everyone. Thanks for joining us for the Corvus Pharmaceuticals' first quarter 2024 business update and financial results conference call. On the call to discuss the results and business updates are Richard Miller, Chief Executive Officer; Leiv Lea, Chief Financial Officer; Jeff Arcara, Chief Business Officer; Jim Rosenbaum, Senior Vice President of Research and Ben Jones, Senior Vice President of Regulatory and Pharmaceutical Sciences. The executive team will open the call with some prepared remarks, followed by a question-and-answer period. I would like to remind everyone that comments made by management today and answers to questions will include forward-looking statements.

A biotechnology expert discussing the potential of a new anti-CD73 monoclonal antibody in a lecture hall.
A biotechnology expert discussing the potential of a new anti-CD73 monoclonal antibody in a lecture hall.

Forward-looking statements are based on estimates and assumptions as of today and are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied by those statements, including the risks and uncertainties described in Corvus' annual report on Form 10-K, and other filings the company makes with the SECTOR from time-to-time. The company undertakes no obligation to publicly update or revise any forward-looking statements except as required by law. With that, I'd like to turn the call over to Leiv Lea. Leiv?

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Leiv Lea: Thank you, Zack. I will begin with a quick overview of our first quarter 2024 financials and then turn the call over to Richard for a business update. Research and development expenses in the first quarter of 2024 totaled $4.1 million, compared to $4.6 million for the same period in 2023. The net loss for the first quarter 2024 was $5.7 million, including non-cash income of $0.2 million related to Angel Pharmaceuticals, our partner in China. This compares to a net loss of $7.9 million for the same period in 2023, which included a $1.7 million non-cash loss related to Angel Pharmaceuticals. Total stock compensation expense for the first quarter of 2024 was $0.7 million, compared to $0.5 million for the same period in 2023.

As of March 31, 2024, Corvus had cash, cash equivalents and marketable securities totaling $22.1 million, as compared to $27.1 million at December 31, 2023. Today, we closed a $30.6 million financing that included a premier group of biotech investors as well as some members of the Corvus leadership team. Including the proceeds from this financing pro forma cash at March 31, 2024, was approximately $52.7 million, extending our cash Runway into Q4 of 2025. I will now turn the call over to Richard, who will discuss our clinical progress and elaborate on our strategy and plans.

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To continue reading the Q&A session, please click here.