Corvus Pharmaceuticals NASDAQ: CRVS reported a wider second-quarter loss as it increased spending on clinical development of soquelitinib, its selective ITK inhibitor, while outlining expected milestones across programs in peripheral T-cell lymphoma, atopic dermatitis, hidradenitis suppurativa and asthma.
Research and development expense totaled $16 million for the second quarter of 2026, compared with $7.9 million in the prior-year period. Chief Financial Officer Leiv Lea attributed the increase primarily to higher clinical-trial costs for soquelitinib and increased personnel expenses. Net loss was $18 million, compared with $8 million a year earlier.
As of June 30, Corvus held $215.2 million in cash equivalents and marketable securities, up from $56.8 million at the end of 2025. The balance included approximately $189.4 million of net proceeds from a first-quarter follow-on offering. Lea said the company expects its cash position, based on current operating plans, to fund operations into the second quarter of 2028.
Corvus also invested $5 million during the quarter in a $13.5 million financing completed by Angel Pharmaceuticals, its China-based partner. The company is Angel's largest shareholder, according to management.
PTCL trial enrollment continues
Chief Executive Officer Richard Miller said Corvus is focused on enrolling patients and executing studies for its two lead opportunities: a Phase III trial in relapsed or refractory peripheral T-cell lymphoma, or PTCL, and a Phase II trial in moderate-to-severe atopic dermatitis.
The Phase III PTCL study is designed to enroll 150 patients randomized evenly between soquelitinib and standard-of-care chemotherapy using belinostat or pralatrexate. The primary endpoint is progression-free survival. Miller said enrollment is tracking with the company's expectations.
Corvus now expects an interim futility analysis to occur in the first quarter of 2027, based on the timing of predefined progression-free-survival events. An independent data-monitoring committee will determine whether the trial should continue or stop for futility, and no safety or efficacy data will be publicly released at that point, Miller said.
In response to an analyst question, Miller said Corvus continues to anticipate final Phase III PTCL data in late 2027. He noted that the timing of the interim analysis could move depending on event rates. The company also said results from its Phase I PTCL trial are in press at the journal Blood and are expected to be published later in 2026.
Atopic dermatitis program targets 2027 data
Corvus highlighted final results from a randomized, blinded, placebo-controlled Phase I study of soquelitinib in moderate-to-severe atopic dermatitis that were presented during the second quarter at the Society for Investigative Dermatology annual meeting.
In the highest-dose, longest-duration cohort, 75% of soquelitinib-treated patients achieved EASI-75, compared with 20% of placebo recipients, according to Miller. The cohort included 24 patients randomized evenly to receive 200 milligrams of soquelitinib twice daily or placebo for 56 days. Corvus said 25% of treated patients achieved EASI-90 and 33% achieved an Investigator's Global Assessment score of 0 or 1, while no placebo patients reached either outcome.
Miller said the study did not report severe or serious adverse events, significant laboratory abnormalities, conjunctivitis or a difference in adverse events between placebo and active-treatment groups. He also said the company observed clinical benefit continuing beyond the dosing period without evidence of disease rebound, though he emphasized that potential drug-free remissions are not part of Corvus's current regulatory strategy.
The company is enrolling its Phase II SIERRA-1 trial, which is planned to include approximately 200 patients with moderate-to-severe atopic dermatitis who have failed at least one prior topical or systemic therapy. The study includes three soquelitinib dosing groups—200 mg once daily, 200 mg twice daily and 400 mg once daily—and a placebo group. Treatment lasts 12 weeks, followed by a 90-day period without treatment.
Corvus expects SIERRA-1 enrollment to finish in early 2027 and anticipates top-line data in the third quarter of 2027. Miller said the company will use the 12-week data from the trial and Angel's study to determine whether longer treatment periods are needed in subsequent studies.
- Angel expects to complete enrollment in the first cohort of its Chinese Phase Ib/II atopic dermatitis study in September 2026.
- Corvus expects first-cohort data from Angel before the end of 2026.
- Second-cohort data from Angel are anticipated in the second quarter of 2027.
- Management said the combined data from Angel and Corvus could support starting a Phase III atopic dermatitis study by the end of 2027.
Miller said the companies can use each other's Chinese and U.S. safety and efficacy data in regulatory filings. Angel's study is evaluating 12 weeks of treatment and a 90-day follow-up period across several dose levels.
Additional inflammatory-disease studies planned
Corvus plans to begin a Phase Ib proof-of-concept trial in moderate-to-severe hidradenitis suppurativa in September. The study is expected to enroll up to 25 patients, with no placebo arm. All participants will receive soquelitinib at 200 mg twice daily for 12 weeks, while the company evaluates safety, clinical response and skin and blood biomarkers.
The company also remains on track to initiate a U.S. Phase II asthma trial later in 2026. Miller said the study is intended to enroll both allergic or eosinophilic T2 asthma patients and non-T2 patients, who together represent a substantial portion of the asthma population. The design includes an interim analysis that could allow Corvus to discontinue either disease subtype for futility.
Angel is expected to begin a separate Phase II asthma study in early 2027. Miller said the current plan is for Angel's asthma protocol to be essentially identical to Corvus's Phase II study, with the two trials conducted independently.
Management said the company will prioritize PTCL and atopic dermatitis enrollment through the remainder of 2026, coordinate with Angel on its atopic dermatitis study, and advance planned asthma and hidradenitis suppurativa trials before year-end.
About Corvus Pharmaceuticals (NASDAQ:CRVS)
Corvus Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of next-generation immuno-oncology therapies. The company's research efforts are centered on harnessing both the innate and adaptive immune systems to counteract tumor-driven immunosuppression. By targeting key pathways that regulate immune cell function, Corvus aims to create novel agents that can be combined with existing cancer treatments to improve patient outcomes.
Corvus's lead pipeline candidates include small-molecule and antibody therapies designed to inhibit the adenosine pathway, a known mediator of tumor immune escape.
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