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Corvus Pharmaceuticals Inc. (CRVS+1.68%) has filed its Annual Report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a net loss of $62.3 million for the year, compared to a net loss of $27.0 million in 2023. The company attributes its increased losses to higher research and development expenses related to its lead product candidates.
Corvus Pharmaceuticals is focused on developing product candidates that target proteins critical to immune cell maturation and function. Its lead product candidate, soquelitinib, is in a Phase 3 clinical trial for relapsed T cell lymphomas and a Phase 1 trial for atopic dermatitis.
The company reported research and development expenses of $19.4 million for the year, up from $16.5 million in 2023. This increase is primarily due to higher costs associated with the development of soquelitinib.
General and administrative expenses for 2024 were $8.2 million, compared to $6.9 million in 2023. The increase is mainly due to higher personnel-related costs and other outside services.
As of December 31, 2024, Corvus Pharmaceuticals had cash, cash equivalents, and marketable securities totaling $52.0 million. The company anticipates needing additional funding by the first quarter of 2026.
The company has not yet generated any revenue from product sales and expects to continue incurring significant losses as it advances its product candidates through clinical development.
Corvus Pharmaceuticals' management has concluded that there is substantial doubt about the company's ability to continue as a going concern for at least 12 months from the filing date.
The company plans to finance its operations through public or private equity or debt financings and potential collaborations with third parties.
Corvus Pharmaceuticals' stock is traded on The Nasdaq Global Market under the symbol 'CRVS'.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Corvus Pharmaceuticals Inc. annual 10-K report dated March 25, 2025. To report an error, please email earnings@qz.com.