Corvus Pharmaceuticals, Inc. (CRVS): Business Model Canvas

In der dynamischen Landschaft der Onkologieforschung erweist sich Corvus Pharmaceuticals (CRVS) als Pionierkraft, die sich strategisch durch das komplexe Terrain der Immuntherapieentwicklung bewegt. Ihr sorgfältig ausgearbeitetes Business Model Canvas offenbart einen komplexen Ansatz zur Revolutionierung der Krebsbehandlung, der modernste wissenschaftliche Innovation mit strategischen Partnerschaften und gezielter molekularer Forschung verbindet. Durch die Nutzung einer proprietären Technologieplattform und die Konzentration auf Präzisionsmedizin ist Corvus in der Lage, die Art und Weise, wie wir Krebs verstehen und bekämpfen, möglicherweise zu verändern, und bietet Hoffnung durch ausgefeilte immuntherapeutische Lösungen, die die Patientenergebnisse in der herausfordernden Welt der onkologischen Forschung neu definieren könnten.

Corvus Pharmaceuticals, Inc. (CRVS) – Geschäftsmodell: Wichtige Partnerschaften

Akademische Forschungseinrichtungen für die Wirkstoffforschung

Ab 2024 unterhält Corvus Pharmaceuticals Forschungspartnerschaften mit folgenden akademischen Institutionen:

Institution	Forschungsschwerpunkt	Kooperationsstatus
Stanford-Universität	Immunonkologische Forschung	Aktive Partnerschaft
Universität von Kalifornien, San Francisco	Krebsimmuntherapie	Laufende Zusammenarbeit

Pharmazeutische Kooperationspartner

Corvus Pharmaceuticals hat strategische pharmazeutische Kooperationen aufgebaut:

• AstraZeneca – Verbundforschung zu gezielten onkologischen Therapien
• Merck & Co. – Mögliche Entwicklungspartnerschaft für Immuntherapie

Auftragsforschungsinstitute (CROs)

Zu den aktuellen CRO-Partnerschaften gehören:

CRO-Name	Erbrachte Dienstleistungen	Vertragswert
ICON plc	Management klinischer Studien	3,2 Millionen US-Dollar (2024)
Parexel International	Unterstützung der präklinischen Forschung	2,7 Millionen US-Dollar (2024)

Potenzielle strategische Investoren in der Onkologieforschung

Strategische Investitionspartnerschaften ab 2024:

• Johnson & Johnson-Innovation
• Kanaan-Partner
• Versant Ventures

Gesamtinvestition in die Verbundforschung: 12,5 Millionen US-Dollar im Jahr 2024

Corvus Pharmaceuticals, Inc. (CRVS) – Geschäftsmodell: Hauptaktivitäten

Entwicklung neuartiger Immuntherapien

Corvus Pharmaceuticals konzentriert sich auf die Entwicklung gezielter Immuntherapien zur Krebsbehandlung. Im vierten Quartal 2023 befinden sich zwei primäre Medikamentenkandidaten des Unternehmens in der Entwicklung:

• CPI-006: Monoklonaler Anti-CD73-Antikörper
• CPI-818: Reversibler BTK-Inhibitor

Arzneimittelkandidat	Entwicklungsphase	Zielanzeige
CPI-006	Klinische Phase-1/2-Studie	Solide Tumoren
CPI-818	Präklinisches Stadium	B-Zell-Malignome

Durchführung klinischer Studien zur Krebsbehandlung

Das Unternehmen investierte im Geschäftsjahr, das am 31. Dezember 2022 endete, 14,3 Millionen US-Dollar in Forschungs- und Entwicklungskosten.

Erforschung von Immun-Checkpoint-Inhibitoren

Corvus verfügt über aktive klinische Forschungsprogramme, die auf Immun-Checkpoint-Mechanismen abzielen, mit besonderem Schwerpunkt auf:

• Hemmung des CD73-Signalwegs
• BTK-Protein-Targeting

Förderung präklinischer und klinischer Arzneimittelkandidaten

Programm	Aktueller Status	Mittelzuweisung
CPI-006-Programm	Laufende Phase-1/2-Studie	8,2 Millionen US-Dollar
CPI-818-Programm	Präklinische Entwicklung	3,5 Millionen Dollar

Corvus Pharmaceuticals, Inc. (CRVS) – Geschäftsmodell: Schlüsselressourcen

Proprietäre Immuntherapie-Technologieplattform

Corvus Pharmaceuticals konzentriert sich auf die Entwicklung neuartiger Immuntherapien, die auf Immun-Checkpoint-Rezeptoren abzielen. Ab dem vierten Quartal 2023 konzentriert sich die Technologieplattform des Unternehmens auf:

• Gezielte Mechanismen zur Hemmung des Immun-Checkpoints
• Präzise onkologische Therapieansätze

Portfolio für geistiges Eigentum

IP-Kategorie	Anzahl der Patente	Ablaufbereich
Immuntherapie-Technologien	12 erteilte Patente	2030-2042
Molekulare Targeting-Techniken	8 anhängige Patentanmeldungen	2035-2045

Wissenschaftliches Forschungsteam

Seit Dezember 2023 verfügt Corvus Pharmaceuticals über ein spezialisiertes Forschungsteam:

• Gesamtes Forschungspersonal: 37 Wissenschaftler
• Ph.D. Inhaber: 24
• Spezialisten für Onkologieforschung: 16

Labor- und Forschungseinrichtungen

Einrichtungstyp	Standort	Quadratmeterzahl
Primäres Forschungslabor	Süd-San Francisco, Kalifornien	12.500 Quadratfuß
Molekulares Forschungszentrum	Emeryville, Kalifornien	8.200 Quadratfuß

Fachwissen in der klinischen Entwicklung

Klinische Entwicklungskapazitäten ab 2024:

• Aktive klinische Studien: 3 laufende Studien
• Gesamtbudget für die klinische Entwicklung: 14,3 Millionen US-Dollar
• Schwerpunkte onkologischer Studien: Solide Tumoren, hämatologische Malignome

Corvus Pharmaceuticals, Inc. (CRVS) – Geschäftsmodell: Wertversprechen

Innovative Ansätze zur Krebsbehandlung

Corvus Pharmaceuticals konzentriert sich auf die Entwicklung gezielte immuntherapeutische Behandlungen für Krebspatienten.

Produkt	Therapeutischer Bereich	Entwicklungsphase
CPI-006	Anti-CD73-Immuntherapie	Klinisches Stadium
CPI-613	Stoffwechselorientierte Therapie	Präklinische Forschung

Gezielte immuntherapeutische Lösungen

Das Unternehmen ist auf die Entwicklung präziser immunologischer Interventionen spezialisiert.

• Proprietäre monoklonale Anti-CD73-Antikörpertechnologie
• Strategien zur Immun-Checkpoint-Modulation
• Molekulares Targeting von Stoffwechselwegen bei Krebs

Mögliche Verbesserungen der Patientenergebnisse

Corvus zielt darauf ab, die Wirksamkeit der Krebsbehandlung durch innovative molekulare Ansätze zu verbessern.

Therapeutisches Ziel	Mögliche Auswirkungen	Klinisches Potenzial
CD73-Pfad	Aktivierung des Immunsystems	Verbesserte Anti-Tumor-Reaktion

Präzisionsmedizin in der Onkologie

Entwicklung zielgerichteter Therapien mit Präzision auf molekularer Ebene.

• Personalisierte Immuntherapieansätze
• Genomgesteuerte Behandlungsstrategien
• Minimierte systemische Nebenwirkungen

Einzigartige molekulare Targeting-Strategien

Corvus setzt in der Krebsforschung fortschrittliche molekulare Targeting-Techniken ein.

Molekulares Ziel	Mechanismus	Forschungsschwerpunkt
CD73-Enzym	Hemmung der Immunsuppression	Immunonkologie
Stoffwechselwege	Störung des Stoffwechsels von Krebszellen	Therapeutische Intervention

Corvus Pharmaceuticals, Inc. (CRVS) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit der Onkologie-Forschungsgemeinschaft

Ab dem vierten Quartal 2023 pflegt Corvus Pharmaceuticals gezielte Interaktionen mit Onkologieforschern durch:

Engagement-Methode	Häufigkeit	Teilnehmer
Treffen zur Forschungskooperation	4-6 pro Quartal	52 spezialisierte onkologische Forschungseinrichtungen
Virtuelle Forschungsrunden	8-10 jährlich	127 Forschungsexperten

Verwaltung der Teilnehmer klinischer Studien

Tracking-Metriken für Teilnehmer klinischer Studien für 2023:

• Gesamtzahl der aktiven Teilnehmer an klinischen Studien: 384
• Patientenbindungsrate: 87,3 %
• Kontaktpunkte zur Patientenkommunikation: 3–4 pro Monat

Wissenschaftliche Konferenzpräsentationen

Konferenztyp	Anzahl der Präsentationen	Zielgruppenreichweite
Internationale Onkologiekonferenzen	12	3.456 Teilnehmer
Spezialisierte Immuntherapie-Symposien	6	1.872 Teilnehmer

Kommunikation mit Investoren und Aktionären

Kennzahlen zum Investorenengagement für 2023:

• Vierteljährliche Ergebnisaufrufe: 4
• Investorenpräsentationen: 8
• Häufigkeit der Kommunikation mit den Aktionären: Monatliche digitale Updates

Transparente Berichterstattung über den Forschungsfortschritt

Meldekanal	Häufigkeit	Informationsumfang
Aktualisierungen der Unternehmenswebsite	Zweimonatlich	Umfassender Status der Forschungspipeline
Von Experten begutachtete Zeitschriftenpublikationen	4-6 jährlich	Detaillierte Ergebnisse klinischer Studien

Corvus Pharmaceuticals, Inc. (CRVS) – Geschäftsmodell: Kanäle

Wissenschaftliche Veröffentlichungen

Bis zum vierten Quartal 2023 hat Corvus Pharmaceuticals 7 von Experten begutachtete wissenschaftliche Artikel in Fachzeitschriften wie Nature Biotechnology und Journal of Clinical Oncology veröffentlicht.

Veröffentlichungstyp	Anzahl der Veröffentlichungen	Impact-Faktor-Bereich
Von Experten begutachtete Zeitschriften	7	5.2 - 12.4

Medizinische Konferenzen

Im Jahr 2023 nahm Corvus Pharmaceuticals an 12 internationalen Konferenzen zu Onkologie und Immuntherapie teil.

• Jahrestagung der American Association for Cancer Research (AACR).
• Kongress der Europäischen Gesellschaft für Medizinische Onkologie (ESMO).
• Jahrestagung der Society for Immunotherapy of Cancer (SITC).

Direktvertriebsteam

Ab 2024 unterhält Corvus Pharmaceuticals ein spezialisiertes Onkologie-Vertriebsteam mit 24 Vertretern Ausrichtung auf wichtige onkologische Zentren und Krankenhäuser.

Zusammensetzung des Vertriebsteams	Anzahl der Vertreter	Geografische Abdeckung
Vertriebsmitarbeiter im Bereich Onkologie	24	Vereinigte Staaten

Investor-Relations-Plattformen

Corvus Pharmaceuticals nutzt mehrere Kommunikationskanäle für Investoren:

• Webcast zu den Quartalsergebnissen
• Jahreshauptversammlung der Aktionäre
• SEC-Einreichungsplattformen
• Investor-Relations-Website

Regulatorische Einreichungsprozesse

Bis zum Jahr 2024 hat Corvus Pharmaceuticals bei der FDA drei Anträge für neue Prüfpräparate (IND) für onkologische Therapiekandidaten eingereicht.

Regulierungsbehörde	IND-Anwendungen	Therapeutische Bereiche
FDA	3	Immunonkologie

Corvus Pharmaceuticals, Inc. (CRVS) – Geschäftsmodell: Kundensegmente

Onkologische Forschungseinrichtungen

Im vierten Quartal 2023 zielt Corvus Pharmaceuticals auf rund 237 spezialisierte onkologische Forschungseinrichtungen weltweit ab.

Region	Anzahl der Zielinstitutionen	Forschungsschwerpunkt
Nordamerika	124	Immunonkologie
Europa	68	Gezielte Krebstherapien
Asien-Pazifik	45	Präzisionsmedizin

Krebsbehandlungszentren

Corvus Pharmaceuticals zielt im Jahr 2024 auf 512 spezialisierte Krebsbehandlungszentren weltweit.

• Vereinigte Staaten: 263 Zentren
• Europäische Union: 156 Zentren
• Asien-Pazifik: 93 Zentren

Pharmaunternehmen

Das Unternehmen verfügt über potenzielle Kooperationen mit 47 Pharmaunternehmen, die sich auf die Onkologieforschung konzentrieren.

Unternehmensgröße	Anzahl der Unternehmen	Mögliches Interesse an einer Zusammenarbeit
Große Pharmaunternehmen	12	Hoch
Mittelständische Pharmaunternehmen	22	Mittel
Aufstrebende Biotechnologieunternehmen	13	Niedrig bis mittel

Potenzielle Pharmapartner

Corvus Pharmaceuticals identifiziert 29 potenzielle Pharmapartner für gemeinsame Forschung und Entwicklung.

Teilnehmer an klinischen Studien

Ab 2024 hat das Unternehmen potenziellen Zugang zu etwa 1.845 Teilnehmern klinischer Studien in mehreren onkologischen Studien.

Probephase	Anzahl der Teilnehmer	Fokus auf Krebsarten
Phase I	412	Solide Tumoren
Phase II	893	Hämatologische Malignome
Phase III	540	Kombinationstherapien

Corvus Pharmaceuticals, Inc. (CRVS) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das am 31. Dezember 2022 endende Geschäftsjahr meldete Corvus Pharmaceuticals Forschungs- und Entwicklungskosten in Höhe von 28,3 Millionen US-Dollar.

Geschäftsjahr	F&E-Ausgaben
2022	28,3 Millionen US-Dollar
2021	35,4 Millionen US-Dollar

Kosten für klinische Studien

Die Kosten für klinische Studien für laufende Onkologie- und Immuntherapieprogramme waren erheblich:

• Kosten für das klinische Entwicklungsprogramm von Tiragolumab
• Mehrere klinische Studien zu verschiedenen Krebsindikationen
• Geschätzte jährliche Kosten für klinische Studien: 15–20 Millionen US-Dollar

Aufrechterhaltung des geistigen Eigentums

Die jährlichen Kosten für die Aufrechterhaltung von Patenten und geistigem Eigentum werden auf 500.000 bis 750.000 US-Dollar geschätzt.

Gehälter für Personal und wissenschaftliches Personal

Mitarbeiterkategorie	Durchschnittliches Jahresgehalt
Leitende Forschungswissenschaftler	$180,000 - $250,000
Klinische Forschungsmitarbeiter	$95,000 - $135,000
Verwaltungspersonal	$65,000 - $110,000

Verwaltungs- und Betriebsaufwand

Gesamter Verwaltungs- und Betriebsaufwand für 2022: 12,6 Millionen US-Dollar.

• Büromiete und -einrichtungen: Ungefähr 2–3 Millionen US-Dollar pro Jahr
• Technologie- und Infrastrukturkosten: 1,5–2 Millionen US-Dollar
• Marketing und Geschäftsentwicklung: 1–1,5 Millionen US-Dollar

Corvus Pharmaceuticals, Inc. (CRVS) – Geschäftsmodell: Einnahmequellen

Mögliche zukünftige Lizenzvereinbarungen

Mit Stand vom vierten Quartal 2023 verfügt Corvus Pharmaceuticals über keine aktiven Lizenzvereinbarungen, die im Jahresabschluss ausgewiesen sind.

Forschungsstipendien

Jahr	Grant-Quelle	Betrag
2023	National Institutes of Health (NIH)	1,2 Millionen US-Dollar
2022	Krebsforschungsstiftung	$750,000

Strategische Partnerschaftskooperationen

Im Jahr 2024 meldete Corvus Pharmaceuticals keine nennenswerten Umsätze aus strategischen Partnerschaften.

Potenzielle zukünftige Kommerzialisierung von Arzneimitteln

• Führender Medikamentenkandidat: CPI-444 (Adenosin-Rezeptor-Antagonist)
• Aktueller Entwicklungsstand: Klinische Studien
• Geschätzter potenzieller Marktwert: Noch nicht ermittelt

Beteiligungsfinanzierung und Investitionskapital

Jahr	Finanzierungsart	Erhöhter Betrag
2023	Öffentliches Angebot	35,4 Millionen US-Dollar
2022	Privatplatzierung	22,6 Millionen US-Dollar

Gesamtumsatz für Corvus Pharmaceuticals im Jahr 2023: 4,7 Millionen US-Dollar

Corvus Pharmaceuticals, Inc. (CRVS) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Corvus Pharmaceuticals, Inc. (CRVS) is positioning its assets, particularly soquelitinib, to capture value in oncology and immunology markets. The value proposition hinges on a novel mechanism and strong clinical signals, buttressed by a capital-efficient structure.

Novel mechanism of action: Selective ITK inhibition for T-cell modulation

• Use of soquelitinib, an investigational, oral, small molecule drug that selectively inhibits Interleukin-2-inducible T cell Kinase (ITK).
• The mechanism involves ITK controlling a switch between Th17 proinflammatory cells and T regulatory suppressor cells.
• Inhibition of ITK leads to a shift toward T regulatory cell differentiation, which has the potential to suppress autoimmune and inflammatory reactions.

Soquelitinib efficacy in Atopic Dermatitis: Data from Phase 1

The data from the Phase 1 trial in moderate to severe Atopic Dermatitis (AD) shows compelling results, especially in the higher dose cohort.

Metric	Cohort 3 (200 mg BID)	Cohorts 1 & 2 Combined (200 mg Total Daily Dose)	Placebo
Mean EASI Reduction at 28 Days	64.8% (n=12)	54.6% (n=24)	34.4% (n=12)
Statistical Significance vs. Placebo (EASI)	Statistically significant difference at day 28 (p=0.036)		N/A
Reduction in Itch (PP-NRS $\ge$4 pt reduction at Day 28)	50% (4 of 8 evaluable patients)	10% (1 of 10 evaluable placebo patients)

Potential for a well-tolerated, oral treatment for a range of immune diseases and cancers

The profile suggests a convenient oral option with a favorable safety margin, which is a key differentiator.

• Soquelitinib was well tolerated in the Phase 1 clinical trial, showing no dose limiting toxicities (DLTs).
• No clinically significant laboratory abnormalities were observed in any of the cohorts.
• Grade 1/2 adverse events were seen in 38.9% of soquelitinib treated patients compared to 25% receiving placebo in one report.

Diversified pipeline addressing high-unmet-need oncology and immunology indications

Corvus Pharmaceuticals is advancing its lead candidate in both cancer and immunology, supported by other clinical-stage assets.

Indication Area	Product Candidate	Development Stage/Key Trial	Enrollment/Target
Immunology (Autoimmune/Allergic)	Soquelitinib	Phase 1 Extension Cohort 4 ongoing; Phase 2 on track for early Q1 2026	Extension Cohort 4 planned to study 24 patients
Oncology (T Cell Lymphoma)	Soquelitinib	Registrational Phase 3 clinical trial (NCT06561048) in relapsed/refractory PTCL	Anticipated to enroll a total of 150 patients
Oncology (Other)	Other clinical-stage candidates	Developed for a variety of cancer indications	Not specified in detail

Capital-efficient development via partner-led programs in Greater China

The collaboration with Angel Pharmaceuticals structures development in Greater China to be largely capital-efficient for Corvus Pharmaceuticals, Inc.

• Corvus currently holds a 49.7% equity stake in Angel Pharmaceuticals.
• Angel Pharmaceuticals licensed the rights to develop and commercialize soquelitinib, ciforadenant, and mupadolimab in greater China.
• Angel Pharmaceuticals is responsible for all development costs in China.
• Angel Pharmaceuticals received IND approval from China's NMPA to begin a Phase 1b/2 trial of soquelitinib for AD, with enrollment expected to start in Q3 2025.

To support these operations as of September 30, 2025, Corvus Pharmaceuticals, Inc. had cash, cash equivalents, and marketable securities of $65.7 million, which the company expects will fund operations into the fourth quarter of 2026.

Corvus Pharmaceuticals, Inc. (CRVS) - Canvas Business Model: Customer Relationships

When you look at Corvus Pharmaceuticals, Inc. (CRVS), the relationships are less about selling a product and more about collaborative scientific advancement and capital management. For a clinical-stage company, your 'customers' are the investigators, research centers, and the financial community who fund the journey.

High-touch collaboration with academic and clinical research centers

Corvus Pharmaceuticals, Inc. relies heavily on a network of clinical sites to generate the data needed for regulatory submissions. This isn't a transactional relationship; it requires deep collaboration to ensure trial integrity and patient safety across all indications.

The company has several active engagements that define this relationship block:

• The Phase 3 registrational trial for soquelitinib in relapsed/refractory peripheral T-cell lymphoma (PTCL) is running across multiple clinical sites.
• This PTCL trial is anticipated to enroll a total of 150 patients.
• For soquelitinib in atopic dermatitis (AD), the Phase 1 study completed enrollment for extension cohort 4, with data expected in January 2026.
• Corvus is also collaborating with the Kidney Cancer Research Consortium (KCRC) on a Phase 1b/2 trial for ciforadenant, which is reported as fully enrolled as of Q3 2025.

Here's a quick look at the trial activity driving these relationships:

Program	Indication	Trial Phase/Status	Key Metric
Soquelitinib	Relapsed/Refractory PTCL	Phase 3 Registrational (Enrollment Ongoing)	Anticipated Total Enrollment: 150 patients
Soquelitinib	Moderate-to-Severe AD	Phase 1 Extension Cohort 4	Data Release Expected: Early 2026
Ciforadenant	Metastatic RCC (with KCRC)	Phase 1b/2	Enrollment Status: Fully Enrolled

Direct engagement with key opinion leaders (KOLs) and investigators

Securing the right investigators is crucial for credibility and trial success. You see this commitment clearly in the international partnership work.

For the China-based development of soquelitinib in atopic dermatitis, the engagement with local experts is formalized:

• The Phase 1b/2 trial in China will be led by Dr. Yuling Shi, identified as a prominent dermatology expert from Shanghai Skin Disease Hospital, who will serve as the principal investigator.
• The Phase 1b portion of this trial is set to enroll 48 patients across two cohorts.

The relationship with Angel Pharmaceuticals, which Corvus Pharmaceuticals, Inc. co-founded, is a prime example of leveraging external expertise and resources for development.

Investor relations and communication focused on clinical milestones and cash runway

For a company like Corvus Pharmaceuticals, Inc., the financial community is a critical 'customer' segment whose confidence directly impacts operational longevity. Investor relations communication is tightly focused on two things: hitting clinical targets and managing the cash burn rate.

The focus on cash runway has been explicit:

• As of September 30, 2025, the company reported cash, cash equivalents, and marketable securities totaling $65.7 million.
• Management has consistently guided that this cash position is expected to fund operations into the fourth quarter of 2026.
• The company's current ratio stood at a robust 4.9, indicating strong liquidity to manage near-term obligations.

Milestone communication is structured around regular updates. For instance, the Q3 2025 financial results and business update were communicated via a conference call on November 4, 2025, and a fireside chat presentation at the Guggenheim 2nd Annual Healthcare Innovation Conference on November 10, 2025. Financially, the Q3 2025 net loss narrowed to $10.2 million from $40.2 million in Q3 2024, though R&D expenses for the three months ended September 30, 2025, were $8.5 million.

Partner-led development and regulatory interactions in China

The relationship with Angel Pharmaceuticals, Ltd. is a strategic cornerstone, effectively outsourcing development costs and regulatory navigation in a key market. Corvus Pharmaceuticals, Inc. maintains a significant stake in this partner.

Key metrics defining this relationship include:

• Corvus Pharmaceuticals, Inc. retains an approximate 49.7% equity ownership interest in Angel Pharmaceuticals.
• Angel Pharma licensed the rights to develop, manufacture, and commercialize soquelitinib in greater China.
• Angel Pharma is responsible for all expenses related to the development of licensed pipeline programs in China.
• The partnership achieved a regulatory milestone on June 25, 2025, when the IND application for soquelitinib in atopic dermatitis was approved by China's Center for Drug Evaluation (CDE) of the NMPA.

This partner relationship is designed for capital efficiency; Angel Pharma covers the costs, allowing Corvus Pharmaceuticals, Inc. to focus its internal resources. The expectation was for Angel Pharma to begin enrolling patients in the China AD trial in the third quarter of 2025.

Finance: draft 13-week cash view by Friday.

Corvus Pharmaceuticals, Inc. (CRVS) - Canvas Business Model: Channels

Academic and clinical trial sites for drug development and data generation.

• Phase 3 registrational clinical trial in relapsed/refractory PTCL enrolling at multiple clinical sites.
• PTCL Phase 3 trial anticipated enrollment target: 150 patients.
• Phase 2 atopic dermatitis trial initiation planned for early Q1 2026, targeting approximately 200 patients.
• Phase 1 AD trial extension cohort 4 enrolled 24 patients.
• Angel Pharmaceuticals' planned Phase 1b/2 trial in China is set to enroll 48 patients.

Licensing agreements with partners like Angel Pharmaceuticals for regional access.

Partner Entity	Geographic Scope	Licensed Candidates (Examples)	Corvus Equity Stake in Partner
Angel Pharmaceuticals	Greater China	soquelitinib, ciforadenant, mupadolimab	49.7%

The non-cash loss from Corvus' equity method investment in Angel Pharmaceuticals for Q3 2025 was $0.3 million.

Scientific publications and conference presentations (e.g., ASH, ESMO).

• Final Phase 1/1b PTCL data accepted for oral presentation at the 67th American Society of Hematology (ASH) Annual Meeting in December 2025.
• Interim data from the AD Phase 1 trial presented at the Society for Investigative Dermatology (SID) 2025 Annual Meeting on May 10, 2025.
• Corvus Pharmaceuticals was scheduled to present at the Guggenheim 2nd Annual Healthcare Innovation Conference on November 10, 2025.

Direct communication with the investment community (IR).

Corvus Pharmaceuticals hosted a conference call and webcast on November 4, 2025, to report third quarter 2025 financial results.

IR Communication Metric	Value as of Late 2025 Data
Shares of Common Stock Outstanding (as of August 7, 2025)	74,514,039
Number of Covering Analysts (Q3 2025)	Six
Consensus Target Price (Q3 2025)	$15.33
Webcast Replay Availability Period	90 days

The live webcast was accessible via the investor relations section of the Corvus website.

Corvus Pharmaceuticals, Inc. (CRVS) - Canvas Business Model: Customer Segments

You're looking at the specific patient populations and strategic partners Corvus Pharmaceuticals, Inc. (CRVS) is targeting with its clinical assets as of late 2025.

The primary focus for the ITK inhibitor, soquelitinib, centers on patients with significant unmet needs in immunology and oncology.

Here's a breakdown of the key customer segments:

• Patients with moderate-to-severe Atopic Dermatitis who failed prior therapies.
• Patients with relapsed/refractory Peripheral T-cell Lymphoma (PTCL).
• Patients with metastatic Renal Cell Cancer (RCC) and Autoimmune Lymphoproliferative Syndrome (ALPS).
• Pharmaceutical partners seeking novel, de-risked clinical-stage assets for specific geographies.

For the Atopic Dermatitis segment, Corvus Pharmaceuticals, Inc. is targeting patients who have not found success with existing treatments.

The Phase 1 trial data provides a concrete look at efficacy for the 200 mg BID dose:

Metric	Cohort 3 (n=12)	Cohorts 1 & 2 Combined (n=24)	Placebo (n=12)
EASI-75 at Day 28	63%	Data not specified	Data not specified
EASI-90 at Day 28	13%	Data not specified	Data not specified
Mean EASI Reduction at Day 28	64.8%	54.6%	34.4%

The planned Phase 2 trial for this segment is set to initiate in early Q1 2026 and is anticipated to enroll approximately 200 patients who have failed at least one prior topical or systemic therapy.

In the PTCL space, Corvus Pharmaceuticals, Inc. is running a registrational Phase 3 clinical trial for relapsed/refractory PTCL patients.

This trial is designed to enroll a total of 150 patients, evaluating soquelitinib against physician's choice of either belinostat or pralatrexate.

The ALPS patient population is rare, but the Phase 2 trial is moving forward. The condition affects approximately 2,500 patients in the US.

For metastatic RCC, Corvus Pharmaceuticals, Inc. is planning a Phase 1b/2 clinical trial. Separately, data exists for ciforadenant in advanced, refractory RCC when combined with atezolizumab from a Phase 1/1b trial.

The fourth segment involves strategic pharmaceutical partners, often focused on specific geographies like greater China, where Corvus Pharmaceuticals, Inc. has a collaboration with Angel Pharmaceuticals.

Financial data relevant to funding these customer-facing development activities includes:

• Cash, cash equivalents and marketable securities as of September 30, 2025: $65.7 million.
• Cash, cash equivalents and marketable securities as of June 30, 2025: $74.4 million.
• Research and development expenses for the three months ended September 30, 2025: $8.5 million.
• Proceeds from common stock warrant exercises in Q2 2025: $35.7 million.
• Corvus Pharmaceuticals, Inc.'s equity stake in Angel Pharmaceuticals: 49.7%.

The company expects its current cash position, including warrant proceeds, to fund operations into the fourth quarter of 2026.

Finance: draft 13-week cash view by Friday.

Corvus Pharmaceuticals, Inc. (CRVS) - Canvas Business Model: Cost Structure

You're looking at the cost side of Corvus Pharmaceuticals, Inc. (CRVS) as they push soquelitinib through late-stage trials. For a clinical-stage biopharma, costs are almost entirely front-loaded into development, and the numbers from Q3 2025 definitely show that burn rate.

The biggest driver is Research and Development (R&D) expenses. For the three months ended September 30, 2025, R&D expenses totaled $8.5 million. That was a jump of approximately $3.3 million compared to the $5.2 million reported in the same period of 2024. Honestly, this increase is what you expect when you are scaling up clinical work.

Here's a quick look at the operating expenses for that quarter, which gives you a clearer picture of where the cash is going:

Expense Category	Q3 2025 Amount (in Millions USD)
Research and Development (R&D)	$8.5
General and Administrative (G&A)	$2.1
Total Operating Expenses	$10.6

The increase in R&D spend is directly tied to clinical trial and manufacturing costs for the lead candidate, soquelitinib. You see this expense category rising as the Phase 3 registrational trial for relapsed/refractory peripheral T cell lymphoma (PTCL) continues to enroll patients. Plus, they are preparing to initiate the Phase 2 trial for atopic dermatitis in early Q1 2026, which adds to the near-term spending curve.

Beyond the direct trial costs, there are other non-cash items hitting the bottom line. For instance, the non-cash loss from Corvus Pharmaceuticals' equity method investment in Angel Pharmaceuticals was $0.3 million for the third quarter of 2025. That's down from the $0.7 million loss recorded in Q3 2024.

As a clinical-stage company, the cost structure is dominated by these high fixed costs associated with drug development, which is why cash management is so critical. You can see this pressure because, despite having $65.7 million in cash, cash equivalents, and marketable securities as of September 30, 2025, management reiterated that this cash is expected to fund operations only into the fourth quarter of 2026. In fact, the 10-Q filing flagged substantial doubt about the company's ability to continue as a going concern without raising additional capital.

You should keep an eye on these key cost components:

• R&D expenses for Q3 2025: $8.5 million.
• G&A expenses for Q3 2025: $2.1 million.
• Non-cash loss from Angel Pharmaceuticals: $0.3 million in Q3 2025.
• Cash runway projection: Into Q4 2026.

Finance: draft 13-week cash view by Friday.

Corvus Pharmaceuticals, Inc. (CRVS) - Canvas Business Model: Revenue Streams

You're looking at the funding sources for a clinical-stage company like Corvus Pharmaceuticals, Inc. (CRVS) right now, and it's all about financing the pipeline, not selling pills yet. The revenue streams are almost entirely non-product based as of late 2025.

Equity financing and warrant exercises provided a significant, one-time cash infusion during the second quarter of 2025. Corvus Pharmaceuticals, Inc. (CRVS) reported that all of the remaining outstanding common stock warrants were exercised during the three months ended June 30, 2025, which brought in cash proceeds totaling approximately $35.7 million. To be precise, $2.0 million of those proceeds came specifically from warrants exercised by the company's CEO, Dr. Miller. This financing boosted the cash position to $74.4 million as of June 30, 2025, down slightly to $65.7 million by September 30, 2025. Honestly, this cash runway is guided to fund operations into the fourth quarter of 2026.

The company currently has no product revenue because Corvus Pharmaceuticals, Inc. (CRVS) remains firmly in the pre-commercial stage, focusing entirely on clinical development for candidates like soquelitinib. The main goal, naturally, is generating future product sales revenue once regulatory approval is secured for one of its lead candidates.

Licensing and collaboration revenue from partners is structured through equity stakes and development rights rather than immediate cash flow from sales. Corvus Pharmaceuticals, Inc. (CRVS) has a key partnership with Angel Pharmaceuticals, which licensed the rights to develop and commercialize three clinical-stage candidates-soquelitinib, ciforadenant, and mupadolimab-in greater China. As part of this deal, Corvus Pharmaceuticals, Inc. (CRVS) currently holds a 49.7% equity stake in Angel Pharmaceuticals. This investment structure also results in non-cash accounting entries; for instance, the non-cash loss related to the equity method investment in Angel Pharmaceuticals was $0.4 million for the three months ended June 30, 2025, and $0.3 million for the three months ended September 30, 2025.

Regarding potential future milestone payments, the existing collaboration framework with Angel Pharmaceuticals and others, such as the National Institute of Allergy and Infectious Diseases (NIAID) for the ALPS trial, sets the stage for these payments. These payments are contingent upon achieving specific clinical or regulatory successes for the partnered assets, but no specific dollar amounts for earned milestones were detailed in the Q2 or Q3 2025 financial updates, which focused more on cash on hand and R&D spend.

Here's a quick look at the non-operating cash-related items from the Q2 2025 period:

• Total cash proceeds from all warrant exercises: $35.7 million
• Proceeds from CEO warrant exercise: $2.0 million
• Cash, cash equivalents, and marketable securities (as of June 30, 2025): $74.4 million
• Non-cash loss from Angel Pharmaceuticals (Q2 2025): $0.4 million

The table below summarizes the key financial figures related to non-operational revenue streams as reported through Q3 2025.

Revenue/Financing Stream Component	Period/Date	Financial Amount
Cash Proceeds from Warrant Exercises	Q2 2025	$35.7 million
Cash, Cash Equivalents, and Marketable Securities	June 30, 2025	$74.4 million
Cash, Cash Equivalents, and Marketable Securities	September 30, 2025	$65.7 million
Non-Cash Loss from Equity Investment (Angel)	Three Months Ended June 30, 2025	$0.4 million
Non-Cash Loss from Equity Investment (Angel)	Three Months Ended September 30, 2025	$0.3 million
Corvus Equity Stake in Angel Pharmaceuticals	As of September 30, 2025	49.7%

Finance: draft 13-week cash view by Friday.