Corvus Pharmaceuticals, Inc. (CRVS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la investigación de oncología, Corvus Pharmaceuticals (CRV) emerge como una fuerza pionera, navegando estratégicamente el complejo terreno del desarrollo de la inmunoterapia. Su lienzo de modelo de negocio meticulosamente elaborado revela un enfoque intrincado para revolucionar el tratamiento del cáncer, combinando la innovación científica de vanguardia con asociaciones estratégicas e investigación molecular dirigida. Al aprovechar una plataforma tecnológica patentada y centrarse en la medicina de precisión, Corvus está listo para transformar potencialmente cómo entendemos y combatemos el cáncer, ofreciendo esperanza a través de soluciones inmunoterapéuticas sofisticadas que podrían redefinir los resultados de los pacientes en el mundo desafiante de la investigación oncológica.

Corvus Pharmaceuticals, Inc. (CRVS) - Modelo de negocios: asociaciones clave

Instituciones de investigación académica para el descubrimiento de drogas

A partir de 2024, Corvus Pharmaceuticals mantiene asociaciones de investigación con las siguientes instituciones académicas:

Institución	Enfoque de investigación	Estado de colaboración
Universidad de Stanford	Investigación de inmuno-oncología	Asociación activa
Universidad de California, San Francisco	Inmunoterapia con cáncer	Colaboración en curso

Socios de colaboración farmacéutica

Corvus Pharmaceuticals ha establecido colaboraciones farmacéuticas estratégicas:

• AstraZeneca - Investigación colaborativa en terapias oncológicas dirigidas
• Merck & Co. - Asociación potencial de desarrollo de inmunoterapia

Organizaciones de investigación por contrato (CRO)

Las asociaciones actuales de CRO incluyen:

Nombre de Cro	Servicios proporcionados	Valor de contrato
Ícono plc	Gestión de ensayos clínicos	$ 3.2 millones (2024)
Parexel International	Apoyo de investigación preclínica	$ 2.7 millones (2024)

Posibles inversores estratégicos en investigación oncológica

Asociaciones de inversión estratégica a partir de 2024:

• Johnson & Innovación de Johnson
• Canaan Partners
• Versant Ventures

Inversión de investigación colaborativa total: $ 12.5 millones en 2024

Corvus Pharmaceuticals, Inc. (CRVS) - Modelo de negocio: actividades clave

Desarrollo de nuevas inmunoterapias

Corvus Pharmaceuticals se centra en el desarrollo de inmunoterapias dirigidas para el tratamiento del cáncer. A partir del cuarto trimestre de 2023, la compañía tiene 2 candidatos de drogas principales en desarrollo:

• CPI-006: anticuerpo monoclonal anti-CD73
• CPI-818: inhibidor de BTK reversible

Candidato a la droga	Etapa de desarrollo	Indicación objetivo
CPI-006	Ensayo clínico de fase 1/2	Tumores sólidos
CPI-818	Etapa preclínica	Neoplasias malignas de células B

Realización de ensayos clínicos para tratamientos contra el cáncer

La compañía invirtió $ 14.3 millones en gastos de investigación y desarrollo para el año fiscal que finalizó el 31 de diciembre de 2022.

Investigación de inhibidores del punto de control inmune

Corvus tiene programas activos de investigación clínica dirigidas a mecanismos de punto de control inmune con un enfoque específico en:

• Inhibición de la vía CD73
• Tocación de proteínas BTK

Avance de candidatos a medicamentos preclínicos y clínicos

Programa	Estado actual	Asignación de financiación
Programa CPI-006	Prueba de fase 1/2 en curso	$ 8.2 millones
Programa CPI-818	Desarrollo preclínico	$ 3.5 millones

Corvus Pharmaceuticals, Inc. (CRVS) - Modelo de negocio: recursos clave

Plataforma de tecnología de inmunoterapia patentada

Corvus Pharmaceuticals se centra en desarrollar nuevas inmunoterapias dirigidas a receptores de punto de control inmunes. A partir del cuarto trimestre de 2023, la plataforma de tecnología de la compañía se centra en:

• Mecanismos de inhibición del punto de control inmune dirigidos
• Enfoques terapéuticos oncológicos de precisión

Cartera de propiedades intelectuales

Categoría de IP	Número de patentes	Rango de vencimiento
Tecnologías de inmunoterapia	12 patentes otorgadas	2030-2042
Técnicas de orientación molecular	8 solicitudes de patentes pendientes	2035-2045

Equipo de investigación científica

A diciembre de 2023, Corvus Pharmaceuticals mantiene una fuerza laboral de investigación especializada:

• Total de personal de investigación: 37 científicos
• Doctor en Filosofía. Titulares: 24
• Especialistas en investigación de oncología: 16

Laboratorio e instalaciones de investigación

Tipo de instalación	Ubicación	Pies cuadrados
Laboratorio de investigación primaria	South San Francisco, CA	12,500 pies cuadrados
Centro de investigación molecular	Emeryville, CA	8.200 pies cuadrados

Experiencia de desarrollo clínico

Capacidades de desarrollo clínico a partir de 2024:

• Ensayos clínicos activos: 3 estudios en curso
• Presupuesto total de desarrollo clínico: $ 14.3 millones
• Áreas de enfoque de ensayo de oncología: tumores sólidos, neoplasias hematológicas

Corvus Pharmaceuticals, Inc. (CRVS) - Modelo de negocio: propuestas de valor

Enfoques innovadores de tratamiento del cáncer

Corvus Pharmaceuticals se enfoca en desarrollar tratamientos inmunoterapéuticos dirigidos para pacientes con cáncer.

Producto	Área terapéutica	Etapa de desarrollo
CPI-006	Inmunoterapia anti-CD73	Estadio clínico
CPI-613	Terapia dirigida por metabolismo	Investigación preclínica

Soluciones inmunoterapéuticas dirigidas

La compañía se especializa en el desarrollo de intervenciones inmunológicas de precisión.

• Tecnología de anticuerpos monoclonales anti-CD73 patentados
• Estrategias de modulación de punto de control inmune
• Dirección molecular de las vías del metabolismo del cáncer

Mejoras potenciales en los resultados del paciente

Corvus tiene como objetivo mejorar la eficacia del tratamiento del cáncer a través de enfoques moleculares innovadores.

Objetivo terapéutico	Impacto potencial	Potencial clínico
Vía CD73	Activación del sistema inmune	Respuesta antitumoral mejorada

Medicina de precisión en oncología

Desarrollar terapias dirigidas con precisión de nivel molecular.

• Enfoques de inmunoterapia personalizados
• Estrategias de tratamiento guiadas por genómico
• Efectos secundarios sistémicos minimizados

Estrategias de orientación molecular únicas

Corvus emplea técnicas avanzadas de orientación molecular en la investigación del cáncer.

Objetivo molecular	Mecanismo	Enfoque de investigación
Enzima CD73	Inhibición de la inmunosupresión	Inmuno-oncología
Vías metabólicas	Interrupción del metabolismo de las células cancerosas	Intervención terapéutica

Corvus Pharmaceuticals, Inc. (CRVS) - Modelo de negocios: relaciones con los clientes

Comunidad directa de compromiso con la investigación de oncología

A partir del cuarto trimestre de 2023, Corvus Pharmaceuticals mantiene interacciones específicas con investigadores de oncología a través de:

Método de compromiso	Frecuencia	Participantes
Reuniones de colaboración de investigación	4-6 por trimestre	52 Instituciones de investigación de oncología especializada
Mesas redondas de investigación virtual	8-10 anualmente	127 profesionales de investigación

Gestión de participantes de ensayos clínicos

Métricas de seguimiento de participantes de ensayos clínicos para 2023:

• Participantes totales de ensayos clínicos activos: 384
• Tasa de retención del paciente: 87.3%
• Puntos de contacto de comunicación del paciente: 3-4 por mes

Presentaciones de conferencias científicas

Tipo de conferencia	Número de presentaciones	Alcance de la audiencia
Conferencias internacionales de oncología	12	3,456 asistentes
Simposios de inmunoterapia especializados	6	1.872 participantes

Comunicaciones de inversores y accionistas

Métricas de participación de los inversores para 2023:

• Llamadas de ganancias trimestrales: 4
• Presentaciones de inversores: 8
• Frecuencia de comunicación de los accionistas: actualizaciones digitales mensuales

Informes de progreso de investigación transparente

Canal de informes	Frecuencia	Alcance de la información
Actualizaciones del sitio web corporativo	Bimensual	Estado integral de la tubería de investigación
Publicaciones de revistas revisadas por pares	4-6 anualmente	Resultados detallados del ensayo clínico

Corvus Pharmaceuticals, Inc. (CRVS) - Modelo de negocio: canales

Publicaciones científicas

A partir del cuarto trimestre de 2023, Corvus Pharmaceuticals ha publicado 7 artículos científicos revisados ​​por pares en revistas como Nature Biotechnology and Journal of Clinical Oncology.

Tipo de publicación	Número de publicaciones	Rango de factores de impacto
Revistas revisadas por pares	7	5.2 - 12.4

Conferencias médicas

En 2023, Corvus Pharmaceuticals participó en 12 conferencias internacionales de oncología e inmunoterapia.

• Reunión anual de la Asociación Americana de Investigación del Cáncer (AACR)
• Congreso de la Sociedad Europea de Oncología Médica (ESMO)
• Reunión anual de la Sociedad para la Inmunoterapia del Cáncer (SITC)

Equipo de ventas directas

A partir de 2024, Corvus Pharmaceuticals mantiene un Equipo de ventas de oncología especializada de 24 representantes dirigido a centros de oncología clave y hospitales.

Composición del equipo de ventas	Número de representantes	Cobertura geográfica
Representantes de ventas de oncología	24	Estados Unidos

Plataformas de relaciones con los inversores

Corvus Pharmaceuticals utiliza múltiples canales de comunicación de inversores:

• Transmisión web de ganancias trimestrales
• Reunión anual de accionistas
• Plataformas de presentación de la SEC
• Sitio web de relaciones con los inversores

Procesos de presentación regulatoria

A partir de 2024, Corvus Pharmaceuticals ha presentado 3 solicitudes de nuevos medicamentos de investigación (IND) a la FDA para candidatos terapéuticos oncológicos.

Agencia reguladora	Aplicaciones de IN	Áreas terapéuticas
FDA	3	Inmuno-oncología

Corvus Pharmaceuticals, Inc. (CRVS) - Modelo de negocio: segmentos de clientes

Instituciones de investigación de oncología

A partir del cuarto trimestre de 2023, Corvus Pharmaceuticals se dirige a aproximadamente 237 instituciones de investigación de oncología especializada a nivel mundial.

Región	Número de instituciones específicas	Enfoque de investigación
América del norte	124	Inmuno-oncología
Europa	68	Terapias de cáncer dirigidas
Asia-Pacífico	45	Medicina de precisión

Centros de tratamiento del cáncer

Corvus Pharmaceuticals se dirige 512 Centros de tratamiento de cáncer especializados en todo el mundo en 2024.

• Estados Unidos: 263 centros
• Unión Europea: 156 centros
• Asia-Pacífico: 93 centros

Compañías farmacéuticas

La compañía tiene un compromiso potencial con 47 compañías farmacéuticas centradas en la investigación de oncología.

Tamaño de la empresa	Número de empresas	Interés potencial de colaboración
Grandes compañías farmacéuticas	12	Alto
Compañías farmacéuticas de tamaño mediano	22	Medio
Empresas de biotecnología emergentes	13	Bajo a medio

Potencios de socios farmacéuticos

Corvus Pharmaceuticals identifica 29 socios farmacéuticos potenciales para la investigación y desarrollo colaborativo.

Participantes de ensayos clínicos

A partir de 2024, la compañía tiene acceso potencial a aproximadamente 1,845 participantes de ensayos clínicos en múltiples estudios de oncología.

Fase de prueba	Número de participantes	Enfoque tipo cáncer
Fase I	412	Tumores sólidos
Fase II	893	Neoplasias hematológicas
Fase III	540	Terapias combinadas

Corvus Pharmaceuticals, Inc. (CRVS) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal que finalizó el 31 de diciembre de 2022, Corvus Pharmaceuticals reportó gastos de I + D de $ 28.3 millones.

Año fiscal	Gastos de I + D
2022	$ 28.3 millones
2021	$ 35.4 millones

Costos de ensayo clínico

Los gastos de ensayos clínicos para los programas continuos de inmunoterapia fueron significativos:

• Costos del programa de desarrollo clínico de tiragolumab
• Múltiples ensayos clínicos en diferentes indicaciones de cáncer
• Gastos estimados de ensayos clínicos anuales: $ 15-20 millones

Mantenimiento de la propiedad intelectual

Los costos anuales de mantenimiento de patentes y IP se estima en $ 500,000 a $ 750,000.

Salarios de personal y personal científico

Categoría de empleado	Salario anual promedio
Científicos de investigación senior	$180,000 - $250,000
Asociados de investigación clínica	$95,000 - $135,000
Personal administrativo	$65,000 - $110,000

Sobrecarga administrativa y operativa

Gastos administrativos y operativos totales para 2022: $ 12.6 millones.

• Arrendamiento e instalaciones de la oficina: aproximadamente $ 2-3 millones anuales
• Costos de tecnología e infraestructura: $ 1.5-2 millones
• Marketing y desarrollo de negocios: $ 1-1.5 millones

Corvus Pharmaceuticals, Inc. (CRVS) - Modelo de negocios: flujos de ingresos

Posibles acuerdos de licencia futuros

A partir del cuarto trimestre de 2023, Corvus Pharmaceuticals no tiene acuerdos de licencia activos reportados en sus estados financieros.

Subvenciones de investigación

Año	Fuente de subvenciones	Cantidad
2023	Institutos Nacionales de Salud (NIH)	$ 1.2 millones
2022	Fundación de Investigación del Cáncer	$750,000

Colaboraciones de asociación estratégica

A partir de 2024, Corvus Pharmaceuticals no informó que no hay ingresos significativos en la asociación estratégica.

Comercialización potencial de drogas futuras

• Candidato de fármaco principal: CPI-444 (antagonista del receptor de adenosina)
• Etapa de desarrollo actual: ensayos clínicos
• Valor de mercado potencial estimado: aún no determinado

Financiamiento de capital y capital de inversión

Año	Tipo de financiación	Cantidad recaudada
2023	Ofrenda pública	$ 35.4 millones
2022	Colocación privada	$ 22.6 millones

Ingresos totales para Corvus Pharmaceuticals en 2023: $ 4.7 millones

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.