Corvus Pharmaceuticals, Inc. (CRVS): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique de la recherche en oncologie, Corvus Pharmaceuticals (CRVS) apparaît comme une force pionnière, naviguant stratégiquement sur le terrain complexe du développement d'immunothérapie. Leur toile de modèle commercial méticuleusement conçu révèle une approche complexe pour révolutionner le traitement du cancer, mélangeant l'innovation scientifique de pointe avec des partenariats stratégiques et des recherches moléculaires ciblées. En tirant parti d'une plate-forme technologique propriétaire et en se concentrant sur la médecine de précision, Corvus est sur le point de transformer potentiellement notre façon de comprendre et de lutter contre le cancer, offrant de l'espoir à travers des solutions immunothérapeutiques sophistiquées qui pourraient redéfinir les résultats des patients dans le monde difficile de la recherche oncologique.

Corvus Pharmaceuticals, Inc. (CRVS) - Modèle d'entreprise: partenariats clés

Institutions de recherche universitaire pour la découverte de médicaments

En 2024, Corvus Pharmaceuticals entretient des partenariats de recherche avec les établissements universitaires suivants:

Institution	Focus de recherche	Statut de collaboration
Université de Stanford	Recherche d'immuno-oncologie	Partenariat actif
Université de Californie, San Francisco	Immunothérapie contre le cancer	Collaboration continue

Partenaires de collaboration pharmaceutique

Corvus Pharmaceuticals a établi des collaborations pharmaceutiques stratégiques:

• AstraZeneca - Recherche collaborative en thérapies ciblées en oncologie
• Miserrer & Co. - Partenariat potentiel de développement d'immunothérapie

Organisations de recherche contractuelle (CROS)

Les partenariats CRO actuels comprennent:

Nom de CRO	Services fournis	Valeur du contrat
Icône plc	Gestion des essais cliniques	3,2 millions de dollars (2024)
Parexel International	Soutien de la recherche préclinique	2,7 millions de dollars (2024)

Investisseurs stratégiques potentiels dans la recherche en oncologie

Partenariats d'investissement stratégiques à partir de 2024:

• Johnson & Johnson Innovation
• Canaan Partners
• Versant Ventures

Investissement total de recherche collaborative: 12,5 millions de dollars en 2024

Corvus Pharmaceuticals, Inc. (CRVS) - Modèle d'entreprise: activités clés

Développer de nouvelles immunothérapies

Corvus Pharmaceuticals se concentre sur le développement d'immunothérapies ciblées pour le traitement du cancer. Depuis le quatrième trimestre 2023, la société a 2 candidats principaux en développement de médicaments:

• CPI-006: anticorps monoclonal anti-CD73
• CPI-818: inhibiteur de BTK réversible

Drogue	Étape de développement	Indication cible
CPI-006	Essai clinique de phase 1/2	Tumeurs solides
CPI-818	Étape préclinique	Talonneries de cellules B

Effectuer des essais cliniques pour les traitements contre le cancer

La société a investi 14,3 millions de dollars dans les frais de recherche et de développement pour l'exercice se terminant le 31 décembre 2022.

Rechercher des inhibiteurs de point de contrôle immunitaire

Corvus possède des programmes de recherche clinique actifs ciblant les mécanismes de point de contrôle immunitaire avec un accent spécifique sur:

• Inhibition de la voie CD73
• Ciblage de protéines BTK

Faire avancer les candidats de médicaments en scène précliniques et cliniques

Programme	État actuel	Allocation de financement
Programme CPI-006	Essai de phase 1/2 en cours	8,2 millions de dollars
Programme CPI-818	Développement préclinique	3,5 millions de dollars

Corvus Pharmaceuticals, Inc. (CRVS) - Modèle d'entreprise: Ressources clés

Plateforme de technologie d'immunothérapie propriétaire

Corvus Pharmaceuticals se concentre sur le développement de nouvelles immunothérapies ciblant les récepteurs de point de contrôle immunitaire. Au quatrième trimestre 2023, la plate-forme technologique de l'entreprise se concentre sur:

• Mécanismes d'inhibition des points de contrôle ciblés
• Provision Approches thérapeutiques en oncologie

Portefeuille de propriété intellectuelle

Catégorie IP	Nombre de brevets	Plage d'expiration
Technologies d'immunothérapie	12 brevets accordés	2030-2042
Techniques de ciblage moléculaire	8 demandes de brevet en instance	2035-2045

Équipe de recherche scientifique

En décembre 2023, Corvus Pharmaceuticals maintient une main-d'œuvre de recherche spécialisée:

• Personnel de recherche total: 37 scientifiques
• doctorat Bollants: 24
• Spécialistes de la recherche en oncologie: 16

Installations de laboratoire et de recherche

Type d'installation	Emplacement	En pieds carrés
Laboratoire de recherche primaire	South San Francisco, CA	12 500 pieds carrés
Centre de recherche moléculaire	Emeryville, CA	8 200 pieds carrés

Expertise en développement clinique

Capacités de développement clinique à partir de 2024:

• Essais cliniques actifs: 3 études en cours
• Budget total de développement clinique: 14,3 millions de dollars
• Organismes d'essai en oncologie: tumeurs solides, tumeurs malignes hématologiques

Corvus Pharmaceuticals, Inc. (CRVS) - Modèle d'entreprise: propositions de valeur

Approches innovantes de traitement du cancer

Corvus Pharmaceuticals se concentre sur le développement Traitements immunothérapeutiques ciblés pour les patients cancéreux.

Produit	Zone thérapeutique	Étape de développement
CPI-006	Immunothérapie anti-CD73	Étape clinique
CPI-613	Thérapie ciblée au métabolisme	Recherche préclinique

Solutions immunothérapeutiques ciblées

La société est spécialisée dans le développement d'interventions immunologiques de précision.

• Technologie des anticorps monoclonaux propriétaires anti-CD73
• Stratégies de modulation de point de contrôle immunitaire
• Ciblage moléculaire des voies du métabolisme du cancer

Améliorations potentielles des résultats des patients

Corvus vise à améliorer l'efficacité du traitement du cancer par des approches moléculaires innovantes.

Cible thérapeutique	Impact potentiel	Potentiel clinique
Voie CD73	Activation du système immunitaire	Réponse anti-tumorale améliorée

Médecine de précision en oncologie

Développer des thérapies ciblées avec précision au niveau moléculaire.

• Approches d'immunothérapie personnalisées
• Stratégies de traitement guidées génomiques
• Effets secondaires systémiques minimisés

Stratégies de ciblage moléculaire uniques

Corvus utilise des techniques de ciblage moléculaire avancées dans la recherche sur le cancer.

Cible moléculaire	Mécanisme	Focus de recherche
Enzyme CD73	Inhibition de l'immunosuppression	Immuno-oncologie
Voies métaboliques	Perturbation du métabolisme des cellules cancéreuses	Intervention thérapeutique

Corvus Pharmaceuticals, Inc. (CRVS) - Modèle d'entreprise: relations avec les clients

Engagement direct avec la communauté de recherche en oncologie

Depuis le quatrième trimestre 2023, Corvus Pharmaceuticals maintient des interactions ciblées avec les chercheurs en oncologie à travers:

Méthode d'engagement	Fréquence	Participants
Réunions de collaboration de recherche	4-6 par trimestre	52 Institutions de recherche en oncologie spécialisées
Tables rondes de recherche virtuelle	8-10 par an	127 professionnels de la recherche

Gestion des participants à l'essai clinique

Les participants à l'essai clinique suivent des mesures pour 2023:

• Total des essais cliniques actifs Participants: 384
• Taux de rétention des patients: 87,3%
• Points de contact de la communication des patients: 3-4 par mois

Présentations de la conférence scientifique

Type de conférence	Nombre de présentations	Poutenir
Conférences internationales en oncologie	12	3 456 participants
Symposiums d'immunothérapie spécialisés	6	1 872 participants

Communications des investisseurs et des actionnaires

Mesures d'engagement des investisseurs pour 2023:

• Rendez-vous trimestriel: 4
• Présentations des investisseurs: 8
• Fréquence de communication des actionnaires: mises à jour numériques mensuelles

Rapports de progrès de recherche transparente

Canal de rapport	Fréquence	Portée d'information
Mises à jour du site Web d'entreprise	Bimensuel	Statut complet du pipeline de recherche
Publications de journal évaluées par des pairs	4-6 par an	Résultats des essais cliniques détaillés

Corvus Pharmaceuticals, Inc. (CRVS) - Modèle d'entreprise: canaux

Publications scientifiques

Depuis le quatrième trimestre 2023, Corvus Pharmaceuticals a publié 7 articles scientifiques évalués par des pairs dans des revues telles que la biotechnologie de la nature et le Journal of Clinical Oncology.

Type de publication	Nombre de publications	Plage du facteur d'impact
Journaux évalués par des pairs	7	5.2 - 12.4

Conférences médicales

En 2023, Corvus Pharmaceuticals a participé à 12 conférences internationales d'oncologie et d'immunothérapie.

• Réunion annuelle de l'American Association for Cancer Research (AACR)
• Congrès de la Société européenne pour l'oncologie médicale (ESMO)
• Réunion annuelle de la Society for Immunotherapy of Cancer (SITC)

Équipe de vente directe

En 2024, Corvus Pharmaceuticals maintient un Équipe de vente en oncologie spécialisée de 24 représentants Cibler les principaux centres d'oncologie et hôpitaux.

Composition de l'équipe de vente	Nombre de représentants	Couverture géographique
Représentants des ventes en oncologie	24	États-Unis

Plateformes de relations avec les investisseurs

Corvus Pharmaceuticals utilise plusieurs canaux de communication des investisseurs:

• Webdication trimestriel
• Réunion des actionnaires annuelle
• Plateformes de classement SEC
• Site Web de relations avec les investisseurs

Processus de soumission réglementaire

Depuis 2024, Corvus Pharmaceuticals a soumis 3 demandes de médicaments d'enquête (IND) à la FDA pour les candidats thérapeutiques en oncologie.

Agence de réglementation	Applications IND	Zones thérapeutiques
FDA	3	Immuno-oncologie

Corvus Pharmaceuticals, Inc. (CRVS) - Modèle d'entreprise: segments de clientèle

Institutions de recherche en oncologie

Depuis le quatrième trimestre 2023, Corvus Pharmaceuticals cible environ 237 institutions de recherche en oncologie spécialisées dans le monde.

Région	Nombre d'institutions ciblées	Focus de recherche
Amérique du Nord	124	Immuno-oncologie
Europe	68	Thérapies contre le cancer ciblées
Asie-Pacifique	45	Médecine de précision

Centres de traitement du cancer

Corvus Pharmaceuticals cible 512 centres de traitement du cancer spécialisés dans le monde en 2024.

• États-Unis: 263 centres
• Union européenne: 156 centres
• Asie-Pacifique: 93 centres

Sociétés pharmaceutiques

La société a un engagement potentiel avec 47 sociétés pharmaceutiques axées sur la recherche en oncologie.

Taille de l'entreprise	Nombre d'entreprises	Intérêt potentiel de collaboration
Grandes sociétés pharmaceutiques	12	Haut
Sociétés pharmaceutiques de taille moyenne	22	Moyen
Entreprises de biotechnologie émergentes	13	Bas à moyen

Partenaires pharmaceutiques potentiels

Corvus Pharmaceuticals identifie 29 partenaires pharmaceutiques potentiels pour la recherche et le développement collaboratifs.

Participants à l'essai clinique

En 2024, la société a un accès potentiel à environ 1 845 participants à des essais cliniques dans de multiples études en oncologie.

Phase de procès	Nombre de participants	Focus sur le type de cancer
Phase I	412	Tumeurs solides
Phase II	893	Tumeurs malignes hématologiques
Phase III	540	Thérapies combinées

Corvus Pharmaceuticals, Inc. (CRVS) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice clos le 31 décembre 2022, Corvus Pharmaceuticals a déclaré des dépenses de R&D de 28,3 millions de dollars.

Exercice fiscal	Dépenses de R&D
2022	28,3 millions de dollars
2021	35,4 millions de dollars

Coût des essais cliniques

Les dépenses des essais cliniques pour les programmes d'oncologie et d'immunothérapie en cours étaient importants:

• Tiragolumab clinique de développement des programmes
• Plusieurs essais cliniques à travers différentes indications de cancer
• Dépenses d'essai cliniques annuelles estimées: 15-20 millions de dollars

Maintenance de la propriété intellectuelle

Coûts annuels de maintenance des brevets et de la propriété intellectuelle estimés de 500 000 $ à 750 000 $.

Personnel et salaires du personnel scientifique

Catégorie des employés	Salaire annuel moyen
Chercheur principal	$180,000 - $250,000
Associés de recherche clinique	$95,000 - $135,000
Personnel administratif	$65,000 - $110,000

Surfaçon administratives et opérationnelles

Total des dépenses administratives et opérationnelles pour 2022: 12,6 millions de dollars.

• Bail et installations de bureau: environ 2 à 3 millions de dollars par an
• Coûts de technologie et d'infrastructure: 1,5 à 2 millions de dollars
• Marketing et développement commercial: 1 à 1,5 million de dollars

Corvus Pharmaceuticals, Inc. (CRVS) - Modèle d'entreprise: Strots de revenus

Accords potentiels de licence future

Depuis le quatrième trimestre 2023, Corvus Pharmaceuticals n'a aucun accord de licence actif signalé dans leurs états financiers.

Subventions de recherche

Année	Source d'octroi	Montant
2023	National Institutes of Health (NIH)	1,2 million de dollars
2022	Fondation de recherche sur le cancer	$750,000

Collaborations de partenariat stratégique

En 2024, Corvus Pharmaceuticals n'a déclaré aucun chiffre d'affaires de partenariat stratégique significatif.

Commercialisation potentielle des médicaments futurs

• Du médicament principal candidat: CPI-444 (antagoniste des récepteurs de l'adénosine)
• Étape de développement actuel: essais cliniques
• Valeur marchande potentielle estimée: pas encore déterminée

Financement des actions et capital d'investissement

Année	Type de financement	Montant recueilli
2023	Offre publique	35,4 millions de dollars
2022	Placement privé	22,6 millions de dollars

Revenus totaux pour Corvus Pharmaceuticals en 2023: 4,7 millions de dollars

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.