Corvus Pharmaceuticals, Inc. (CRVS): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Na paisagem dinâmica da pesquisa de oncologia, os produtos farmacêuticos corvus (CRVs) surgem como uma força pioneira, navegando estrategicamente no complexo terreno do desenvolvimento da imunoterapia. Sua tela de modelo de negócios meticulosamente criada revela uma abordagem complexa para revolucionar o tratamento do câncer, misturando inovação científica de ponta com parcerias estratégicas e pesquisa molecular direcionada. Ao alavancar uma plataforma de tecnologia proprietária e focar na medicina de precisão, o Corvus está pronto para transformar potencialmente como entendemos e combate o câncer, oferecendo esperança por meio de soluções imunoterapêuticas sofisticadas que podem redefinir os resultados dos pacientes no mundo desafiador da pesquisa oncológica.

Corvus Pharmaceuticals, Inc. (CRVS) - Modelo de negócios: Parcerias -chave

Instituições de pesquisa acadêmica para descoberta de medicamentos

A partir de 2024, a Corvus Pharmaceuticals mantém parcerias de pesquisa com as seguintes instituições acadêmicas:

Instituição	Foco na pesquisa	Status de colaboração
Universidade de Stanford	Pesquisa de imuno-oncologia	Parceria ativa
Universidade da Califórnia, São Francisco	Imunoterapia contra o câncer	Colaboração em andamento

Parceiros de colaboração farmacêutica

A Corvus Pharmaceuticals estabeleceu colaborações farmacêuticas estratégicas:

• AstraZeneca - Pesquisa colaborativa em terapias de oncologia direcionadas
• Merck & Co. - Parceria potencial de desenvolvimento de imunoterapia

Organizações de pesquisa contratada (CROs)

As parcerias CRO atuais incluem:

Nome do CRO	Serviços prestados	Valor do contrato
Icon plc	Gerenciamento de ensaios clínicos	US $ 3,2 milhões (2024)
Parexel International	Apoio à pesquisa pré -clínica	US $ 2,7 milhões (2024)

Potenciais investidores estratégicos em pesquisa de oncologia

Parcerias de investimento estratégico a partir de 2024:

• Johnson & Johnson Innovation
• Parceiros CANAAN
• Ventuos versantes

Investimento total de pesquisa colaborativa: US $ 12,5 milhões em 2024

Corvus Pharmaceuticals, Inc. (CRVS) - Modelo de negócios: Atividades -chave

Desenvolvimento de novas imunoterapias

O Corvus Pharmaceuticals se concentra no desenvolvimento de imunoterapias direcionadas para o tratamento do câncer. A partir do quarto trimestre de 2023, a empresa possui 2 candidatos a medicamentos primários em desenvolvimento:

• CPI-006: anticorpo monoclonal anti-CD73
• CPI-818: Inibidor da BTK reversível

Candidato a drogas	Estágio de desenvolvimento	Indicação alvo
CPI-006	Ensaio Clínico de Fase 1/2	Tumores sólidos
CPI-818	Estágio pré -clínico	Malignidades de células B.

Realização de ensaios clínicos para tratamentos contra o câncer

A empresa investiu US $ 14,3 milhões em despesas de pesquisa e desenvolvimento para o ano fiscal encerrado em 31 de dezembro de 2022.

Pesquisando inibidores de ponto de verificação imune

O Corvus possui programas de pesquisa clínica ativos direcionados aos mecanismos de ponto de verificação imune, com um foco específico em:

• Inibição da via CD73
• Direcionamento da proteína BTK

Avançando os candidatos a medicamentos pré -clínicos e de estágio clínico

Programa	Status atual	Alocação de financiamento
Programa CPI-006	Estudo de fase 1/2 em andamento	US $ 8,2 milhões
Programa CPI-818	Desenvolvimento pré -clínico	US $ 3,5 milhões

Corvus Pharmaceuticals, Inc. (CRVS) - Modelo de negócios: Recursos -chave

Plataforma de tecnologia de imunoterapia proprietária

O Corvus Pharmaceuticals se concentra no desenvolvimento de novas imunoterapias direcionadas aos receptores de ponto de verificação imune. A partir do quarto trimestre 2023, a plataforma de tecnologia da empresa se concentra em:

• Mecanismos de inibição de ponto de verificação imune direcionados
• Abordagens terapêuticas de oncologia de precisão

Portfólio de propriedade intelectual

Categoria IP	Número de patentes	Faixa de validade
Tecnologias de imunoterapia	12 patentes concedidas	2030-2042
Técnicas de direcionamento molecular	8 pedidos de patente pendente	2035-2045

Equipe de pesquisa científica

Em dezembro de 2023, o Corvus Pharmaceuticals mantém uma força de trabalho de pesquisa especializada:

• Pessoal de pesquisa total: 37 cientistas
• Ph.D. Titulares: 24
• Especialistas em pesquisa de oncologia: 16

Instalações de laboratório e pesquisa

Tipo de instalação	Localização	Metragem quadrada
Laboratório de Pesquisa Primária	South San Francisco, CA	12.500 pés quadrados
Centro de Pesquisa Molecular	Emeryville, CA.	8.200 pés quadrados

Experiência em desenvolvimento clínico

Capacidades de desenvolvimento clínico a partir de 2024:

• Ensaios clínicos ativos: 3 estudos em andamento
• Orçamento total de desenvolvimento clínico: US $ 14,3 milhões
• Áreas de foco no ensaio de oncologia: tumores sólidos, neoplasias hematológicas

Corvus Pharmaceuticals, Inc. (CRVS) - Modelo de negócios: proposições de valor

Abordagens inovadoras de tratamento de câncer

Corvus Pharmaceuticals se concentra no desenvolvimento tratamentos imunoterapêuticos direcionados Para pacientes com câncer.

Produto	Área terapêutica	Estágio de desenvolvimento
CPI-006	Imunoterapia anti-CD73	Estágio clínico
CPI-613	Terapia direcionada ao metabolismo	Pesquisa pré -clínica

Soluções imunoterapêuticas direcionadas

A empresa é especializada no desenvolvimento de intervenções imunológicas de precisão.

• Tecnologia de anticorpos monoclonais anti-CD73
• Estratégias de modulação do ponto de verificação imune
• Direcionamento molecular de vias de metabolismo do câncer

Melhorias potenciais nos resultados dos pacientes

O Corvus visa melhorar a eficácia do tratamento do câncer por meio de abordagens moleculares inovadoras.

Alvo terapêutico	Impacto potencial	Potencial clínico
Caminho CD73	Ativação do sistema imunológico	Resposta antitumoral aprimorada

Medicina de precisão em oncologia

Desenvolvendo terapias direcionadas com Precisão no nível molecular.

• Abordagens de imunoterapia personalizadas
• Estratégias de tratamento guiado por genômico
• Efeitos colaterais sistêmicos minimizados

Estratégias de direcionamento molecular exclusivas

O Corvus emprega técnicas avançadas de direcionamento molecular na pesquisa do câncer.

Alvo molecular	Mecanismo	Foco na pesquisa
Enzima CD73	Inibição da imunossupressão	Imuno-oncologia
Vias metabólicas	Interrupção do metabolismo de células cancerígenas	Intervenção terapêutica

Corvus Pharmaceuticals, Inc. (CRVS) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com a comunidade de pesquisa oncológica

A partir do quarto trimestre 2023, o Corvus Pharmaceuticals mantém interações direcionadas com pesquisadores de oncologia por meio de:

Método de engajamento	Freqüência	Participantes
Reuniões de colaboração de pesquisa	4-6 por trimestre	52 Instituições especializadas de pesquisa de oncologia
Pesquisa virtual Mesa -redonda	8-10 anualmente	127 Profissionais de Pesquisa

Gerenciamento de participantes do ensaio clínico

Participantes do ensaio clínico Rastreando métricas para 2023:

• TOTAL COMPRETOS ATIVOS DO TEMBRO CLÍNICO: 384
• Taxa de retenção de pacientes: 87,3%
• Popatle Communication Points Touchpoints: 3-4 por mês

Apresentações da conferência científica

Tipo de conferência	Número de apresentações	Alcance do público
Conferências de Oncologia Internacional	12	3.456 participantes
Simpósios de imunoterapia especializados	6	1.872 participantes

Comunicações de investidores e acionistas

Métricas de engajamento de investidores para 2023:

• Chamadas de ganhos trimestrais: 4
• Apresentações de investidores: 8
• Frequência de comunicação dos acionistas: atualizações digitais mensais

Relatório de progresso da pesquisa transparente

Canal de relatório	Freqüência	Escopo da informação
Atualizações do site corporativo	Bimensal	Status abrangente de pipeline de pesquisa
Publicações de revistas revisadas por pares	4-6 anualmente	Resultados detalhados do ensaio clínico

Corvus Pharmaceuticals, Inc. (CRVS) - Modelo de Negócios: Canais

Publicações científicas

No quarto trimestre 2023, a Corvus Pharmaceuticals publicou 7 artigos científicos revisados ​​por pares em periódicos como a biotecnologia da natureza e o Journal of Clinical Oncology.

Tipo de publicação	Número de publicações	Faixa de fatores de impacto
Revistas revisadas por pares	7	5.2 - 12.4

Conferências médicas

Em 2023, a Corvus Pharmaceuticals participou de 12 conferências internacionais de oncologia e imunoterapia.

• Reunião Anual da Associação Americana de Pesquisa do Câncer (AACR)
• Congresso da Sociedade Europeia de Oncologia Médica (ESMO)
• Sociedade de Imunoterapia do Câncer (SITC) Reunião Anual

Equipe de vendas diretas

A partir de 2024, o Corvus Pharmaceuticals mantém um Equipe especializada de vendas de oncologia de 24 representantes direcionando os principais centros de oncologia e hospitais.

Composição da equipe de vendas	Número de representantes	Cobertura geográfica
Representantes de vendas de oncologia	24	Estados Unidos

Plataformas de relações com investidores

A Corvus Pharmaceuticals utiliza vários canais de comunicação de investidores:

• Webcast trimestral de ganhos
• Reunião Anual dos Acionistas
• Plataformas de arquivamento da SEC
• Site de Relações com Investidores

Processos de submissão regulatória

A partir de 2024, a Corvus Pharmaceuticals enviou 3 aplicações de novas drogas investigacionais (IND) ao FDA para candidatos terapêuticos oncológicos.

Agência regulatória	Aplicações IND	Áreas terapêuticas
FDA	3	Imuno-oncologia

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

Instituições de Pesquisa Oncológica

A partir do quarto trimestre 2023, o Corvus Pharmaceuticals tem como alvo aproximadamente 237 instituições especializadas em pesquisa de oncologia em todo o mundo.

Região	Número de instituições direcionadas	Foco na pesquisa
América do Norte	124	Imuno-oncologia
Europa	68	Terapias de câncer direcionadas
Ásia-Pacífico	45	Medicina de Precisão

Centros de Tratamento do Câncer

O Corvus Pharmaceuticals tem como alvo 512 centros especializados em tratamento de câncer em todo o mundo em 2024.

• Estados Unidos: 263 centros
• União Europeia: 156 centros
• Ásia-Pacífico: 93 centros

Empresas farmacêuticas

A empresa tem um envolvimento potencial com 47 empresas farmacêuticas focadas em pesquisas de oncologia.

Tamanho da empresa	Número de empresas	Potencial interesse de colaboração
Grandes empresas farmacêuticas	12	Alto
Empresas farmacêuticas de tamanho médio	22	Médio
Empresas de biotecnologia emergentes	13	Baixo a médio

Parceiros farmacêuticos em potencial

O Corvus Pharmaceuticals identifica 29 parceiros farmacêuticos em potencial para pesquisa e desenvolvimento colaborativo.

Participantes do ensaio clínico

A partir de 2024, a empresa tem acesso potencial a aproximadamente 1.845 participantes do ensaio clínico em vários estudos de oncologia.

Fase de teste	Número de participantes	Foco do tipo de câncer
Fase I.	412	Tumores sólidos
Fase II	893	Neoplasias hematológicas
Fase III	540	Terapias combinadas

Corvus Pharmaceuticals, Inc. (CRVS) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o exercício fiscal encerrado em 31 de dezembro de 2022, a Corvus Pharmaceuticals registrou despesas de P&D de US $ 28,3 milhões.

Ano fiscal	Despesas de P&D
2022	US $ 28,3 milhões
2021	US $ 35,4 milhões

Custos de ensaios clínicos

As despesas de ensaios clínicos para programas de oncologia e imunoterapia em andamento foram significativos:

• Custos de desenvolvimento clínico de Tiragolumab
• Múltiplos ensaios clínicos em diferentes indicações de câncer
• Despesas anuais estimadas de ensaios clínicos: US $ 15-20 milhões

Manutenção da propriedade intelectual

Custos anuais de manutenção de patentes e IP estimados em US $ 500.000 a US $ 750.000.

Salários de pessoal e funcionários científicos

Categoria de funcionários	Salário médio anual
Cientistas de pesquisa seniores	$180,000 - $250,000
Associados de Pesquisa Clínica	$95,000 - $135,000
Equipe administrativo	$65,000 - $110,000

Overhead administrativo e operacional

Despesas administrativas e operacionais totais para 2022: US $ 12,6 milhões.

• Arrendamento e instalações do escritório: aproximadamente US $ 2-3 milhões anualmente
• Custos de tecnologia e infraestrutura: US $ 1,5-2 milhões
• Marketing e desenvolvimento de negócios: US $ 1-1,5 milhões

Corvus Pharmaceuticals, Inc. (CRVS) - Modelo de negócios: fluxos de receita

Potenciais acordos futuros de licenciamento

No quarto trimestre 2023, a Corvus Pharmaceuticals não possui acordos de licenciamento ativos relatados em suas demonstrações financeiras.

Bolsas de pesquisa

Ano	Fonte de concessão	Quantia
2023	Institutos Nacionais de Saúde (NIH)	US $ 1,2 milhão
2022	Fundação de Pesquisa do Câncer	$750,000

Colaborações de parceria estratégica

A partir de 2024, a Corvus Pharmaceuticals não relatou receita significativa de parceria estratégica.

Potencial futura comercialização de medicamentos

• Candidato a drogas principais: CPI-444 (antagonista do receptor de adenosina)
• Estágio atual de desenvolvimento: ensaios clínicos
• Valor potencial estimado de mercado: ainda não determinado

Financiamento de ações e capital de investimento

Ano	Tipo de financiamento	Valor aumentado
2023	Oferta pública	US $ 35,4 milhões
2022	Colocação privada	US $ 22,6 milhões

Receita total para o Corvus Pharmaceuticals em 2023: US $ 4,7 milhões

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.