Corvus Pharmaceuticals (CRVS) painted a broadening picture of its Soquelitinib program at Cantor Fitzgerald's 12th Annual Global Healthcare Conference, moving beyond its initial focus on peripheral T-cell lymphoma into a string of atopic dermatitis, asthma and hidradenitis suppurativa studies that the company says stretch its cash runway well into the next decade.
Soquelitinib, a selective oral interleukin-2-inducible T-cell kinase inhibitor, is the company's lead asset. Jeff, Corvus's chief business officer, told the session that the drug targets Th2 and Th17 pathways while sparing Rlk, with distribution confined to T-cells and natural killer cells — a profile the company says shifts Th17 cells toward regulatory T-cell phenotypes rather than broadly suppressing immunity.
In the Phase II CR-01 atopic dermatitis study, top-line data are expected in Q3 2025. The trial evaluates moderate-to-severe patients across a 12-week treatment window followed by a 90-day off-therapy observation period, with up to 40% of participants having previously received systemic therapy. According to Corvus, safety has tracked placebo and efficacy mirrors JAK inhibitors on EASI 75 endpoints and biologics on IGA 0/1 readouts. No increases in infection risk or changes in CD8 T-cell counts were observed, the company said.
A parallel program run by partner Angel Pharmaceuticals in China mirrors the Sierra-1 design. Cohort 1 low-dose data — testing once-daily and twice-daily dosing — is due in December 2024, with cohort 2 expected in Q2 2025 and biomarker readouts slated for 2027.
Corvus also disclosed plans to launch an asthma study by year-end 2024 that targets both Th2-driven and non-Th2/low-Th2 disease, the latter accounting for roughly 30% to 40% of the market. Data are expected in 2028. A smaller single-arm proof-of-concept study in hidradenitis suppurativa is likewise targeting enrollment by year-end 2024, with data aimed for 2027 and a goal of approximately 35% HiSCR 75 response based on Bimzelx comparators.
In oncology, the registrational Phase III trial in peripheral T-cell lymphoma carries a futility analysis moved to Q1 2025 and top-line data targeted for Q4 2028. Corvus views PTCL as a near-term commercial opportunity it could pursue independently.
On the balance sheet, Corvus reported $214 million in cash and equivalents as of June 30, 2024, following a capital raise of more than $200 million in January. The company says its funding extends through mid-2028, covering the Phase III PTCL study, the Phase II AD trial, the HS program and a substantial portion of the asthma effort. Composition-of-matter patents run through November 2037, extendable to 2042 with pharmaceutical patent life extensions.
Management estimated that each 1% share of the atopic dermatitis market could represent $1 billion in sales and projected the addressable market will grow to two or three times the size of psoriasis. Otezla, a competitor product, generates more than $2 billion in annual sales, the company noted.
Shares traded around $12.56 to $12.97 at the time of the conference, down roughly 9% over the prior week but up 73% year to date and 125% over the past year. Market capitalization stood at about $1.09 billion. Cantor Fitzgerald analyst Li Watsek moderated the session. Analyst price targets for CRVS range from $27 to $42.
Key milestones to watch include Angel's cohort 1 AD data in December 2024, the PTCL futility review in Q1 2025, Angel's cohort 2 data in Q2 2025, and the CR-01 top-line readout in Q3 2025.
