Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS) Q2 2023 Earnings Call Transcript August 8, 2023 4:30 PM ET

Company Participants

Zack Kubow - IR-Real Chemistry

Leiv Lea - CFO

Richard Miller - CEO

Conference Call Participants

Roger Song - Jefferies

Aydin Huseynov - Ladenburg Thalmann

Rosemary Li - Cantor Fitzgerald

Jeff Jones - Oppenheimer

Operator

Thank you for standing by. This is the conference operator. Welcome to the Corvus Pharmaceuticals Second Quarter 2023 Conference Call. [Operator Instructions].

I would now like to turn the conference over to Zach Kubow of Real Chemistry. Please go ahead.

Zack Kubow

Thank you, operator. And good afternoon, everyone. Thanks for joining us for the Corvus Pharmaceuticals Second Quarter 2023 Business Update and Financial Results Conference Call. On the call to discuss the results and business updates are Richard Miller, Chief Executive Officer; Leiv Lea, Chief Financial Officer; James Rosenbaum, Senior Vice President of Research; and Ben Jones, Senior Vice President of Regulatory and Pharmaceutical Sciences. The executive team will open the call with some prepared remarks, followed by a question-and-answer period.

I would like to remind everyone that comments made by management today and answers to questions will include forward-looking statements. Forward-looking statements are based on estimates and assumptions as of today and are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied by those statements, including the risks and uncertainties described in Corvus' quarterly report on Form 10-Q, which was filed today with the SEC, and other filings the company makes with the SEC from time to time. The company undertakes no obligation to publicly update or revise any forward-looking statements, except as required by law.

With that, I'd like to turn the call over to Leiv.

Leiv Lea

Thank you, Zack. I will begin with a quick overview of our second quarter 2023 financials and then turn the call over to Richard for a business update.

Research and development expenses in the second quarter 2023 totaled $4 million compared to $4.9 million for the same period in 2022. The decrease of $0.9 million was primarily related to lower clinical trial and manufacturing costs associated with the development of mupadolimab, our anti-CD73 antibody.

The net loss for the second quarter of 2023 was $6.5 million, including a $1.3 million noncash loss related to Angel Pharmaceuticals, our partner in China. This compares to a net loss of $8.4 million for the same period in 2022, which included a $1.6 million noncash loss related to Angel Pharmaceuticals.