Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS) Q1 2023 Earnings Conference Call May 8, 2023 4:30 PM ET
Company Participants
Zack Kubow - IR-Real Chemistry
Leiv Lea - CFO
Richard Miller - CEO
James Rosenbaum - SVP-Research
Conference Call Participants
Aydin Huseynov - Ladenburg Thalmann
Rosemary Li - Cantor Fitzgerald
Jerry Gong - Mizuho
Roger Song - Jefferies
Operator
Good afternoon, ladies and gentlemen. Thank you for standing by, and welcome to the Corvus Pharmaceuticals First Quarter 2023 Business Update and Financial Results Conference Call. [Operator Instructions]
It is now my pleasure to turn the call over to Zack Kubow of Real Chemistry.
Zack Kubow
Thank you, operator, and good afternoon, everyone. Thanks for joining us for the Corvus Pharmaceuticals first 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 Lea.
Leiv Lea
Thank you, Zack. I will begin with a quick overview of our first quarter 2023 financials and then turn the call over to Richard for a business update.
Research and development expenses in the first quarter 2023 totaled $4.6 million compared to $5.1 million for the same period in 2022. The decrease of $0.5 million was primarily related to lower clinical trial and drug manufacturing costs.
The net loss for the first quarter of 2023 was $7.9 million, which included a $1.7 million non-cash loss related to Angel Pharmaceuticals compared to a net loss of $8.3 million, which included a $1.0 million non-cash loss related to Angel for the same period in 2022. Total stock compensation expense for the first quarter of 2023 was $0.5 million compared to $0.7 million in the same period in 2022.