Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS) Q2 2022 Earnings Conference Call August 8, 2022 4:30 PM ET

Company Participants

Leiv Lea - Chief Financial Officer

Richard Miller - Chief Executive Officer

James Rosenbaum - Senior President of Research

Conference Call Participants

Sean Lee - H.C. Wainwright

Operator

Good afternoon, and welcome to the Corvus Pharmaceutical Second Quarter 2022 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Aaron Beverlyn [ph]. Please go ahead.

Unidentified Company Representative

Thank you, operator and good afternoon, everyone. Thanks for joining us for the Corvus Pharmaceuticals second quarter 2022 update and financial results conference call.

On the call to discuss the business updates are Richard Miller, Chief Executive Officer; Leiv Lea, Chief Financial Officer; and James Rosenbaum, Senior President of Research. The executive team will open the call with some prepared remarks, followed by question-and-answer period.

I would 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 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?

Leiv Lea

Thank you, Aaron. I'll begin with a quick overview of our second quarter 2022 financials and then turn the call over to Richard for a business update. At June 30, 2022, Corvus had cash, cash equivalents and marketable securities totaling $56.7 million as compared to $69.5 million at December 31, 2021. Importantly as Richard will discuss, we have amortized our clinical stage pipeline plans and extended our cash runway into early 2024.

Research and development expenses in the second quarter of 2022 totaled $4.9 million, compared to $9.1 million for the same period in 2021. As you can see, we continue to prudently manage our cash burn rate while advancing our portfolio of product candidates. We are able to achieve this by the judicious utilization of experienced personnel, leveraging external resources and establishing collaborations that help support development of our products.