Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS) Q3 2024 Earnings Conference Call November 12, 2024 4:30 PM ET
Company Participants
Zack Kubow - Real Chemistry, IR
Leiv Lea - Chief Financial Officer
Richard Miller - Chief Executive Officer
Conference Call Participants
Li Watsek - Cantor
Jiale Song - Jefferies
Aydin Huseynov - Ladenburg
Graig Suvannavejh - Mizuho
Jeff Jones - Oppenheimer
Operator
Good afternoon, everyone, and thank you for standing by, and welcome to the Corvus Pharmaceuticals Third Quarter 2024 Business Update and Financial Results Conference Call. At this time participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time.
It is now my pleasure to turn the call over to Mr. Zack Kubow of Real Chemistry. Please go ahead, sir.
Zack Kubow
Thank you, operator, and good afternoon, everyone. Thanks for joining us for the Corvus Pharmaceuticals Third Quarter 2024 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; Jeff Arcara, Chief Business Officer; Jim 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 for the quarter ended September 30, 2024, that was filed today, 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, Zach. I will begin with a quick overview of our third quarter 2024 financials and then turn the call over to Richard for a business update.
Research and development expenses in the third quarter of 2024 totaled $5.2 million compared to $4 million in the same period in 2023. The $1.2 million increase was primarily due to an increase in soquelitinib clinical trial expenses. The net loss for the third quarter of 2024 was $40.2 million, including a noncash loss of $0.7 million related to Angel Pharmaceuticals, our partner in China. In addition, we recorded a noncash loss of $32.8 million from the change in fair value of Corvus' warrant liability during the third quarter of 2024. This compares to a net loss of $6 million for the same period in 2023, which included a $0.9 million noncash loss from Angel Pharmaceuticals.