Corvus Ends Q1 with $236.7M Cash, Advances Soquelitinib into Phase 2 and 3 Trials
Corvus ended Q1 with $236.7M in cash following a $189.4M January financing. The company advanced its ITK inhibitor soquelitinib with Phase 1 atopic dermatitis results, initiated a Phase 2 AD trial and plans Phase 2 hidradenitis suppurativa and asthma studies plus a registrational Phase 3 PTCL study.
1. Q1 Financial Results
Corvus ended Q1 2026 with $236.7 million in cash, cash equivalents and marketable securities, up from $56.8 million at year-end 2025. The increase includes $189.4 million net proceeds from a financing completed on January 23, 2026, supporting operations and clinical programs.
2. Soquelitinib Phase 1 and Phase 2 Initiatives
Data from cohort 4 of the randomized, placebo-controlled Phase 1 trial in moderate-to-severe atopic dermatitis showed positive safety and efficacy after an 8-week treatment. The company initiated a Phase 2 atopic dermatitis trial enrolling approximately 200 patients across four dosing cohorts.
3. Future Clinical Plans and Investor Meeting
Corvus plans Phase 2 trials of soquelitinib in hidradenitis suppurativa and asthma later this year and is advancing a registrational Phase 3 trial in relapsed/refractory PTCL with progression-free survival as the primary endpoint. Management will review new immunologic and biomarker data at an investor meeting on May 14, 2026.
4. Collaborations and Additional Programs
Under an NIAID agreement, a Phase 2 trial for autoimmune lymphoproliferative syndrome continues enrolling up to 30 patients. The company also supports a Phase 1b/2 study in China with Angel Pharmaceuticals and progresses next-generation ITK inhibitor candidates in preclinical development.