In a blinded, placebo-controlled Phase I trial of oral soquelitinib in moderate-to-severe atopic dermatitis, Cohort 4 data demonstrated a mean 72% reduction in EASI score at eight weeks versus 40% for placebo (p=0.035). Among 12 soquelitinib-treated patients, 75% achieved EASI 75, 25% reached EASI 90 and 33% attained IGA 0/1, with 11 of 12 hitting EASI 50. Two placebo patients achieved EASI 75 but required rescue medication for disease flares, underscoring the drug’s robust activity at the 200 mg twice-daily dose over an extended dosing period.

Soquelitinib exhibited sustained clinical benefit after treatment cessation: patients in earlier cohorts maintained or slightly improved EASI reductions out to 118 days without therapy. Across all four cohorts, 35% of participants had prior systemic therapy exposure (50% in Cohort 4), predominantly dupilumab and JAK inhibitors. Efficacy was comparable in systemic-therapy-naïve and experienced patients, whereas placebo patients with prior treatment fared worse, suggesting an unfavorable baseline in that subgroup. In a small resistant-to-last-therapy subgroup, three of four soquelitinib recipients improved (two achieving EASI 90), while both placebo patients flared.

No new safety signals emerged in Cohort 4 despite doubling the treatment duration. Adverse event rates and laboratory abnormalities were similar between soquelitinib and placebo groups, with no hepatic abnormalities or increased infection rates. Unlike injectable therapies, soquelitinib showed no injection site reactions or conjunctivitis. CEO Richard Miller highlighted hundreds of lymphoma patients treated over months to years without discontinuations for toxicity and absence of drug-related liver function test abnormalities or hematologic suppression.

Corvus secured gross proceeds of approximately $175 million through an upsized public offering of 7.9 million common shares, with an additional 30-day option to sell up to 1.2 million more. Net proceeds will fund working capital, R&D—specifically the planned Phase II atopic dermatitis trial opening in Q1 2026, Phase III T-cell lymphoma study, and upcoming hidradenitis suppurativa and asthma programs—and general corporate purposes. Management reports cash runway into Q4 2026 under current plans but anticipates further capital raises to support pipeline expansion.