Phase I Data Shows 72% Mean EASI Reduction and Clean Safety Profile for Soquelitinib
Corvus Pharmaceuticals reported that Cohort 4 of its Phase I trial in moderate-to-severe atopic dermatitis achieved a 72% mean EASI reduction at eight weeks versus 40% for placebo, with 75% of patients achieving EASI 75 and 25% EASI 90. No new safety signals emerged over the eight-week dosing period.
1. Upsized Offering Closes with Strong Demand
Corvus Pharmaceuticals has successfully closed an upsized public offering of 9,085,778 shares of common stock, reflecting full exercise of the underwriters’ option to purchase an additional 1,185,101 shares. The shares were sold at a price to the public of $22.15 per share, generating approximately $201.2 million in gross proceeds before underwriting discounts, commissions and estimated expenses. Jefferies and Goldman Sachs & Co. LLC served as lead book-running managers, with Mizuho as bookrunner and Ladenburg Thalmann as co-manager.
2. Proceeds to Fund Clinical Programs and Corporate Needs
Net proceeds from the offering are earmarked for working capital and general corporate purposes, including capital expenditures, research and development for the Phase 3 peripheral T-cell lymphoma trial and Phase 2 studies in atopic dermatitis, hidradenitis suppurativa and asthma, as well as sales, marketing and administrative expenses. Management expects the financing to support all planned study initiations through the first half of 2026.
3. Phase I Soquelitinib Data Highlight Efficacy and Durability in Atopic Dermatitis
In a blinded, placebo-controlled U.S. Phase I trial (Cohort 4), 24 moderate-to-severe atopic dermatitis patients received 200 mg of oral soquelitinib twice daily for eight weeks. Treated patients achieved a mean 72% reduction in Eczema Area and Severity Index (EASI) versus 40% for placebo (p=0.035). Response rates included EASI 75 in 75% of active patients, EASI 90 in 25% and Investigator Global Assessment (IGA) 0/1 in 33%. Durable control was observed, with continued improvements beyond treatment discontinuation and a clean safety profile comparable to placebo, including no significant laboratory abnormalities or hepatic signals.
4. Upcoming Trials and Financial Runway
Corvus plans to launch a 200-patient Phase II atopic dermatitis study in Q1 2026, featuring four arms (200 mg once daily, 200 mg twice daily, 400 mg once daily and placebo) over 12 weeks plus follow-up. Phase II trials in hidradenitis suppurativa and asthma are slated for later in 2026, while a registrational Phase III trial in relapsed peripheral T-cell lymphoma is ongoing with an interim futility analysis expected later this year. Management reiterates that existing cash and expected operating cash flow provide runway into Q4 2026, although additional capital may be required to support longer-term development plans.