On November 2, 2017 Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS), a clinical-stage biopharmaceutical company focused on the development and commercialization of novel immuno-oncology therapies, reported financial results for the third quarter ended September 30, 2017, and provided a business update (Press release, Corvus Pharmaceuticals, NOV 2, 2017, View Source [SID1234521513]).

“We continue to advance the clinical development of our lead product candidate, CPI-444, and other product candidates in our pipeline,” said Richard A. Miller, M.D., co-founder, president and chief executive officer of Corvus. “We continue to enroll patients with renal cell cancer (RCC) and non-small cell lung cancer in expansion cohorts of our Phase 1/1b trial for both single agent and combination therapy with atezolizumab. For RCC, protocol-defined criteria for a second expansion to 48 patients from 26 has been achieved. Updated clinical and biomarker data has been accepted for oral presentation at the upcoming Society for Immunotherapy of Cancer (SITC) (Free SITC Whitepaper) meeting in National Harbor, MD. in November.”

RECENT ACHIEVEMENTS AND UPCOMING MILESTONES
Clinical and Preclinical

Continued enrolling patients in four expansion cohorts in the ongoing disease-specific expansion part of the Phase 1/1b clinical study of CPI-444, the Company’s lead oral checkpoint inhibitor. The expanded cohorts include treatment with CPI-444 both as a single agent and in combination with atezolizumab (Tecentriq), an anti-PD-L1 antibody, in renal cell cancer (RCC) and non-small cell lung cancer (NSCLC). For both single agent and combination RCC cohorts, the protocol-defined criteria for a second expansion of the cohorts from 26 to 48 patients has been met.
Additional data from the ongoing CPI-444 study will be presented by Jason J. Luke, M.D., FACP, Assistant Professor of Medicine, University of Chicago Medicine at the Society for Immunotherapy of Cancer (SITC) (Free SITC Whitepaper) 32nd Annual Meeting in November 2017.
Expect initial patient enrollment in the fourth quarter 2017 in a previously announced second collaboration agreement with Genentech to evaluate CPI-444 in combination with atezolizumab in a Phase 1b/2 clinical study as second- or third-line therapy in patients with NSCLC who are resistant/refractory to prior anti-PD-(L)1 antibody therapy.
Continued to progress the anti-CD73 antibody program toward Phase 1 study initiation, which is expected in the first half of 2018.
Have selected oral ITK inhibitor lead candidate that is now in IND enabling studies.
FINANCIAL RESULTS
At September 30, 2017, Corvus had cash, cash equivalents and marketable securities totaling $99.7 million compared to cash, cash equivalents and marketable securities of $134.9 million at December 31, 2016.

Research and development expenses for the three months ended September 30, 2017, totaled $10.7 million compared to $7.7 million for the same period in 2016. The increase of $3.0 million was primarily due to an increase of $2.8 million in outside clinical trial costs associated with the Phase 1/1b clinical trial for CPI-444.

General and administrative expenses for the three months ended September 30, 2017, totaled $2.2 million compared to $2.8 million for the same period in 2016. The decrease of $0.6 million was primarily due to a decrease of $0.6 million in patent and related costs.

The net loss for the three months ended September 30, 2017, was $12.7 million compared to $10.3 million for the same period in 2016. Total stock compensation expense for the three months ended September 30, 2017, was $1.5 million compared to $1.3 million for the same period in 2016.