# Corvus Pharmaceuticals ($CRVS): Q3 2026 Earnings Update, Soquelitinib Pipeline and 2027 Catalysts 1. Q3 2026 Earnings: Financial Highlights Corvus reported the following financial results for the quarter ended September 30, 2026: - **Cash, cash equivalents and marketable securities:** $202.9 million. - **Cash runway:** Expected to fund operations into Q2 2028. - **Research and development expenses:** $17.8 million, compared with $8.5 million in Q3 2025. - **Net loss:** $20.3 million, compared with $10.2 million in Q3 2025. Higher R&D expenses primarily reflect increased clinical trial activity and personnel costs. The company's cash position provides funding visibility for its planned clinical development programs. 2. Soquelitinib: Main Clinical Development Programs Soquelitinib is Corvus' investigational oral ITK inhibitor, being developed for cancer and immune-related diseases. PTCL — Phase 3 - Registrational Phase 3 trial in relapsed/refractory peripheral T-cell lymphoma remains on track. - The study is expected to enroll approximately 150 patients. - An independent data monitoring committee is expected to conduct a futility analysis in Q1 2027, based on a predefined number of progression-free survival events. - Topline results are anticipated before the end of 2027. Atopic Dermatitis — Phase 2 (SIERRA-1) - Enrollment is progressing in the randomized, placebo-controlled Phase 2 trial. - The study is designed to enroll approximately 200 patients with moderate-to-severe atopic dermatitis. - It evaluates three soquelitinib dose regimens against placebo. - Eligible patients must have failed at least one prior topical or systemic therapy. - Topline results are expected in Q3 2027. Hidradenitis Suppurativa — Phase 1b - The trial is evaluating soquelitinib in patients with moderate-to-severe hidradenitis suppurativa. - It is designed to enroll up to 25 patients. - Initial clinical data are expected in H1 2027. Asthma — Phase 2 - Corvus plans to initiate its Phase 2 asthma trial by Q1 2027. - The study is intended to evaluate both T2 and non-T2 asthma populations. - Angel Pharmaceuticals separately expects to initiate its asthma Phase 2 trial in Q2 2027. 3. ALPS Trial: Initial Clinical Results Corvus announced encouraging initial data from its ongoing Phase 2 autoimmune lymphoproliferative syndrome (ALPS) trial, conducted with the National Institute of Allergy and Infectious Diseases (NIAID). Key findings from the first three patients: - All three patients completed 360 days of treatment. - All three showed positive responses to soquelitinib. - No Grade 3 or Grade 4 adverse events were reported. - No treatment interruptions were reported. - All three patients discontinued background medications, including steroids, and reported improvement in ALPS-related systemic symptoms. More detailed results are scheduled for presentation at the **ASH 2026 Annual Meeting in December**. **Important:** These are preliminary findings from only three patients. Larger studies are required to establish efficacy and safety. 4. Angel Pharmaceuticals: China Development Program Corvus' partner, Angel Pharmaceuticals, continues to advance soquelitinib development in China. - Completed enrollment of 24 patients in Cohort 1 of its Phase 1b/2 atopic dermatitis trial. - Preliminary Cohort 1 data are expected in **March 2027**. - An additional Phase 2 cohort is planned, with Cohort 2 data anticipated in H2 2027. - Angel also plans to initiate a Phase 2 asthma trial in Q2 2027. These programs provide additional opportunities to evaluate soquelitinib beyond Corvus' U.S. clinical trials. 5. Key Upcoming $CRVS Catalysts — 2027 | Q1 2027 | Independent PTCL Phase 3 futility analysis | | March 2027 | Angel Pharma atopic dermatitis Cohort 1 data | | Q1 2027 | Planned initiation of Corvus asthma Phase 2 | | H1 2027 | Hidradenitis suppurativa Phase 1b initial data | | Q2 2027 | Planned Angel Pharma asthma Phase 2 initiation | | Q3 2027 | SIERRA-1 Phase 2 atopic dermatitis topline data | | H2 2027 | Angel Pharma atopic dermatitis Cohort 2 data | | Before year-end 2027 | PTCL Phase 3 topline results | *These are management's anticipated timelines and may change.* 6. What Could Make 2027 Important for Corvus? Corvus is advancing soquelitinib across several potential indications, including PTCL, atopic dermatitis, hidradenitis suppurativa, asthma and ALPS. The combination of upcoming clinical readouts, partner-led development and an expected cash runway into Q2 2028 gives the company several potential milestones to watch. However, Corvus remains a clinical-stage biotechnology company. Trial outcomes, safety findings, regulatory decisions, financing needs and development delays could materially affect its business and stock performance. 7. Bottom Line: Is $CRVS Worth Watching? The Q3 2026 update highlights continued clinical progress and a substantial cash position. The most important upcoming milestones include the PTCL futility analysis, Angel Pharma's March data, HS results and SIERRA-1 topline results. **2027 could be an important year for $CRVS**, but the clinical results will ultimately determine whether soquelitinib can demonstrate meaningful benefits across these indications. **Watch the clinical data, not just the catalyst dates.** Positive early findings do not guarantee successful Phase 3 results or regulatory approval. Earnings Call Replay Watch the full Q3 2026 earnings call and management discussion: https://youtu.be/2NFRA5kcd2s?si=b2byW-sD9ol0Fx72