Corvus Pharmaceuticals, Inc.

Good afternoon, ladies and gentlemen. Thank you for standing by and welcome to the Corvus Pharmaceuticals third quarter 2022 business update and financial results conference call. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session and instructions will follow at that time. It is now my pleasure to turn the conference over to Zach Kubo, of Real Chemistry. Please go ahead, sir.

Thank you, operator, and good afternoon, everyone. Thanks for joining us for the Corvus Pharmaceuticals Third Quarter 2022 Business Update and Financial Results Conference Call. On the call to discuss the results and business updates are Richard Miller, Chief Executive Officer, Leiv Lea, Chief Financial Officer, and James Rosenbaum, Senior Vice President of Research. The executive team will open the call with some prepared remarks, followed by a question and answer period. I would like to remind everyone that comments made by management today and answers to questions will include forward-looking statements. Forward-looking statements are based on estimates and assumptions as of today and are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied by those statements, including the risks and uncertainties described in Corvus's quarterly report on Form 10-Q, which was filed today with the SEC and other filings the company makes with the SEC from time to time. The company undertakes no obligation to publicly update or revise any forward-looking statements except as required by law. With that, I'd like to turn the call over to Lacey. Lacey?

Thank you, Zach. I will begin with a quick overview of our third quarter of 2022 financials and then turn the call over to Richard for a business update. At September 30, 2022, Corvus had cash, cash equivalents, and marketable securities totaling $49.6 million as compared to $69.5 million at December 31, 2021. Based on the recent prioritization of our clinical stage pipeline plans, we believe our cash will provide runway into early 2024. Research and development expenses in the third quarter of 2022 totaled $10.4 million compared to $7 million for the same period in 2021. The increase of $3.4 million was primarily related to a $5.5 million increase in drug manufacturing costs, which was partially offset by a $2.2 million reduction in clinical trial costs. As you can see, we continue to prudently manage our cash burn rate while advancing our portfolio of product candidates. We were able to achieve this by Careful utilization of experienced personnel, leveraging external resources, and establishing collaborations that help support development of our products. Examples of these collaborations are Angel Pharmaceuticals, our partner in China, now involved in clinical trials with CPI-818 and mupidomab, and the Kidney Cancer Consortium, which is conducting a first-line trial with sephoradenate in combination with ipilimumab and nivolumab for renal cell cancer. The net loss for the third quarter of 2022 was $14.8 million compared to a net loss of $10.7 million for the same period in 2021. Total stock compensation expense for the third quarter of 2022 was $0.7 million compared to $1.1 million for the same period in 2021. I will now turn the call over to Richard, who will elaborate on our strategy and plans.