Corvus Pharmaceuticals, Inc.

Good afternoon, ladies and gentlemen. Thank you for standing by and welcome to the Corvus Pharmaceuticals fourth quarter and full year 2022 business update and financial results conference call. At this time, all participants will be 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 call 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' fourth quarter and full year 2022 Business Update and Financial Results Conference Call. On the call to discuss the results and business updates are Richard Miller, Chief Executive Officer, Leif Le, 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 annual report on Form 10-K, which was filed today with the SEC and other filings the company makes with the SEC from time to time. The company undertakes no obligations 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 Leif Lang. Leif?

Thank you, Zach. I will begin with a quick overview of our fourth quarter and full year 2022 financials, and then turn the call over to Richard for a business update. Research and development expenses in the fourth quarter of 2022 totaled $4.1 million compared to $4.8 million for the same period in 2021. The decrease of $0.7 million was primarily related to a decrease in personnel costs. R&D expenses for the full year 2022 totaled $24.5 million compared to $29.1 million for the full year 2021. The net loss for the fourth quarter 2022 was $9.8 million, including a $4.6 million non-cash loss related to Angel Pharmaceuticals compared to a net loss of $9.2 million, including a $2.6 million non-cash loss related to Angel for the same period in 2021. The net loss for the full year 2022 was $41.3 million, including a $10 million non-cash loss related to Angel compared to a net loss of $43.2 million including a $4.8 million non-cash loss-related angel for the full year 2021. Total stock compensation expense for the fourth quarter and full year 2022 was $0.6 million and $2.7 million, respectively, compared to $0.7 million and $4.2 million for the same periods in 2021. At December 31, 2022, Corvus had cash, cash equivalents, and markable securities totaling $42.3 million as compared to $69.5 million at December 31st, 2021. Looking forward, we expect full year 2023 net cash used in operating activities to be between $19 million and $22 million. At the midpoint, this is a 24% decrease from 2022, demonstrating our continued focus on prudently managing our cash burn rate by focusing on our most promising opportunities and establishing collaborations that help support development of our candidates. Based on this trend and our focus on CPI 818, we believe our cash will provide runway into 2024. I will now turn the call over to Richard, who will elaborate on our strategy and plans.