Corvus Pharmaceuticals, Inc.

Good afternoon, ladies and gentlemen. Thank you for standing by, and welcome to the Corvus Pharmaceuticals First Quarter 2023 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. Please note, this event is being recorded. 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 First Quarter 2023 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, James Rosenbaum, Senior Vice President of Research, and Ben Jones, Senior Vice President of Regulatory and Pharmaceutical Sciences. 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' quarterly report on Form 10Q, 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 Leif Leif. Leif?

Thank you, Zach. I will begin with a quick overview of our first quarter 2023 financials. and then turn the call over to Richard for a business update. Richard, research and development expenses in the first quarter of 2023 totaled $4.6 million compared to $5.1 million for the same period in 2022. The decrease of $0.5 million was primarily related to lower clinical trial and drug manufacturing costs. The net loss for the first quarter of 2023 was $7.9 million, which included a $1.7 million non-cash loss related to Angel Pharmaceuticals compared to a net loss of $8.3 million, which included a $1.0 million non-cash loss related to Angel for the same period in 2022. Total stock compensation expense for the first quarter of 2023 was $0.5 million compared to $0.7 million in the same period in 2022. At March 31st, 2023, Corp has had cash, cash equivalents, and marketable securities totaling $34.5 million as compared to $42.3 million at December 31st, 2022. Looking forward, we continue to expect full-year 2023 net cash used in operating activities to be between $19 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 product candidates. Based upon 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.