Corvus Pharmaceuticals, Inc.

Good afternoon, ladies and gentlemen. Thank you for standing by, and welcome to the Corvus Pharmaceuticals Third Quarter 2023 Business Update and Financial Results Conference Call. At this time, all participants are on 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 your host, 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 2023 Business Update and Financial Results Conference Call. On the call to discuss the results and business updates are Richard Miller, Chief Executive Officer, Blake Lee, 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's 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 statement except as required by law. With that, I'd like to turn the call over to Leif. Leif?

Thank you, Zach. I will begin with a quick overview of our third quarter 2023 financials and then turn the call over to Richard for a business update. Research and development expenses in the third quarter of 2023 totaled $4 million compared to $10.4 million for the same period in 2022. The decrease of $6.4 million was primarily related to lower clinical trial and manufacturing costs associated with the development of mupadolamab, our anti-CD73 antibody. The net loss for the third quarter of 2023 was $6 million, including a $0.9 million non-cash loss related to Angel Pharmaceuticals, our partner in China. This compares to a net loss of $14.8 million for the same period in 2022, which included a $2.7 million non-cash loss related to Angel Pharmaceuticals. Total stock compensation expense for the third quarter 2023 was $0.5 million compared to $0.7 million for the same period in 2022. As of September 30th, 2023, Corvus had cash, cash equivalents, and marketable securities totaling $32.2 million as compared to $42.3 million at December 31st, 2022. Looking forward, we expect full-year 2023 net cash used in operating activities to be between $22 million and $23 million, resulting in a projected cash balance of between $27 and $28 million as of December 31st, 2023. As stated last quarter, we continue to prudently manage our cash burn rate by focusing on our most promising opportunities and establishing collaborations that help support development of our product candidates. Based on this trend, our current plans and our focus on so-called, we believe our cash will provide runway into late 2024. I will now turn the call over to Richard, who will discuss our clinical progress and elaborate on our strategy and plans.