Corvus Pharmaceuticals, Inc.

Good afternoon, everyone, and thank you for standing by. Welcome to the Corvus Pharmaceuticals Second Quarter 2024 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 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 Second Quarter 2024 Business Update and Financial Results Conference Call. On the call to discuss the results and business updates are Richard Miller, Chief Executive Officer, Leif Lee, Chief Financial Officer, Jeff Arcara, Chief Business Officer, Jim 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 10-Q for the quarter ended June 30, 2024 that was filed today 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 Laith Lee. Laith?

Thank you, Zach. I will begin with a quick overview of our second quarter 2024 financials and then turn the call over to Richard for a business update. Research and development expenses in the second quarter of 2024 totaled $4.1 million compared to $4.0 million in the same period in 2023. The net loss for the second quarter of 2024 was $4.3 million, including a non-cash loss of $0.6 million related to Angel Pharmaceuticals, our partner in China. In addition, we recorded a non-cash gain of $1.8 million from the change in fair value of Corvus' warrant liability during the second quarter 2024 associated with warrants that we sold as part of our financing completed in early May 2024. This compares to a net loss of $6.5 million for the same period in 2023, which included a $1.3 million non-cash loss related to Angel Pharmaceuticals. Total stock compensation expense for the second quarter 2024 was $0.8 million compared to $0.5 million in the same period in 2023. As of June 30, 2024, Corvus had cash, cash equivalents, and marketable securities totaling $47.3 million as compared to $27.1 million at December 31, 2023. This includes $30.3 million raised in our May financing. Based upon our current plans, We anticipate our cash provides runway into the fourth quarter of 2025. Of note, the warrants we sold in May have an exercise price of $3.50 per warrant and expire on June 30th, 2025. If all of the warrants are exercised, it will raise approximately $60 million in incremental capital. I will now turn the call over to Richard, who will discuss our clinical progress and elaborate on our strategy and plans.