Corvus Pharmaceuticals, Inc.

Good afternoon, everyone. Thank you for standing by. And welcome to the Corvus Pharmaceuticals 4th Quarter and Full Year 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 Mr. Zach Kubo of Friel Chemistry. Thank you. Please go ahead, sir.

Thank you, Operator, and good afternoon, everyone. Thanks for joining us for the Corvus Pharmaceuticals' fourth quarter and full year 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 Arcarra, Chief Business Officer, 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' annual report on Form 10-K for the year ended December 31, 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 Leif Lee. Leif?

Thank you, Zach. I will begin with a quick overview of our fourth quarter and full year 2024 financials. and then turn the call over to Richard for a business update. Research and development expenses in the fourth quarter 2024 totaled $6 million compared to $4 million for the same period in 2023. The $2 million increase was primarily due to an increase in so-called clinical trial expenses. R&D expenses for the full year 2024 totaled $19.4 million compared to $16.5 million for the full year 2023. For the full year 2024, the increase of approximately $2.9 million was primarily due to higher clinical trial costs associated with the development of sucralitinib. The net loss for the fourth quarter 2024 was $12.1 million, including a non-cash loss of $2.2 million related to Angel Pharmaceuticals, our partner in China. In addition, we recorded a non-cash loss of $2.3 million from the change in fair value of Corvus' warrant liability during the fourth quarter 2024. This compares to a net loss of $6.7 million for the same period in 2023, which included a $1.4 million non-cash loss related to Angel Pharmaceuticals. The net loss for the full year 2024 was $63.3 million, including a $3.2 million non-cash loss related to Angel and a non-cash loss of $33.4 million from the change in fair value of Corvus' warrant liability during the year. This compares to a net loss of $27.0 million, including a $5.3 million non-cash loss related to Angel for the full year 2023. Total stock compensation expense for the fourth quarter and full year 2024 was $0.8 million and $3 million, respectively, compared to $0.6 million and $2.1 million for the same periods in 2023. As of December 31, 2024, Corvus had cash, cash equivalents, and marketable securities totaling $52 million as compared to $27.1 million at December 31, 2023. Of note, associated with our financing in May 2024, We also sold common stock warrants that have an exercise price of $3.50 and expire on June 30, 2025. Two investors early exercised their warrants during the fourth quarter of 2024, resulting in $18.6 million in cash to the company. If all the remaining warrants are exercised, we will receive approximately $41 million in additional cash. Based on our current plans, we anticipate our cash provides runway into the first quarter of 2026. I will now turn the call over to Richard, who will discuss our clinical progress and elaborate on our strategy and plans.