Corvus Pharmaceuticals, Inc.

everyone. Thank you for standing by and welcome to the Corvus Pharmaceuticals first quarter 2025 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 today on the call. This conference call is being webcast with presentation slides. We encourage participants to join the webcast in order to view the slides. You can find the link to join the webcast on the Investor Relations homepage of the Corvus website. Turning to slide two, 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 10-Q for the quarter ended March 31, 2025, 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. The agenda for the call is shown on slide three. We will begin with a short overview of the first quarter financial results, followed by a detailed review of the socalitinib atopic dermatitis phase one data announced today and being presented at the Society for Investigative Dermatology annual meeting this week. We will then provide a broader business update and then open the call for questions and answers. On the call from Corvus are Dr. Richard Miller, Chief Executive Officer, Leif Lee, Chief Financial Officer, Jeff Arcarra, Chief Business Officer, and Dr. Suresh Mohabbashian, Vice President of Clinical Development. With that, I'd like to turn the call over to Leif Lee. Leif?

Thank you, Zach. I will provide an overview of the key financial highlights from our first quarter. Research and development expenses in the first quarter 2025 total $7.5 million, compared to $4.1 million for the same period in 2024. The $3.4 million increase was primarily due to higher clinical trial and manufacturing costs associated with the development of socalitinib, as well as an increase in personnel-related costs. Net income for the first quarter 2025 was $15.2 million, including a non-cash loss of $0.5 million related to Angel Pharmaceuticals, our partner in China. In addition, we recorded a non-cash gain of $25.1 million from the change in fair value of Corvus' warrant liability during the first quarter 2025. This compares to a net loss of $5.7 million for the same period in 2024, which included a $0.2 million non-cash gain related to Angel Pharmaceuticals. Total stock compensation expense for the first quarter 2025 was $1.3 million compared to $0.7 million for the same period in 2024. As of March 31st, 2025, Corvus had cash, cash equivalents, and marketable securities totaling $44.2 million as compared to $52 million at December 31st, 2024. In May 2025, holders of 8,945,000 common stock warrants exercised all of their warrants in advance of the June 30, 2025 expiration date, which resulted in cash proceeds to Corvus of approximately $31.3 million. Richard Miller also exercised all of his 559,000 warrants. All of the warrants were exercised at $3.50 per share. Based on our current plans, we expect our current cash, including the warrant proceeds, to fund operations into the fourth quarter of 2026. I will now turn the call over to Richard, who will review the so-called phase one data reported today and discuss other company progress and updates.