Corvus Pharmaceuticals, Inc.

Good afternoon, everyone. Thank you for standing by, and welcome to the Corvus Pharmaceuticals Second Quarter 2025 Business Update and Financials 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 2025 Business Updates 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 Varkara, 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' quarterly report on Form 10-Q for the quarter ended June 30, 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. With that, I'd like to turn the call over to Lace Lee. Lace?

Thank you, Zach. I will begin with a brief overview of our second quarter 2025 financials, and then turn the call over to Richard for a business update. Research and development expenses in the second quarter of 2025 totaled $7.9 million compared to $4.1 million for the same period in 2024. The $3.8 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. The net loss for the second quarter of 2025 was $8 million, including a non-cash loss of $400,000 related to Angel Pharmaceuticals, our partner in China. In addition, we recorded a non-cash gain of $2 million from the change in fair value of Corvus' warrant liability during the second quarter of 2025. This compares to a net loss of $4.3 million for the same period in 2024, which included a $1.8 million non-cash gain related to the change in fair value of Corvus' warrant liability and a $600,000 non-cash loss related to Angel Pharmaceuticals. Total stock compensation expense for the second quarter 2025 was $1.3 million, compared to $800,000 in the same period in 2024. As of June 30, 2025, Corvus had cash, cash equivalents, and marketable securities totaling $74.4 million, as compared to $52 million at December 31, 2024. During the second quarter, all of the remaining common stock warrants were exercised, resulting in cash proceeds of approximately $35.7 million, which included $2 million from warrants exercised by our CEO, Dr. Miller. Based on our current plans, we expect our current cash to fund operations into the fourth quarter of 2026. turn the call over to Richard, who will discuss our clinical progress and elaborate on our strategy and plans.