Corvus Pharmaceuticals reported its financial results for the third quarter ended September 30, 2024, on November 12, 2024. The company held $41.7 million in cash, cash equivalents, and marketable securities as of September 30, 2024, an increase from $27.1 million at December 31, 2023.
The net loss for the third quarter of 2024 was $40.2 million, compared to a net loss of $6.0 million for the same period in 2023. This increase was primarily driven by a $32.8 million non-cash loss related to an increase in the fair value of its warrant liability.
Research and development expenses for the quarter totaled $5.2 million, up from $4.0 million in the prior-year period, mainly due to higher clinical trial costs for soquelitinib. The company expects its cash to fund operations into 2026, following an additional $5.9 million in cash proceeds from early warrant exercises in October 2024.
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