Why Is Corvus Pharmaceuticals Stock Trading Lower On Wednesday?

Corvus Pharmaceuticals, Inc. CRVS released interim data from a Phase 1 trial evaluating soquelitinib in patients with moderate to severe atopic dermatitis. 

The trial will enroll 64 patients with moderate to severe atopic dermatitis who previously failed one prior topical or systemic therapy.

These doses were selected based on the company’s prior experience evaluating soquelitinib in T-cell lymphoma patients.

The company is reporting complete results from Cohort 1 of the trial, which includes 16 patients (12 who received soquelitinib 100 mg oral twice per day and four who received placebo), with follow-up at 28 days and 58 days.

The mean baseline EASI and IGA scores for soquelitinib patients were 20.4 and 3.0, respectively, compared to 18.5 and 3.3 for placebo patients.

EASI scores at 28-day and 58-day follow-up demonstrate a favorable effect of soquelitinib treatment compared to placebo.

The soquelitinib mean EASI score reduction was 55.9% at 28 days (n=12) compared to mean EASI reduction of 27.0% in placebo. At day 58, continued improvement in the soquelitinib group was seen with mean EASI reduction of 69.1% (n=10) compared to mean EASI reduction of 19.1% for the placebo group.

• At day 28, in the soquelitinib group, nine of 12 patients achieved EASI 50; three of 12 achieved EASI 75 and one of 12 achieved EASI 90. Three of the 12 patients achieved IGA 0 or 1. In the placebo group, two of four patients achieved EASI 50 and none achieved EASI 75, EASI 90, or IGA 0 or 1.
• At day 58, in the soquelitinib group, nine of 10 patients achieved EASI 50, four of 10 achieved EASI 75 and one of 10 achieved EASI 90. Three of 10 patients achieved IGA 0 or 1. In the placebo group, one in four patients achieved EASI 50, and no patients achieved EASI 75, EASI 90, or IGA 0 or 1.

No significant safety issues were observed. All the patients completed 28 days of dosing. One patient reported Grade 1 nausea that did not interfere with the subject receiving the full treatment course, and one patient developed COVID-19 on day 28 of treatment; that patient had an uneventful recovery.

Price Action: CRVS stock is down 36.80% at $4.67 at the last check on Wednesday.

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