CRVS - Corvus scraps late-stage mupadolimab COVID-19 trial gives cash position update

Corvus Pharmaceuticals (CRVS) has discontinued its late-stage study of mupadolimab for COVID-19, citing positive trends shown by vaccines in lowering serious infection and hospitalizations.As of June 30, 2021, Corvus had cash, cash equivalents and marketable securities totaling about $66.5M.With the discontinuation of the study, Corvus now expects FY 2021 net cash used in operating activities to be between $35M and $37M, a decrease of an ~$11M compared to the previously expected range.The company also projected balance of cash, cash equivalents and marketable securities of $51.1M to $53.1M at December 31, 2021.The company pointed out that the discontinuation is not related to any safety or efficacy issues observed in study patients.Corvus will continue to advance the development of mupadolimab in oncology, where it is currently being studied in a Phase 1/1b clinical trial.

For further details see:

Corvus scraps late-stage mupadolimab COVID-19 trial, gives cash position update