Investing.com — Corvus Pharmaceuticals, Inc. (NASDAQ: NASDAQ:CRVS) stock fell 34% following the interim results from its Phase 1 trial of soquelitinib for treating moderate to severe atopic dermatitis. The clinical-stage biopharmaceutical company released data indicating a favorable safety and efficacy profile, which suggests the drug's potential not only for this chronic skin condition but also for other immune diseases.
The trial, designed as randomized, double-blind, and placebo-controlled, targets enrolling 64 patients who have not seen results from previous therapies. Divided into four dosing cohorts, the study's primary goals are to evaluate safety, tolerability, and efficacy through clinical and biomarker assessments.
Results from the first cohort of 16 patients revealed a significant drop in the Eczema Area and Severity Index (EASI) scores for those treated with soquelitinib compared to the placebo group. At 28 days, the soquelitinib group saw a mean EASI score reduction of 55.9%, which further improved to 69.1% by 58 days. The placebo group, in comparison, showed a mean reduction of 27.0% at 28 days, which decreased to 19.1% at 58 days. Notably, improvements in the soquelitinib group were observed as early as eight days into the trial.
Safety data from the same cohort indicated no significant issues, with all patients completing the 28-day dosing schedule. Only mild side effects like nausea and one COVID-19 infection were reported, neither of which required changes in the treatment regimen.
The company also found a possible link between clinical response and reductions in serum cytokine levels, supporting the drug's proposed mechanism of action through ITK inhibition, which is thought to help regulate immune responses. Early data from a second cohort receiving a higher dose of soquelitinib also showed positive results, with no significant laboratory abnormalities or treatment-related adverse events.
In a strategic financial move, Corvus announced that Samlyn Capital exercised common stock warrants early, providing the company with approximately $12.7 million in cash proceeds.
Commenting on today's data, Oppenheimer analyst Jeff Jones said, "The results are highly encouraging, demonstrating responses by both clinical and biomarker assessments at 28 and 58 days.. We anticipate the stock will move higher on this news out of the gate."
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