In Thursday’s after-hours session, shares of Corvus Pharmaceuticals Inc. (CRVS) have fallen -10.73% to $2.08. Corvus stock declined -1.69% last session to finish at $2.33. In the last session, CRVS stock traded 0.45 million shares, exceeding the average daily trading volume of 0.24 million shares for the last 50 days.

In the last five days, the shares of CRVS stock have lost -6.43%; over the past month, however, they have dropped -14.96%. In the last three months, CRVS has shed 16.19% of its value, and so far this year, it has lost 41.46 percent. The CRVS stock dropped after the company announced it was discontinuing its Phase 3 trial.

The CRVS study was for what?

Corvus Pharmaceuticals is a company developing biopharmaceuticals at the clinical stage. The lead product candidate at CRIVS is mupadolimab (CPI-006), a monoclonal antibody directed against CD73 that interferes with immune cell function in preclinical studies. A second clinical program of CRVS, CPI-818, is a small molecule drug being studied that selectively inhibits ITK throughout the preclinical studies. It is in a Phase 1/1b clinical trial at multiple centers in multiple types of T-cell lymphomas. As part of the CRVS clinical program, ciforadenant (CPI-444) is being tried, which is a small-molecule oral inhibitor of the A2A receptor.

As a result of decreased hospitalizations and serious infections resulting from COVID-19 vaccine, Corvus Pharmaceuticals discontinued its Phase 3 study of mupadolimab for COVID-19.

• It was reported by CRVS that the discontinuation had nothing to do with safety or efficacy issues observed in study patients.
• In addition to developing mupadolimab in oncology, CRVS is currently studying the compound in a Phase 1/1b clinical trial.
• CRVS is evaluating mupadolimab for the treatment of a patient population targeted by COVID-19 phase 3 study, in which it has confirmed COVID-19 vaccines are highly effective in preventing serious disease and hospitalizations.
• Mupadolimab is now prioritised by CRVS in oncology and the institution is intensifying its cancer care programs.

CRVS’ preliminary financial results:

CRVS also announced its preliminary financial results, derived from the Company’s current expectations and may be adjusted after the company completes its customary quarter-end closing procedures and further reviews the company’s financial reporting.

• CRVS had approximately $66.5 million in cash, cash equivalents, and marketable securities as of June 30, 2021.
• As of December 31, 2020, cash, cash equivalents, and marketable securities totaled $44.3 million.
• As of June 30, 2021, CRVS had raised approximately $43.8 million in net proceeds from its underwritten offering and at-the-market equity offerings.
• Corvus (CRVS) now expects to use between $35 million and $37 million of net cash in operating activities for the full year 2021 as a result of discontinuing the mupadolimab Phase 3 study in COVID-19.