Corvus Pharmaceuticals' stock plummeted 5.76% during Thursday's intraday trading session. The sharp decline followed the release of the company's first-quarter 2026 financial results.

The clinical-stage biopharmaceutical company reported a net loss of $13.7 million for the quarter, a significant reversal from the net income of $15.2 million recorded in the same period last year. Research and development expenses surged 49% to $11.2 million, primarily driven by higher clinical trial costs for its lead drug candidate soquelitinib and increased personnel-related costs.

While the company's cash position strengthened to $236.7 million following a January financing, the operational results highlighted continued investment in clinical programs amid a widening loss. The earnings per share came in at -$0.15 for the quarter.