Corvus Pharmaceuticals Inc. reported a net loss of $10.2 million for the third quarter ended September 30, 2025, compared to a net loss of $40.2 million for the same period in 2024. The third quarter of 2024 included a non-cash loss of $32.8 million related to a change in the fair value of the company's warrant liability. Stock compensation expense for the third quarter of 2025 was $1.2 million, up from $0.7 million in 2024. The non-cash loss from the equity method investment in Angel Pharmaceuticals was $0.3 million in 2025, down from $0.7 million in 2024. Business developments included completion of enrollment in the soquelitinib atopic dermatitis Phase 1 trial extension cohort 4, with data announcement expected in January and a Phase 2 trial planned to start in early Q1 2026. The Phase 3 trial of soquelitinib in relapsed/refractory peripheral T cell lymphoma is ongoing, with multiple clinical sites open.