Corvus Pharmaceuticals Inc., a clinical-stage biopharmaceutical company, reported its financial results for the first quarter ending March 31, 2025. The company announced net income of $15.2 million, a significant improvement from a net loss of $5.7 million in the same period of 2024. This increase was primarily driven by a gain of $25.1 million associated with the change in fair value of the company's warrant liability. Research and development expenses rose to $7.5 million from $4.1 million the previous year, mainly due to increased clinical trial and manufacturing costs related to the development of soquelitinib and higher personnel costs. Corvus also recorded stock compensation expenses of $1.3 million, up from $0.7 million in the same period the previous year. The company experienced a non-cash loss from its equity method investment in Angel Pharmaceuticals amounting to $0.5 million, contrasting with non-cash income of $0.2 million in the prior year. The company's cash position was bolstered by approximately $31.3 million from the early exercise of common stock warrants by stockholders, and it expects its cash to fund operations into the fourth quarter of 2026. Furthermore, Corvus highlighted promising data from its Phase 1 clinical trial of soquelitinib in atopic dermatitis, demonstrating a favorable safety and efficacy profile. The company is progressing with a Phase 3 registrational clinical trial of soquelitinib in peripheral T cell lymphoma, with multiple clinical sites already open for enrollment. Future plans include releasing data from a new extension cohort in the fourth quarter and initiating a Phase 2 clinical trial before the year's end.