Corvus Pharmaceuticals Announces Additional Investment in Angel Pharmaceuticals to Advance the Development of Soquelitinib in China

$13.5 million financing, including $5 million from Corvus, supports ongoing generation of soquelitinib clinical data in China for atopic dermatitis and asthma, which are indications also in development by Corvus in the United States

SOUTH SAN FRANCISCO, Calif., June 09, 2026 (GLOBE NEWSWIRE) -- Corvus Pharmaceuticals, Inc. (Nasdaq: CRVS), a clinical-stage biopharmaceutical company, today announced that it has participated in a new $13.5 million financing for Angel Pharmaceuticals Ltd. (Angel Pharma), the Company’s collaboration partner in China. Corvus co-founded Angel Pharma in 2020 to enable the clinical development and commercialization of its pipeline in China as well as the development of other novel drugs. Corvus is Angel Pharma’s largest shareholder and is investing $5 million in the current financing.

The funding is anticipated to support Angel Pharma’s ongoing Phase 1b/2 trial of soquelitinib for atopic dermatitis and a new Phase 2 trial of soquelitinib for asthma. Angel Pharma anticipates that it will report results from the initial cohort of the Phase 1b portion of the atopic dermatitis trial in late 2026 and will initiate the Phase 2 asthma trial in early 2027.

“We believe Angel Pharma is making strong progress with the development of soquelitinib in China,” said Richard A. Miller, M.D., co-founder, president and chief executive officer of Corvus. “By continuing our investment in Angel Pharma, Corvus is positioned to benefit from soquelitinib clinical data generated by their trials and a significant ownership position that we believe has great potential for value creation as the opportunity for ITK inhibition in the large Chinese inflammation and immunology markets unfolds. Angel Pharma’s atopic dermatitis clinical trial is enrolling patients at several major dermatology centers in China and we anticipate that the findings from this trial will extend our experience with soquelitinib in this indication.”

Angel Pharma is enrolling a Phase 1b/2 clinical trial evaluating soquelitinib in patients with moderate-to-severe atopic dermatitis. This is a blinded, placebo-controlled trial that is planned to evaluate a 12-week treatment regimen in 48 patients utilizing soquelitinib doses of 100 mg twice per day, 200 mg once per day, 200 mg twice per day and 400 mg once per day. The patient eligibility and endpoints are similar to those used previously by Corvus (including that patients may have received prior systemic therapies). Depending on the results from the Phase 1b portion of the study, an additional 60-90 patients are anticipated to be enrolled in the Phase 2 portion of the study. The trial is open at several leading dermatology centers in China who have been involved in global registration trials. The study is conducted in close collaboration with Corvus.

About Corvus Pharmaceuticals
Corvus Pharmaceuticals is a clinical-stage biopharmaceutical company pioneering the development of ITK inhibition as a new approach to immunotherapy for a broad range of immune diseases and cancer. The Company’s lead product candidate is soquelitinib, an investigational, oral, small molecule drug that selectively inhibits ITK. Soquelitinib is being evaluated in a registration Phase 3 clinical trial for relapsed/refractory PTCL and in a Phase 2 clinical trial for the treatment of atopic dermatitis. Its other clinical-stage candidates are being developed for a variety of cancer indications. For more information, visit www.corvuspharma.com or follow the Company on LinkedIn.

About Angel Pharmaceuticals
Angel Pharmaceuticals is a privately held biopharmaceutical company developing a pipeline of precisely targeted investigational medicines for cancer, autoimmune, infectious and other serious diseases in China. Angel Pharma was launched through a collaboration with Corvus and investments from investors in China. Angel Pharma licensed the rights to develop and commercialize Corvus’ three clinical-stage candidates – soquelitinib, ciforadenant and mupadolimab – in greater China and obtained global rights to Corvus’ BTK inhibitor preclinical programs. Corvus has a 49% equity stake in Angel Pharma, excluding 6% of Angel Pharma’s equity reserved for issuance under the Angel Pharma employee stock ownership plan, and Corvus has designated three individuals on Angel Pharma’s five-person Board of Directors. For more information, visit www.angelpharma.com.

About Soquelitinib
Soquelitinib (formerly CPI-818) is an investigational small molecule drug given orally designed to selectively inhibit ITK (interleukin-2-inducible T cell kinase), an enzyme that is expressed predominantly in T cells and plays a role in T cell and natural killer (NK) cell immune function. Soquelitinib has been shown to affect T cell differentiation and induce the generation of Th1 helper cells while blocking the development of both Th2 and Th17 cells and production of their secreted cytokines. Th1 T cells are required for immunity to tumors, viral infections and other infectious diseases. Th2 and Th17 helper T cells are involved in the pathogenesis of many autoimmune and allergic diseases. Recent studies have demonstrated that ITK controls a switch between the differentiation of Th17 proinflammatory cells and T regulatory suppressor cells. Inhibition of ITK leads to a shift toward T regulatory cell differentiation, which has the potential to suppress autoimmune and inflammatory reactions. The Company believes the inhibition of specific molecular targets in T cells may be of therapeutic benefit for patients with autoimmune and allergic diseases and in cancers, including solid tumors. Based on interim results from a Phase 1/1b clinical trial in patients with refractory T cell lymphomas, which demonstrated tumor responses in very advanced, refractory, difficult to treat T cell malignancies, the Company is enrolling a registration Phase 3 clinical trial (NCT06561048) of soquelitinib in patients with relapsed/refractory PTCL. Soquelitinib is also now being investigated in a randomized placebo-controlled Phase 2 clinical trial in patients with atopic dermatitis. A publication describing the chemistry, enzymology and biology of soquelitinib appeared in npj Drug Discovery in December 2024 and is available online at the Nature website and on the Publications and Presentations page of the Corvus website.

About Atopic Dermatitis
Atopic dermatitis, also called eczema, is a chronic disease that can cause inflammation, redness, scaly patches, blisters and irritation of the skin. It affects up to 20% of children and up to 10% of adults, and treatments include topical therapies, oral therapies and systemic injectable biologic therapies. It is frequently associated with other allergic disorders such as food allergies and asthma. Atopic dermatitis, like asthma and allergy, involves the participation of Th2 lymphocytes which secrete cytokines that result in inflammation. Soquelitinib has been shown in preclinical studies to inhibit cytokine production from Th2 lymphocytes.

Forward-Looking Statements
This press release contains forward-looking statements, including statements related to the use of funds from Angel Pharma’s financing; the potential value of Corvus’ ownership position in Angel Pharma; the opportunity for ITK inhibition in and the size of Chinese inflammation and immunology markets; development of soquelitinib in China and Angel Pharma’s clinical trials, including the timeline for results, target or expected number of patients to be enrolled, dose levels, number of sites, other development milestones, and the potential benefits to Corvus of the trials; and the potential use of soquelitinib to treat a variety of hematological cancers and autoimmune diseases. All statements other than statements of historical fact contained in this press release are forward-looking statements. These statements often include words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “seek,” “will,” “may” or similar expressions. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond the Company’s control. The Company’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in the Company’s Annual Report on Form 10-Q for the quarter ended March 31, 2026, filed with the Securities and Exchange Commission on May 7, 2026, as well as other documents that may be filed by the Company from time to time with the Securities and Exchange Commission. In particular, the following factors, among others, could cause results to differ materially from those expressed or implied by such forward-looking statements: Corvus has limited ability to accurately estimate Angel Pharma’s cash runway and development milestones; Corvus has limited control over Angel Pharma and the use of proceeds from its financing; whether the Food and Drug Administration (FDA) or other regulatory agencies accept data from any clinical trials of product candidates conducted by Angel Pharma in China; Angel Pharma’s ability to develop and commercialize product candidates in China; any actions taken by the Chinese government to implement trade policy changes, financial restrictions or increased regulatory scrutiny on U.S. companies could negatively impact Angel Pharma; Corvus’ interests in Angel Pharma could be harmed if relations between the United States and China worsen or if either government imposes additional policies, tariffs or sanctions and Corvus’ business could encounter increased regulatory scrutiny in China, as well as adverse media or public attention in China; the Company’s ability to demonstrate sufficient evidence of efficacy and safety in its clinical trials of its product candidates; the accuracy of the Company’s estimates relating to its ability to initiate and/or complete preclinical studies and clinical trials and release data from such studies and clinical trials; the results of preclinical studies and interim data from clinical trials not being predictive of future results; the Company’s ability to enroll sufficient numbers of patients in its clinical trials; the unpredictability of the regulatory process; regulatory developments in the United States and foreign countries; the costs of clinical trials may exceed expectations and the Company’s ability to raise additional capital. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee that the events and circumstances reflected in the forward-looking statements will be achieved or occur, and the timing of events and circumstances and actual results could differ materially from those projected in the forward-looking statements. Accordingly, you should not place undue reliance on these forward-looking statements. All such statements speak only as of the date made, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

INVESTOR CONTACT:
Leiv Lea
Chief Financial Officer
Corvus Pharmaceuticals, Inc.
+1-650-900-4522
llea@corvuspharma.com

MEDIA CONTACT:
Julia Stern
Real Chemistry
+1-763-350-5223
jstern@realchemistry.com