Corvus Pharmaceuticals (NASDAQ: CRVS) saw its stock price drop significantly on Wednesday following the release of interim data from a Phase 1 clinical trial of soquelitinib, a treatment for moderate to severe atopic dermatitis. This analysis delves into the trial results and their impact on CRVS stock performance.
The Phase 1 trial enrolled 16 patients with moderate to severe atopic dermatitis who had not responded to previous topical or systemic therapies. Twelve patients received 100 mg of soquelitinib orally twice daily, while four received a placebo. The trial assessed efficacy at 28 and 58 days, measuring improvements using the Eczema Area and Severity Index (EASI) and the Investigator’s Global Assessment (IGA) score.
Initial findings revealed promising results for soquelitinib compared to the placebo group. At 28 days, patients treated with soquelitinib showed a mean EASI score reduction of 55.9%, compared to a 27.0% reduction in the placebo group. By day 58, the soquelitinib group demonstrated further improvement with a mean EASI reduction of 69.1%, while the placebo group saw a reduction of only 19.1%.
More specifically, at day 28:
- Soquelitinib Group: 9 of 12 patients achieved EASI 50 (50% improvement); 3 of 12 achieved EASI 75; and 1 of 12 achieved EASI 90. Three patients achieved an IGA score of 0 or 1, indicating clear or almost clear skin.
- Placebo Group: 2 of 4 patients achieved EASI 50, with no patients achieving EASI 75, EASI 90, or an IGA score of 0 or 1.
At day 58, the positive trend continued:
- Soquelitinib Group: 9 of 10 patients achieved EASI 50; 4 of 10 achieved EASI 75; and 1 of 10 achieved EASI 90. Three patients achieved an IGA score of 0 or 1.
- Placebo Group: Only 1 of 4 patients achieved EASI 50, with no patients achieving EASI 75, EASI 90, or an IGA score of 0 or 1.
Importantly, the trial reported no significant safety concerns. All patients completed the 28-day dosing period. One patient experienced mild nausea that did not disrupt treatment, and another patient contracted COVID-19 on day 28 but recovered without complications.
Despite the positive efficacy data, CRVS stock plummeted 36.80% to $4.67 at the time of reporting. The reason for this decline remains unclear and warrants further investigation. Potential factors could include investor concerns about the small sample size of the Phase 1 trial, broader market trends, or profit-taking after previous stock gains.
The full results from the ongoing Phase 1 trial, which will eventually enroll 64 patients, will be crucial in determining the long-term prospects of soquelitinib as a viable treatment for atopic dermatitis and the subsequent impact on Corvus Pharmaceuticals’ stock valuation. Further research and analysis are necessary to fully understand the market’s reaction to the interim data and the future trajectory of CRVS stock.
