Corvus Pulls Plug On Mupadolimab COVID-19 Program With Candidate Now Prioritized In Oncology - Corvus Pharma (NASDAQ:CRVS)

Corvus Pharmaceuticals Inc CRVS has discontinued its Phase 3 study of mupadolimab for COVID-19 due to positive trends exhibited by COVID-19 vaccines in lowering infection and hospitalizations.
The discontinuation is not related to any safety or efficacy issues, the company said in the press release.
The company will continue to advance the development of mupadolimab in oncology, currently in a Phase 1/1b trial.
As of June 30, Corvus had cash, cash equivalents, and marketable securities of approximately $66.5 million.
With the discontinuation of the mupadolimab Phase 3 study in COVID-19, Corvus expects the full year 2021 net cash used in operating activities to be $35 million to $37 million, a decrease from the previously expected $46 million to $48 million and resulting in projected cash of $51.1 million to $53.1 million at December 31, 2021.
Price Action: CRVS shares are trading lower by 11.6% at $2.06 in premarket on the last check Friday.