Corvus Pharmaceuticals (Nasdaq: CRVS) has announced a USD 5 million investment in Angel Pharmaceuticals Ltd., its China-based development partner, as part of a broader USD 13.5 million financing round for Angel Pharma. The capital will fund parallel Phase I/II and Phase II trials of soquelitinib (formerly CPI-818), an oral small molecule ITK inhibitor, in atopic dermatitis and asthma in China — indications Corvus is also pursuing in the US.
Corvus co-founded Angel Pharma in 2020 to develop and commercialize its pipeline in China. The South San Francisco-based company holds a 49% equity stake in Angel Pharma and has designated three of five board seats, making this investment a continuation of an ongoing equity relationship rather than a traditional licensing deal.
Deal context
Soquelitinib selectively inhibits interleukin-2-inducible T cell kinase (ITK), an enzyme expressed predominantly in T cells that regulates T cell differentiation. By blocking ITK, the drug is described by Corvus as shifting the balance away from pro-inflammatory Th2 and Th17 cells toward regulatory T cells, a mechanism with potential relevance across both allergic and autoimmune indications.
In January 2026, Corvus reported positive Phase I data from cohort 4 of its atopic dermatitis trial, with 75% of treated patients achieving EASI 75 versus 20% for placebo. The company has since initiated a Phase II atopic dermatitis trial in the US enrolling approximately 200 patients, and is running a registration Phase III trial in relapsed/refractory peripheral T cell lymphoma (NCT06561048).