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EXHIBIT 99.1 Corvus Pharmaceuticals Provides Business Update and Reports Second Quarter 2021 Financial Results BURLINGAME , Calif . , Aug. 02 , 2021 ( GLOBE NEWSWIRE ) -- Corvus Pharmaceuticals , Inc. ( Nasdaq : CRVS ) , a clinical - stage biopharmaceutical company , today provided a business update and reported financial results for the second quarter ended June 30 , 2021 . " We continue to advance mupadolimab , our anti - CD73 antibody , with a focus on HPV positive ( human papilloma virus ) head and neck cancer and other viral associated cancers , ” said Richard A. Miller , M.D. , co - founder , president and chief executive officer of Corvus . “ We believe mupadolimab is well positioned to improve patient outcomes based on its dual mechanism of inhibiting immunosuppressive adenosine and enhancing antibody responses to viruses , which have been shown to cause certain cancers . This is based on the known B cell stimulating properties of mupadolimab and data we have generated in cancer and viral diseases such as COVID - 19 . We also continue to advance our other oncology programs , including with our Chinese partner , Angel Pharmaceuticals , who recently filed an IND in China to initiate Phase 1/2 clinical development of CPI - 818 for the treatment of T cell lymphomas . " 2021 Key Areas of Focus The Company is efficiently advancing its clinical programs – mupadolimab , CPI - 818 and ciforadenant – along with pre - clinical programs in its pipeline . The highlights from the Company's clinical pipeline include : Mupadolimab Expansion Clinical Trial for HPV + Oropharyngeal Cancer • The Company began enrollment of a Phase1b / 2 clinical trial in patients with HPV + oropharyngeal cancers that have failed previous treatment with anti - PD - 1 therapy and chemotherapy . Up to 15 patients will be enrolled in this clinical trial and will receive mupadolimab in combination with pembrolizumab . The endpoint of the clinical trial is response rate and results are anticipated by year end 2021. HPV is a transmissible DNA virus that causes approximately 75 % of head and neck cancers . The incidence of this disease has been increasing in the United States and elsewhere . Mupadolimab Focus on Viral Associated Cancers • The Company plans to evaluate mupadolimab in other viral associated tumors such as cancer of the cervix and head and neck cancers caused by Epstein Barr virus ( EBV ) , which is a member of the herpes virus family and one of the most common human viruses . • In July 2021 , the Company discontinued its Phase 3 clinical trial of mupadolimab in COVID - 19 due to positive trends exhibited by COVID - 19 vaccines in lowering serious infection and hospitalizations . The discontinuation was not related to any safety or efficacy issues observed in trial patients . As a result , the Company's projected 2021 net cash used in operating activities decreased by an estimated $ 11 million . CPI - 818 Phase 2 Clinical Trial for T cell Lymphoma in Partnership with Angel Pharmaceuticals • Angel Pharmaceuticals has filed an investigational new drug application ( IND ) for CPI - 818 with the Center for Drug Evaluation ( CDE ) in China . If approved , Angel plans to initiate a Phase 2 clinical trial of CPI - 818 for the treatment of refractory T cell lymphomas in late 2021 , with the potential to expand into autoimmune diseases over time . Ciforadenant Phase 2 Clinical Trial for Front Line RCC • Corvus is a leader in the development of precisely targeted therapies targeting the adenosine pathway . Ciforadenant is small molecule antagonist of the adenosine A2A receptor . It is designed to disable a tumor's ability to subvert attack by the immune system by blocking the binding of adenosine in the tumor microenvironment to the A2A receptor . The Company also discovered the Adenosine Gene Signature , which has demonstrated the potential to serve as a biomarker to identify patients most likely to respond to treatment with ciforadenant . • The Company plans to collaborate with the Kidney Cancer Consortium to initiate a Phase 2 clinical trial of ciforadenant in first - line therapy for metastatic renal cell cancer ( RCC ) in combination with pembrolizumab and a tyrosine kinase inhibitor . The clinical trial is expected to enroll up to 60 patients and is intended to increase complete responses and deep responses in the front - line setting . Preclinical studies and data from earlier clinical trials with ciforadenant indicate adenosine may be a cause of resistance to current therapies with anti - PD ( L ) -1 and tyrosine kinase inhibitors . Tumor biopsies will be evaluated for expression of the Adenosine Gene Signature . Financial Results As of June 30 , 2021 , Corvus had cash , cash equivalents and marketable securities totaling $ 66.5 million . This compared to cash , cash equivalents and marketable securities of $ 44.3 million as of December 31 , 2020. The increase in cash of $ 22.2 million resulted from the receipt of approximately $ 43.8 million in net proceeds from the sale of common stock through an underwritten offering and the Company's at the market equity offering program , and was reduced by $ 21.4 million of cash used in operating activities in the six months ended June 30 , 2021. With the discontinuation of the mupadolimab Phase 3 clinical trial in COVID- 19 , Corvus now expects full year 2021 net cash used in operating activities to be between $ 35 million and $ 37 million , a decrease of an estimated $ 11 million compared to the previously expected range of $ 46 million and $ 48 million and resulting in a