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Corvus Conference Call Phase 1 Atopic Dermatitis Clinical Trial January 20, 2026 The Power to Control Immunity
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2 Forward - Looking Statements This presentation and the accompanying oral presentation contain “forward‐looking” statements related to data supporting the Company’s ongoing clinical trials, development of soquelitinib in oncology and immune and inflammatory diseases, soquelitinib’s mechanism of action and soquelitinib as a new treatment option for T cell lymphomas, including in patients with advanced, aggressive disease; the potential safety and efficacy of the Company’s product candidates; clinical strategy and the design of clinical trials, including the timeline for initiation, target or expected number of patients to be enrolled, dose levels, number of sites and other product development milestones; and the availability and timing of clinical and preclinical data announcements and clinical readouts, including data from extension cohort 4 of the Phase 1 clinical trial for atopic dermatitis with soquelitinib. All statements other than statements of historical fact contained in this presentation 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 Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, filed with the Securities and Exchange Commission (the “SEC”) on November 4, 2025, as well as other documents that may be filed by the Company from time to time with the SEC. In particular, the following factors, among others, could cause results to differ materially from those expressed or implied by such forward-looking statements: 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 trails 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. This presentation concerns products that are under clinical investigation and which have not yet been approved for marketing by the U.S. Food and Drug Administration. Such products are currently limited by Federal law to investigational use, and no representation is made as to its safety or effectiveness for the purposes for which it is being investigated.
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3 Agenda • Background on ITK and soquelitinib • Safety and efficacy data from all the cohorts and placebo • Review Cohort 1-3 with new longer follow-up data • Focus on new data from Cohort 4 • Biomarker update • Review data for patients who received prior systemic therapy • Go forward plans
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4 Cohort 4 Results Show Soquelitinib Could Become a Leading Oral Therapy for Atopic Dermatitis Deeper, Durable Responses Cohort 4 showed additional clinical benefit from longer 8-week treatment vs. cohorts 1-3 Longer follow up of cohort 3 show disease remission for 3-months post- treatment EASI 75: 75% of patients EASI 90: 25% of patients IGA 0/1: 33% of patients Mean EASI reduction: 72% Consistent safety with cohorts 1-3 Positive Clinical Results Biomarkers Support ITK Novel MOA Immune rebalancing: new biomarker data shows soquelitinib modulates Treg cells and cytokine signaling Active in Challenging Patients Cohorts 1-4 demonstrate safety and efficacy in patients who received prior systemic therapies, including those who were treatment resistant
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5 Soquelitinib Blocks Th2 and Th17 Modulation of T cell differentiation ITK involved in T cell differentiation Th2 and Th17 cells are involved in autoimmune, inflammatory, fibrotic and allergic diseases Th1 cells play a role in cancer cell and viral elimination APC Naïve CD4+ T cell ITK TH1 T-bet Th17 RORγΤ IL-4 IL-5 IL-13 IL-17 IL-21 IL-22 IL-23 TH2 GATA3 APC Naïve CD4+ T cell ITK TH1 T-bet Th17 RORγΤ Th1 cells play a role in cancer cell and viral elimination IL-4 IL-5 IL-13 Th2 and Th17 cells are involved in autoimmune, inflammatory, fibrotic and allergic diseases IL-17 IL-21 IL-22 IL-23 ITK blockade leads to reduction in Th2, Th17 and cytokines TH2 GATA3
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6 ITK involved in T cell differentiation Th2 and Th17 cells are involved in autoimmune, inflammatory, fibrotic and allergic diseases Th1 cells play a role in cancer cell and viral elimination APC Naïve CD4+ T cell ITK TH1 T-bet Th17 RORγΤ IL-4 IL-5 IL-13 IL-17 IL-21 IL-22 IL-23 TH2 GATA3 APC Naïve CD4+ T cell ITK TH1 T-bet Th17 RORγΤ IL-4 IL-5 IL-13 Blocking ITK results in increase in Tregs and decrease in Th17 IL-17 IL-21 IL-22 IL-23 ITK blockade leads to switch to Treg TH2 GATA3 Treg Foxp3 Sci Signal 17:1, 2024 (DOI: 10.1126/scisignal.adh2381) PLOS ONE 14 (4): 1, 2019 (https://doi.org/10.1371/journal.pone.0215963) ITK Regulates Switch from Th17 to Tregs Soquelitinib increases Tregs to rebalance inflammation
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7 Soquelitinib is Selective for ITK Kinase Binding Comparison Soquelitinib IbrutinibSpecificity of Binding Drug Discovery 2024, 1:2
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8 Anti - tumor Activity in Cutaneous Lymphomas Malignancy of Th2 cells PTCL-NOS CTCL-MF Transformed large cellFailed CHOP, HDACi
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9 Soquelitinib is Active in Multiple Immune Indications Preclinical models demonstrate robust activity in Th2 and Th17 diseases Control Soquelitinib Soquelitinib Soquelitinib Dexamethasone Control Soquelitinib Asthma Pulmonary Fibrosis Psoriasis Atopic derm bioRxiv: doi: https://doi.org/10.1101/2023.10.27.564296; Arthritis Res &Therapy, In Press Pulmonary Dermatology GI (IBD) Disease Control 0.0 0.5 1.0 1.5 Treg/Conv ratio Naive MC903, Vehicle MC903, SQL, 30mg/kg 0.0097
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10 Sezary CellsNormal CD4+ Cells Confirmation of MOA in Humans Inhibition of Th2 cytokines Soquelitinib (μM) IL-4 IL-5 IL-13 IFNg TARC/ CCL17 0 0.01 0.1 1.0 0 0.01 0.1 1.0 0 0.01 0.1 1.0 0 0.01 0.1 1.0 0 0.01 0.1 1.0 0 50 100 150% untreated control IL-4 IL-5 IL-13 IFNg 0 0.01 0.1 1 0 0.01 0.1 1 0 0.01 0.1 1 0 0.01 0.1 1 0 50 100 150% untreated control Soquelitinib (μM) CXCR3+(CD183+)Th1 cells CCR6+(CD196+)Th17 cells Day 1 Day 8 Day 22 Day 43 0 10 20 30 40 50 % CD4+ T Cell in blood 17.18 1.6 0.93 1.34 4.21 0 5 10 15 20 Day 1 Day 8 Day 15 Day 29 Day 43 Absolute Count (x10^9/L) IL-5 Eosinophil 100 80 60 40 20 0 IL-5 Conc (pg/mL) Frequency of Th1 & Th17 CD4 cells in Blood Effects on Eosinophils and Serum IL-5 In vivo In vitro
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11 Atopic Dermatitis: Significant Market Opportunity AD Market Projected Sales Patients Eligible for Advanced Therapies Only 10% tx with adv. thera ~ 3M Mod/Severe Patients 30M Atopic Dermatitis (AD) patients in the G7 Potential First In Class ITKi High Unmet Need Safe & Effective SystemicTherapies • Up to 50% patients will fail systemic biologic therapy • Black box warnings and monitoring required with JAKi Oral Dosing for Ease of Administration • Many patients come off therapy within 1 year with injectable therapies Novel Target with Durable Response • Significantly more patients treated as more safe and effective novel targets/MOAs approved (8 blockbuster drugs) $11.7B $28B Source: Evaluate Pharma, Clarivate, Analysts Projections, PharmaProjects Source: Clarivate, Analysts, KOL interviews Novel MOA and Oral 2023 2030
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12 Atopic Dermatitis Placebo Control Phase 1 Design Participants with moderate to severe AD N = 72 Cohort 1 N =16 Cohort 2 N = 16 Cohort 3 N = 16 Cohort 4 N = 24 Soquelitinib 100 mg BID N = 12 Placebo N = 4 Soquelitinib 200 mg QD N = 12 Placebo N = 4 Soquelitinib 200 mg BID N = 12 Placebo N = 4 Soquelitinib 200 mg BID N = 12 Placebo N = 12 Randomized 3:1 Randomized 3:1 Randomized 3:1 Randomized 1:1 • Endpoints: • Primary: safety • Secondary: % change in EASI, EASI75, EASI90, IGA 0 or 1 • Design • Blinded with placebo • No concomitant topical steroids • 28 day treatment for cohorts 1-3 (3:1 randomization) • 56 day treatment for cohort 4 (1:1 randomization) • Off treatment follow up • Prior systemic therapy allowed • 17 sites all U.S. Study Design 4 weeks treatment At least 1 prior topical or systemic therapy 8 weeks treatment 4 weeks treatment 4 weeks treatment
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13 4-week 8-week Cohorts 1 and 2 Cohort 3 Cohorts 1–3 Cohort 4 Soquelitinib 100 mg BID or 200 mg QD (n=24) Soquelitinib 200 mg BID (n=12) Placebo (n=12) Soquelitinib 200 mg BID (n=12) Placebo (n=12) Age, mean (range), yrs 44.4 (21–66) 46.4 (25–71) 38.8 (20–62) 40.5 (18–69) 42.3 (21–67) Gender, male n (%) 14 (58.3) 4 (33.3) 7 (58.3) 6 (50) 7 (58.3) Race/ethnicity, n (%) Asian Black or African American White Hispanic or Latino Not Reported 2 (8.3) 13 (54.2) 4 (16.7) 5 (20.8) 0 (0) 0 (0) 5 (41.7) 4 (33.3) 2 (16.7) 1 (8.3) 1 (8.3) 5 (41.7) 2 (16.7) 4 (33.3) 0 (0) 3 (25) 5 (41.7) 3 (25) 1 (8.3) 0 (0) 2 (16.7) 5 (41.7) 2 (16.7) 3 (25.0) 0 (0) Baseline EASI, mean (range) 19.9 (14.7–46.6) 27.2 (18.0–41.5) 21.2 (14.4–46.6) 25.7 (16.6–64.7) 21.9 (16.4–32.9) Baseline IGA 4, n (%) 2 (8.3) 1 (8.3) 2 (16.7) 2 (16.7) 1 (8.3) Prior AD therapies, n (%) Topical corticosteroids Systemic therapies 24 (100) 6 (25) 12 (100) 4 (33.3) 12 (100) 3 (25) 12 (100) 5 (41.7) 12 (100) 7 (58.3) Patient Baseline Characteristics
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14 Efficacy Results at 4 Weeks Cohorts 1 - 3 Soquelitinib Placebo Cohorts 1 and 2 (N=24) Cohort 3 (N=12) Combined (N=12) Change EASI Mean % Reduction 54.6 64.8 34.4 EASI 50 (%pts) 75 83 58 EASI 75 (%pts) 29 50 0 EASI 90 (%pts) 4 8 0 IGA 0 or 1 (%pts) 21 25 0
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15 Mean Percent Reduction in EASI Cohorts 1, 2, and 3
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16 Immune Rebalance Durable remission with increase in Tregs in Cohort 3 • Change from baseline at Day 28 and at Day 58 (n=9 Cohort 1, n=12 Cohort 2, n=12 Cohort 3 green) • Treg: CD45+, CD4+, CD25high, Foxp3+ D1 D28 D58 -50 0 50 100 150 200 % change over baseline SQL Cohort 1 SQL Cohort 2 SQL Cohort 3 PBO Combined Treg increase in blood On Treatment Off Treatment
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17 Disease Rebounds When Treatment is Stopped Common with JAK inhibitors and others JAMA Derm 155:1371, 2019 • Abrocitinib (JAKi) doses 10, 30, 100, 200 mg QD for 12 weeks • Disease rebounds when treatment stops Percentage change in EASI
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18 Improvement in Patient Reported Pruritus (PP-NRS) Cohort 3 Demonstrates Clinically Meaningful Reduction in Itch (Evaluable patients with baseline PP-NRS ≥4) Placebo Soquelitinib Cohort 3 1/11 (9%) 4/10 (40%)* *Of the remaining patients, two had baseline PP-NRS of less than 4 and one had incomplete PP-NRS data. ≥ 4-point decrease in PP-NRS at Day 28
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19 Cohort 4 8-week Soquelitinib (N=12) Placebo (N=12) Change EASI Mean % Reduction 72 40* EASI 50 (%pts) 11 (92) 3 (30)* EASI 75 (%pts) 9 (75) 2 (20)* EASI 90 (%pts) 3 (25) 0 (0) IGA 0 or 1 (%pts) 4 (33) 0 (0) Flare (requiring rescue meds) (%pts) 0 (0) 2 (17) Efficacy Results at 8 Weeks Cohort 4 *2 placebo patients missed the Day 56 visit and are not included. They did return for later visits and did not achieve EASI 75 at any time point. If included in the placebo analysis the 8-week EASI 75 is 17%.
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20 Mean Percent Reduction in EASI Cohort 4 Increased efficacy with longer duration of treatment (8 weeks)
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21 Soquelitinib in Patients with Prior Systemic Therapy Prior systemic therapy experience in 35% of patients 35% of patients had prior systemic therapy across all cohorts (n=15 active, 10 placebo) Systemic therapies Soquelitinib N=48 n (%) Placebo N=24 n (%) Dupilumab 6 (13) 5 (21) JAKi 2 (4) 2 (8) Corticosteroids 5 (10) 5 (21) Investigational Drugs 7 (15) 3 (13) ≥ 2 systemic therapies 6 (13) 4 (17)
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22 Efficacy in Patients with Prior Systemic Therapy (Cohorts 1 – 4) Comparable efficacy in patients with prior systemic therapy Prior Systemic Therapy (Cohorts 1–4)All Patients (Cohorts 1–4)
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23 Efficacy in Patients with Prior Systemic Therapy (200 mg dose) Comparable efficacy in patients with prior systemic therapy Prior Systemic Therapy (200 mg BID dose)All Patients (200 mg BID dose)
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24 Efficacy in Patients with Prior Systemic Therapy (200 mg dose) Comparable efficacy in patients with prior systemic therapy
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25 Response in Systemic Treatment Resistant Patients Cohorts 3 & 4 Study Treatment Age/Gender Prior Treatment Resistant Baseline EASI % EASI change Soquelitinib 60/F Dupixent® 24.6 –91% Soquelitinib 18/M Dupixent®, anti-OX40L 23.8 –96% Soquelitinib 52/M Dupixent®, Methotrexate, Rinvoq® 41.5 –27% Soquelitinib 34/M Dupixent®, anti-OX40, Cibinqo® 23.9 29% Placebo 37/M Dupixent®, Rinvoq® 17.2 Flare (Rescue Meds) Placebo 26/F Dupixent®, Rinvoq® 32.9 Flare (Rescue Meds)
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26 EASI 75, EASI 90, and IGA 0/1 At Day 28 for Cohorts 1 – 3 and Day 56 for Cohort 4 Soquelitinib vs. Placebo Endpoints (EASI 75, EASI 90, IGA 0 or 1) 0 25 33 50 20 75 0 8 0 8 0 25 0 25 17 25 0 33 0 10 20 30 40 50 60 70 80 PBO Cohorts 1-3 (n=12) SQL Cohort 1 (n=12) 100 mg BID SQL Cohort 2 (n=12) 200 mg QD SQL Cohort 3 (n=12) 200 mg BID PBO Cohort 4 (n=10)* SQL Cohort 4 (n=12) 200 mg BID % Patients EASI 75 EASI 90 IGA 0 or 1 4 weeks 8 weeks *2 placebo patients missed the Day 56 visit and are not included. They did return for later visits and did not achieve EASI 75 at any time point. If included in the placebo analysis the 8-week EASI 75 is 17%.
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27 Safety Summary 4-week 8-week Cohorts 1–3 Cohort 4 Soquelitinib (n=36) Placebo (n=12) Soquelitinib (n=12) Placebo (n=12) Subjects with AEs* 15 (41.7%) 4 (33.3%) 5 (41.7%) 6 (50%) Severe (Grade ≥3) AEs 0 0 0 0 Serious AEs 0 0 0 0 AEs leading to study drug discontinuation 0 0 0 0 *All Grade 1-2 AEs not requiring dose modifications. No clinically significant lab abnormalities. No AEs of conjunctivitis.
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28 Adverse Events of Interest AEs Soquelitinib N = 48 n (%) Placebo N = 24 n (%) Subjects with AEs 20 (41.7) 10 (41.7) Infections and infestations COVID-19 Skin infection Upper Respiratory 4 (8.3) 1 (2.1) 1 (2.1) 2 (4.2) 3 (12.5) 0 2 (8.3) 1 (4.2) Hepatobiliary disorders 0 0 Renal and urinary disorders 0 0 Eye disorders 0 0 Other 16 (33.3) 8 (33.3)
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29 -100 -50 0 50 100 Data 1 % change from baseline Soquelitinib Reduces Th2 cells and Effects Multiple Pathways Biomarkers consistent with MOA Change in serum IL-4 Change in serum IL-5 • Serum IL-4 levels over time show late decrease (Cohorts 1–4) • Early reduction in serum IL-5 levels comparing Day 8 to Baseline (Cohorts 1–3 and placebo) • Circulating Th2 cells in blood at Day 28 compared to Baseline (Cohort 1,2) • Reduction in serum IL-17 (Th17 cytokine) and TARC compared to placebo (N=5 active; N=14 placebo) *Th2 cells: GATA3+, STAT6+, c-MAF+, CCR4+, PTGDR2+ (p=0.06) Reduction in Th2 cells scRNA seq* D15 D29 D56 D86 -100 -80 -60 -40 -20 0 Study Day % change from baseline PBO Combined SQL Cohort 3 SQL Cohort 2 SQL Cohort 1 SQL Cohort 4 Cohort 1&2 Cohort 3 PBO -100 -70 -40 -40 30 100 100 300 500 % change from baseline 0.0276 % change from Baseline to Day 56 (Cohort 4, n=5) IL-17 TARC PBO 0.15 –4.1 SQL –14.8 –17.7 Change in IL-17 and TARC
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30 Placebo - adjusted EASI - 75 and IGA 0/1 36 43 15 64 36 50 55 28 30 12 54 22 25 33 N = 462 N = 283 N = 536 N = 458 N = 36 N = 12 N = 12 Dupilumab FDA: Mar 2017 Lebrikizumab FDA: Sep 2024 Nemolizumab FDA: Dec 2024 Upadacitinib FDA: Jan 2022 Soquelitinib Overall Soquelitinib Cohort 3 Soquelitinib Cohort 4 IL-4Rα mAb IL-13 mAb IL-31 mAb ITK Inhib JAK1 Inhib ITK Inhib % Patients 16 Week Phase 3 Data* 4 Week IGA 0/1 IGA 0/1 IGA 0/1 IGA 0/1 IGA 0/1 IGA 0/1 *Source: Package Inserts. For illustrative purposes only: Not a head-to-head analysis. Comparisons of data should be interpreted with caution due to differences in compounds, study designs, subject characteristics, and other factors that may limit direct comp arability.**Includes patients who have received and/or resistant to prior systemic therapies. IGA 0/1 8 Week Phase 1b Data** ITK Inhib
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31 Randomized Double Blind Phase 2 Trial Plan start in Q1 2026 Study Design SQL 200 mg QD SQL 200 mg BID SQL 400 mg QD Placebo Eligibility Endpoints • Moderate to Severe AD • ≥ 18 years of age • Chronic AD for ≥ 1 year • EASI score ≥ 16, IGA 3 or 4, ≥ 10% BSA, PP-NRS ≥ 4 • ≥ 1 prior treatment (topical or systemic) 12 Weeks Treatment with 30-day Follow-up • N=200 • 1:1:1:1 randomization: • Global study • Primary: % change in EASI from Baseline to W12 • Secondary: ▪ EASI 75 at W12 ▪ IGA 0 or 1 at W12 ▪ ≥ 4 point decrease in PP-NRS at W12 ▪ Safety
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32 Soquelitinib Effects Multiple Inflammatory Pathways Comparison to other agents Restores immune balance by enhancing T regs Inhibits cells responsible for production and control of many inflammatory cytokines Th2 Th17 ILC2 Treg IL-4 IL-5 IL-13 IL-31 IL-17 IL-21 IL-22 SOQUELITINIB DUPIXENT® EBGLYSS NEMLUVIO® RINVOQ® SOQUELITINIB
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33 Soquelitinib Broad Opportunities in Multiple Immune Diseases Eosinophilic Granulomatosis Polyangiitis Hypereosinophilic syndrome Psoriasis Psoriatic arthritis Ankylosing spondylitis Hidradenitis suppurativa Th2 Driven Diseases Asthma Atopic dermatitis Eosinophilic esophagitis Prurigo nodularis COPD w/ eosinophilia Rhinitis with polyposis IL-17 Driven Diseases IL-5 Driven Diseases Systemic sclerosis Pulmonary fibrosis Inflammatory bowel disease Autoimmune lymphoproliferation syndrome (ALPS) Graft vs Host Disease Fibrotic / Other Inflammatory Diseases
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34 Large and Growing I&I Market with Need for Oral Only 4% of current $110B market attributed to orals 30M $170B I&I Market Projected2 Majority (up to 90%) would prefer orals3 1. Evaluate Pharma, Clarivate, Analysts Projections, PharmaProjects, Sanofi R&D day 2023. AD, asthma, psoriasis, PsA, COPD, IBD, PN, HS, SS, AA, BP, SLE, Sjogrens 2. Evaluate Pharma. 3. JNJ Business Review Dec 2023 (n=398 M/S Psoriasis; 75% switch) . Stein Gold et al, Fall Clinical Dermatology Conference, 2025 ~50% of systemic-eligible PsO pts & derms prefer oral tx; >90% of injectable pts would switch with comparable eff/safety. 130 Million I&I Patients1 20M Eligible for Advanced Treatments 12-29-25 12/29/25 • AD • Asthma • COPD • Psoriasis • PsA • IBD • PN • HS • AA • SLE
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35 Summary and Plans C4 highlights significant potential in Atopic Dermatitis and beyond Near-term I&I development strategy: • Atopic Dermatitis (Phase 2) • Asthma (Phase 2) • Hidradenitis Suppurativa (P2) Ongoing Phase 3 PTCL trial Immune rebalancing has potential in a wide range of I&I indications • Blocks upstream multiple immune pathways • Modulates immune cell functions Daily oral medication Efficacy comparable to leading biologic and JAKi Durable remission following a short treatment period Active in prior systemic therapies, including treatment resistant Strong safety profile Multiple Value Creation Opportunities Novel MOA and Attractive Profile Strong Clinical Data in Atopic Dermatitis