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V-Ray Next 4.02.05 is available.
Hi, there is a new hotifx build of V-Ray Next for 3ds Max released with [mainly] bug fixes, you can find it in the downloads. The change log follows:

Build 4.02.05 V-Ray Next official

New features:
(*) V-Ray: Initial support for direct rendering of CoronaMtl and most materials from the Corona material library;
(*) V-Ray/V-Ray GPU: Add a parameter for additional control of the auto-exposure (camera_autoExposure_compensation);

Modified features:
(*) VRayHDRI: Improved performance for tiled .tx and .exr textures;
(*) VRayDenoiser: Switch to Optix 5.1 for the NVidia AI denoiser;
(*) VRayGLSL/VRayOSL: Added keyboard shortcuts, compile and reset options to QuickShader UI;
(*) VRayScene: Implement support for VRayCryptomatteElement;
(*) VRayMDL: Add support for Ward BRDF in MDL plugin;

Bug fixes:
(*) V-Ray: Artifacts with adaptive lights in a certain interior scenes;
(*) V-Ray: Crash when modifying VRayInstancer material and switching to another frame during IPR;
(*) V-Ray: Crash when rendering with DR (since 4.02.04);
(*) V-Ray: Crash when starting IPR after resetting a scene with DR;
(*) V-Ray: Crash with region rendering with render elements and Previous render set to Darken;
(*) V-Ray: Different brightness in high-res renderings with Auto Exposure;
(*) V-Ray: Fix V-Ray Cloud scene submission broken animation export;
(*) V-Ray: Improve selection of VRayPhysicalCamera and VRayLight in the viewport;
(*) V-Ray: IPR crashes with Alembic hair in specific scene after stop;
(*) V-Ray: Separate render channels output files are not named properly when saving to separate folders (since 4.02.03);
(*) V-Ray: Standard material diffuse texture and opacity map do not work with V-Ray Next;
(*) V-Ray: Stuck at “Building embree moving trees” with multi segment motion blur;
(*) V-Ray GPU: When there is just one light in the scene, adaptive lights v2 unnecessarily resets the progressive buffer;
(*) V-Ray GPU: Blank images saved when used as texture baking renderer;
(*) V-Ray GPU: Crash on the second frame in scenes with lots of animated plugins;
(*) V-Ray GPU: Crash when cancelling a batch render in 3ds Max;
(*) V-Ray GPU: Crash when deleting heavy geometry in specific scene;
(*) V-Ray GPU: Crash when deleting VRayLights in specific scene;
(*) V-Ray GPU: Crash with BerconNoise and VRayDisplacementMod during IPR;
(*) V-Ray GPU: Crash with Displacement and Environment Fog during IPR;
(*) V-Ray GPU: Crash with Ornatrix (since 4.02.01);
(*) V-Ray GPU: Crash with specific VRayProxy and displacement;
(*) V-Ray GPU: CUDA error 700 when turning off Lights while rendering in IPR;
(*) V-Ray GPU: Disable refresh interactive VFB button as it doesn’t work correctly in IPR;
(*) V-Ray GPU: IPR crashes with stereo mode set to Anaglyph(Red/Cyan)(Green/Magenta);
(*) V-Ray GPU: Noisy alpha channel with shadow catcher objects;
(*) V-Ray GPU: Random crash when changing VRayLight options;
(*) V-Ray GPU: Unexpected render result with non-spherical Dome VRayLight and matte shadows;
(*) V-Ray GPU: Unhandled exception when moving the time slider with motion blur and OpenSubdiv;
(*) V-Ray GPU: VRayDirt’s “double sided” parameter is not working correctly;
(*) V-Ray GPU: VRayOCIO does not work with bitmaps;
(*) V-Ray GPU: VRayHDRI with RGB multiplier in the Output rollout renders differently;
(*) V-Ray GPU: When using displacement, textures are affected by the texture format setting;
(*) VRay2SidedMtl: Crash with animated submaterial on the second frame in V-Ray GPU;
(*) VRay2SidedMtl: Invalid colors with V-Ray Standalone when rendering scenes with two VRay2SidedMtl materials nested in each other;
(*) VRayDirt: Crash when undoing deletions of geometries that are in Include/Exclude lists;
(*) VRayDistanceTex: Crash during IPR (since 4.02.01);
(*) VRayEnvironmentFog: Crash with VRayEnvironmentFog with overlapping gizmos with coinciding far sides;
(*) VRayGLSL: GLSL materials cause V-Ray GPU to recompile kernels on each start;
(*) VRayInstancer: Crash when rendering with Thinking Particles (since 4.02.03);
(*) VRayInstancer: Fixed losing some particle groups during instancing;
(*) VRayOSL: Crash during IPR;
(*) VRayOSL: Crash when selecting specific VRayOSLTex in material editor on scene open;
(*) VRayOSL: Flipped textures with OSL maps on V-Ray GPU;
(*) VRayOSL: OSL issues errors when output closures are not explicitly specified;
(*) VRayOSL: Renders black in IPR if attached to VRayExtraTex;
(*) VRayPluginNode: Crash when a texmap used as a displacement map is being modified during IPR;
(*) VRayScene: Camera settings from vrscene interfere with the camera in 3ds max;
(*) VRayVolumeGrid: Caches containing a minus/dash sign before the # format can not be loaded;
(*) VRayVolumeGrid: Caches containing digits after the # format can not be loaded;
(*) VRayVolumeGrid: Crash when rendering with GPU as production after rendering with IPR;
(*) VRayVolumeGrid: Multiple overlapping volumes do not blend correctly with V-Ray GPU;
(*) VFB: Aspect ratio is changing when resizing VFB during IPR;
(*) VFB: Closing the VFB window while 3ds Max is saving a VFB image causes 3ds Max to crash;
(*) VFB: Image Info has to be cleared when loading a new image in VFB;
(*) V-Ray scene converter: Fix Opacity and Reflection Glossiness parameters conversion for CoronaSkinMtl;
(*) V-Ray scene converter: Fix Reference node space mode conversion for CoronaTriplanar;
(*) Lens Analysis Tool: crashes when analyzing a photo manually;

Best regards,
Yavor Rubenov
V-Ray for 3ds Max developer