Corvus Pharmaceuticals (CRVS)
Market Price (5/19/2026): $12.25 | Market Cap: $1.1 BilSector: Health Care | Industry: Biotechnology
Corvus Pharmaceuticals (CRVS)
Market Price (5/19/2026): $12.25Market Cap: $1.1 BilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -21% Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Biopharmaceutical R&D, Show more. | Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 11.54 | Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -48 Mil Stock price has recently run up significantly12M Rtn12 month market price return is 238% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -8.2% High stock price volatilityVol 12M is 181% Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 20% Key risksCRVS key risks include [1] significant financial instability and a stated "going concern" risk, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -21% |
| Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Biopharmaceutical R&D, Show more. |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 11.54 |
| Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -48 Mil |
| Stock price has recently run up significantly12M Rtn12 month market price return is 238% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -8.2% |
| High stock price volatilityVol 12M is 181% |
| Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 20% |
| Key risksCRVS key risks include [1] significant financial instability and a stated "going concern" risk, Show more. |
Qualitative Assessment
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1. Share Dilution from Public Offering.
Corvus Pharmaceuticals announced a significant share offering of $150 million on January 20, 2026, which was later upsized to $175 million and expected to close around January 23, 2026. This offering brought in approximately $189.4 million in net proceeds, significantly strengthening the company's cash position to $236.7 million by March 31, 2026. However, such a large issuance of new shares typically leads to dilution for existing shareholders, contributing to a downward adjustment in the stock price following an initial surge.
2. Disappointing First Quarter 2026 Financial Results.
On May 7, 2026, Corvus Pharmaceuticals reported its Q1 2026 earnings, posting an Earnings Per Share (EPS) of -$0.15, which missed the consensus analyst estimate of -$0.14 by $0.01. Furthermore, the company reported a net loss of $13.7 million for the first quarter of 2026, a notable reversal from a net income of $15.2 million in the same period of 2025. This earnings miss and swing to a net loss contributed to the stock closing down roughly 5.6% on May 7, 2026.
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Stock Movement Drivers
Fundamental Drivers
The -41.0% change in CRVS stock from 1/31/2026 to 5/18/2026 was primarily driven by a -8.0% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 1312026 | 5182026 | Change |
|---|---|---|---|
| Stock Price ($) | 20.70 | 12.21 | -41.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 83 | 90 | -8.0% |
| Cumulative Contribution | 0.0% |
Market Drivers
1/31/2026 to 5/18/2026| Return | Correlation | |
|---|---|---|
| CRVS | -41.0% | |
| Market (SPY) | 7.0% | 47.6% |
| Sector (XLV) | -5.4% | 44.4% |
Fundamental Drivers
The 51.9% change in CRVS stock from 10/31/2025 to 5/18/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312025 | 5182026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.04 | 12.21 | 51.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 78 | 90 | -13.6% |
| Cumulative Contribution | 0.0% |
Market Drivers
10/31/2025 to 5/18/2026| Return | Correlation | |
|---|---|---|
| CRVS | 51.9% | |
| Market (SPY) | 8.9% | -10.8% |
| Sector (XLV) | 1.9% | 8.9% |
Fundamental Drivers
The 240.1% change in CRVS stock from 4/30/2025 to 5/18/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302025 | 5182026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.59 | 12.21 | 240.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 68 | 90 | -24.0% |
| Cumulative Contribution | 0.0% |
Market Drivers
4/30/2025 to 5/18/2026| Return | Correlation | |
|---|---|---|
| CRVS | 240.1% | |
| Market (SPY) | 34.7% | -4.8% |
| Sector (XLV) | 5.6% | 11.4% |
Fundamental Drivers
The 1030.6% change in CRVS stock from 4/30/2023 to 5/18/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302023 | 5182026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.08 | 12.21 | 1030.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 47 | 90 | -48.3% |
| Cumulative Contribution | 0.0% |
Market Drivers
4/30/2023 to 5/18/2026| Return | Correlation | |
|---|---|---|
| CRVS | 1030.6% | |
| Market (SPY) | 84.5% | 12.0% |
| Sector (XLV) | 14.7% | 14.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CRVS Return | -32% | -65% | 107% | 204% | 44% | 60% | 246% |
| Peers Return | -25% | -58% | 59% | -34% | 81% | 39% | -16% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 97% |
Monthly Win Rates [3] | |||||||
| CRVS Win Rate | 25% | 25% | 42% | 67% | 75% | 40% | |
| Peers Win Rate | 44% | 38% | 48% | 42% | 50% | 55% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| CRVS Max Drawdown | -73% | -71% | -72% | -52% | -53% | -52% | |
| Peers Max Drawdown | -67% | -72% | -62% | -62% | -62% | -27% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: RCUS, KYMR, ALXO, STTK.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/18/2026 (YTD)
How Low Can It Go
| Event | CRVS | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -37.5% | -18.8% |
| % Gain to Breakeven | 60.1% | 23.1% |
| Time to Breakeven | 106 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -53.0% | -9.5% |
| % Gain to Breakeven | 113.0% | 10.5% |
| Time to Breakeven | 71 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -17.9% | -6.7% |
| % Gain to Breakeven | 21.8% | 7.1% |
| Time to Breakeven | 2 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -71.5% | -24.5% |
| % Gain to Breakeven | 250.6% | 32.4% |
| Time to Breakeven | 230 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -59.6% | -33.7% |
| % Gain to Breakeven | 147.7% | 50.9% |
| Time to Breakeven | 113 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -63.2% | -19.2% |
| % Gain to Breakeven | 171.7% | 23.8% |
| Time to Breakeven | 2136 days | 105 days |
In The Past
Corvus Pharmaceuticals's stock fell -37.5% during the 2025 US Tariff Shock. Such a loss loss requires a 60.1% gain to breakeven.
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| Event | CRVS | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -37.5% | -18.8% |
| % Gain to Breakeven | 60.1% | 23.1% |
| Time to Breakeven | 106 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -53.0% | -9.5% |
| % Gain to Breakeven | 113.0% | 10.5% |
| Time to Breakeven | 71 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -71.5% | -24.5% |
| % Gain to Breakeven | 250.6% | 32.4% |
| Time to Breakeven | 230 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -59.6% | -33.7% |
| % Gain to Breakeven | 147.7% | 50.9% |
| Time to Breakeven | 113 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -63.2% | -19.2% |
| % Gain to Breakeven | 171.7% | 23.8% |
| Time to Breakeven | 2136 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -42.8% | -3.7% |
| % Gain to Breakeven | 74.7% | 3.9% |
| Time to Breakeven | 93 days | 6 days |
In The Past
Corvus Pharmaceuticals's stock fell -37.5% during the 2025 US Tariff Shock. Such a loss loss requires a 60.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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About Corvus Pharmaceuticals (CRVS)
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1. A clinical-stage Amgen focused on developing new cancer therapies.
2. An early-stage Bristol-Myers Squibb building a pipeline of immuno-oncology drugs.
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- Mupadolimab (CPI-006): An anti-CD73 monoclonal antibody in clinical trials for non-small cell lung cancer and head and neck cancers.
- CPI-818: A covalent inhibitor of ITK in clinical trials designed to treat various malignant T-cell lymphomas.
- Ciforadenant (CPI-444): An oral, small molecule antagonist of the A2A receptor in clinical trials for advanced or refractory renal cell cancer.
- CPI-182: A preclinical antibody designed to block inflammation and myeloid suppression.
- CPI-935: A preclinical adenosine A2B receptor antagonist aimed at preventing fibrosis.
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Corvus Pharmaceuticals (CRVS) is a clinical-stage biopharmaceutical company focused on the research and development of immuno-oncology therapies. As its product candidates are currently in various stages of clinical trials (Phase I, Phase Ib/II, Phase II, and preclinical) and have not yet received regulatory approval, the company does not have commercialized products available for sale.
Therefore, Corvus Pharmaceuticals does not currently have major customers in the traditional sense of entities purchasing its products. Its primary activities are centered on drug development and clinical research.
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Richard A. Miller, M.D. President and CEO, Co-FounderDr. Richard A. Miller co-founded Corvus Pharmaceuticals in 2014 and has served as President and CEO since February 2014. He is also a co-founder of Pharmacyclics, where he served as CEO and led the initial discovery and development efforts for ibrutinib. Prior to that, he co-founded IDEC (which merged to form Biogen IDEC, now Biogen) and was a Vice President and Director, leading research efforts that culminated in the development of rituximab. He has also founded other private and public biotech companies.
Leiv Lea Chief Financial Officer
Mr. Leiv Lea has served as the Chief Financial Officer of Corvus Pharmaceuticals since November 2014. He previously served as the Chief Financial Officer of Pharmacyclics from 1998 to 2008. Mr. Lea's career also includes roles as interim CFO for various companies and serving as CFO at Margaux, Inc., Global Village Communication, and Marimba.
Jeffrey Arcara Chief Business Officer
Mr. Jeffrey Arcara joined Corvus Pharmaceuticals in 2024 as Chief Business Officer, where he is responsible for leading the company's corporate strategy, business development, portfolio strategy, and new product planning. He has over 30 years of commercial expertise in the biopharmaceutical industry, with broad functional experience across a range of biopharma companies. He previously held commercial leadership roles of increasing responsibility at Teva Pharmaceuticals, including senior vice president, head of global marketing & portfolio and strategy for the specialty and biosimilars business.
William Ben Jones, Ph.D. Senior Vice President, Pharmaceutical Development
Dr. William Ben Jones has served as Senior Vice President, Pharmaceutical Development at Corvus Pharmaceuticals. Prior to joining Corvus, he was Director of Global Regulatory Affairs in Sanofi U.S.'s oncology business unit from 2012 to 2014. From 2008 to 2012, he was Director of Project Management & Regulatory at Pharmacyclics, where he played a principal role in the development of ibrutinib.
Gabriel Luciano Vice President Clinical Operations
Mr. Gabriel Luciano joined Corvus Pharmaceuticals in 2018 and has served as Vice President of Clinical Operations since 2021. He was Senior Director of Clinical Operations at Pharmacyclics from 2012 to 2017, where he played a principal role in the initial clinical development and initial marketing approvals for ibrutinib. From 2008 to 2011, he was Senior Clinical Trial Manager at Seattle Genetics, where he supported the initial clinical trial development and initial marketing approvals for brentuximab vedotin.
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Key Risks to Corvus Pharmaceuticals (CRVS):
-
Clinical Trial Success and Regulatory Approval: As a clinical-stage biopharmaceutical company, Corvus Pharmaceuticals' entire business model and future prospects are predicated on the successful completion of ongoing and future clinical trials for its product candidates, including Mupadolimab, CPI-818, and Ciforadenant. These candidates are currently in various phases (Phase Ib/II, Phase I/Ib, Phase II). There is a significant risk that these investigational medicines may not demonstrate sufficient efficacy or safety, fail to meet primary or secondary endpoints, or encounter unforeseen adverse events during trials. Failure at any stage of clinical development or the inability to obtain regulatory approvals from agencies such as the FDA would severely impact the company's ability to commercialize its products, potentially leading to a substantial decline in value or even business failure, as it currently has no commercialized products generating revenue.
-
Ability to Secure Future Funding: Developing new drugs through clinical trials is an extremely capital-intensive process. Given that Corvus Pharmaceuticals is a clinical-stage company without any approved commercial products, it does not generate product revenue. Therefore, the company is highly dependent on its ability to raise additional capital through equity offerings, debt financing, or strategic collaborations to fund its research and development activities and clinical trials. There is a risk that Corvus may not be able to secure sufficient additional funding on favorable terms, or at all, which could force it to delay, scale back, or discontinue the development of its product candidates, thereby jeopardizing its pipeline and long-term viability.
-
Intense Competition: Corvus Pharmaceuticals operates in the highly competitive immuno-oncology and oncology markets. Its product candidates, if approved, will face significant competition from existing therapies, treatments in development by larger pharmaceutical companies, and other biotechnology firms. Competitors may have greater financial, technical, and human resources, as well as more extensive experience in research and development, clinical testing, manufacturing, and marketing. The potential for competitors to develop superior or more cost-effective treatments, or to bring products to market more quickly, poses a substantial risk to the potential market share and commercial success of Corvus's pipeline, even if its products prove to be safe and effective.
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Addressable Markets for Corvus Pharmaceuticals' Main Products
- Mupadolimab (CPI-006) for non-small cell lung cancer: The global non-small cell lung cancer (NSCLC) therapeutics market was estimated at approximately USD 24.17 billion in 2026 and is projected to reach USD 38.85 billion by 2031. Other estimates place the global market at USD 28.61 billion in 2025, expanding to USD 54.38 billion by 2032, and USD 28.1 billion in 2025, projected to reach USD 75.5 billion by 2036. The NSCLC market across the 7 major markets (US, EU4, UK, and Japan) is expected to grow from USD 32,442 million in 2025 to USD 64,819 million in 2034.
- Mupadolimab (CPI-006) for head and neck cancers: The global head and neck cancer therapeutics market was estimated at USD 2.53 billion in 2025 and is projected to reach USD 6.25 billion by 2033. Another estimate indicates a global market size of approximately USD 9.39 billion in 2025, projected to grow to USD 20.22 billion by 2034. The market across the top 7 markets (US, EU4, UK, and Japan) reached a value of USD 3,499.5 million in 2024 and is expected to reach USD 8,228.2 million by 2035.
- CPI-818 for malignant T-cell lymphomas: The global T-cell lymphoma market size was valued at approximately USD 2.25 billion in 2025 and is expected to reach USD 4.37 billion by 2033. Other estimates indicate a global market size of around USD 2.2 billion in 2024, projected to grow to USD 4.9 billion by 2034.
- Ciforadenant (CPI-444) for advanced or refractory renal cell cancer: The global renal cell carcinoma market size was valued at USD 4.6 billion in 2023 and is expected to reach USD 7.3 billion by 2034. For advanced renal cell carcinoma, the global market is projected to grow from USD 9.6 billion in 2024 to USD 15.1 billion by 2030.
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Corvus Pharmaceuticals (CRVS), a clinical-stage biopharmaceutical company, anticipates its future revenue growth over the next two to three years will primarily be driven by the advancement and potential commercialization of its lead drug candidate, soquelitinib (formerly CPI-818), across multiple indications, as well as potential revenues from its strategic collaboration with Angel Pharmaceuticals.
The key expected drivers of future revenue growth include:
- Commercialization of Soquelitinib (CPI-818) for Peripheral T-Cell Lymphoma (PTCL): Corvus is currently conducting a Phase 3 registrational trial for soquelitinib in patients with relapsed peripheral T-cell lymphoma, with an interim analysis expected in 2026. The drug has received Fast Track and Orphan Drug Designations from the FDA for T-cell lymphoma, underscoring its potential in this area. Successful completion of this trial and subsequent regulatory approval would enable direct product sales, representing a significant revenue stream for the company.
- Advancement and Potential Commercialization of Soquelitinib for Atopic Dermatitis (AD): Positive Phase 1 data for soquelitinib in moderate-to-severe atopic dermatitis, demonstrating statistically significant efficacy, has led to the initiation of a Phase 2 trial in the first quarter of 2026, with data anticipated by mid-2027. Analysts have significantly increased their peak-year global sales estimates for soquelitinib in atopic dermatitis, viewing it as a potential "first-in-class, convenient, safe and efficacious oral ITK inhibitor." This strong clinical progress and market potential are expected to drive substantial future revenue.
- Expansion of Soquelitinib into Additional Inflammatory Diseases: Building on the promising data in atopic dermatitis, Corvus plans to initiate mid-stage trials for soquelitinib in other inflammatory diseases, such as hidradenitis suppurativa and asthma, later in 2026. Expanding the indications for soquelitinib broadens its market opportunity and could contribute to diversified revenue streams within the next few years if these trials are successful.
- Milestone and Royalty Payments from Angel Pharmaceuticals Collaboration: Corvus's strategic collaboration with Angel Pharmaceuticals grants Angel Pharma exclusive rights to develop and commercialize soquelitinib, ciforadenant, and mupadolimab in Greater China. Angel Pharmaceuticals is actively progressing these candidates, including a Phase 1b/2 atopic dermatitis trial for soquelitinib and evaluation of mupadolimab in non-small cell lung cancer in China. Successful development and potential commercialization by Angel Pharmaceuticals could generate milestone payments and ongoing royalties for Corvus, contributing to its revenue growth.
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Capital Allocation Decisions (Last 3-5 Years)
Share Issuance
- Corvus Pharmaceuticals completed an underwritten public offering in February 2021, generating gross proceeds of $30.0 million from the sale of 8,571,429 shares of common stock at $3.50 per share.
- In May 2024, the company closed a financing round, raising approximately $30.6 million through the sale of common stock and pre-funded warrants to new and existing investors. Additionally, in May 2025, warrant exercises provided approximately $31.3 million in cash proceeds.
- Corvus completed an upsized public offering on January 23, 2026, which generated approximately $189.4 million in net proceeds, including the full exercise of the underwriters' option to purchase additional shares. The company also established an amended at-the-market (ATM) equity program in March 2026 to sell up to $200 million of common stock.
Inbound Investments
- Corvus Pharmaceuticals received approximately $30.6 million in May 2024 from a registered direct offering that included participation from health-care dedicated investors.
- The company's public offering completed on January 23, 2026, resulted in approximately $189.4 million in net proceeds.
- The exercise of common stock warrants in May 2025 provided roughly $31.3 million in cash proceeds to the company.
Outbound Investments
- Corvus Pharmaceuticals holds a 49.7% equity stake in Angel Pharmaceuticals, its strategic collaboration partner in China.
- The company recognized non-cash losses from its equity method investment in Angel Pharmaceuticals, amounting to $0.7 million in the fourth quarter of 2025 and $2.2 million in the fourth quarter of 2024.
Capital Expenditures
- Capital expenditures were approximately -$0.15 million in the last 12 months.
- For the full fiscal years, capital expenditures were negligible, with $0 for 2024, -$0.03 million for 2023, -$0.27 million for 2022, and -$0.01 million for 2021.
- Net proceeds from the January 2026 public offering are expected to be used for working capital and general corporate purposes, including capital expenditures focused on advancing research and development for its clinical trials, specifically its Phase 3 T-cell lymphoma program and Phase 2 trials in atopic dermatitis, hidradenitis suppurativa, and asthma.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Corvus Pharmaceuticals Stock Pre-Market (-5.9%): Announces $150M Public Offering | 01/21/2026 | |
| Corvus Pharmaceuticals Earnings Notes | 12/16/2025 |
| Title | |
|---|---|
| ARTICLES |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 12.21 |
| Mkt Cap | 1.1 |
| Rev LTM | 1 |
| Op Inc LTM | -88 |
| FCF LTM | -78 |
| FCF 3Y Avg | -110 |
| CFO LTM | -78 |
| CFO 3Y Avg | -109 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -12.6% |
| Rev Chg 3Y Avg | 42.0% |
| Rev Chg Q | 8.1% |
| QoQ Delta Rev Chg LTM | 0.0% |
| Op Inc Chg LTM | 8.7% |
| Op Inc Chg 3Y Avg | -16.4% |
| Op Mgn LTM | -690.2% |
| Op Mgn 3Y Avg | -460.2% |
| QoQ Delta Op Mgn LTM | -12.4% |
| CFO/Rev LTM | -471.3% |
| CFO/Rev 3Y Avg | -330.9% |
| FCF/Rev LTM | -474.0% |
| FCF/Rev 3Y Avg | -351.2% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 1.1 |
| P/S | 151.0 |
| P/Op Inc | -12.7 |
| P/EBIT | -12.7 |
| P/E | -13.4 |
| P/CFO | -16.2 |
| Total Yield | -7.4% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -23.9% |
| D/E | 0.0 |
| Net D/E | -0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -9.2% |
| 3M Rtn | -3.2% |
| 6M Rtn | 28.2% |
| 12M Rtn | 238.2% |
| 3Y Rtn | 115.5% |
| 1M Excs Rtn | -13.1% |
| 3M Excs Rtn | -14.3% |
| 6M Excs Rtn | 42.7% |
| 12M Excs Rtn | 215.9% |
| 3Y Excs Rtn | 34.0% |
Segment Financials
Operating Income by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Development and commercialization of drugs and antibodies that target critical elements of the | -28 | ||||
| Total | -28 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Development and commercialization of drugs and antibodies that target critical elements of the | -62 | ||||
| Total | -62 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Development and commercialization of drugs and antibodies that target critical elements of the | 46 | 68 | 109 | 86 | |
| Total | 46 | 68 | 109 | 86 |
Price Behavior
| Market Price | $12.21 | |
| Market Cap ($ Bil) | 1.0 | |
| First Trading Date | 03/23/2016 | |
| Distance from 52W High | -52.2% | |
| 50 Days | 200 Days | |
| DMA Price | $15.09 | $11.08 |
| DMA Trend | up | down |
| Distance from DMA | -19.1% | 10.2% |
| 3M | 1YR | |
| Volatility | 79.0% | 181.8% |
| Downside Capture | 405.06 | -0.00 |
| Upside Capture | 126.31 | 146.52 |
| Correlation (SPY) | 42.4% | -3.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.93 | 2.69 | 2.61 | -2.16 | -0.79 | 1.05 |
| Up Beta | 2.93 | 2.96 | 3.44 | 3.21 | 2.18 | 0.94 |
| Down Beta | -23.61 | 0.65 | 1.39 | -11.88 | -6.19 | 0.45 |
| Up Capture | 233% | 258% | 214% | 95% | 140% | 1437% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 12 | 20 | 30 | 60 | 123 | 367 |
| Down Capture | 878% | 330% | 269% | -126% | -110% | 105% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 10 | 23 | 33 | 63 | 124 | 364 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CRVS | |
|---|---|---|---|---|
| CRVS | 249.8% | 181.4% | 1.19 | - |
| Sector ETF (XLV) | 13.7% | 14.8% | 0.66 | 12.8% |
| Equity (SPY) | 26.7% | 12.1% | 1.66 | -3.8% |
| Gold (GLD) | 40.7% | 26.8% | 1.25 | 18.4% |
| Commodities (DBC) | 47.8% | 18.5% | 1.97 | 3.1% |
| Real Estate (VNQ) | 10.8% | 13.4% | 0.52 | -2.7% |
| Bitcoin (BTCUSD) | -23.9% | 41.9% | -0.54 | -10.2% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CRVS | |
|---|---|---|---|---|
| CRVS | 37.7% | 130.9% | 0.70 | - |
| Sector ETF (XLV) | 5.2% | 14.6% | 0.17 | 13.1% |
| Equity (SPY) | 13.8% | 17.1% | 0.64 | 11.7% |
| Gold (GLD) | 19.5% | 17.9% | 0.88 | 10.7% |
| Commodities (DBC) | 10.8% | 19.4% | 0.44 | 0.2% |
| Real Estate (VNQ) | 3.4% | 18.8% | 0.08 | 12.4% |
| Bitcoin (BTCUSD) | 6.9% | 55.9% | 0.34 | 4.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CRVS | |
|---|---|---|---|---|
| CRVS | 0.0% | 111.2% | 0.42 | - |
| Sector ETF (XLV) | 9.5% | 16.5% | 0.46 | 15.5% |
| Equity (SPY) | 15.5% | 17.9% | 0.74 | 14.7% |
| Gold (GLD) | 13.2% | 15.9% | 0.69 | 8.2% |
| Commodities (DBC) | 8.6% | 17.9% | 0.39 | 3.6% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.21 | 12.6% |
| Bitcoin (BTCUSD) | 67.3% | 66.9% | 1.06 | 4.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 3/12/2026 | -4.3% | -12.0% | -5.2% |
| 11/4/2025 | -1.4% | 6.9% | 15.3% |
| 8/7/2025 | 4.4% | 17.4% | 42.9% |
| 3/25/2025 | -14.8% | -19.3% | -6.9% |
| 11/12/2024 | 2.1% | -3.3% | -7.0% |
| 8/6/2024 | 9.7% | 25.2% | 33.3% |
| 3/19/2024 | -5.6% | -10.2% | -28.1% |
| 11/7/2023 | 1.3% | -6.3% | 6.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 8 | 12 | 9 |
| # Negative | 10 | 6 | 9 |
| Median Positive | 6.2% | 6.7% | 15.3% |
| Median Negative | -3.8% | -8.3% | -15.0% |
| Max Positive | 11.3% | 66.6% | 75.9% |
| Max Negative | -14.8% | -19.3% | -32.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 03/12/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 03/25/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 03/19/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 03/28/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/08/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Phase 3 PTCL Enrollment | 150 | 0 | Affirmed | Guidance: 150 for 2026 | |||
| 2026 ALPS Phase 2 Enrollment | 30 | 0 | Affirmed | Guidance: 30 for 2026 | |||
Prior: Q4 2025 Earnings Reported 3/12/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2028 Cash Runway | 2,028 | 0.1% | Raised | Guidance: 2,026 for 2026 | |||
| 2026 ALPS Phase 2 Enrollment Target | 30 | Higher New | |||||
| 2026 PTCL Phase 3 Enrollment Target | 150 | Higher New | |||||
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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