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.

• 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.

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.

Key Risks to Corvus Pharmaceuticals (CRVS):

1. 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.

2. 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.

3. 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.

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.

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:

1. 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.
2. 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.
3. 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.
4. 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.

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.