Corvus Pharmaceuticals (CRVS)


Market Price (10/9/2026): $10.22 | Market Cap: $944.0 MilSector: Health Care | Industry: Biotechnology

Corvus Pharmaceuticals (CRVS)


Market Price (10/9/2026): $10.22
Market Cap: $944.0 Mil
Sector: Health Care
Industry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -22%

Megatrend and thematic drivers
Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Biopharmaceutical R&D, Show more.

Meaningful short interest
Short 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 19%

Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -57 Mil

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -11%

High stock price volatility
Vol 12M is 179%

Significant short interest
Short 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 18.16

Key risks
CRVS key risks include [1] significant financial instability and a stated "going concern" risk, Show more.

0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -22%
1 Megatrend and thematic drivers
Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Biopharmaceutical R&D, Show more.
2 Meaningful short interest
Short 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 19%
3 Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
4 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -57 Mil
5 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -11%
6 High stock price volatility
Vol 12M is 179%
7 Significant short interest
Short 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 18.16
8 Key risks
CRVS key risks include [1] significant financial instability and a stated "going concern" risk, Show more.

CRVS in ETFs

Weight = CRVS's share of each fund

VTI0.00%
ITOT0.00%
IWM0.03%
XBI0.20%
IBB0.05%
IWO0.05%
VTWO0.03%
SCHA0.02%
+4 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

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Updated on 10/1/2026

Corvus Pharmaceuticals (CRVS) stock has lost about 30% since 6/30/2026 because of the following key factors:

1. Corvus Pharmaceuticals reported a wider net loss and an earnings per share (EPS) miss for its fiscal Q2 2026. The company announced on August 6, 2026, a net loss of $18.0 million for fiscal Q2 2026, which widened by $9.96 million compared to the $8.0 million loss in fiscal Q2 2025. Additionally, Corvus reported an EPS of -$0.19, missing analysts' consensus estimates of -$0.16 by $0.03.

2. The interim futility analysis for the Phase 3 peripheral T-cell lymphoma (PTCL) trial was delayed to fiscal Q1 2027. This delay in a key clinical milestone for soquelitinib, the company's lead product candidate, pushed back investor expectations for critical data, potentially increasing uncertainty regarding the drug's development timeline.

Show more
Updated on 10/1/2026

Corvus Pharmaceuticals (CRVS) stock has lost about 30% since 6/30/2026 because of the following key factors:

1. Corvus Pharmaceuticals reported a wider net loss and an earnings per share (EPS) miss for its fiscal Q2 2026. The company announced on August 6, 2026, a net loss of $18.0 million for fiscal Q2 2026, which widened by $9.96 million compared to the $8.0 million loss in fiscal Q2 2025. Additionally, Corvus reported an EPS of -$0.19, missing analysts' consensus estimates of -$0.16 by $0.03.

2. The interim futility analysis for the Phase 3 peripheral T-cell lymphoma (PTCL) trial was delayed to fiscal Q1 2027. This delay in a key clinical milestone for soquelitinib, the company's lead product candidate, pushed back investor expectations for critical data, potentially increasing uncertainty regarding the drug's development timeline.

3. Research and development (R&D) expenses surged by 102.5% in fiscal Q2 2026. R&D expenses increased to $16.0 million for the three months ending June 30, 2026, up from $7.9 million in the same period of 2025. This significant increase was primarily driven by accelerated clinical trial costs for soquelitinib. While indicating ongoing development, this surge in expenses contributed to the widening net loss without immediate offsetting revenue, which can be a concern for investors in clinical-stage biopharmaceutical companies.

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Stock Movement Drivers

Fundamental Drivers

The -30.3% change in CRVS stock from 6/30/2026 to 10/7/2026 was primarily driven by a -2.6% change in the company's Shares Outstanding (Mil).
(LTM values as of)630202610072026Change
Stock Price ($)14.9410.41-30.3%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple∞∞0.0%
Shares Outstanding (Mil)9092-2.6%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2026 to 10/7/2026
ReturnCorrelation
CRVS-30.3% 
Market (SPY)4.1%30.4%
Sector (XLV)6.4%26.7%

Fundamental Drivers

The -28.8% change in CRVS stock from 3/31/2026 to 10/7/2026 was primarily driven by a -10.1% change in the company's Shares Outstanding (Mil).
(LTM values as of)331202610072026Change
Stock Price ($)14.6310.41-28.8%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple∞∞0.0%
Shares Outstanding (Mil)8392-10.1%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 10/7/2026
ReturnCorrelation
CRVS-28.8% 
Market (SPY)19.8%30.6%
Sector (XLV)15.7%22.1%

Fundamental Drivers

The 41.2% change in CRVS stock from 9/30/2025 to 10/7/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)930202510072026Change
Stock Price ($)7.3710.4141.2%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple∞∞0.0%
Shares Outstanding (Mil)7892-15.8%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 10/7/2026
ReturnCorrelation
CRVS41.2% 
Market (SPY)17.6%-3.1%
Sector (XLV)22.9%8.4%

Fundamental Drivers

The 613.0% change in CRVS stock from 9/30/2023 to 10/7/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)930202310072026Change
Stock Price ($)1.4610.41613.0%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple∞∞0.0%
Shares Outstanding (Mil)4792-48.6%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2023 to 10/7/2026
ReturnCorrelation
CRVS613.0% 
Market (SPY)88.1%12.4%
Sector (XLV)37.3%16.2%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
CRVS Return-32%-65%107%204%44%37%197%
Peers Return-25%-58%59%-34%81%24%-25%
S&P 500 Return27%-19%24%23%16%14%108%

Monthly Win Rates [3]
CRVS Win Rate25%25%42%67%75%40% 
Peers Win Rate44%38%48%42%50%45% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
CRVS Max Drawdown-73%-71%-72%-52%-53%-59% 
Peers Max Drawdown-67%-72%-62%-62%-62%-39% 
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 10/7/2026 (YTD)

How Low Can It Go

EventCRVSS&P 500
2025 US Tariff Shock
  % Loss-37.5%-18.8%
  % Gain to Breakeven60.1%23.1%
  Time to Breakeven106 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-53.0%-9.5%
  % Gain to Breakeven113.0%10.5%
  Time to Breakeven71 days24 days
2023 SVB Regional Banking Crisis
  % Loss-17.9%-6.7%
  % Gain to Breakeven21.8%7.1%
  Time to Breakeven2 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-71.5%-24.5%
  % Gain to Breakeven250.6%32.4%
  Time to Breakeven230 days427 days
2020 COVID-19 Crash
  % Loss-59.6%-33.7%
  % Gain to Breakeven147.7%50.9%
  Time to Breakeven113 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-63.2%-19.2%
  % Gain to Breakeven171.7%23.8%
  Time to Breakeven2136 days105 days

Compare to RCUS, KYMR, ALXO, STTK

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

Actively managed asset allocation strategies protect wealth. Learn more.

EventCRVSS&P 500
2025 US Tariff Shock
  % Loss-37.5%-18.8%
  % Gain to Breakeven60.1%23.1%
  Time to Breakeven106 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-53.0%-9.5%
  % Gain to Breakeven113.0%10.5%
  Time to Breakeven71 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-71.5%-24.5%
  % Gain to Breakeven250.6%32.4%
  Time to Breakeven230 days427 days
2020 COVID-19 Crash
  % Loss-59.6%-33.7%
  % Gain to Breakeven147.7%50.9%
  Time to Breakeven113 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-63.2%-19.2%
  % Gain to Breakeven171.7%23.8%
  Time to Breakeven2136 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-42.8%-3.7%
  % Gain to Breakeven74.7%3.9%
  Time to Breakeven93 days6 days

Compare to RCUS, KYMR, ALXO, STTK

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

Actively managed asset allocation strategies protect wealth. Learn more.

About Corvus Pharmaceuticals (CRVS)

Corvus Pharmaceuticals, Inc. (CRVS) is a clinical-stage biopharmaceutical company dedicated to the development and commercialization of novel immuno-oncology therapies. The company's core business revolves around discovering and advancing innovative drug candidates that harness the body's immune system to combat various types of cancer and other serious diseases.

Corvus's pipeline is spearheaded by several key investigational medicines in clinical trials. Its lead product candidate, Mupadolimab (CPI-006), an anti-CD73 monoclonal antibody, is currently in Phase Ib/II clinical trials targeting non-small cell lung cancer and head and neck cancers. Another significant asset is CPI-818, a covalent ITK inhibitor, which is in Phase I/Ib trials for patients with various malignant T-cell lymphomas. Additionally, Ciforadenant (CPI-444), an oral A2A receptor antagonist, is undergoing Phase II clinical trials for advanced or refractory renal cell cancer.

Beyond these clinical-stage programs, Corvus also maintains a preclinical pipeline, including CPI-182 for inflammation and myeloid suppression, and CPI-935, an A2B receptor antagonist to prevent fibrosis. The primary market for Corvus's potential therapies comprises patients battling advanced or refractory cancers, such as lung, head and neck, T-cell lymphoma, and renal cell cancer, with broader applications in inflammatory and fibrotic conditions. The company also leverages a strategic collaboration with Angel Pharmaceuticals to accelerate the development of its investigational medicines.

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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-Founder
Dr. 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):

  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.

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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:

  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.

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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.

Peer Outperformance in Biotechnology

CRVS has outperformed 90% of its 363 Biotechnology peers over 5Y. Biotechnology ranks 9th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Biotechnology constituents that CRVS has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
80%
of 453 industry peers · 51.5% return
3Y
96%
of 401 industry peers · 598.7% return
5Y
90%
of 363 industry peers · 121.5% return
No Biotechnology peer with a comparable growth profile has beaten CRVS by more than 20pp over 5Y.
Median price return by industry across the Health Care sector, ranked by 5Y. Biotechnology is CRVS's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Health Care Distributors 6 12.7%44.7%92.5% CAH 428% · MCK 366% · COR 180%
Health Care Services 20 21.2%34.0%9.6% HIMS 300% · RDNT 143% · DGX 76%
Health Care Facilities 24 -1.4%5.5%7.1% THC 320% · NHC 272% · ENSG 136%
Managed Health Care 8 25.6%-6.5%0.9% OSCR 122% · HQY 42% · ELV 13%
Health Care Equipment 50 -8.7%-3.6%-18.9% POCI 11200% · UFPT 356% · GKOS 281%
Pharmaceuticals 62 -10.2%-6.6%-32.5% INDV 1112% · ETON 1000% · LQDA 877%
Health Care Supplies 11 12.8%-12.6%-42.4% LNTH 322% · HAE 51% · MMSI 17%
Life Sciences Tools & Services 109 -8.8%-16.9%-63.9% SNWV 2161% · NTRA 247% · MEDP 220%
Biotechnology ← 364 -19.4%-25.4%-79.9% CELZ 1170% · DNTH 1128% · TRVI 995%
Health Care Technology 20 -32.8%-54.6%-80.2% SPOK 79% · HSTM 15% · VEEV -1%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

Title
0ARTICLES

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

CRVSRCUSKYMRALXOSTTKMedian
NameCorvus P.Arcus Bi.Kymera T.ALX Onco.Shattuck. 
Mkt Price10.5224.53106.241.145.6610.52
Mkt Cap1.03.110.40.20.71.0
Rev LTM0117105011
Op Inc LTM-57-486-346-83-56-83
FCF LTM-45-475-238-71-41-71
FCF 3Y Avg-32-361-210-104-53-104
CFO LTM-45-474-237-71-41-71
CFO 3Y Avg-32-353-198-104-53-104

Growth & Margins

CRVSRCUSKYMRALXOSTTKMedian
NameCorvus P.Arcus Bi.Kymera T.ALX Onco.Shattuck. 
Rev Chg LTM--55.3%134.8%--66.6%-55.3%
Rev Chg 3Y Avg-18.3%52.2%-95.4%52.2%
Rev Chg Q--74.4%466.4%--196.0%
QoQ Delta Rev Chg LTM--50.4%104.0%-0.0%0.0%
Op Inc Chg LTM-60.3%-43.8%-11.1%30.1%14.2%-11.1%
Op Inc Chg 3Y Avg-29.8%-18.3%-29.5%11.2%16.0%-18.3%
Op Mgn LTM--415.4%-329.8%--5,578.7%-415.4%
Op Mgn 3Y Avg--218.3%-410.5%--3,314.2%-410.5%
QoQ Delta Op Mgn LTM--246.7%360.4%--312.3%-246.7%
CFO/Rev LTM--405.1%-225.5%--4,102.8%-405.1%
CFO/Rev 3Y Avg--211.5%-302.2%--2,500.4%-302.2%
FCF/Rev LTM--406.0%-226.6%--4,102.8%-406.0%
FCF/Rev 3Y Avg--214.9%-316.2%--2,501.2%-316.2%

Valuation

CRVSRCUSKYMRALXOSTTKMedian
NameCorvus P.Arcus Bi.Kymera T.ALX Onco.Shattuck. 
Mkt Cap1.03.110.40.20.71.0
P/S-26.499.3-735.299.3
P/Op Inc-17.1-6.4-30.1-1.9-13.2-13.2
P/EBIT-17.1-6.9-34.9-1.9-13.2-13.2
P/E-18.0-6.7-34.8-1.9-14.0-14.0
P/CFO-21.8-6.5-44.1-2.2-17.9-17.9
Total Yield-5.6%-14.9%-2.8%-52.8%-7.2%-7.2%
Dividend Yield0.0%0.0%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg-5.3%-23.7%-5.2%-96.6%-58.4%-23.7%
D/E0.00.00.00.10.00.0
Net D/E-0.2-0.2-0.1-0.8-0.3-0.2

Returns

CRVSRCUSKYMRALXOSTTKMedian
NameCorvus P.Arcus Bi.Kymera T.ALX Onco.Shattuck. 
1M Rtn-26.9%-17.3%-9.5%-43.3%-16.6%-17.3%
3M Rtn-34.6%-18.9%-6.9%-51.1%-17.7%-18.9%
6M Rtn-29.3%8.3%21.9%-39.8%-19.4%-19.4%
12M Rtn53.1%74.8%86.6%-37.7%131.0%74.8%
3Y Rtn606.0%46.8%614.0%-86.3%277.3%277.3%
1M Excs Rtn-26.2%-17.3%-10.4%-44.7%-14.6%-17.3%
3M Excs Rtn-38.5%-21.5%-14.1%-48.1%-22.9%-22.9%
6M Excs Rtn-44.5%-6.7%7.2%-55.0%-34.4%-34.4%
12M Excs Rtn34.8%53.7%69.2%-61.9%102.8%53.7%
3Y Excs Rtn563.3%-40.1%602.6%-159.0%195.3%195.3%

Comparison Analyses

null

Financials

Segment Financials

Operating Income by Segment
$ Mil202520242023
Development and commercialization of drugs and antibodies that target critical elements of the-43-28-23
Total-43-28-23


Net Income by Segment
$ Mil2025202420232022
Development and commercialization of drugs and antibodies that target critical elements of the-15-62-27-41
Total-15-62-27-41


Assets by Segment
$ Mil20232022202120202019
Development and commercialization of drugs and antibodies that target critical elements of the46681098684
Total46681098684


Price Behavior

Price Behavior
Market Price$10.41 
Market Cap ($ Bil)1.0 
First Trading Date03/23/2016 
Distance from 52W High-59.2% 
   50 Days200 Days
DMA Price$13.34$14.17
DMA Trendupdown
Distance from DMA-21.9%-26.5%
 3M1YR
Volatility49.8%179.0%
Downside Capture350.7458.02
Upside Capture56.2395.25
Correlation (SPY)32.4%-3.0%
CRVS Betas & Captures as of 9/30/2026

 1M2M3M6M1Y3Y
Beta1.541.881.501.56-0.421.01
Up Beta1.280.140.911.702.631.09
Down Beta3.874.141.490.82-5.260.39
Up Capture41%169%106%122%99%752%
Bmk +ve Days6162766132424
Stock +ve Days7192962121366
Down Capture330%303%243%207%64%105%
Bmk -ve Days16263760120328
Stock -ve Days15233564129364

[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
CRVS49.4%178.7%0.70-
Sector ETF (XLV)18.7%15.7%0.898.6%
Equity (SPY)16.8%13.0%0.92-3.1%
Gold (GLD)3.2%29.5%0.1119.7%
Commodities (DBC)44.6%20.9%1.661.2%
Real Estate (VNQ)1.6%13.7%-0.13-5.7%
Bitcoin (BTCUSD)-31.7%44.2%-0.73-8.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CRVS
CRVS11.0%113.9%0.50-
Sector ETF (XLV)7.2%15.2%0.2815.4%
Equity (SPY)13.8%17.1%0.6215.8%
Gold (GLD)18.4%18.9%0.7912.5%
Commodities (DBC)10.3%19.6%0.40-0.5%
Real Estate (VNQ)0.8%18.8%-0.0715.9%
Bitcoin (BTCUSD)15.5%52.2%0.468.4%

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-4.3%111.2%0.38-
Sector ETF (XLV)10.6%16.7%0.5215.4%
Equity (SPY)15.5%17.9%0.7314.8%
Gold (GLD)11.5%16.4%0.578.8%
Commodities (DBC)8.4%18.1%0.383.0%
Real Estate (VNQ)4.2%20.7%0.1612.6%
Bitcoin (BTCUSD)64.0%66.2%1.045.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date9152026
Short Interest: Shares Quantity17.2 Mil
Short Interest: % Change Since 8312026-9.7%
Average Daily Volume0.9 Mil
Days-to-Cover Short Interest18.2 days
Basic Shares Quantity92.4 Mil
Short % of Basic Shares18.6%

Earnings Returns History

Updated 9/9/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/6/20260.4%9.2%3.8%
5/7/20266.6%-6.4%-23.6%
3/12/2026-4.3%-12.0%-5.2%
11/4/2025-1.4%6.9%15.3%
8/7/20254.4%17.4%42.9%
5/8/202532.2%6.9%20.6%
11/12/20242.1%-3.3%-7.0%
8/6/20249.7%25.2%33.3%
...
SUMMARY STATS   
# Positive101313
# Negative1188
Median Positive3.5%6.9%15.3%
Median Negative-4.3%-6.4%-23.3%
Max Positive32.2%100.0%169.2%
Max Negative-12.0%-21.8%-32.3%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/6/20260.4%9.2%3.8%
5/7/20266.6%-6.4%-23.6%
3/12/2026-4.3%-12.0%-5.2%
11/4/2025-1.4%6.9%15.3%
8/7/20254.4%17.4%42.9%
5/8/202532.2%6.9%20.6%
11/12/20242.1%-3.3%-7.0%
8/6/20249.7%25.2%33.3%
5/6/2024-12.0%10.5%16.2%
3/19/2024-5.6%-10.2%-28.1%
11/7/20231.3%-6.3%6.3%
8/8/20237.9%0.9%-23.4%
5/8/2023-0.4%100.0%169.2%
11/3/2022-3.4%-3.9%15.7%
8/8/2022-9.4%17.2%6.2%
5/5/2022-4.5%-21.8%-23.3%
3/10/2022-5.0%1.9%8.8%
11/1/20212.7%1.4%-32.3%
8/2/2021-1.9%-3.7%5.6%
4/29/20210.0%4.3%-2.8%
10/29/2020-0.8%6.5%0.0%
SUMMARY STATS   
# Positive101313
# Negative1188
Median Positive3.5%6.9%15.3%
Median Negative-4.3%-6.4%-23.3%
Max Positive32.2%100.0%169.2%
Max Negative-12.0%-21.8%-32.3%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/06/202610-Q
03/31/202605/07/202610-Q
12/31/202503/12/202610-K
09/30/202511/04/202510-Q
06/30/202508/07/202510-Q
03/31/202505/08/202510-Q
12/31/202403/25/202510-K
09/30/202411/12/202410-Q
06/30/202408/06/202410-Q
03/31/202405/07/202410-Q
12/31/202303/19/202410-K
09/30/202311/07/202310-Q
06/30/202308/08/202310-Q
03/31/202305/08/202310-Q
12/31/202203/28/202310-K
09/30/202211/03/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/06/202610-Q
03/31/202605/07/202610-Q
12/31/202503/12/202610-K
09/30/202511/04/202510-Q
06/30/202508/07/202510-Q
03/31/202505/08/202510-Q
12/31/202403/25/202510-K
09/30/202411/12/202410-Q
06/30/202408/06/202410-Q
03/31/202405/07/202410-Q
12/31/202303/19/202410-K
09/30/202311/07/202310-Q
06/30/202308/08/202310-Q
03/31/202305/08/202310-Q
12/31/202203/28/202310-K
09/30/202211/03/202210-Q
06/30/202208/08/202210-Q
03/31/202205/05/202210-Q
12/31/202103/10/202210-K
09/30/202111/01/202110-Q
06/30/202108/02/202110-Q
03/31/202104/29/202110-Q
12/31/202003/25/202110-K
09/30/202010/29/202010-Q
06/30/202007/30/202010-Q
03/31/202004/30/202010-Q
12/31/201903/09/202010-K
09/30/201910/30/201910-Q

Recent Forward Guidance

Updated 10/4/2026

Latest: Q2 2026 Earnings Reported 8/6/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2028 Cash RunwayReported      


Prior: Q1 2026 Earnings Reported 5/7/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Phase 3 PTCL EnrollmentReported 150 0 AffirmedGuidance: 150 for 2026
2026 ALPS Phase 2 EnrollmentReported 30 0 AffirmedGuidance: 30 for 2026

Q4 2025 Earnings Reported 3/12/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2028 Cash RunwayReported 2028.5 0.1% RaisedGuidance: 2026 for 2026
2026 ALPS Phase 2 Enrollment TargetReported 30    
2026 PTCL Phase 3 Enrollment TargetReported 150    

Insider Activity

Updated 6/15/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Moore, David Scott DirectBuy615202611.5321,700250,236250,236Form
2Miller, Richard A MDPresident and CEOTrustBuy520202612.046,93283,45314,386,849Form
3Orbimed, Advisors LlcSee FootnotesSell70120254.161,176,3324,891,89429,796,394Form
4Thompson, Peter ASee FootnotesSell70120254.161,176,3324,891,89429,796,394Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Moore, David Scott DirectBuy615202611.5321,700250,236250,236Form
2Miller, Richard A MDPresident and CEOTrustBuy520202612.046,93283,45314,386,849Form
3Orbimed, Advisors LlcSee FootnotesSell70120254.161,176,3324,891,89429,796,394Form
4Thompson, Peter ASee FootnotesSell70120254.161,176,3324,891,89429,796,394Form

Investor Activity (13F)

Updated Oct 9, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Adams Street Partners LLC$47.9 Mil18.4%3Hold13F
Foresite Capital Management VI LLC$26.8 Mil5.8%17ADD +32.6%13F
Vivo Capital, LLC$41.0 Mil3.4%46ADD +25.6%13F
Catalio Capital Management, LP$13.0 Mil2.7%41New13F
Commodore Capital LP$33.0 Mil1.9%36New13F
MPM Bioimpact LLC$24.5 Mil1.9%41TRIM -39.0%13F
Nextech Invest, Ltd.$6.6 Mil0.5%17New13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Commodore Capital LP$33.0 Mil1.9%36New13F
Catalio Capital Management, LP$13.0 Mil2.7%41New13F
Nextech Invest, Ltd.$6.6 Mil0.5%17New13F
Foresite Capital Management VI LLC$26.8 Mil5.8%17ADD +32.6%13F
Vivo Capital, LLC$41.0 Mil3.4%46ADD +25.6%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
MPM Bioimpact LLC$24.5 Mil1.9%41TRIM -39.0%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Adams Street Partners LLC$47.9 Mil18.4%3Hold13F
Vivo Capital, LLC$41.0 Mil3.4%46ADD +25.6%13F
Commodore Capital LP$33.0 Mil1.9%36New13F
Foresite Capital Management VI LLC$26.8 Mil5.8%17ADD +32.6%13F
MPM Bioimpact LLC$24.5 Mil1.9%41TRIM -39.0%13F
Catalio Capital Management, LP$13.0 Mil2.7%41New13F
Nextech Invest, Ltd.$6.6 Mil0.5%17New13F
Core Cache Last Updated: 10/7/2026