Corvus Pharmaceuticals, Inc.
Corvus Pharmaceuticals operates as a clinical-stage biopharmaceutical company developing targeted therapies, primarily funded through equity capital markets and supported by strategic licensing agreements.
Business. Corvus Pharmaceuticals, Inc. (CRVS) is a healthcare company operating in the pharmaceuticals industry. The firm is headquartered in the United States and is primarily listed on the Nasdaq stock exchange. Specific details regarding operating segments and geographic revenue mix are not available.
Analyst recommendations
7 analysts · consensus BuyAt a glance
What drives this business
The watch-list the newsroom runs for this company — derived from its sector path, sharpened layer by layer. Not investment advice.
News & coverage
0Sector rotation
Developing storylines
Analysis
AI analysisOpportunity
Upcoming catalysts
Scheduled public events. Informational only — not investment advice.
- Company
- EarningsQ3 2026 earnings (expected)2026-10-28 · estimated
- Macro
- Rate decisionBank of England rate decision (press conf.)2026-08-06 · GB
- Rate decisionReserve Bank of Australia rate decision (press conf.)2026-08-12 · AU
- Rate decisionNorges Bank rate decision (press conf.)2026-08-20 · NO
- Rate decisionSveriges Riksbank rate decision (press conf.)2026-09-03 · SE
- Rate decisionBank of Canada rate decision (press conf.)2026-09-09 · CA
- Rate decisionEuropean Central Bank rate decision (press conf.)2026-09-10 · EU
- Macro & political
- ElectionSE Swedish Election2026-09-14 · SE
- ElectionUS U.S. Midterms2026-11-03 · US
- ElectionFR French Legislative2027-06-01 · FR
Pre-earnings brief
Signals & dispatch
Composite-score breakdown
Synthesis
Corvus Pharmaceuticals, Inc. (CRVS) is a healthcare company operating in the pharmaceuticals industry. The firm is headquartered in the United States and is primarily listed on the Nasdaq stock exchange. Specific details regarding operating segments and geographic revenue mix are not available.
Corvus Pharmaceuticals maintains a debt-free capital structure with a debt-to-equity ratio of 0.0 and a robust current ratio of 19.81, indicating strong short-term liquidity coverage. The balance sheet holds $40.1 million in cash and equivalents against total assets of $253.2 million and total liabilities of $12.5 million. The company generated $189.4 million in net proceeds from a follow-on public offering in Q1 2026, which significantly bolstered its equity base to $240.7 million. Despite this liquidity, the company reports negative operating cash flow of -$10.4 million and negative free cash flow of -$10.5 million for the quarter, reflecting ongoing cash burn typical of pre-revenue clinical development stages.
Profitability metrics remain negative, with a net loss of $13.7 million in Q1 2026, resulting in a return on equity of -5.69% and return on assets of -5.41%. The company trades at a price-to-book ratio of 5.23, implying the market assigns significant value to its pipeline potential despite the absence of earnings. Operating income stands at -$14.9 million, driven by research and development expenses and general administrative costs inherent to its clinical-stage operations.
Revenue generation is not yet established from product sales, with the business model relying on capital raises and potential milestone payments from licensing agreements with entities such as Vernalis R&D Limited, Scripps Research Institute, and Monash University. The company operates as a single segment entity, with no disclosed geographic revenue concentration, as its primary activities are focused on domestic research and development.
Growth trajectory is characterized by capital expansion rather than organic revenue growth. The share count increased from 74.7 million at the end of 2025 to 84.1 million in Q1 2026, primarily due to the issuance of 9.1 million shares in the follow-on offering. This capital infusion supports extended runway for clinical trials, but the fundamental growth driver remains the successful progression of its drug candidates through regulatory milestones.
Risk assessment highlights high dilution risk, with the diluted share count of 90.0 million moderately exceeding the basic share count of 84.1 million. Key flags indicate that source documents mention dilution or offering risk, consistent with the company's reliance on equity financing. Liquidity risk is assessed as low due to the substantial cash position relative to liabilities, but the high dilution risk poses a long-term challenge to shareholder value preservation.
Recent events include the completion of a follow-on public offering in January 2026, which was disclosed in an 8-K filing with high severity material items. The company also maintains an At Market offering agreement with Jefferies LLC, providing flexibility for future capital raises. Analyst sentiment remains positive, with a mean recommendation of 1.71 (strong buy) and a mean price target of $33.33, significantly above the current market price of $13.99.
- Strong liquidity position with $40.1M cash and 19.81 current ratio, supported by $189.4M in recent equity proceeds.
- High dilution risk flagged due to significant share count increase from follow-on offering and outstanding options/warrants.
- Pre-revenue clinical stage with negative profitability metrics (ROE -5.69%, ROA -5.41%) and ongoing cash burn.
- Positive analyst sentiment with mean price target of $33.33 vs current price of $13.99, indicating expected upside from pipeline milestones.
- Debt-free balance sheet with no interest expense burden, allowing full cash flow allocation to R&D.
- Reliance on equity financing for runway, with At Market offering agreement in place for future capital needs.
Bull / Bear case
Generated · model-assistedIn focus — financials by report
Operating income -$14.9M.
- ▍Operating income -$14.9M
Operating income -$30.8M.
- ▍Operating income -$30.8M
Operating income -$20.2M.
- ▍Operating income -$20.2M
Operating income -$43.0M.
- ▍Operating income -$43.0M
Operating income -$27.5M.
- ▍Operating income -$27.5M
Operating income -$27.5M.
- ▍Operating income -$27.5M
Operating income -$23.4M.
- ▍Operating income -$23.4M
Operating income -$23.4M.
- ▍Operating income -$23.4M
Valuation FY
Revenue by segment
Business relationships
Supply chain
Peer comparison
Market position
Stress test
Predictor forecast
| Metric | Our forecast | Guidance | Consensus |
|---|---|---|---|
| EPS | —no estimate | —no estimate | -0,68 |
| Revenue | —no estimate | —no estimate | 0 USD |
| Operating income | —no estimate | —no estimate | -66,9M USD |
Options
Short squeeze
Earnings-call key lines
Consensus distribution
sell-side coverageEstimate revisions
consensus EPS · 26-week trendSell-side observations
Themes
ESG
Risk factors
- Diluted share count is moderately above the basic share count.
- Source documents mention dilution or offering risk.
Benchmarks vs cohort
Corporate actions / M&A
FX exposure
Comparable transactions
Derivatives & instruments
Derivative transactions
- Director · Stock Option (Right to Buy) → Common StockAcquired 15 000 @ $11,60grant · 2026-06-11
- Director · Stock Option (Right to Buy) → Common StockAcquired 15 000 @ $11,60grant · 2026-06-11
- Director · Stock Option (Right to Buy) → Common StockAcquired 15 000 @ $11,60grant · 2026-06-11
- Director · Stock Option (Right to Buy) → Common StockAcquired 15 000 @ $11,60grant · 2026-06-11
- Director, 10% owner · Stock Option (Right to Buy) → Common StockAcquired 15 000 @ $11,60grant · 2026-06-11
- Director · Stock Option (Right to Buy) → Common StockAcquired 30 000 @ $16,02grant · 2026-04-23
- Director, 10% owner · Stock Option (Right to Buy) → Common StockDisposed 30 000 @ $15,00exercise · 2026-01-28
- Director, 10% owner · Stock Option (Right to Buy) → Common StockDisposed 15 000 @ $9,70exercise · 2026-01-28
- See Remarks · Stock Option (Right to Buy) → Common StockAcquired 400 000 @ $8,81grant · 2025-12-04
- Director, President and CEO · Stock Option (Right to Buy) → Common StockAcquired 1 000 000 @ $8,81grant · 2025-12-04
- Chief Business Officer · Stock Option (Right to Buy) → Common StockAcquired 100 000 @ $8,81grant · 2025-12-04
- Chief Financial Officer · Stock Option (Right to Buy) → Common StockAcquired 400 000 @ $8,81grant · 2025-12-04
- Director · Stock Option (Right to Buy) → Common StockAcquired 30 000 @ $7,04grant · 2025-10-02
Actions
Ask Handelsavisen
- Market data
- Regulatory filings
- Issuer disclosures
- Public news
- Earnings transcripts
- Consensus estimates
- ESG data
- Reference data
- Price To Tangible Bookmarket_price / (tangible_book_value / shares_outstanding_diluted)
- Price To Bookmarket_price / (adjusted_book_value / shares_outstanding_diluted)
- Return On Equitynet_income / total_equity
- Enterprise Valuemarket_cap - net_cash
- Net Cashcash_and_equivalents + short_term_investments - short_term_debt - long_term_debt
- Market Priceinput from market-data provider (delayed close or quote-shim mid)
- Corvus Pharmaceuticals, Inc. company facts · 2026-07-23
- Corvus Pharmaceuticals, Inc. 10-Q 2026-05-07 · 2026-07-23
- Corvus Pharmaceuticals, Inc. 10-K 2026-03-12 · 2026-07-23
- Corvus Pharmaceuticals, Inc. 10-Q 2025-11-04 · 2026-07-23
- Corvus Pharmaceuticals, Inc. 10-Q 2025-08-07 · 2026-07-23
- 8-K (sec_8k_material) on CRVS · 2026-07-23
- Corvus Pharmaceuticals Inc Market data — analyst estimates · 2026-07-23
- Corvus Pharmaceuticals Inc Market data — ESG · 2026-07-23
- Corvus Pharmaceuticals, Inc. HA canonical relationships · 2026-07-23
Ownership & reference
Top holders
- Investment Managers · as of 2026-03-310,01 %$34M
- Investment Managers · as of 2026-03-310,00 %$0M
- Investment Managers · as of 2026-03-310,00 %$23M
- Investment Managers · as of 2026-03-310,00 %$37M
- Investment Managers · as of 2026-03-310,00 %$52M
- Investment Managers · as of 2026-03-310,00 %$25M
- Investment Managers · as of 2026-03-310,00 %$2M
- Investment Managers · as of 2026-03-310,00 %$7M
- Investment Managers · as of 2026-03-310,00 %$4M
- Institutional Investor · as of 2026-03-310,00 %$3M
- Brokerage Firms · as of 2026-03-310,00 %$1M
- Investment Managers · as of 2025-12-310,00 %$30M
- Investment Managers · as of 2026-03-310,00 %$3M
- Institutional Investor · as of 2026-03-310,00 %$1M
- Investment Managers · as of 2026-03-310,00 %$0M
- Investment Managers · as of 2026-03-310,00 %$1M
- Funds · as of 2026-03-310,00 %$1M
- Brokerage Firms · as of 2026-03-310,00 %$0M
- Investment Managers · as of 2024-06-300,00 %$1M
- Institutional Investor · as of 2026-03-310,00 %$0M
- Investment Managers · as of 2026-03-310,00 %$0M
Insider activity
- Director · Common StockBought 21 700 @ $11,53$250K · 2026-06-11
- Director, President and CEO · Common StockBought 1 932 @ $12,01$23K · 2026-05-18
- Director, President and CEO · Common StockBought 5 000 @ $12,05$60K · 2026-05-18
- Director, 10% owner · Common StockOther 15 000 @ $2,00$30K · 2026-01-28
- Director, 10% owner · Common StockOther 30 000 @ $15,00$450K · 2026-01-28
- Director, 10% owner · Common StockOther 15 000 @ $9,70$146K · 2026-01-28
- Director, 10% owner · Common StockOther 15 000 @ $12,50$188K · 2026-01-28
- Director, 10% owner · Common StockOther 15 000 @ $3,61$54K · 2026-01-28
- Director, 10% owner · Common StockOther 15 000 @ $3,27$49K · 2026-01-28
- Director, 10% owner · Common StockOther 15 000 @ $2,74$41K · 2026-01-28
- Director, 10% owner · Common StockOther 15 000 @ $2,60$39K · 2026-01-28
- Director, 10% owner · Common StockOther 15 000 @ $0,99$15K · 2026-01-28
- Director, 10% owner · Common StockOther 15 000 @ $0,96$14K · 2026-01-28
- Director, 10% owner · Common StockOther 15 000 @ $2,49$37K · 2026-01-28
- Director, 10% owner · Common StockOther 15 000 @ $1,64$25K · 2026-01-28
- Director, 10% owner · Common StockOther 15 000 @ $2,12$32K · 2026-01-28
Short positioning
Geographic breakdown
Intel & risk
Evidence & claims
From filings & derived data- Total operating expenses (annual): USD 42.97MUnknown
- Operating income (annual): USD -42.97MUnknown
- EPS (diluted) (annual): USD-PER-SHARES -1Unknown
- Cash & equivalents (annual): USD 4.58MUnknown
- Current liabilities (annual): USD 9.38MUnknown
- Current assets (annual): USD 58.21MUnknown
- Shares outstanding (annual): 74.7MUnknown
- Net income (annual): USD -15.3MUnknown
- Shareholders' equity (annual): USD 61.2MUnknown
- Total assets (annual): USD 71.12MUnknown
- Capex (annual): USD 174KUnknown
- Total liabilities (annual): USD 9.91MUnknown
- EPS (basic) (annual): USD-PER-SHARES -0Unknown
- R&D expense (annual): USD 33.72MUnknown
- Operating cash flow (annual): USD -32.8MUnknown
- Total assets (annual): USD 68.91MUnknown
- Current assets (annual): USD 54.41MUnknown
- Total liabilities (annual): USD 36.34MUnknown
- Operating cash flow (annual): USD -25.42MUnknown
- Net income (annual): USD -62.3MUnknown
- Operating income (annual): USD -27.55MUnknown
- Shares outstanding (annual): 67.9MUnknown
- Total operating expenses (annual): USD 27.55MUnknown
- EPS (basic) (annual): USD-PER-SHARES -1Unknown