Corvus Pharmaceuticals (CRVS) AI Stock Analysis

• Market Cap: $1.30B
• Dividend Yield: N/A
• Average Volume (3M): 1.28M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.00
• Revenue Growth: N/A
• EPS Growth: 79.27%
• Country: US
• Employees: 31
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.15
• Shares Outstanding: 83,992,410
• 10 Day Avg. Volume: 1,106,835
• 30 Day Avg. Volume: 1,279,000
• PEG Ratio: 0.49
• Price to Book (P/B): 9.93
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -18.44
• Enterprise Value/Market Cap: 0.99
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -49.64K
• Enterprise Value/Ebitda: -30.40
• 1Y Price Target: $32.00
• Price Target Upside: 103.56% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): -0.6
• Revenue Forecast (FY): $1.18M

• Rating: 55 Neutral
• Price Target: $15.50 ▼(-1.40% Downside)
• Action: Reiterated Date: 03/14/26
• Date: Action: Reiterated 03/14/26

The score is held back primarily by weak financial performance typical of a pre-revenue biotech (no revenue, sizable and worsening cash burn/operating losses). This is partially offset by a favorable earnings-call backdrop highlighting promising early clinical efficacy/safety signals and an extended cash runway after the $189M financing. Technicals are mixed with near-term weakness but a still-positive longer-term trend; valuation offers limited support due to the negative P/E and no dividend yield data.

Positive Factors

Robust Phase I AD efficacy

Placebo‑controlled cohort 4 efficacy demonstrates a clear clinical signal for soquelitinib in atopic dermatitis. A replicated, durable effect in larger trials would validate target engagement, improve go‑to‑market prospects for an oral therapy, and materially raise the probability of long‑term commercial adoption.

Favorable safety and viral risk profile

A clean safety profile across extensive exposure reduces regulatory and post‑approval risk, supports broader indication expansion, and allows potential intermittent dosing strategies. Durable safety lowers the barrier for adoption by prescribers and payers across multiple inflammatory and oncology indications.

Material financing extends runway

A multi‑year cash runway funds ongoing Phase II/III programs and critical mid‑stage readouts without immediate refinancing pressure. This financial cushion materially increases the firm's ability to execute multi‑indication development plans and negotiate partnerships from a stronger negotiating position.

Negative Factors

Pre‑revenue, persistent losses

Zero product revenue and material, worsening operating losses create structural dependence on capital markets. Continued negative EBIT and free cash flow force periodic financing, which can dilute shareholders and constrain long‑term planning if clinical timelines slip or readouts underperform.

Reliance on small early cohorts

Early positive signals from very small samples raise binary execution risk: Phase II/III failures could negate current clinical rationale. The company must replicate effects in randomized larger cohorts, and until then regulatory, commercial and partner interest remain contingent on future confirmatory data.

Finite runway vs ambitious pipeline

Funding appears sufficient for near‑term milestones but simultaneous Phase II/III programs across AD, PTCL, HS and asthma will accelerate cash burn. Execution delays or negative readouts could trigger additional equity raises, increasing dilution risk and putting strain on strategic priorities.

Corvus Pharmaceuticals Business Overview & Revenue Model

Company Description

Corvus Pharmaceuticals, Inc., a clinical stage biopharmaceutical company, focuses on the development and commercialization of immuno-oncology therapies. Its lead product candidate is Mupadolimab (CPI-006), an anti-CD73 monoclonal antibody, which is in Phase Ib/II clinical trial for non-small cell lung cancer and head and neck cancers. The company also develops CPI-818, a covalent inhibitor of ITK, which is in Phase I/Ib clinical trial to treat patients with various malignant T-cell lymphomas, as well as designed to inhibit the proliferation of certain malignant T-cells; and Ciforadenant (CPI-444), an oral, small molecule antagonist of the A2A receptor that is in Phase II clinical trial for patients with either advanced or refractory renal cell cancer. Its preclinical stage products include CPI-182, an antibody designed to block inflammation and myeloid suppression; and CPI-935, an adenosine A2B receptor antagonist to prevent fibrosis. Corvus Pharmaceuticals, Inc. has a strategic collaboration with Angel Pharmaceuticals for the development its pipeline of targeted investigational medicines. The company was incorporated in 2014 and is based in Burlingame, California.

How the Company Makes Money

As a clinical-stage biopharmaceutical company, Corvus Pharmaceuticals primarily funds operations through financing activities (e.g., issuing equity and, where applicable, other capital-raising transactions) rather than through recurring product sales. Revenue, if and when present, is typically derived from collaborative arrangements such as licensing deals or research and development partnerships that may include upfront payments, reimbursement of research and development services, milestone payments tied to clinical/regulatory events, and potential royalties on future commercial sales by a partner. Specific details on current, material revenue streams, named partnerships, or the magnitude of collaboration revenue are null.

Corvus Pharmaceuticals Financial Statement Overview

Summary

Pre-revenue with persistent operating losses and sizable cash burn (2025 operating cash flow -$32.8M; free cash flow -$33.0M) and worsening EBIT (-$43.0M in 2025 vs -$27.5M in 2024). Offsetting strength is low leverage (~$0.9M debt; debt-to-equity ~0.02) and a still-positive equity base, but negative ROE and ongoing funding needs keep the score below average.

Income Statement

The company reports no revenue across 2020–2025 (annual), which keeps profitability structurally negative. Losses remain material, with EBIT at -$43.0M in 2025 (annual) versus -$27.5M in 2024 (annual), indicating a step-up in operating spend. A positive offset is that net income improved sharply in 2025 (annual) to -$15.3M from -$62.3M in 2024 (annual), but overall earnings quality remains weak given persistent operating losses and no evident top-line ramp.

Balance Sheet

Leverage is low, with total debt of ~$0.9M in 2025 (annual) and a modest debt-to-equity ratio (~0.02), which reduces near-term financial risk. However, equity has been volatile and meaningfully lower than prior peaks (stockholders’ equity ~$61.2M in 2025 vs ~$97.2M in 2021), and returns on equity remain negative (about -25% in 2025), reflecting ongoing losses and value erosion over time.

Cash Flow

Cash burn remains significant, with operating cash flow at -$32.8M and free cash flow at -$33.0M in 2025 (annual), worsening versus 2024 (annual) free cash flow of -$25.4M. Free cash flow growth is positive in 2025 (annual) versus the prior year, but the absolute level of cash outflow is still large and indicates continued reliance on external funding. Cash flow tracks net losses closely (free cash flow roughly in line with net income), suggesting limited non-cash offsets.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00
Gross Profit	-105.00K	0.00	0.00	0.00	0.00
EBITDA	-42.97M	-27.46M	-23.26M	-32.20M	-38.17M
Net Income	-15.28M	-62.29M	-27.03M	-41.31M	-43.24M
Balance Sheet
Total Assets	71.12M	68.91M	45.55M	68.24M	109.45M
Cash, Cash Equivalents and Short-Term Investments	56.75M	51.96M	27.15M	42.30M	69.45M
Total Debt	937.00K	1.12M	1.37M	2.60M	3.65M
Total Liabilities	9.91M	36.34M	6.87M	12.13M	12.29M
Stockholders Equity	61.20M	32.57M	38.68M	56.12M	97.16M
Cash Flow
Free Cash Flow	-32.97M	-25.42M	-23.97M	-27.29M	-36.72M
Operating Cash Flow	-32.80M	-25.42M	-23.93M	-27.02M	-36.72M
Investing Cash Flow	-7.80M	-27.48M	15.54M	-23.28M	21.56M
Financing Cash Flow	36.43M	49.03M	7.86M	0.00	62.16M

Corvus Pharmaceuticals Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 15.72
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CRVS, the sentiment is Neutral. The current price of 15.72 is below the 20-day moving average (MA) of 17.06, below the 50-day MA of 16.39, and above the 200-day MA of 8.70, indicating a neutral trend. The MACD of -0.38 indicates Positive momentum. The RSI at 42.73 is Neutral, neither overbought nor oversold. The STOCH value of 25.04 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for CRVS.

Corvus Pharmaceuticals Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
RIGL	73 Outperform	$487.32M	2.10	240.83%	―	79.13%	2798.12%
CRVS	55 Neutral	$1.30B	-39.78	-23.29%	―	―	79.27%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ALT	49 Neutral	$459.15M	-3.61	-49.35%	―	-61.54%	31.25%
RCKT	49 Neutral	$502.68M	-2.29	-65.76%	―	―	18.39%
NGNE	48 Neutral	$326.52M	-4.38	-42.25%	―	-100.00%	1.47%

Corvus Pharmaceuticals Corporate Events

Corvus Pharmaceuticals Expands Equity Sales Capacity to $200 Million

On March 13, 2026, Corvus Pharmaceuticals amended and restated its open market sale agreement with Jefferies LLC, expanding the maximum aggregate amount of common stock it may sell from $100 million to $200 million, after having sold no shares under the prior 2024 agreement. The company also filed an automatically effective shelf registration and related prospectus supplement on March 13, 2026, enabling flexible, at-the-market and other legally permitted equity sales, with Jefferies earning up to a 3% commission and receiving customary indemnification, which collectively bolster Corvus’s capacity to raise capital as needed.

Sales under the amended agreement may occur through at-the-market offerings, block trades, or privately negotiated transactions, providing Corvus with multiple channels to tap public equity markets. The structure of the agreement and associated legal opinions underscore a standard capital-raising framework that could support the company’s future funding needs while signaling to investors a readiness to access up to $200 million in incremental equity financing.

The most recent analyst rating on (CRVS) stock is a Hold with a $16.50 price target. To see the full list of analyst forecasts on Corvus Pharmaceuticals stock, see the CRVS Stock Forecast page.

Corvus Pharmaceuticals Announces Major Underwritten Public Stock Offering

On January 21, 2026, Corvus Pharmaceuticals entered into an underwriting agreement with Jefferies and Goldman Sachs for an underwritten public offering of 7,900,677 shares of common stock at $22.15 per share, with the underwriters purchasing at $20.821 per share and holding a 30-day option to buy an additional 1,185,101 shares. The option was fully exercised on January 22, 2026, and the offering, expected to close on January 23, 2026, is anticipated to generate approximately $188.3 million in net proceeds, which Corvus plans to use for working capital and general corporate purposes, including capital spending, research and development for its late-stage clinical trials, and sales, marketing and administrative expenses, bolstering its funding base for ongoing and future development programs.

The most recent analyst rating on (CRVS) stock is a Hold with a $27.00 price target. To see the full list of analyst forecasts on Corvus Pharmaceuticals stock, see the CRVS Stock Forecast page.

Corvus Pharmaceuticals Suspends At-The-Market Equity Program

On January 20, 2026, Corvus Pharmaceuticals, Inc. suspended, in connection with a proposed registered underwritten public offering, its previously established at-the-market equity program with Jefferies LLC under which up to $100 million of common stock could be sold pursuant to a prospectus supplement filed on August 6, 2024 and an effective shelf registration statement. No shares had been sold under this ATM facility prior to the suspension, leaving the entire $100 million capacity unused, and while the underlying sales agreement with Jefferies remains in force, the company will not conduct any sales under it unless and until it files a new prospectus supplement or registration statement with the SEC, signaling a shift in near-term capital-raising strategy that may affect the timing and structure of future equity issuance for investors and other stakeholders.

The most recent analyst rating on (CRVS) stock is a Hold with a $8.00 price target. To see the full list of analyst forecasts on Corvus Pharmaceuticals stock, see the CRVS Stock Forecast page.

Corvus Pharmaceuticals reports positive Phase 1 soquelitinib results

On January 20, 2026, Corvus Pharmaceuticals reported positive data from cohort 4 of its randomized, blinded, placebo-controlled Phase 1 trial of soquelitinib in patients with moderate to severe atopic dermatitis, showing that an extended 8-week regimen produced deeper clinical responses and a favorable safety profile consistent with earlier cohorts. In cohort 4, 75% of soquelitinib-treated patients achieved EASI 75 and 25% reached EASI 90, versus 20% and 0% on placebo, with a 72% mean EASI reduction at day 56 compared with 40% for placebo, sustained disease control into follow-up, and meaningful activity even in patients previously treated with or resistant to dupilumab and JAK inhibitors; biomarker data suggested immune-system rebalancing via ITK inhibition, and the company indicated that these results support advancing soquelitinib into a Phase 2 trial in atopic dermatitis in the first quarter of 2026, potentially strengthening its competitive positioning in oral therapies for difficult-to-treat eczema.

The most recent analyst rating on (CRVS) stock is a Hold with a $8.00 price target. To see the full list of analyst forecasts on Corvus Pharmaceuticals stock, see the CRVS Stock Forecast page.