Corvus Pharmaceuticals Inc. (CRVS)
NASDAQ:CRVS
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Corvus Pharmaceuticals
(NASDAQ:CRVS)
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Rating:52Neutral
Price Target:
$14.00
▼(-16.37% Downside)
Action:Reiterated
Date:05/15/26
Overall score is held down primarily by weak financial performance (no revenue, widening losses, and ongoing cash burn) and a bearish near-term technical setup. These are partially offset by a strong earnings-call backdrop: encouraging early clinical data and a significantly improved cash runway from the recent financing. Valuation provides limited support due to negative earnings and no dividend.
Positive Factors
Strong Phase I AD Efficacy
Robust, statistically significant cohort-level efficacy in atopic dermatitis provides durable clinical proof‑of‑concept for soquelitinib. A clear early efficacy signal supports dose selection, prioritization of indications, and improves the odds of positive outcomes in larger, registrational trials over the next 2–3 years.
Negative Factors
No Revenue / Persistent Losses
As a clinical‑stage biotech, the company lacks recurring revenue and reports widening TTM losses and cash burn. Continued negative operating and free cash flow means long‑term viability depends on successful clinical outcomes or additional financing, keeping solvency and dilution risk elevated over the coming quarters.
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Positive Factors
Negative Factors
Strong Phase I AD Efficacy
Robust, statistically significant cohort-level efficacy in atopic dermatitis provides durable clinical proof‑of‑concept for soquelitinib. A clear early efficacy signal supports dose selection, prioritization of indications, and improves the odds of positive outcomes in larger, registrational trials over the next 2–3 years.
Read all positive factors
Corvus Pharmaceuticals (CRVS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.03B
Dividend YieldN/A
Average Volume (3M)1.56M
Price to Earnings (P/E)―
Beta (1Y)0.89
Revenue GrowthN/A
EPS Growth17.91%
CountryUS
Employees31
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.55
Shares Outstanding84,090,420
10 Day Avg. Volume2,090,631
30 Day Avg. Volume1,558,748
Financial Highlights & Ratios
PEG Ratio0.49
Price to Book (P/B)9.93
Price to Sales (P/S)0.00
P/FCF Ratio-18.44
Enterprise Value/Market Cap1.03
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit-19.28K
Enterprise Value/Ebitda-22.36
Forecast
1Y Price Target
$31.60Price Target Upside88.77% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)-0.65
Revenue Forecast (FY)N/A
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 i...
How the Company Makes Money
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Corvus Pharmaceuticals Earnings Call Summary
Earnings Call Date:Mar 12, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 11, 2026
Earnings Call Sentiment Positive
The call presented multiple strong positives: robust early efficacy signals (notably cohort 4 AD results), durable responses without rebound, a clean safety profile across >150 patients, supportive biomarker data, favorable PTCL survival metrics versus historical controls, clear plans to expand into multiple indications, and a substantial $189M financing that increases pro forma cash to ~$246M providing runway into Q2 2028. Offsetting factors include materially higher R&D spending, continued quarterly net losses, reliance on small early cohorts pending larger confirmatory trials, timeline uncertainty for registrational data (primary Phase II AD mid-2027; PTCL full readout late 2027), and execution/regulatory risks inherent to multiple concurrent development programs. Overall, the positives (clinical signal, durability, safety, biomarker rationale, and strengthened balance sheet) outweigh the near-term financial and execution challenges, but success depends on upcoming larger trials and interim readouts.Positive Updates
Strong Cohort 4 Efficacy in Atopic Dermatitis
Cohort 4 (n=12) showed a mean percent reduction in EASI of 72% versus 40% for placebo (p=0.035). 75% (9/12) achieved EASI-75 (one additional patient EASI‑74), 25% achieved EASI-90, 33% achieved IGA 0/1, and 92% (11/12) achieved EASI-50. Placebo EASI-75 was ~20% (17% if adjusted for missed visit patients).
Negative Updates
Rising R&D Expenses
R&D expenses increased materially: Q4 2025 R&D was $9.9 million vs $6.0 million in Q4 2024 (+~65%), and full-year 2025 R&D was $33.7 million vs $19.4 million in 2024 (+~73%), driven by higher clinical trial and manufacturing costs for soquelitinib and increased personnel.
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Q4-2025 Updates
Positive
Negative
Strong Cohort 4 Efficacy in Atopic Dermatitis
Cohort 4 (n=12) showed a mean percent reduction in EASI of 72% versus 40% for placebo (p=0.035). 75% (9/12) achieved EASI-75 (one additional patient EASI‑74), 25% achieved EASI-90, 33% achieved IGA 0/1, and 92% (11/12) achieved EASI-50. Placebo EASI-75 was ~20% (17% if adjusted for missed visit patients).
Read all positive updates
Company Guidance
On the call management provided detailed financial and clinical guidance with numerous metrics: Q4 R&D expense was $9.9M (FY2025 $33.7M vs $19.4M in FY2024), Q4 net loss $12.3M (including a $0.7M non‑cash equity invest. loss), total stock‑comp $1.6M for the quarter, and year‑end cash, cash equivalents and marketable securities of $56.8M (vs $52.0M a year earlier); the company closed an upsized public offering that generated $189M net proceeds (also described as a ~$200M financing), bringing pro‑forma cash to ~$246M and extending the cash runway into Q2 2028. Clinical metrics and program timelines: soquelitinib cohort 4 showed mean EASI reduction 72% vs 40% placebo (p=0.035), 9/12 (75%) achieved EASI‑75 (+1 at EASI‑74), 25% EASI‑90, 33% IGA 0/1, 11/12 EASI‑50, with placebo EASI‑75 ~20% (or 17% adjusted) and two placebo patients needing rescue; in patients with prior systemic therapy, 0/7 placebo vs 3/5 (60%) active hit EASI‑75. Development plans and readouts: a randomized Phase II AD trial (200 patients; 4 cohorts of 50; doses 200 mg QD, 200 mg BID, 400 mg QD and placebo; 12‑week treatment + 90‑day follow‑up; primary endpoint median % EASI reduction) was initiated with data expected mid‑2027; Angel’s China Phase Ib/II (48 pts initial; 100 mg BID, 200 mg QD, 200 mg BID, 400 mg QD; potential +60–90 pts) should report initial data late this year; PTCL Phase III enrollment continues with an interim analysis later this year (Phase I 200 mg BID showed median PFS 6.2 months and median OS 28 months vs historical chemo PFS <3.5 months and OS <1 year); planned Phase II HS (~60 pts; 200 mg BID, 400 mg QD, placebo; 12 weeks; HiSCR50/75 endpoints) and an asthma study (~150 pts for 3 months) targeted later in 2026, and biomarker/durability signals (Treg increase, ↓IL‑4/IL‑5/IL‑17, small ↓TARC, maintained responses out to ~90–118 days post‑treatment) underpin expansion plans.Corvus Pharmaceuticals Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
56
Neutral
Cash Flow
24
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -55.00K | -105.00K | 0.00 | 0.00 | 0.00 | 0.00 |
| EBITDA | -47.43M | -42.97M | -27.46M | -23.26M | -32.20M | -38.17M |
| Net Income | -44.17M | -15.28M | -62.29M | -27.03M | -41.31M | -43.24M |
Balance Sheet | ||||||
| Total Assets | 253.19M | 71.12M | 68.91M | 45.55M | 68.24M | 109.45M |
| Cash, Cash Equivalents and Short-Term Investments | 236.71M | 56.75M | 51.96M | 27.15M | 42.30M | 69.45M |
| Total Debt | 834.00K | 937.00K | 1.12M | 1.37M | 2.60M | 3.65M |
| Total Liabilities | 12.52M | 9.91M | 36.34M | 6.87M | 12.13M | 12.29M |
| Stockholders Equity | 240.68M | 61.20M | 32.57M | 38.68M | 56.12M | 97.16M |
Cash Flow | ||||||
| Free Cash Flow | -35.14M | -32.97M | -25.42M | -23.97M | -27.29M | -36.72M |
| Operating Cash Flow | -34.91M | -32.80M | -25.42M | -23.93M | -27.02M | -36.72M |
| Investing Cash Flow | -156.88M | -7.80M | -27.48M | 15.54M | -23.28M | 21.56M |
| Financing Cash Flow | 226.90M | 36.43M | 49.03M | 7.86M | 0.00 | 62.16M |
Corvus Pharmaceuticals Technical Analysis
Neutral
16.74
Price Trends
14.83
Negative
15.36
Negative
11.20
Positive
Market Momentum
-0.80
Positive
42.23
Neutral
15.41
Positive
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 16.74 is above the 20-day moving average (MA) of 14.63, above the 50-day MA of 14.83, and above the 200-day MA of 11.20, indicating a neutral trend. The MACD of -0.80 indicates Positive momentum. The RSI at 42.23 is Neutral, neither overbought nor oversold. The STOCH value of 15.41 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for CRVS.
Corvus Pharmaceuticals Risk Analysis
Corvus Pharmaceuticals disclosed 73 risk factors in its most recent earnings report. Corvus Pharmaceuticals reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Corvus Pharmaceuticals Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $533.23M | 14.38 | 147.03% | ― | 47.61% | 854.73% | |
58 Neutral | $425.86M | -3.63 | -37.88% | ― | -100.00% | -7.33% | |
57 Neutral | $548.42M | -4.25 | -42.57% | ― | 80.00% | 25.18% | |
52 Neutral | $1.03B | -24.04 | -38.92% | ― | ― | 17.91% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $324.30M | -2.11 | -70.79% | ― | ― | 28.56% |
* Healthcare Sector Average
CRVS
Corvus Pharmaceuticals
13.08
9.59
274.79%
ALT
Altimmune
2.93
-2.78
-48.69%
RIGL
Rigel
29.19
10.24
54.04%
NGNE
Neurogene
27.61
10.33
59.78%
RCKT
Rocket Pharmaceuticals
3.11
-3.16
-50.40%
Corvus Pharmaceuticals Corporate Events
Business Operations and StrategyProduct-Related Announcements
Corvus Pharmaceuticals Unveils Positive Phase 1 Dermatitis Results
Positive
May 14, 2026
On May 14, 2026, Corvus Pharmaceuticals reported final results from a randomized, blinded, placebo-controlled Phase 1 trial of oral ITK inhibitor soquelitinib in 72 patients with moderate-to-severe atopic dermatitis who had failed prior therapies,...
Executive/Board Changes
Corvus Pharmaceuticals Announces Board Changes and New Director
Neutral
Apr 23, 2026
On April 22, 2026, Corvus Pharmaceuticals’ board appointed Andrew C. Chan, M.D., Ph.D., as a Class II director and member of the Nominating and Corporate Governance Committee, effective April 23, 2026, with a term running through the 2027 an...
Private Placements and FinancingRegulatory Filings and Compliance
Corvus Pharmaceuticals Expands Equity Sales Capacity to $200 Million
Positive
Mar 13, 2026
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 und...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.