Corvus Pharmaceuticals (CRVS) AI Stock Analysis

• Market Cap: $1.73B
• Dividend Yield: N/A
• Average Volume (3M): 5.51M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.88
• Revenue Growth: N/A
• EPS Growth: 79.27%
• Country: US
• Employees: 31
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.12
• Shares Outstanding: 83,767,650
• 10 Day Avg. Volume: 13,627,328
• 30 Day Avg. Volume: 5,512,747
• PEG Ratio: -0.06
• Price to Book (P/B): 10.02
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -12.83
• Enterprise Value/Market Cap: 0.89
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: -40.27
• 1Y Price Target: $31.80
• Price Target Upside: 51.86% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 59 Neutral
• Price Target: $24.00 ▲(14.61% Upside)

CRVS scores as a mid-range, higher-risk biotech: persistent pre-revenue losses and cash burn weigh most on the rating, but are partially offset by a low-debt balance sheet and improved loss trend. Technicals indicate strong momentum but with overbought readings. Recent updates (earnings call and corporate events) are supportive due to extended funding and positive soquelitinib data.

Positive Factors

Recent Capital Raise

A large underwritten equity raise materially extends funding runway and reduces near-term financing pressure. This strengthens the company's ability to advance late-stage clinical programs, cover manufacturing and trial costs, and execute strategic partnerships without immediate liquidity constraints.

Soquelitinib Phase 1 Efficacy

Robust, placebo-controlled cohort results demonstrating deep, durable EASI reductions and activity in patients refractory to standard biologics suggest meaningful clinical differentiation. This increases probability of successful Phase II outcomes and strengthens longer-term commercial and partnering prospects in atopic dermatitis.

Low Financial Leverage

Very low leverage reduces solvency and interest-rate risk, preserving strategic flexibility for R&D investment and business development. For a cash-burning clinical-stage biotech, minimal debt limits fixed financial obligations and lowers the chance of forced restructuring during development cycles.

Negative Factors

Pre-Revenue Operations and Cash Burn

Persistent pre-revenue status and sizable operating and free-cash-flow deficits mean the business cannot self-fund development. Continued cash burn elevates reliance on external capital, increases dilution risk, and places long-term viability on successful trial outcomes or partnership/licensing deals to achieve recurring revenue.

Dependence on Equity Financing

A business model reliant on equity issuance exposes shareholders to recurring dilution and ties program continuity to capital-market access. Even with a recent raise, sustained development requires ongoing funding; adverse market conditions or reduced investor appetite could constrain program timelines and strategic options.

Clinical Timeline and Execution Risk

Delays in reporting and elongated development milestones postpone de-risking events that drive partnerships or regulatory discussions. Slower readouts extend cash consumption and increase execution risk, making program valuations and commercialization timelines more uncertain over the medium term.

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

Corvus Pharmaceuticals generates revenue primarily through the development and potential commercialization of its immuno-oncology drug candidates. The company typically seeks to advance its drug candidates through clinical trials and may enter into licensing agreements or partnerships with larger pharmaceutical companies to co-develop or market these treatments. Additionally, Corvus may receive milestone payments and royalties from its partners based on the success and sales of the developed drugs. Grants and research funding from governmental or non-profit organizations can also contribute to its revenue streams.

Corvus Pharmaceuticals Financial Statement Overview

Summary

Overall fundamentals are mixed for an early-stage biotech: no revenue and continued operating/free-cash-flow losses (TTM operating loss ~$38.9M; FCF ~$-32.2M) weigh heavily, partially offset by very low leverage (~$1.0M debt) and a materially narrower net loss versus 2024.

Income Statement

The business remains pre-revenue (reported revenue is $0 across annual periods and in TTM (Trailing-Twelve-Months)), so operating losses are the defining feature of the income statement. Profitability is weak with sizable losses in TTM (Trailing-Twelve-Months) (net loss of about $15.1M and operating loss of about $38.9M). A positive is that the net loss is materially narrower versus 2024 (about $62.3M), but overall earnings quality is still constrained by the lack of recurring revenue and ongoing R&D-driven burn typical for early-stage biotech.

Balance Sheet

The balance sheet is a relative strength: leverage is very low with total debt around $1.0M in TTM (Trailing-Twelve-Months) and debt-to-equity around 0.01–0.05 historically, which reduces financial risk. However, equity has declined meaningfully versus earlier years (e.g., ~$97.2M in 2021 to ~$71.8M TTM), reflecting cumulative losses, and returns on equity are negative (TTM return on equity around -0.26), highlighting ongoing value dilution risk if losses persist.

Cash Flow

Cash generation remains negative, with operating cash flow around -$32.1M and free cash flow around -$32.2M in TTM (Trailing-Twelve-Months), indicating continued reliance on external funding. Free cash flow growth is shown as positive in TTM, but the company is still burning cash and has not reached self-funding operations. A modest positive is that free cash flow broadly tracks net loss (free cash flow to net income ~1.0), suggesting the losses are largely reflected in cash outflows rather than being purely accounting-driven.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	0.00	0.00	0.00	0.00	0.00	0.00
EBITDA	-38.34M	-27.46M	-23.26M	-32.20M	-38.17M	-5.36M
Net Income	-15.07M	-62.29M	-27.03M	-41.31M	-43.24M	-6.00M
Balance Sheet
Total Assets	80.47M	68.91M	45.55M	68.24M	109.45M	85.53M
Cash, Cash Equivalents and Short-Term Investments	65.69M	51.96M	27.15M	42.30M	69.45M	44.26M
Total Debt	1.01M	1.12M	1.37M	2.60M	3.65M	2.31M
Total Liabilities	8.71M	36.34M	6.87M	12.13M	12.29M	13.38M
Stockholders Equity	71.77M	32.57M	38.68M	56.12M	97.16M	72.15M
Cash Flow
Free Cash Flow	-32.22M	-25.42M	-23.97M	-27.29M	-36.72M	-34.85M
Operating Cash Flow	-32.07M	-25.42M	-23.93M	-27.02M	-36.72M	-34.78M
Investing Cash Flow	-24.76M	-27.48M	15.54M	-23.28M	21.56M	44.77M
Financing Cash Flow	55.02M	49.03M	7.86M	0.00	62.16M	1.31M

Corvus Pharmaceuticals Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 20.94
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CRVS, the sentiment is Positive. The current price of 20.94 is above the 20-day moving average (MA) of 13.92, above the 50-day MA of 10.53, and above the 200-day MA of 6.53, indicating a bullish trend. The MACD of 3.88 indicates Negative momentum. The RSI at 69.76 is Neutral, neither overbought nor oversold. The STOCH value of 64.74 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CRVS.

Corvus Pharmaceuticals Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
RIGL	80 Outperform	$632.76M	5.65	220.06%	―	79.13%	2798.12%
CRVS	59 Neutral	$1.73B	-38.70	-35.82%	―	―	79.27%
ALT	52 Neutral	$701.30M	-5.24	-52.61%	―	-61.54%	31.25%
RCKT	52 Neutral	$376.61M	-1.55	-74.88%	―	―	18.39%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
NGNE	48 Neutral	$273.55M	-3.99	-42.25%	―	-100.00%	1.47%

Corvus Pharmaceuticals Corporate Events

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.