Corvus Pharmaceuticals, Inc.
CRVS · Pharmaceutical Preparations · 84.1M shares · +13%/yr ↑ dilution · EDGAR filings ↗
Reference price $11.53 · est. market cap ~$970M — last insider purchase, 2026-06-11 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C60Mid-pack clinical-stage immuno-oncology name with a freshly bolstered balance sheet but no value-inflecting trial readouts yet.
Strengths
- January 2026 financing added ~$189M, extending runway into Q2 2028
- Soquelitinib in a registrational Phase 3 (T-cell lymphoma) plus a Phase 2 atopic dermatitis program
Risks
- Net income growth -75% (11th pct); pre-financing runway was only ~6.9 quarters
- Only registry readout is a terminated, non-informative COVID-19 Phase 3 — no de-risking data
- Accumulated deficit $412M with continued substantial losses expected
Notable findings
- Chronic dilutionShare count +13%/yr over 4y (dilution, book value/share -61%)
- Cash burnNegative free cash flow (-33.0M)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Exec changeRecent 8-K item 5.02 8-K ↗
- Trial resultPositive trial readout — primary endpoint met (8-K) 8-K ↗
- Insider buyingInsider buying — 3 open-market buy(s) by 2 insider(s) (cluster of 2 insiders, ~$333,689, last 6mo) Form 4 ↗
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, GOLDMAN SACHS GROUP INC, CITADEL ADVISORS LLC +2 more (as of 2026-03-31)
- New fund positionNotable fund(s) opened this quarter: RENAISSANCE TECHNOLOGIES LLC
Key metrics
Return on equity
-25.0%
Return on assets
-21.5%
Current ratio
6.2×
Free cash flow
-$33M
EBITDA
-$43M
Tangible book value
$61M
Cash & investments
$57M
Cash runway
7q
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-11 | Moore David Scott | Buy | 22K | $11.53 |
| 2026-05-18 | MILLER RICHARD A MD | Buy | 5.0K | $12.05 |
| 2026-05-18 | MILLER RICHARD A MD | Buy | 1.9K | $12.01 |
| 2026-01-28 | Thompson Peter A. | Option exercise | 30K | $15.00 |
| 2026-01-28 | Thompson Peter A. | Option exercise | 15K | $9.70 |
| 2026-01-28 | Thompson Peter A. | Option exercise | 15K | $12.50 |
| 2026-01-28 | Thompson Peter A. | Option exercise | 15K | $3.61 |
| 2026-01-28 | Thompson Peter A. | Option exercise | 15K | $2.00 |
| 2026-01-28 | Thompson Peter A. | Option exercise | 15K | $3.27 |
| 2026-01-28 | Thompson Peter A. | Option exercise | 15K | $2.74 |
| 2026-01-28 | Thompson Peter A. | Option exercise | 15K | $2.60 |
| 2026-01-28 | Thompson Peter A. | Option exercise | 15K | $0.99 |
| 2026-01-28 | Thompson Peter A. | Option exercise | 15K | $0.96 |
| 2026-01-28 | Thompson Peter A. | Option exercise | 15K | $2.49 |
| 2026-01-28 | Thompson Peter A. | Option exercise | 15K | $1.64 |
| 2026-01-28 | Thompson Peter A. | Option exercise | 15K | $2.12 |
| 2025-06-27 | ORBIMED ADVISORS LLC | Option exercise | 1.4M | $3.50 |
| 2025-06-27 | ORBIMED ADVISORS LLC | Sell | 1.2M | $4.16 |
| 2025-06-27 | Thompson Peter A. | Option exercise | 1.4M | $3.50 |
| 2025-06-27 | Thompson Peter A. | Sell | 1.2M | $4.16 |
| 2025-06-04 | Jones William Benton | Option exercise | 19K | $3.50 |
| 2025-05-07 | MILLER RICHARD A MD | Option exercise | 559K | $3.50 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT06561048 ↗ | Soquelitinib vs Standard of Care in Participants With Relapsed/Refractory Peripheral T-cell Lymphoma Not Otherwise Specified, Follicular Helper T-cell Lymphomas, or Systemic Anaplastic Large-cell Lymphoma Peripheral T-Cell Lymphoma, Not Otherwise Specified, Angioimmunoblastic T-cell Lymphoma | PHASE3 | Recruiting | 2027-11-01 |
| NCT07441395 ↗ | Study to Evaluate Soquelitinib in Participants With Moderate to Severe AD Atopic Dermatitis, Atopic Dermatitis Eczema | PHASE2 | Recruiting | 2027-06-01 |
| NCT03952078 ↗ | A Dose Escalation Study Evaluating CPI-818 in Relapsed/Refractory T-Cell Lymphoma T-cell Lymphoma | PHASE1 | Active Not Recruiting | 2026-04-30 |
| NCT06345404 ↗ | Safety, Tolerability, and Preliminary Efficacy of Soquelitinib in Participants With Moderate to Severe AD Atopic Dermatitis | PHASE1 | Completed | 2026-01-28 |
| NCT03454451 ↗ | CPI-006 Alone and in Combination With Ciforadenant and With Pembrolizumab for Patients With Advanced Cancers Non-Small Cell Lung Cancer, Renal Cell Cancer | PHASE1 | Completed | 2022-12-28 |
| NCT04280328 ↗ | Study of Ciforadenant in Combination With Daratumumab in Patients With Relapsed or Refractory Multiple Myeloma Multiple Myeloma | PHASE1 | Completed | 2021-09-21 |
| NCT04734873 ↗ | CPI-006 Plus Standard of Care Versus Placebo Plus Standard of Care in Mild to Moderately Symptomatic Hospitalized Covid-19 Patients Covid-19 | PHASE3 | Terminated | 2021-08-18 |
| NCT02655822 ↗ | Phase 1/1b Study to Evaluate the Safety and Tolerability of Ciforadenant Alone and in Combination With Atezolizumab in Advanced Cancers Renal Cell Cancer, Metastatic Castration Resistant Prostate Cancer | PHASE1 | Completed | 2021-06-01 |
| NCT04464395 ↗ | Study of CPI-006 as Immunotherapy for Hospitalized COVID-19 Patients COVID-19 | PHASE1 | Completed | 2021-03-01 |
| NCT03237988 ↗ | Study to Evaluate the Pharmacokinetics of a New Tablet Formulation of CPI-444 in Fed and Fasted Healthy Male and Female Subjects Healthy Subjects | PHASE1 | Completed | 2017-09-20 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-12 | 2026-06-11 | 0001171843-26-004094 ↗ |
| 8-K | 2026-05-14 | 2026-05-14 | 0001171843-26-003397 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001171843-26-003154 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001104659-26-057100 ↗ |
| 8-K | 2026-04-23 | 2026-04-22 | 0001104659-26-047735 ↗ |
| 8-K | 2026-03-13 | 2026-03-13 | 0001104659-26-027390 ↗ |
| 10-K | 2026-03-12 | 2025-12-31 | 0001104659-26-027047 ↗ |
| 8-K | 2026-03-12 | 2026-03-12 | 0001171843-26-001526 ↗ |
| 8-K | 2026-01-23 | 2026-01-21 | 0001104659-26-005968 ↗ |
| 8-K | 2026-01-20 | 2026-01-20 | 0001104659-26-005035 ↗ |
| 8-K | 2026-01-20 | 2026-01-20 | 0001104659-26-004795 ↗ |
| 10-Q | 2025-11-04 | 2025-09-30 | 0001104659-25-106259 ↗ |