Pulling SEC filings + quote and writing the call…

Corvus Pharmaceuticals, Inc.
Next earnings Aug 5, 2026 · consensus $-0.16 EPS
Last earnings -5.6% on 2026-05-07
Clinical-stage biotech with zero revenue, $4.6M cash against $33M R&D burn — a near-certain dilution event before any Phase 3 readout.
Corvus is a pre-revenue clinical-stage biopharma whose entire equity story rests on soquelitinib, an ITK inhibitor now in a registrational Phase 3 for relapsed T-cell lymphomas and a Phase 2 in atopic dermatitis. The 2025 numbers look superficially better — net loss narrowed to $15.3M from $62.3M — but management itself flags that the swing was driven by a $27.1M non-cash gain on warrant revaluation, not operating progress. Strip that out and the picture is uglier: operating loss widened 56% to $43.0M as R&D jumped 74% to $33.7M (soquelitinib program alone +$12.4M), and operating cash burn worsened to $32.8M.
Sources: SEC EDGAR (CIK 0001626971, latest 10-Q filed 2026-05-07) · EODHD · analysis by claude-code · as of 6/25/2026, 2:10:33 PM.
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The risks, catalysts, 12-month price target and the cited SEC figures behind this rating — with Pro.
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| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| Gross profit | — | — | — | — | — |
| Operating income | -$38.6M | -$32.6M | -$23.4M | -$27.5M | -$43.0M |
| Net income | -$43.2M | -$41.3M | -$27.0M | -$62.3M | -$15.3M |
| Diluted EPS | -$1.03 | -$0.89 | -$0.56 | -$1.02 | -$0.53 |
| Net margin | — | — | — | — | — |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Annual meeting results (Item 5.07): routine director/auditor vote outcomes disclosed
Reg FD/Other Events disclosure with exhibits — likely clinical/conference update
Q1 2026 results; cash at $4.6M YE'25 raises runway concerns despite Jan'26 offering
Q1 2026 results; cash at $4.6M YE'25 raises runway concerns despite Jan'26 offering
Annual proxy: director slate, auditor ratification, exec comp — routine governance
Officer/director change (Item 5.02) — leadership transition disclosed
Entered material definitive agreement (Item 1.01) with exhibits
FY25: R&D +74% on soquelitinib Ph3; cash only $4.6M, accumulated deficit $412M
FY25: R&D +74% on soquelitinib Ph3; cash only $4.6M, accumulated deficit $412M
1071 tracked peers · median
Dates from 8-K (Item 2.02); beat/miss = reported EPS vs consensus (Finnhub, recent quarters); move = prior close → close on/after.
Recent news tone vs the market's typical (which skews positive). A soft signal, not a recommendation.
Last 90 days: 3 open-market buys · 0 sales
| 2026-06-11 | Moore David Scott Director | Buy | 21.7K @ $11.53 | $250K |
| 2026-05-18 | MILLER RICHARD A MD President and CEO | Buy | 5.00K @ $12.05 | $60.3K |
| 2026-05-18 | MILLER RICHARD A MD President and CEO | Buy | 1.93K @ $12.01 | $23.2K |
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