The company's financial foundation appears increasingly fragile, with total equity contracting from $80.2 million in 2025Q2 to $61.2 million by 2025Q4, while net PPE remains negligible at $1.1 million.
| Total Current Assets | 239.95M | 58.21M | 54.41M | 27.96M | 43.66M | 71.31M | 45.34M | 79.34M | 114.6M | 90.06M | 134.9M | 95.66M | 12.53M |
| Cash & Short-Term Investments | 236.71M | 56.75M | 51.96M | 27.15M | 42.3M | 69.45M | 44.26M | 77.98M | 114.6M | 90.06M | 134.9M | 94.39M | 12.52M |
| Cash Only | 40.1M | 4.58M | 8.74M | 12.62M | 13.16M | 63.46M | 16.45M | 5.15M | 114.6M | 90.06M | 134.9M | 4.11M | 12.52M |
| Short-Term Investments | 196.61M | 52.17M | 43.22M | 14.53M | 29.14M | 5.99M | 27.8M | 72.83M | 0 | 0 | 0 | 90.28M | 0 |
| Accounts Receivable | 43K | 374K | 216K | 63K | 633K | 539K | 0 | 329K | 337K | 132K | 365K | 347K | 0 |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -602K | -852K | -1.14M | 722K | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | 1.78K | - |
| Other Current Assets | 3.19M | 318K | 548K | 220K | 102K | 128K | 673K | 486K | 265K | 720K | 772K | 208K | 12K |
| Total Non-Current Assets | 13.25M | 12.9M | 14.5M | 17.6M | 24.58M | 38.14M | 40.19M | 4.3M | 3.63M | 4.72M | 5.25M | 2.8M | 0 |
| Property, Plant & Equipment | 1.03M | 1.06M | 1.33M | 1.39M | 2.57M | 3.64M | 2.55M | 3.79M | 2.18M | 2.67M | 3.25M | 1.84M | 0 |
| Fixed Asset Turnover | 0.00x | - | - | - | - | - | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 44.81M | 10.99M | 12.54M | 16.12M | 21.88M | 34.27M | 37.23M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 1.72M | 855K | 632K | 89K | 129K | 236K | 414K | 513K | 1.46M | 2.05M | 2.01M | 951K | 0 |
| Total Assets | 253.19M | 71.12M | 68.91M | 45.55M | 68.24M | 109.45M | 85.53M | 83.65M | 118.23M | 94.78M | 140.15M | 98.46M | 12.53M |
| Asset Turnover | 0.00x | - | - | - | - | - | - | - | - | - | - | - | - |
| Asset Growth % | 404.59% | 3.21% | 51.27% | -33.25% | -37.65% | 27.97% | 2.25% | -29.25% | 24.75% | -32.38% | 42.34% | 685.85% | - |
| Total Current Liabilities | 12.11M | 9.38M | 35.4M | 6.87M | 10.75M | 9.69M | 12.15M | 10.22M | 7.9M | 9.94M | 7.35M | 3.07M | 2.67M |
| Accounts Payable | 4.7M | 2.49M | 2.58M | 1.52M | 1.98M | 1.56M | 3.47M | 2.45M | 2M | 3.45M | 1.9M | 1.57M | 57K |
| Days Payables Outstanding | 20.41K | 8.66K | - | - | - | - | - | - | 861 | 1.5K | - | 3.88K | - |
| Short-Term Debt | 428K | 403K | 0 | 0 | 0 | 0 | 0 | 878K | 0 | 0 | 0 | 0 | 2.6M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 223K | -2.58M |
| Other Current Liabilities | 6.99M | 5.84M | 30.02M | 929K | 1.27M | 1.97M | 180K | 5.28M | 4.38M | 4.94M | 3.52M | 967K | 0 |
| Current Ratio | 19.81x | 6.21x | 1.54x | 4.07x | 4.06x | 7.36x | 3.73x | 7.76x | 14.51x | 9.06x | 18.36x | 31.16x | 4.69x |
| Quick Ratio | 19.81x | 6.21x | 1.54x | 4.07x | 4.06x | 7.36x | 3.73x | 7.76x | 14.59x | 9.15x | 18.51x | 30.93x | 4.69x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 406K | 534K | 937K | 0 | 1.37M | 2.6M | 1.23M | 2.31M | 869K | 971K | 1.41M | 126.49M | 10.01M |
| Long-Term Debt | 406K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 1.89M | 534K | 937K | 0 | 1.37M | 2.6M | 1.23M | 2.31M | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 869K | 971K | 1.41M | 126.49M | 10.01M |
| Total Liabilities | 12.52M | 9.91M | 36.34M | 6.87M | 12.13M | 12.29M | 13.38M | 12.54M | 7.9M | 9.94M | 7.35M | 129.56M | 12.69M |
| Total Debt | 834K | 937K | 1.12M | 1.37M | 2.6M | 3.65M | 2.31M | 3.19M | 0 | 0 | 0 | 0 | 2.6M |
| Net Debt | -39.27M | -3.64M | -7.62M | -11.25M | -10.56M | -59.81M | -14.14M | -1.97M | -114.6M | -90.06M | -134.9M | -4.11M | -9.92M |
| Debt / Equity | 0.00x | 0.02x | 0.03x | 0.04x | 0.05x | 0.04x | 0.03x | 0.04x | - | - | - | - | - |
| Debt / EBITDA | -0.02x | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.82x | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -26.63x | - | - | - | - | -2575.33x | -11.10x | -22.39x | -20.56x | - | -60.52x | - | - |
| Total Equity | 240.68M | 61.2M | 32.57M | 38.68M | 56.12M | 97.16M | 72.15M | 71.11M | 110.34M | 84.83M | 132.8M | -31.1M | -159K |
| Equity Growth % | 1010.85% | 87.93% | -15.81% | -31.06% | -42.25% | 34.67% | 1.46% | -35.55% | 30.06% | -36.12% | 527% | -19460.38% | - |
| Book Value per Share | 2.67 | 0.77 | 0.53 | 0.81 | 1.21 | 2.32 | 2.45 | 2.42 | 4.01 | 4.14 | 8.61 | -1.52 | -0.93 |
| Total Shareholders' Equity | 240.68M | 61.2M | 32.57M | 38.68M | 56.12M | 97.16M | 72.15M | 71.11M | 110.34M | 84.83M | 132.8M | -31.1M | -159K |
| Common Stock | 8K | 7K | 7K | 5K | 5K | 5K | 3K | 3K | 3K | 2K | 2K | 0 | 0 |
| Retained Earnings | -425.99M | -412.29M | -397.01M | -334.72M | -307.69M | -266.38M | -223.14M | -217.15M | -170.47M | -123.53M | -67.87M | -31.5M | -161K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -1.13M | -896K | -1.29M | -967K | -563K | 1.87M | 4K | 29K | -34K | -41K | -39K | -45K | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Acute clinical financing insolvency
According to recent SEC filings, Corvus Pharmaceuticals reported cash reserves of approximately $4.58 million as of 2025Q4, a figure that appears insufficient to sustain the company's ongoing clinical trial expenditures and administrative overhead without immediate access to external capital or further dilutive financing events.
The rapid erosion of cash from $14.7 million in 2025Q2 to $4.6 million by 2025Q4 highlights an unsustainable burn rate relative to the company's current asset base. Investors should monitor the current ratio closely, as the lack of recurring revenue streams leaves the firm with minimal margin for error in its clinical development timeline.
As reported in financial statements, the company's total equity has experienced significant volatility, contracting from $80.2 million in 2025Q2 to $61.2 million by 2025Q4, which suggests that the firm's financial foundation is weakening as it continues to fund late-stage oncology research through equity-based capital consumption.
The consistent accumulation of negative retained earnings, now exceeding $400 million, indicates that the business model remains fundamentally dependent on external funding rather than internal value creation. This trajectory suggests that the balance sheet is increasingly fragile and highly sensitive to the timing of future clinical data readouts.
Based on Corvus's reported figures, the persistent reliance on equity financing to cover operational deficits has resulted in a structural erosion of shareholder value, with retained earnings deepening to -$412.3 million as of 2025Q4, reflecting the high cost of maintaining a clinical-stage biotechnology pipeline.
The reliance on stock-based compensation as a cash-preservation tool may be masking the true operational burn rate, potentially leading to further dilution for existing shareholders. Analysts should evaluate whether the current equity structure can support the necessary capital raises required to reach the next major clinical milestone.
As evidenced by quarterly data, the company's asset base is almost entirely devoid of tangible productive assets, with net PPE remaining negligible at $1.1 million, which implies that the firm's value is tied exclusively to intangible intellectual property that remains unproven in a commercial setting.
The absence of capitalized R&D on the balance sheet means that the firm's most significant investments are expensed immediately, creating a disconnect between the company's actual scientific progress and its reported book value. This accounting treatment warrants further investigation into the true replacement cost of the firm's clinical pipeline.
Quick answers to the most common questions about buying CRVS stock.
As of 2025, Corvus Pharmaceuticals, Inc. (CRVS) had total assets of $71.1M including $58.2M in current assets.
Corvus Pharmaceuticals, Inc. (CRVS) carries total debt of $0.9M, offset by $56.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Corvus Pharmaceuticals, Inc. (CRVS) has total shareholders' equity (book value) of $61.2M ($0.77 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Corvus Pharmaceuticals, Inc. (CRVS) reported a current ratio of 6.21x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.