Operating losses have widened significantly from $5.7 million in 2023Q4 to $14.9 million in 2026Q1, reflecting a lack of scale as R&D costs continue to climb.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 55K | 105K | 0 | 0 | 0 | 0 | 0 | 0 | 847K | 842K | 0 | 148K | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | -55K | -105K | 0 | 0 | 0 | 0 | 0 | 0 | -847K | -842K | -594K | -148K | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | - | - | 100% | -0.59% | -41.75% | -301.35% | - | - |
| Operating Expenses | 47.9M | 42.87M | 27.55M | 23.41M | 32.56M | 38.63M | 43.76M | 48.85M | 49.22M | 56.52M | 36.98M | 13.77M | 175.64K |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 10.48M | 9.25M | 8.16M | 6.88M | 8.1M | 9.52M | 11.93M | 10.88M | 10.64M | 10.22M | 7.62M | 2.42M | 134.18K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 37.44M | 33.72M | 19.39M | 16.53M | 24.47M | 29.11M | 31.83M | 37.98M | 38.59M | 46.3M | 29.36M | 11.35M | 41.45K |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | -105K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -47.93M | -42.97M | -27.55M | -23.41M | -32.56M | -38.63M | -43.76M | -48.85M | -49.22M | -56.52M | -36.98M | -13.77M | -176K |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -55.99% | -17.69% | 28.12% | 15.7% | 11.72% | 10.43% | 0.75% | 12.92% | -52.87% | -168.53% | -7723.86% | - |
| EBITDA | -47.81M | -42.87M | -27.46M | -23.26M | -32.2M | -38.17M | -43.13M | -48.11M | -48.38M | -55.68M | -36.38M | -13.62M | -364 |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -53.58% | -56.09% | -18.09% | 27.77% | 15.65% | 11.5% | 10.36% | 0.55% | 13.12% | -53.05% | -167.08% | -3742207.69% | - |
| D&A (Non-Cash Add-back) | 112K | 105K | 85K | 151K | 367K | 460K | 632K | 743K | 847K | 842K | 594K | 148K | 175.64K |
| EBIT | -47.51M | -42.97M | -27.55M | -23.41M | -32.56M | -38.63M | -6M | -48.85M | -46.94M | -55.66M | -36.38M | -31.34M | -161K |
| Net Interest Income | -2.31M | 2.5M | 1.82M | 1.58M | 654K | -15K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | -525K | 2.5M | 1.82M | 1.58M | 654K | 0 | 540K | 2.18M | 2.28M | 861K | 601K | 35K | 0 |
| Interest Expense | 1.78M | 0 | 0 | 0 | 0 | 15K | 540K | 2.18M | 2.28M | 0 | 601K | 0 | 0 |
| Other Income/Expense | 3.76M | 27.69M | -34.74M | -3.62M | -8.74M | -4.61M | 37.77M | 2.18M | 2.28M | 861K | 601K | -17.57M | 0 |
| Pretax Income | -44.17M | -15.28M | -62.29M | -27.03M | -41.31M | -43.24M | -6M | -46.67M | -46.94M | -55.66M | -36.38M | -31.34M | -176K |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -35K | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.11% | 0% |
| Net Income | -44.17M | -15.28M | -62.29M | -27.03M | -41.31M | -43.24M | -6M | -46.67M | -46.94M | -55.66M | -36.38M | -31.34M | -176K |
| Net Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | -6.69% | 75.47% | -130.47% | 34.57% | 4.47% | -621.28% | 87.16% | 0.57% | 15.67% | -53.03% | -16.08% | -17703.98% | - |
| Net Income (Continuing) | -44.17M | -15.28M | -62.29M | -27.03M | -41.31M | -43.24M | -6M | -46.67M | -46.94M | -55.66M | -36.38M | -31.34M | -176K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.49 | -0.53 | -1.02 | -0.56 | -0.89 | -1.03 | -0.20 | -1.49 | -1.71 | -2.72 | -2.36 | -1.54 | -1.03 |
| EPS Growth % | 43.88% | 48.04% | -81.24% | 36.76% | 13.59% | -415% | 86.58% | 12.87% | 37.13% | -15.25% | -53.25% | -49.51% | - |
| EPS (Basic) | - | -0.19 | -1.02 | -0.56 | -0.89 | -1.03 | -0.20 | -1.49 | -1.71 | -2.72 | -2.36 | -1.54 | -1.03 |
| Diluted Shares Outstanding | 90M | 79.74M | 60.99M | 48.03M | 46.55M | 41.85M | 29.48M | 29.35M | 27.51M | 20.49M | 15.42M | 20.41M | 170.28K |
| Basic Shares Outstanding | 90M | 78.96M | 60.99M | 48.03M | 46.55M | 41.85M | 29.48M | 29.35M | 27.51M | 20.49M | 15.42M | 20.41M | 170K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - |
Acute liquidity and financing risk
As evidenced by recent financial statements, Corvus Pharmaceuticals has seen its quarterly R&D spending climb from $4.0 million in 2023Q4 to $11.2 million by 2026Q1, reflecting an aggressive clinical trial expansion that significantly outpaces the company's ability to generate non-dilutive revenue or sustainable operational cash flow.
The consistent upward trajectory in R&D spending suggests a management team prioritizing clinical velocity over fiscal conservatism. This trend warrants close monitoring, as the lack of corresponding revenue growth implies that every dollar spent is deepening the company's reliance on external capital markets.
Based on reported figures, the company's operating losses have widened from $5.7 million in 2023Q4 to $14.9 million in 2026Q1, indicating that the firm lacks the necessary scale to achieve operating leverage while its primary cost drivers continue to expand without a commercial revenue offset.
The widening gap between R&D investment and operational output suggests that the company is currently in a high-burn phase with no immediate path to profitability. Investors should consider that without a major partnership milestone, the current cost structure appears unsustainable relative to the firm's limited cash reserves.
According to quarterly filings, stock-based compensation has steadily increased from $572,000 in 2023Q4 to $2.6 million in 2026Q1, a trend that suggests management is utilizing equity-based incentives to preserve cash, potentially obscuring the true magnitude of the company's operational burn rate during this critical clinical phase.
The reliance on equity to compensate personnel may provide short-term liquidity relief but introduces significant dilution risks for existing shareholders. This practice warrants further investigation into whether the current compensation structure aligns with long-term shareholder value or merely serves as a stop-gap for cash preservation.
With reported cash reserves of approximately $4.58 million, the company faces an existential threat as its quarterly burn rate has reached $14.9 million, suggesting that the current financial trajectory is incompatible with the ongoing costs of its late-stage clinical trials without immediate and substantial capital intervention.
The disparity between the current cash position and the quarterly operating loss indicates that the company is likely approaching a critical financing inflection point. Market participants should be wary of the potential for highly dilutive equity offerings, which appear increasingly probable given the lack of commercial revenue.
Quick answers to the most common questions about buying CRVS stock.
For fiscal year 2025, Corvus Pharmaceuticals, Inc. (CRVS) reported total revenue of $0.0M.
Corvus Pharmaceuticals, Inc. (CRVS) reported a net loss of $15.3M for the fiscal year ending 2025.