Corvus Pharmaceuticals
CRVS on Nasdaq. Corvus Pharmaceuticals develops drugs to treat immune diseases and cancers in patients. Market value $903m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-5.09 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns -71 cents a year. Above 10 is good.
Quality score: 40 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$10.56 a share, 65% above its 1-year low
Over the past year the price has ranged from $6.39 to $26.95.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | n/a | n/a | n/a | n/a | n/a |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Shares outstanding | |||||
| Shares outstanding | 0.05bn | 0.05bn | 0.06bn | 0.07bn | 0.08bn |
Health checks
- Free cash flow positive0 of 4 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)No
- Debt0.00× equity
- Revenue growth, five yearsUnknown
- Buying back its own sharesNo, 81% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- A loss of $18 million, compared with a loss of $8 million a year ago.
- 19% more shares than a year ago. Each share owns a bit less of the company.
- It has $19 million more cash than debt, up from $15 million a year ago.
| Quarter to | Amount |
|---|---|
| September 2024 | -$40m |
| December 2024 | -$12m |
| March 2025 | $15m |
| June 2025 | -$8m |
| September 2025 | -$10m |
| December 2025 | -$12m |
| March 2026 | -$14m |
| June 2026 | -$18m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 12 March 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
None of the long-term investors we follow own it. 174 funds in all.
Largest holders overall
- Orbimed Advisors$107m
- BlackRock$107mAdded
- State Street$67mAdded
- Price T Rowe Associates$57mAdded
- Vanguard Capital Management$49m
- Adams Street Partners$49m
- Vivo Capital$42m
- Wellington Management Group LLP$41mAdded
- Perceptive Advisors$40mAdded
- Deep Track Capital, LP$37m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
6 investors own more than 5%.
- ORBIMED ADVISORS LLCPassive investorat least 10.3%−1.9 pts(filed with 1 related holder)Since 23 January 2026
What they said
The Reporting Persons from time to time intend to review their investment in the Issuer on the basis of various factors, including the Issuer's business, financial condition, results of operations and prospects, general economic and industry conditions, the securities markets in…
Read the filing - Richard A. MillerPassive investorat least 7.8%+0.1 pts(filed with 2 related holders)Since 31 December 2025
- BlackRock, Inc.Passive investor7.5%+1.1 ptsSince 30 June 2026
- Sirenia Capital Management LPPassive investorat least 7.5%(filed with 1 related holder)Since 31 March 2026
- STATE STREET CORPORATIONPassive investor5.3%Since 30 June 2026
- Adams Street Partners, LLCPassive investorat least 3.9%(filed with 9 related holders)Since 23 January 2026
- Point72 Asset Management, L.P.Passive investorSold down below 5%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
- SAMLYN CAPITAL, LLCPassive investorSold down below 5%Since 30 June 2025
| Holder | Stake | Since | |
|---|---|---|---|
ORBIMED ADVISORS LLC Passive investor | at least 10.3%−1.9 pts (filed with 1 related holder) | 23 January 2026 | What they saidThe Reporting Persons from time to time intend to review their investment in the Issuer on the basis of various factors, including the Issuer's business, financial condition, results of operations and prospects, general economic and industry conditions, the securities markets in… Read the filing |
Richard A. Miller Passive investor | at least 7.8%+0.1 pts (filed with 2 related holders) | 31 December 2025 | |
BlackRock, Inc. Passive investor | 7.5%+1.1 pts | 30 June 2026 | |
Sirenia Capital Management LP Passive investor | at least 7.5% (filed with 1 related holder) | 31 March 2026 | |
STATE STREET CORPORATION Passive investor | 5.3% | 30 June 2026 | |
Adams Street Partners, LLC Passive investor | at least 3.9% (filed with 9 related holders) | 23 January 2026 | |
Point72 Asset Management, L.P. Passive investor | Sold down below 5% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 | |
SAMLYN CAPITAL, LLC Passive investor | Sold down below 5% | 30 June 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 2 insiders bought $333,654 of shares on the open market.
- Moore David ScottDirectorBought
- Date
- 11 June 2026
- Shares
- 21,700
- Price
- $11.53
- Value
- $250,201
- MILLER RICHARD A MDPresident and CEO, DirectorBought
- Date
- 18 May 2026
- Shares
- 6,932
- Price
- $12.04
- Value
- $83,453
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 11 June 2026 | Moore David Scott Director | Bought | 21,700 | $11.53 | $250,201 |
| 18 May 2026 | MILLER RICHARD A MD President and CEO, Director | Bought | 6,932 | $12.04 | $83,453 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 12 Mar 2026, plus the 10-Q filed 6 Aug 2026 and 7 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- Profits run ahead of cash.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.