Corvus Pharmaceuticals, Inc.
CRVS evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for CRVS—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · CRVS
Corvus Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developing small-molecule immunotherapies, with its lead candidate soquelitinib in a Phase 3 registrational trial for peripheral T-cell lymphoma (PTCL) and earlier-stage programs in atopic dermatitis and other indications.
Key risk: Clinical trial failure risk
BioSniper Score
Based on 6 of 6 signals
Market Cap
$1.19B
Cash Runway
40.4 moLead Asset
ciforadenant (Phase 1)
Next Catalyst
Phase3_Topline · Dec 1, 2028Financial data as of Jun 30, 2026.
Tracking 3 pipeline candidates · 4 clinical trials · 1 catalyst for Corvus Pharmaceuticals, Inc..
Corvus Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developing small-molecule immunotherapies, with its lead candidate soquelitinib in a Phase 3 registrational trial for peripheral T-cell lymphoma (PTCL) and earlier-stage programs in atopic dermatitis and other indications.
- Lead product candidate soquelitinib is being evaluated in a Phase 3 registrational clinical trial for PTCL [sec_mda · as of 2026-03-12].
- The company also has ongoing Phase 1 trials for soquelitinib in atopic dermatitis and earlier-stage programs for ciforadenant and mupadolimab [sec_mda · as of 2026-03-12].
- As of June 30, 2026, Corvus reported cash and equivalents of $18.9M, net income of -$18.0M, and shareholders' equity of $61.2M [sec].
- The company expects to increase R&D spending substantially to support clinical development and potential commercialization of its pipeline [sec_mda · as of 2026-03-12].
- Corvus faces significant capital requirements and uncertainty in estimating operating needs due to the risks of drug development [sec_mda · as of 2026-05-07].
What works
- Soquelitinib is in a potentially registrational Phase 3 trial for PTCL, a clear path to approval if successful [sec_mda · as of 2026-03-12].
- The company has multiple product candidates (soquelitinib, ciforadenant, mupadolimab) diversifying its pipeline [sec_mda · as of 2026-05-07].
- Corvus is advancing soquelitinib into atopic dermatitis, expanding beyond oncology into immunology [sec_mda · as of 2026-03-12].
What to weigh
- The company has a net loss of $18.0M for the six months ended June 30, 2026, and limited cash of $18.9M to fund operations [sec].
- Corvus is dependent on the success of soquelitinib, with other candidates at much earlier stages [sec_mda · as of 2026-05-07].
- The company acknowledges it may use all available capital sooner than expected and cannot estimate exact operating capital requirements [sec_mda · as of 2026-05-07].
From the filings
Quoted directly from source documents.
Soquelitinib is in a Phase 3 registrational trial for PTCL.
“enrollment and completion of our ongoing Phase 3 registrational clinical trial for soquelitinib in PTCL”
SEC MD&A · March 12, 2026
Corvus plans to increase R&D spending substantially.
“We plan to increase our research and development expenses substantially as we continue the development and potential commercialization of our product candidates.”
SEC MD&A · March 12, 2026
The company faces uncertainty in capital requirements.
“Because of the numerous risks and uncertainties associated with research, development and commercialization of product candidates, we are unable to estimate the exact amount of our operating capital requirements.”
SEC MD&A · May 7, 2026
Corvus has multiple product candidates including soquelitinib, ciforadenant, and mupadolimab.
“the progress, timing, costs and results of clinical trials for soquelitinib, including the potentially registrational clinical trial for soquelitinib, and to a lesser extent, the timing, costs and results of the clinical trials for ciforadenant and mupadolimab”
SEC MD&A · May 7, 2026
Catalyst timeline
- 2028-12-01 · Phase3_Topline — Phase 3 Topline: A Phase 3, Randomized, Open-Label Study to Investigate the Efficacy and Safety of ITK Inhibitor Soqu — Topline results from the registrational Phase 3 trial of soquelitinib in PTCL will be a key value inflection point.
Risks & what to watch (3)›
Key risks
- Clinical trial failure risk — Soquelitinib's Phase 3 PTCL trial may fail, jeopardizing the lead program [sec_mda · as of 2026-03-12].
- Capital depletion risk — With $18.9M cash and ongoing losses, the company may run out of funds before achieving milestones [sec].
- Dependence on single candidate — Corvus is heavily reliant on soquelitinib; other candidates are preclinical or early-stage [sec_mda · as of 2026-05-07].
What to watch
- Phase 3 topline data for soquelitinib in PTCL, expected December 1, 2028 [catalyst].
- Progress of the Phase 1 trial for soquelitinib in atopic dermatitis [sec_mda · as of 2026-03-12].
- Cash runway and any future financing or partnership activities [sec].
Sources: SEC MD&A · Generated August 28, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 6 of 6 signals · derived from public data
40.4 months
D/E 0.06 · 0% dilution
Lead: Phase 3
3 candidates
1 upcoming, next in ~824d
3 buys · 0 sells (180d)
Runway
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
164
Total value held
$1.04B
| Holder | Shares | Value |
|---|---|---|
| orbimed advisors llc | 7,165,006 | $104.8M |
| vanguard capital management llc | 6,469,076 | $94.6M |
| blackrock, inc. | 6,160,422 | $90.1M |
| perceptive advisors llc | 4,584,882 | $67.1M |
| state street corp | 3,565,992 | $52.2M |
| adams street partners llc | 3,275,616 | $47.9M |
| morgan stanley | 2,498,825 | $36.6M |
| deep track capital, lp | 2,491,539 | $36.5M |
| wellington management group llp | 2,318,517 | $33.9M |
| commodore capital lp | 2,258,735 | $33.0M |
Showing top 10 of 164 institutional holders of Corvus Pharmaceuticals, Inc.. Open the full 13F history after sign-in.
Short Interest
as of May 20, 2026- % of float
- 24.9%
- Days to cover
- 14.9
- Shares short
- 18,385,941
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
CRVS short interestGovernance
Frequently asked questions
What is the AI investment thesis for Corvus Pharmaceuticals, Inc.?
Corvus Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developing small-molecule immunotherapies, with its lead candidate soquelitinib in a Phase 3 registrational trial for peripheral T-cell lymphoma (PTCL) and earlier-stage programs in atopic dermatitis and other indications.
What is Corvus Pharmaceuticals, Inc.'s lead drug candidate?
Corvus Pharmaceuticals, Inc.'s most advanced tracked candidate is ciforadenant (Phase 1) for metastatic RCC.
What is Corvus Pharmaceuticals, Inc.'s next catalyst?
Corvus Pharmaceuticals, Inc.'s next tracked catalyst is a Phase3_Topline event — "Phase 3 Topline: A Phase 3, Randomized, Open-Label Study to Investigate the Efficacy and Safety of ITK Inhibitor Soqu" — expected December 1, 2028.
Who is the CEO of Corvus Pharmaceuticals, Inc.?
Dr. Richard A. Miller M.D. is the chief executive officer of Corvus Pharmaceuticals, Inc. (CRVS).
Where is Corvus Pharmaceuticals, Inc. headquartered?
Corvus Pharmaceuticals, Inc. (CRVS) is headquartered in South San Francisco, CA, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.