Short answer
Corvus Pharmaceuticals, Inc. (CRVS) filed its fiscal 2025 10-K annual report with the SEC on Mar 12, 2026.
- Top risk flagged: Regulatory risk FDA approval delay for soquelitinib with $21.2M R&D spend in 2025, clinical trial costs up $6.0M YoY
FY2025 key financial metrics · XBRL
- Net income
- −$15M
- +75.5% YoY
- EPS (diluted)
- −$0.53
- +48.0% YoY
- ROE
- -25.0%
- +166.3 pp YoY
- Operating cash flow
- −$33M
- −29.0% YoY
Source: XBRL data from the Corvus Pharmaceuticals, Inc. (CRVS) FY2025 10-K on SEC EDGAR. USD.
Corvus Pharmaceuticals, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Clinical-stage biopharma developing targeted immune cell protein inhibitors for immune-mediated diseases, inflammatory diseases, and cancers
- New emphasis: Soquelitinib advanced to Phase 3 trial for relapsed peripheral T cell lymphoma (PTCL) and initiated Phase 2 trial for moderate-to-severe atopic dermatitis
- Strategic shift: Expanded focus on immune and inflammatory diseases from oncology, demonstrated by ITK inhibitor’s novel mechanism rebalancing Th1/Th2/Th17/Treg cells
- Quantitative highlight: Phase 1/1b trial enrolled 75 PTCL patients; Phase 1 atopic dermatitis trial enrolled 72 patients across 4 cohorts with up to 72% EASI score reduction
- Noteworthy fact: FDA granted Fast Track and Orphan Drug designations for soquelitinib in relapsed PTCL; first clinical evidence of ITK inhibitor therapy efficacy in both cancer and inflammatory disease pathways
Management Discussion & Analysis
- Forward-looking statements included but specifics on management outlook or guidance not given
Risk Factors
- Regulatory risk FDA approval delay for soquelitinib with $21.2M R&D spend in 2025, clinical trial costs up $6.0M YoY
- Macroeconomic risk accumulated deficit $412.3M with net loss $15.3M in 2025, cash runway only through Q2 2028
- Operational risk manufacturing cost increase $4.8M for soquelitinib in 2025, reflecting supply chain cost pressures
- Competitive risk dependence on clinical success of soquelitinib vs oncology market innovations, no approved products yet
- Financial risk reliance on equity funding with $189.4M raised in January 2026 follow-on offering, ATM offering suspended
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