Corvus Pharmaceuticals Files 2023 Annual Report on Form 10-K

TL;DR

<b>Corvus Pharmaceuticals, Inc. has submitted its 2023 Form 10-K, detailing its financial performance and corporate activities for the fiscal year ending December 31, 2023.</b>

AI Summary

Corvus Pharmaceuticals, Inc. (CRVS) filed a Annual Report (10-K) with the SEC on March 19, 2024. Corvus Pharmaceuticals, Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing includes financial data for the fiscal year 2023, with a fiscal year end of December 31. The company's principal executive offices are located at 863 Mitten Road, Suite 102, Burlingame, CA 94010. The filing references various equity events including IPO in 2016, follow-on offerings in 2018 and 2021, and an at-market offering in 2023. Key financial statement components such as Retained Earnings, Additional Paid-In Capital, and Accumulated Other Comprehensive Income are detailed as of December 31, 2023, 2022, 2021, and 2020.

Why It Matters

For investors and stakeholders tracking Corvus Pharmaceuticals, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Corvus Pharmaceuticals' financial health, operational status, and strategic direction for the past fiscal year, crucial for investors assessing the company's current standing and future prospects. The detailed financial statements and disclosures within the 10-K are essential for understanding the company's asset base, equity structure, and historical financial trends, informing investment decisions and risk assessments.

Risk Assessment

Risk Level: medium — Corvus Pharmaceuticals, Inc. shows moderate risk based on this filing. The company is in the pharmaceutical industry, which is characterized by high R&D costs, long development cycles, regulatory hurdles, and intense competition, posing significant financial and operational risks.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess Corvus Pharmaceuticals' financial stability and the potential impact of industry-specific challenges on its growth trajectory.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-03-19 — Filing Date (As of date)
• 10-K — Form Type (SEC filing type)
• 001-37719 — SEC File Number (SEC file number)
• 2834 — SIC Code (Standard Industrial Classification)
• DE — State of Incorporation (State of incorporation)
• 464670809 — IRS Number (IRS number)
• 2016-03-29 — IPO Date (Initial Public Offering date)

Key Players & Entities

• Corvus Pharmaceuticals, Inc. (company) — Filer name
• 2023-12-31 (date) — Fiscal year end
• 863 Mitten Road, Suite 102, Burlingame, CA 94010 (address) — Business address
• 2016-03-29 (date) — IPO date
• 2021-02-28 (date) — Follow-on public offering date
• 2023-12-31 (date) — Current fiscal year end
• 2022-12-31 (date) — Prior fiscal year end
• 2021-12-31 (date) — Prior fiscal year end

FAQ

Risk Factors

• Financial Condition and Results of Operations [high — financial]: The company's ability to fund its operations, research and development activities, and potential future commercialization efforts depends on its ability to secure additional financing.
• Regulatory Approval Process [high — regulatory]: The development and commercialization of pharmaceutical products are subject to extensive and rigorous regulatory review and approval processes by agencies like the FDA, which can be lengthy, costly, and uncertain.

Key Financial Figures

• $0.0001 — ch registered Common Stock , Par Value $0.0001 per share CRVS Nasdaq Global Market
• $106.0 m — a post-money valuation of approximately $106.0 million, based on an approximate $41.0 mi
• $41.0 million — $106.0 million, based on an approximate $41.0 million cash investment from a Chinese investor

Filing Documents

• crvs-20231231x10k.htm (10-K) — 2457KB
• crvs-20231231xex21d1.htm (EX-21.1) — 6KB
• crvs-20231231xex23d1.htm (EX-23.1) — 2KB
• crvs-20231231xex31d1.htm (EX-31.1) — 14KB
• crvs-20231231xex31d2.htm (EX-31.2) — 14KB
• crvs-20231231xex32d1.htm (EX-32.1) — 7KB
• crvs-20231231xex97d1.htm (EX-97.1) — 66KB
• crvs-20231231x10k007.jpg (GRAPHIC) — 83KB
• crvs-20231231x10k008.jpg (GRAPHIC) — 78KB
• crvs-20231231x10k009.jpg (GRAPHIC) — 80KB
• crvs-20231231x10k010.jpg (GRAPHIC) — 77KB
• crvs-20231231x10k011.jpg (GRAPHIC) — 94KB
• crvs-20231231x10k012.jpg (GRAPHIC) — 116KB
• 0001558370-24-003567.txt (&nbsp;) — 10426KB
• crvs-20231231.xsd (EX-101.SCH) — 51KB
• crvs-20231231_cal.xml (EX-101.CAL) — 57KB
• crvs-20231231_def.xml (EX-101.DEF) — 180KB
• crvs-20231231_lab.xml (EX-101.LAB) — 501KB
• crvs-20231231_pre.xml (EX-101.PRE) — 361KB
• crvs-20231231x10k_htm.xml (XML) — 1553KB

Business

Business 1 ITEM 1A.

Risk Factors

Risk Factors 29 ITEM 1B. Unresolved Staff Comments 72 ITEM 1C. Cybersecurity 72 ITEM 2.

Properties

Properties 73 ITEM 3.

Legal Proceedings

Legal Proceedings 73 ITEM 4. Mine Safety Disclosures 73 PART II ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 73 ITEM 6. [Reserved] 74 ITEM 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 75 ITEM 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 85 ITEM 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 86 ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 112 ITEM 9A.

Controls and Procedures

Controls and Procedures 112 ITEM 9B. Other Information 113 ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 113 PART III ITEM 10. Directors, Executive Officers of the Registrant and Corporate Governance Matters 113 ITEM 11.

Executive Compensation

Executive Compensation 113 ITEM 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 114 ITEM 13. Certain Relationships and Related Transactions, and Director Independence 114 ITEM 14. Principal Accounta nt Fees and Services 114 PART IV ITEM 15. Exhibits and Financial Statement Schedules 115 ITEM 16. Form 10-K Summary 118

Signatures

Signatures 119 i Table of Contents

Forward-Looking Statements

Forward-Looking Statements This Annual Report on Form 10-K contains forward-looking statements that involve risks and uncertainties. All statements other than statements of historical facts contained in this report are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "could," "will," "would," "should," "expect," "plan," "anticipate," "believe," "estimate," "intend," "predict," "seek," "contemplate," "potential" or "continue" or the negative of these terms or other comparable terminology. These forward-looking statements include, but are not limited to, statements about: We have incurred significant operating losses since our inception and anticipate that we will continue to incur substantial operating losses for the foreseeable future. We may never achieve or maintain profitability; We will need substantial additional funding, which may not be available on acceptable terms, or at all. Failure to obtain this necessary capital when needed may force us to delay, limit or terminate our product development efforts; our expectations and beliefs regarding the potential benefits of our product candidates; our expectations regarding the clinical effectiveness of our product candidates and utility of our biomarker data; the anticipated timing, costs and conduct of our ongoing and planned clinical trials for soquelitinib (formerly CPI-818), ciforadenant and mupadolimab and planned preclinical studies and clinical trials for other product candidates in our development programs; the scope and design of our planned clinical trials, including but not limited to target patient enrollment numbers; our ability to develop, acquire and advance product candidates into, and successfully complete, clinical trials; the timing of the completion of our ongoing and planned clinical trials of soquelitinib, ciforadenant and mupadolimab and the timing and availability of clinical data from such clinical trials; clinic

Business

Item 1. Business Overview We are a clinical stage biopharmaceutical company. Our strategy is to focus our efforts on the development of immune modulator product candidates with the potential to treat solid cancers, T cell lymphomas, autoimmune, allergic and infectious diseases. We have three product candidates that are in clinical development for treatment of various solid tumors, lymphomas and autoimmune diseases. Our lead product candidate is soquelitinib (formerly CPI-818), a selective, covalent inhibitor of ITK (interleukin 2 inducible T cell kinase) and is in a multi-center Phase 1/1b clinical trial in patients with various recurrent, malignant T cell lymphomas. Soquelitinib is designed to inhibit the proliferation of certain malignant T cells and also to affect the differentiation of normal T cells, which could enhance immunity to tumor cells. We believe these properties have the potential to regulate the growth and activity of both abnormal malignant T cells and abnormal T cells involved in autoimmunity and allergy. Our second product candidate, ciforadenant, is an oral, small molecule antagonist of the A2A receptor for adenosine designed to disable a tumor's ability to subvert attack by the immune system by blocking the binding of immunosuppressive adenosine in the tumor microenvironment to the A2A receptor. We are collaborating with the Kidney Cancer Research Consortium to evaluate ciforadenant in an open label Phase 1b/2 clinical trial as a first line therapy for metastatic RCC in combination with ipilimumab (anti-CTLA-4) and nivolumab (anti-PD-1). Our third product candidate is mupadolimab, a humanized monoclonal antibody that is designed to react with a specific site on CD73. In both preclinical and in vivo studies, mupadolimab has demonstrated binding to various immune cells and the enhancement of immune responses by activating B cells. While we believe mupadolimab has the potential to be an important new therapeutic agent with a novel mechanism

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View this 10-K filing on SEC EDGAR