CRVSCorvus Pharmaceuticals, Inc.
Pharmaceutical Preparations
- Revenue
- —
- Operating margin
- —
- EBITDA
- −$43M
- 56% YoY
- Market cap
- $844M
- Employees
- —
- Net debt / EBITDA
- —
- AI in 10-K
- 0.1
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 0 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo$3M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCNo—Over 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentNo87% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AIYes0.1 per 10K words · 9th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$844M market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$334K netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Operating income | −$39M | −$33M | −$23M | −$28M | −$43M | 56% |
| Net income | −$43M | −$41M | −$27M | −$62M | −$15M | 75% |
| Operating cash flow | −$37M | −$27M | −$24M | −$25M | −$33M | 29% |
| Capex | $5K | $269K | $34K | — | $174K | |
| Stock-based comp | $4M | $3M | $2M | $3M | $5M | 77% |
| Dividends | — | — | $0 | $0 | $0 |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Feb 5, 2026 | ADAMS STREET PARTNERS LLC | SCHEDULE 13D/A | 3.9% | Passive |
| Jan 27, 2026 | ORBIMED ADVISORS LLC | SCHEDULE 13D/A | 10.3% | Passive |
| May 14, 2025 | ORBIMED ADVISORS LLC | SCHEDULE 13D/A | 24.4% | Passive |
| May 1, 2025 | ORBIMED ADVISORS LLC | SCHEDULE 13D/A | 13.8% | Passive |
| May 8, 2024 | ORBIMED ADVISORS LLC | SC 13D/A | 11.1% | Passive |
| Nov 3, 2021 | ORBIMED ADVISORS LLC | SC 13D/A | 14.9% | Passive |
| Sep 22, 2021 | ORBIMED ADVISORS LLC | SC 13D/A | 16.4% | Passive |
| Aug 4, 2021 | ORBIMED ADVISORS LLC | SC 13D/A | 19.0% | Passive |
| Feb 17, 2021 | ORBIMED ADVISORS LLC | SC 13D/A | 22.0% | Passive |
| Jul 9, 2020 | Novo Holdings A/S | SC 13D/A | 5.0% | Passive |
Insider trading
- Open-market buys, 12 mo
- $334K · 3
- Open-market sells, 12 mo
- $0 · 0
- Net
- $334K
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $7M | $7M | 906 | — |
| FY2024 | $3M | $7M | 629 | — |
| FY2023 | $1M | $3M | 207 | — |