MeritValue

Corvus Pharmaceuticals, Inc.

CRVSdata completeness 75%12 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

Corvus Pharmaceuticals, Inc. earns about -92% on invested capital, but has diluted owners by 91% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income−$43.2M1−$41.3M2−$27M3−$62.3M3−$15.3M3
Operating cash flow−$36.7M4−$27M5−$23.9M6−$25.4M6−$32.8M6
Capital expenditure$5,0007$269,0008$34,0009—$174,0009
Free cash flow (derived)−$36.7M4−$27.3M5−$24M6—−$33M6
Total debt—————
Cash & equivalents$63.5M10$13.2M11$12.6M12$8.74M13$4.58M13
Diluted shares41.9M46.6M48.0M61.0M79.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$7.68
your share of equity
Profit it earned you last year
−$1.92
Free cash flow it threw off
−$4.13
Debt you’d be carrying
—

10 shares is a claim on $7.68 of net worth that earned you −$1.92 and generated −$4.13 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-92% avg · 5y
FY21 -101%FY22 -76%FY23 -66%FY24 -196%FY25 -19%

It earned an average -92% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+91% shares · 5y

Share count is up 91% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001558370-24-003567 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-25-003621 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001104659-26-027047 (NetIncomeLoss)
  4. 10-K · period ending 2021-12-31 · accession 0001558370-24-003567 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K · period ending 2022-12-31 · accession 0001558370-25-003621 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2023-12-31 · accession 0001104659-26-027047 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2021-12-31 · accession 0001558370-24-003567 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2022-12-31 · accession 0001558370-25-003621 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2023-12-31 · accession 0001104659-26-027047 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2021-12-31 · accession 0001558370-23-004792 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2022-12-31 · accession 0001558370-24-003567 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2023-12-31 · accession 0001558370-25-003621 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2024-12-31 · accession 0001104659-26-027047 (CashAndCashEquivalentsAtCarryingValue)