Corvus Pharmaceuticals (NASDAQ: CRVS) is a clinical-stage biopharmaceutical company that develops immuno-oncology and immune-modulating drug candidates. The company has not generated any revenue from product sales as of the fiscal year ended December 31, 2025, and funds operations through equity offerings and other financing activities. Its primary focus is on three clinical-stage candidates: soquelitinib, a BTK inhibitor in a registrational Phase 3 trial for relapsed T cell lymphomas and a Phase 2 trial for atopic dermatitis; ciforadenant; and mupadolimab, both in clinical development for solid tumors. Corvus reported a net loss of $15.3 million for the year ended December 31, 2025, and $62.3 million for the year ended December 31, 2024. In October 2020, Corvus formed Angel Pharmaceuticals, a China-based joint venture, and licensed soquelitinib, ciforadenant, and mupadolimab to Angel Pharmaceuticals for development and commercialization in greater China.

Revenue model

Corvus Pharmaceuticals has generated no product sales revenue as of FY2025. The company operates at a loss, financing itself through equity issuances including at-the-market offerings and registered direct offerings. Cash used in operating activities was $25.4 million for the year ended December 31, 2024.

Products and services

Soquelitinib: BTK inhibitor in Phase 3 for relapsed T cell lymphomas and Phase 2 for atopic dermatitis. Ciforadenant and mupadolimab: clinical-stage candidates in development for solid tumors. All three candidates are also licensed to Angel Pharmaceuticals for greater China.

Customers and end markets

Target end markets are oncology (T cell lymphomas, solid tumors) and autoimmune disease (atopic dermatitis). No commercial customers as of FY2025. No product has received regulatory approval.

Value-chain role

Pre-commercial drug developer. Conducts research and clinical trials using external contract research organizations. Holds intellectual property for its pipeline and has licensed greater China rights to Angel Pharmaceuticals, a joint venture partner.

Geographic exposure

Primarily United States-based operations. Greater China rights for three clinical candidates licensed to Angel Pharmaceuticals, formed in October 2020.

Source: SEC 10-K, filed 2026-03-12

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