$CRVS
Corvus Pharmaceuticals, Inc.

2022 Q3 Form 10-Q Financial Statement

#000155837022012619 Filed on August 08, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.108M $2.090M $2.313M
YoY Change 2.53% -4.3% -28.83%
% of Gross Profit
Research & Development $10.37M $4.923M $5.100M
YoY Change 48.26% -45.94% -38.03%
% of Gross Profit
Depreciation & Amortization $94.00K $92.00K $87.00K
YoY Change -12.96% -22.69% -36.5%
% of Gross Profit
Operating Expenses $12.47M $7.013M $7.413M
YoY Change 37.87% -37.88% -35.44%
Operating Profit -$12.47M -$7.013M -$7.413M
YoY Change 37.87% -37.88% -35.44%
Interest Expense -$2.505M -$1.496M -$1.030M
YoY Change 45.64% 223.81% 930.0%
% of Operating Profit
Other Income/Expense, Net $147.0K $146.0K $146.0K
YoY Change 56.38%
Pretax Income -$14.83M -$8.363M -$8.297M
YoY Change 38.96% -28.84% -28.35%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$14.83M -$8.363M -$8.297M
YoY Change 38.96% -28.84% -28.35%
Net Earnings / Revenue
Basic Earnings Per Share -$0.32 -$0.18 -$0.18
Diluted Earnings Per Share -$0.26 -$0.18 -$0.18
COMMON SHARES
Basic Shares Outstanding 46.55M 46.55M 46.55M
Diluted Shares Outstanding 46.55M 46.55M 46.55M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $49.62M $56.72M $62.94M
YoY Change -35.0% -14.65% -7.44%
Cash & Equivalents $24.59M $28.48M $31.46M
Short-Term Investments $25.03M $28.25M $31.48M
Other Short-Term Assets $397.0K $395.0K $130.0K
YoY Change 305.1% 393.75% -37.5%
Inventory
Prepaid Expenses
Receivables $503.0K $373.0K $373.0K
Other Receivables $31.00K $56.00K $72.00K
Total Short-Term Assets $51.27M $58.89M $64.37M
YoY Change -34.9% -14.81% -6.46%
LONG-TERM ASSETS
Property, Plant & Equipment $447.0K $527.0K $364.0K
YoY Change -17.07% -18.55% -52.67%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $25.91M $30.18M $33.37M
YoY Change -28.67% -20.67% -10.11%
Other Assets $248.0K $236.0K $236.0K
YoY Change -11.11% -25.32% -78.11%
Total Long-Term Assets $29.08M $33.66M $36.92M
YoY Change -28.32% -16.43% -8.67%
TOTAL ASSETS
Total Short-Term Assets $51.27M $58.89M $64.37M
Total Long-Term Assets $29.08M $33.66M $36.92M
Total Assets $80.35M $92.54M $101.3M
YoY Change -32.66% -15.41% -7.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.227M $2.650M $2.189M
YoY Change 81.11% -7.5% -55.42%
Accrued Expenses $9.751M $7.506M $7.076M
YoY Change 8.69% -20.95% -21.38%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $13.98M $10.16M $9.265M
YoY Change 23.64% -17.83% -33.42%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.689M $1.999M $2.303M
YoY Change -41.15% 216.8% 155.89%
Total Long-Term Liabilities $1.689M $1.999M $2.303M
YoY Change -41.15% 216.8% 155.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.98M $10.16M $9.265M
Total Long-Term Liabilities $1.689M $1.999M $2.303M
Total Liabilities $15.67M $12.16M $11.57M
YoY Change 10.53% -6.44% -22.11%
SHAREHOLDERS EQUITY
Retained Earnings -$297.9M -$283.0M -$274.7M
YoY Change 15.87% 14.81% 17.04%
Common Stock $363.7M $363.1M $362.4M
YoY Change 0.78% 6.33% 10.12%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $64.68M $80.39M $89.72M
YoY Change
Total Liabilities & Shareholders Equity $80.35M $92.54M $101.3M
YoY Change -32.66% -15.41% -7.27%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$14.83M -$8.363M -$8.297M
YoY Change 38.96% -28.84% -28.35%
Depreciation, Depletion And Amortization $94.00K $92.00K $87.00K
YoY Change -12.96% -22.69% -36.5%
Cash From Operating Activities -$6.929M -$6.123M -$6.424M
YoY Change -17.76% -51.57% -26.89%
INVESTING ACTIVITIES
Capital Expenditures -$265.0K -$4.000K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $3.305M $3.144M -$25.57M
YoY Change -4.78% -79.37% -627.3%
Cash From Investing Activities $3.040M $3.140M -$25.57M
YoY Change -12.42% -79.39% -627.73%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000
YoY Change -100.0% -100.0%
NET CHANGE
Cash From Operating Activities -6.929M -6.123M -6.424M
Cash From Investing Activities 3.040M 3.140M -25.57M
Cash From Financing Activities 0.000 0.000
Net Change In Cash -3.889M -2.983M -32.00M
YoY Change -129.07% -121.6% -211.69%
FREE CASH FLOW
Cash From Operating Activities -$6.929M -$6.123M -$6.424M
Capital Expenditures -$265.0K -$4.000K
Free Cash Flow -$6.664M -$6.119M
YoY Change -20.9%

Facts In Submission

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><b style="font-weight:bold;">1. Organization</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt;">Corvus Pharmaceuticals, Inc. (“Corvus” or the “Company”) was incorporated in Delaware on January 27, 2014 and commenced operations in November 2014. Corvus is a clinical-stage biopharmaceutical company. The Company’s operations are located in Burlingame, California.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Presentation</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt;">The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Corvus Biopharmaceuticals, Ltd. and Corvus Hong Kong Limited. All significant intercompany accounts and transactions have been eliminated from the consolidated financial statements.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Initial Public Offering</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><span style="display:inline-block;text-indent:0pt;width:36pt;"/>On March 22, 2016, the Company’s registration statement on Form S-1 (File No. 333-208850) relating to its initial public offering (“IPO”) of its common stock was declared effective by the Securities and Exchange Commission (“SEC”) and the shares of its common stock began trading on the Nasdaq Global Market on March 23, 2016. The public offering price of the shares sold in the IPO was $15.00 per share. The IPO closed on March 29, 2016, pursuant to which the Company sold 4,700,000 shares of its common stock. On April 26, 2016, the Company sold an additional 502,618 shares of its common stock to the underwriters upon partial exercise of their over-allotment option, at the initial offering price of $15.00 per share. The Company received aggregate net proceeds of approximately $70.6 million, after underwriting discounts, commissions and offering expenses. Immediately prior to the consummation of the IPO, all outstanding shares of convertible preferred stock were converted into common stock.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Follow-on Public Offerings</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><span style="display:inline-block;text-indent:0pt;width:36pt;"/>In March 2018, the Company completed a follow-on public offering in which the Company sold 8,117,647 shares of common stock at a price of $8.50 per share, which included 1,058,823 shares issued pursuant to the underwriters’ exercise of their option to purchase additional shares of common stock. The aggregate net proceeds received by the Company from the offering were approximately $64.9 million, net of underwriting discounts and commissions and offering expenses payable by the Company.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><span style="display:inline-block;text-indent:0pt;width:36pt;"/>In February 2021, the Company completed a follow-on public offering in which the Company sold 9,783,660 shares of common stock at a price of $3.50 per share, which included 1,212,231 shares issued pursuant to the underwriters’ exercise of their option to purchase additional shares of common stock. The aggregate net proceeds received by the Company from the offering were approximately $32.0 million, net of underwriting discounts and commissions and offering expenses.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Liquidity</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><span style="font-style:italic;font-weight:bold;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><span style="display:inline-block;text-indent:0pt;width:36pt;"/>The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, protection of proprietary technology, dependence on key personnel, contract manufacturer and contract research organizations, compliance with government regulations and the need to obtain additional financing to fund operations. Since commencing operations in 2014, the majority of the Company’s efforts have been focused on the research and development of CPI-818, ciforadenant and mupadolimab (formerly CPI-006). The Company believes that it will continue to expend substantial resources for the foreseeable future as it continues clinical development of, seek regulatory approval for and, if approved, prepare for the commercialization of CPI-818, ciforadenant and mupadolimab, as well as product candidates under the Company’s other development programs. These expenditures will include costs associated with research and development, conducting preclinical studies and clinical trials, obtaining regulatory </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt 0pt 12pt 0pt;">approvals, manufacturing and supply, sales and marketing and general operations. In addition, other unanticipated costs may arise. Because the outcome of any clinical trial and/or regulatory approval process is highly uncertain, the Company may not be able to accurately estimate the actual amounts necessary to successfully complete the development, regulatory approval process and commercialization of CPI-818, ciforadenant and mupadolimab or any other product candidates. The Company does not expect its existing capital resources to be sufficient to enable it to fund the completion of its clinical trials and remaining development program of CPI-818, ciforadenant and mupadolimab through commercialization. In addition, its operating plan may change as a result of many factors, including those described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 filed on March 10, 2022 and this Quarterly Report on Form 10-Q.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt 0pt 12pt 0pt;"><span style="display:inline-block;text-indent:0pt;width:36pt;"/>The Company has incurred significant losses and negative cash flows from operations in all periods since inception and had an accumulated deficit of $283.0 million as of June 30, 2022. The Company has historically financed its operations primarily through the sale of redeemable convertible preferred stock and common stock. While the Company has been able to raise multiple rounds of financing, there can be no assurance that in the event the Company requires additional financing, such financing will be available on terms which are favorable or at all. Failure to generate sufficient cash flows from operations, raise additional capital or reduce certain discretionary spending would have a material adverse effect on the Company’s ability to achieve its intended business objectives.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt 0pt 12pt 0pt;"><span style="display:inline-block;text-indent:0pt;width:36pt;"/>As of June 30, 2022, the Company had cash, cash equivalents and short-term marketable securities of $56.7 million. Management believes that the Company’s current cash, cash equivalents and short-term marketable securities will be sufficient to fund its planned operations for at least 12 months from the date of the issuance of these financial statements.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt 0pt 12pt 0pt;"><span style="display:inline-block;text-indent:0pt;width:36pt;"/>The current COVID-19 (coronavirus) pandemic, which is impacting worldwide economic activity, poses risks that the Company or its employees, contractors, suppliers, and other partners may be prevented from conducting business activities for an indefinite period of time, including due to shutdowns that may be requested or mandated by governmental authorities. The extent to which COVID-19 impacts the Company’s business, including its clinical trials and financial condition, will depend on future developments, which are highly uncertain and cannot be predicted with confidence, such as the spread of the disease, the duration of the pandemic, travel restrictions and social distancing in the United States and other countries, business closures or business disruptions and the effectiveness of actions taken in the United States and other countries to contain and treat the disease. As COVID-19 continues to spread around the globe, including the spread of more contagious and virulent variants, we will likely experience disruptions, including delays or difficulties in enrolling patients in our clinical trials, delays or difficulties in clinical site initiation, interruption of key clinical trial activities, delays in clinical sites receiving the supplies and materials needed to conduct our clinical trials and delays in necessary interactions with local regulatory authorities. COVID-19 may also impact the Company’s ability to raise additional capital on a timely basis or at all, which could negatively impact short-term and long-term liquidity.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Exchange Warrants</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><span style="font-style:italic;font-weight:bold;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><span style="display:inline-block;text-indent:0pt;width:36pt;"/>On November 8, 2019, the Company entered into an exchange agreement (the “Exchange Agreement”) with an investor and its affiliates (the “Exchanging Stockholders”), pursuant to which the Company exchanged an aggregate of 1,458,000 shares of the Company’s common stock, par value $0.0001 per share, owned by the Exchanging Stockholders for pre-funded warrants (the “Exchange Warrants”) to purchase an aggregate of 1,458,000 shares of common stock (subject to adjustment in the event of any stock dividends and splits, reverse stock split, recapitalization, reorganization or similar transaction, as described in the Exchange Warrants), with an exercise price of $0.0001 per share. The Exchange Warrants were exercisable at any time prior to expiration. In accordance with Accounting Standards Codification Topic 505, Equity, and Accounting Research Bulletin 43, the Company recorded the retirement of the common stock exchanged as a reduction of common shares outstanding and elected to record the excess over par value as a debit to additional paid-in-capital at the fair value of the Exchange Warrants on the issuance date. The Exchange Warrants were classified as equity in accordance with Accounting Standards Codification Topic 480, Distinguishing Liabilities from Equity, and Accounting Standards Codification Topic 815, Derivatives and Hedging, and the fair value of the Exchange Warrants was recorded as a credit to additional paid-in capital and is not subject to remeasurement. The Company determined that the fair value of the Exchange Warrants is substantially similar to the fair value of the retired shares on the issuance date due to the negligible exercise price for the Exchange Warrants.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><span style="display:inline-block;text-indent:0pt;width:36pt;"/>In September 2021, the Exchange Warrants were fully exercised, resulting in the issuance of 1,457,947 shares of common stock on a net exercise basis.</p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Use of Estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt;">The preparation of the Company’s condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from such estimates.</p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Concentrations of Credit Risk and Other Risks and Uncertainties</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt;">Substantially all of the Company’s cash and cash equivalents are deposited in accounts with two financial institutions that management believes are of high credit quality. Such deposits may, at times, exceed federally insured limits. The Company maintains its cash with an accredited financial institution and accordingly, such funds are subject to minimal credit risk. The Company’s marketable securities consist of investments in U.S. Treasury securities and U.S. government agency securities, which can be subject to certain credit risks. However, the Company mitigates the risks by investing in high-grade instruments, limiting its exposure to any one issuer, and monitoring the ongoing creditworthiness of the financial institutions and issuers. The Company has not experienced any losses on its deposits of cash, cash equivalents or marketable securities.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt;">The Company is subject to a number of risks similar to other early stage biopharmaceutical companies, including, but not limited to, the need to obtain adequate additional funding, possible failure of preclinical testing or clinical trials, its reliance on third parties to conduct its clinical trials, the need to obtain marketing approval for its product candidates, competitors developing new technological innovations, the need to successfully commercialize and gain market acceptance of the Company’s product candidates, its right to develop and commercialize its product candidates pursuant to the terms and conditions of the licenses granted to the Company, and protection of proprietary technology. If the Company does not successfully commercialize or partner any of its product candidates, it will be unable to generate product revenue or achieve profitability.</p>
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CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5596567
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6354308
CY2022Q2 crvs Number Of Shares Reserved For Employee Stock Purchase Plan
NumberOfSharesReservedForEmployeeStockPurchasePlan
400000
CY2021Q4 crvs Number Of Shares Reserved For Employee Stock Purchase Plan
NumberOfSharesReservedForEmployeeStockPurchasePlan
400000
CY2022Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
11423261
CY2021Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
9561261
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
675000
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1173000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1414000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2015Q1 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
8138
CY2015Q1 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P1Y
CY2021Q3 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
27280
crvs Landlord Provided Free Rent And Lease Incentives
LandlordProvidedFreeRentAndLeaseIncentives
1900000
CY2021Q3 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P2Y
CY2021Q3 crvs Increase Decrease In Operating Lease Right Of Use Asset
IncreaseDecreaseInOperatingLeaseRightOfUseAsset
2400000
CY2022Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
2700000
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
3200000
CY2022Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
134000
CY2021Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
239000
us-gaap Operating Lease Cost
OperatingLeaseCost
440000
us-gaap Operating Lease Cost
OperatingLeaseCost
478000
CY2022Q2 us-gaap Variable Lease Cost
VariableLeaseCost
25000
CY2021Q2 us-gaap Variable Lease Cost
VariableLeaseCost
98000
us-gaap Variable Lease Cost
VariableLeaseCost
133000
us-gaap Variable Lease Cost
VariableLeaseCost
200000
CY2022Q2 us-gaap Lease Cost
LeaseCost
159000
CY2021Q2 us-gaap Lease Cost
LeaseCost
337000
us-gaap Lease Cost
LeaseCost
573000
us-gaap Lease Cost
LeaseCost
678000
CY2022Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
433000
CY2021Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
413000
us-gaap Operating Lease Payments
OperatingLeasePayments
832000
us-gaap Operating Lease Payments
OperatingLeasePayments
827000
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y7M6D
CY2021Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y7M6D
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y7M6D
CY2021Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y7M6D
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.080
CY2021Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.100
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.080
CY2021Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.100
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
650000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1391000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1434000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
3475000
CY2022Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
341000
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
3134000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1300000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1391000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1434000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
4125000
CY2021Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
478000
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
3647000
CY2021Q3 crvs Area Of Property Subleased
AreaOfPropertySubleased
7585
CY2022Q2 crvs Sublease Income Related Party
SubleaseIncomeRelatedParty
100000
crvs Sublease Income Related Party
SubleaseIncomeRelatedParty
300000
CY2022Q2 us-gaap Purchase Obligation Due In Next Twelve Months
PurchaseObligationDueInNextTwelveMonths
6200000
CY2015Q3 us-gaap Security Deposit
SecurityDeposit
100000

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0001558370-22-012619.txt Edgar Link pending
0001558370-22-012619-xbrl.zip Edgar Link pending
crvs-20220630.xsd Edgar Link pending
crvs-20220630x10q.htm Edgar Link pending
crvs-20220630xex31d1.htm Edgar Link pending
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