$CRVS
Corvus Pharmaceuticals, Inc.

2023 Q2 Form 10-Q Financial Statement

#000155837023008503 Filed on May 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.654M $1.980M
YoY Change -20.86% -14.4%
% of Gross Profit
Research & Development $3.968M $4.594M
YoY Change -19.4% -9.92%
% of Gross Profit
Depreciation & Amortization $36.00K $57.00K
YoY Change -60.87% -34.48%
% of Gross Profit
Operating Expenses $5.622M $6.574M
YoY Change -19.83% -11.32%
Operating Profit -$5.622M -$6.574M
YoY Change -19.83% -11.32%
Interest Expense -$881.0K -$1.355M
YoY Change -41.11% 31.55%
% of Operating Profit
Other Income/Expense, Net $0.00 $56.00K
YoY Change -100.0% -61.64%
Pretax Income -$6.503M -$7.873M
YoY Change -22.24% -5.11%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$6.503M -$7.873M
YoY Change -22.24% -5.11%
Net Earnings / Revenue
Basic Earnings Per Share -$0.14 -$0.17
Diluted Earnings Per Share -$0.14 -$0.17
COMMON SHARES
Basic Shares Outstanding 46.57M 46.57M
Diluted Shares Outstanding 47.50M 46.56M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $37.02M $34.47M
YoY Change -34.74% -45.24%
Cash & Equivalents $7.658M $9.654M
Short-Term Investments $29.36M $24.81M
Other Short-Term Assets $136.0K $131.0K
YoY Change -65.57% 0.77%
Inventory
Prepaid Expenses
Receivables $0.00 $429.0K
Other Receivables $34.00K $38.00K
Total Short-Term Assets $37.91M $35.55M
YoY Change -35.62% -44.77%
LONG-TERM ASSETS
Property, Plant & Equipment $294.0K $330.0K
YoY Change -44.21% -9.34%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $18.02M $20.23M
YoY Change -40.3% -39.37%
Other Assets $129.0K $129.0K
YoY Change -45.34% -45.34%
Total Long-Term Assets $20.13M $22.65M
YoY Change -40.19% -38.67%
TOTAL ASSETS
Total Short-Term Assets $37.91M $35.55M
Total Long-Term Assets $20.13M $22.65M
Total Assets $58.04M $58.20M
YoY Change -37.28% -42.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.098M $1.407M
YoY Change -20.83% -35.72%
Accrued Expenses $5.760M $6.883M
YoY Change -23.26% -2.73%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.858M $8.290M
YoY Change -22.63% -10.52%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.999M $1.040M
YoY Change 0.0% -54.84%
Total Long-Term Liabilities $1.999M $1.040M
YoY Change 0.0% -54.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.858M $8.290M
Total Long-Term Liabilities $1.999M $1.040M
Total Liabilities $8.558M $9.330M
YoY Change -29.59% -19.35%
SHAREHOLDERS EQUITY
Retained Earnings -$322.1M -$315.6M
YoY Change 13.82% 14.89%
Common Stock $372.9M $364.9M
YoY Change 2.71% 0.68%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $49.48M $48.87M
YoY Change
Total Liabilities & Shareholders Equity $58.04M $58.20M
YoY Change -37.28% -42.54%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$6.503M -$7.873M
YoY Change -22.24% -5.11%
Depreciation, Depletion And Amortization $36.00K $57.00K
YoY Change -60.87% -34.48%
Cash From Operating Activities -$5.223M -$8.111M
YoY Change -14.7% 26.26%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $34.00K
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities -$4.289M $4.636M
YoY Change -236.42% -118.13%
Cash From Investing Activities -$4.289M $4.602M
YoY Change -236.59% -117.99%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 7.516M 4.000K
YoY Change
NET CHANGE
Cash From Operating Activities -5.223M -8.111M
Cash From Investing Activities -4.289M 4.602M
Cash From Financing Activities 7.516M 4.000K
Net Change In Cash -1.996M -3.505M
YoY Change -33.09% -89.05%
FREE CASH FLOW
Cash From Operating Activities -$5.223M -$8.111M
Capital Expenditures $0.00 $34.00K
Free Cash Flow -$5.223M -$8.145M
YoY Change -14.64%

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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 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, 2022 filed on March 28, 2023 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 $315.6 million as of March 31, 2023. The Company has historically financed its operations primarily through the sale of common stock and redeemable convertible preferred 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 March 31, 2023, the Company had cash, cash equivalents and short-term marketable securities of $34.5 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;"/>As of March 28, 2023, at the time of the filing of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, and during the sixty-day period preceding this date, its calculated public float was below $75.0 million. As a result, it has been and will be subject to baby shelf rules for any offerings conducted on its shelf registration statement, including any sales under its ATM with Jefferies LLC (“Jefferies”). Such rules limit the amount the Company can raise until such time that its public float is above $75.0 million.</p>
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CY2023Q1 us-gaap Cash Cash Equivalents And Short Term Investments
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CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<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><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><span style="visibility:hidden;">​</span></p>
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<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;">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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PropertyPlantAndEquipmentGross
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AccruedManufacturingExpenseCurrent
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CY2023Q1 us-gaap Dividends Common Stock
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
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CY2023Q1 crvs Number Of Shares Reserved For Employee Stock Purchase Plan
NumberOfSharesReservedForEmployeeStockPurchasePlan
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CY2022Q4 crvs Number Of Shares Reserved For Employee Stock Purchase Plan
NumberOfSharesReservedForEmployeeStockPurchasePlan
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CY2023Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
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CY2022Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
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CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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AreaOfRealEstateProperty
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CY2015Q1 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
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CY2021Q3 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
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crvs Landlord Provided Free Rent And Lease Incentives
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CY2021Q3 us-gaap Lessee Operating Lease Renewal Term
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CY2021Q3 crvs Increase Decrease In Operating Lease Right Of Use Asset
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CY2023Q1 us-gaap Operating Lease Right Of Use Asset
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CY2022Q1 us-gaap Variable Lease Cost
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CY2022Q1 us-gaap Lease Cost
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CY2023Q1 us-gaap Operating Lease Payments
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CY2022Q1 us-gaap Operating Lease Payments
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CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
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CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2021Q3 crvs Area Of Property Subleased
AreaOfPropertySubleased
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CY2023Q1 crvs Sublease Income Related Party
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CY2022 crvs Sublease Income Related Party
SubleaseIncomeRelatedParty
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CY2015Q3 us-gaap Security Deposit
SecurityDeposit
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