CRVS

Corvus is a pre-revenue clinical-stage biopharma whose entire equity story rests on soquelitinib, an ITK inhibitor now in a registrational Phase 3 for relapsed T-cell lymphomas and a Phase 2 in atopic dermatitis. The 2025 numbers look superficially better — net loss narrowed to $15.3M from $62.3M — but management itself flags that the swing was driven by a $27.1M non-cash gain on warrant revaluation, not operating progress. Strip that out and the picture is uglier: operating loss widened 56% to $43.0M as R&D jumped 74% to $33.7M (soquelitinib program alone +$12.4M), and operating cash burn worsened to $32.8M.

The balance sheet cannot fund that burn. Cash & equivalents collapsed to $4.58M, down 48% YoY, against current-year operating outflows of $32.8M — that is roughly six weeks of runway on cash alone. The MD&A confirms management 'anticipate[s] needing to spend substantial resources for the foreseeable future' and 'will need additional financing,' and discloses a January 2026 follow-on offering that forced suspension of the $100M ATM. Share count is already up 23% YoY to 84.0M with a $412M accumulated deficit — existing holders have been, and will continue to be, the funding source.