Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 2026
Corvus Pharmaceuticals, Inc. (CRVS)
A forensic read on Corvus Pharmaceuticals, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Clean
Earnings quality
3
Forensic signals
-38.9%
ROE
$1.1B
Market cap
Corvus Pharmaceuticals, Inc. earns a C (Mixed — selective) forensic quality grade. 3 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+81.5%Accruals ratio. Net operating assets grew +81.5% relative to their average in FY2025 — the accrual component of earnings. Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check agrees: reported earnings ran ahead of operating cash by +44% of net operating assets.
-59%Return on invested capital. Return on invested capital is -59% and steady — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+23.8%/yrShare-count dilution. Diluted share count changed +71% over the last 3 years to FY2025 (+23.8%/yr). The count is GROWING — existing holders are being diluted. That's ~23.8% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~71%.
Key fundamentals
Free Cash Flow$-33.0M
Return on Equity-25.0%
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🔒Calibrated 12-month price forecast, with the math shown
🔒Peer comparison + filing-change monitoring & alerts
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Data from SEC EDGAR public filings · metrics as of Jun 27, 2026. Forensic signals flag probability, not certainty.