Corvus Pharmaceuticals, Inc. 10-K

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities Market Information for Common Stock Our common stock has been listed on The Nasdaq Global Market under the symbol “CRVS” since March 23, 2016. Prior to that there was no public trading market for our common stock. The following table sets forth for the indicated periods the high and low sales prices per share for our common stock on the Nasdaq stock market. ​ ​ ​ ​ ​ ​ ​ ​ ​ Price Range ​ High Low 2020 ​ ​ First Quarter ​ $ 6.35 ​ $ 1.01 Second Quarter ​ $ 4.24 ​ $ 1.91 Third Quarter ​ $ 6.88 ​ $ 2.51 Fourth Quarter ​ $ 5.74 ​ $ 3.64 2019 ​ ​ First Quarter ​ $ 5.44 ​ $ 3.55 Second Quarter ​ $ 4.75 ​ $ 3.23 Third Quarter ​ $ 8.10 ​ $ 2.91 Fourth Quarter ​ $ 5.10 ​ $ 2.53 ​ Holders of Record As of March 25, 2021, there were approximately 23 stockholders of record of our common stock. The actual number of stockholders is greater than this number of record holders, and includes stockholders who are beneficial owners, but whose shares are held in street name by brokers and other nominees. This number of holders of record also does not include stockholders whose shares may be held in trust by other entities. Dividend Policy We currently intend to retain future earnings, if any, for use in operation of our business and to fund future growth. We have never declared or paid any cash dividends on our capital stock and do not anticipate paying any cash dividends in the foreseeable future. Payment of cash dividends, if any, in the future will be at the discretion of our board of directors and will depend on then-existing conditions, including our financial condition, operating results, contractual restrictions, capital requirements, business prospects and other factors our board of directors may deem relevant. Stock Performance Graph The following graph shows the total stockholder’s return on an investment of $100 in cash at market close on March 23, 2016 (the first day of trading of our common stock), through December 31, 2020 for (i) our common stock, (ii) the Nasdaq Composite Index and (iii) the Nasdaq Biotechnology Index. Pursuant to applicable Securities and Exchange Commission rules, all values assume reinvestment of the full amount of all dividends, however, no dividends have been declared on our common stock to date. The stockholder return shown on the graph below is not necessarily indicative of future performance, and we do not make or endorse any predictions as to future stockholder return. This graph and the table below it shall not be deemed “soliciting material” or be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section, and shall not be deemed to be incorporated by reference into any 81 Table of Contents of our filings under the Securities Act of 1933, as amended (the “Securities Act”), whether made before or after the date hereof and irrespective of any general incorporation language in any such filing. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 23, December 31, December 31, December 31, December 31, December 31, $100 investment in stock or index ​ 2016 ​ 2016 ​ 2017 ​ 2018 ​ 2019 ​ 2020 Corvus (CRVS) ​ $ 100.00 ​ $ 100.35 ​ $ 72.70 ​ $ 25.75 ​ $ 38.18 ​ $ 26.46 NASDAQ Composite Index (IXIC) ​ $ 100.00 ​ $ 112.88 ​ $ 144.76 ​ $ 139.14 ​ $ 188.15 ​ $ 269.88 NASDAQ Biotech Index ( ˄ NBI) ​ $ 100.00 ​ $ 104.36 ​ $ 126.33 ​ $ 114.55 ​ $ 142.51 ​ $ 180.33 ​ Securities Authorized for Issuance Under Equity Compensation Plans The information required by this Item regarding equity compensation plans is incorporated by reference to the information set forth in PART III Item 12 of this Annual Report on Form 10-K. Use of Proceeds from Registered Securities None. Recent Sales of Unregistered Equity Securities In November 2019, we entered into an exchange agreement (the “Exchange Agreement”) with entities affiliated with Biotechnology Value Fund, L.P. (the “Exchanging Stockholders”), pursuant to which we exchanged an aggregate of 1,458,000 shares of our common stock owned by the Exchanging Stockholders for warrants (the “Exchange Warrants”) to purchase an aggregate of 1,458,000 shares of common stock (subject to adjustment in the event of stock splits, recapitalizations and other similar events affecting common stock), with an exercise price of $0.0001 per share. The Exchange Warrants were issued without registration under the Securities Act of 1933, as amended (the “Securities Act”), in reliance on the exemption from registration contained in Section 3(a)(9) of the Securities Act. Issuer Purchases of Equity Securities by the Issuer and Affiliated Purchasers None. 82 Table of Contents Item 6. Selected Financial Data You should read the following selected financial data together with the information under “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our consolidated financial statements and related notes included in Part II, Item 8 of this Annual Report on Form 10 K. The selected consolidated statement of operations data for each of the years ended December 31, 2020, 2019 and 2018 and the consolidated balance sheet data as of December 31, 2020 and 2019 are derived from our audited consolidated financial statements included elsewhere in this Annual Report on Form 10-K. The consolidated statement of operations data for the years ended December 31, 2017 and 2016 and the consolidated balance sheet data as of December 31, 2018, 2017 and 2016 are derived from our audited consolidated financial statements which are not included in this Annual Report on Form 10-K. Our historical results of any prior periods are not necessary indicative of results to be expected in any future period. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ Consolidated Statements of Operations and Comprehensive Loss Data: 2020 2019 2018 2017 2016 ​ ​ (In thousands, except share and per share amounts) ​ Operating expenses: ​ ​ ​ ​ ​ ​ Research and development ​ $ 31,830 ​ $ 37,975 ​ $ 38,586 ​ $ 46,305 ​ $ 29,356 ​ General and administrative ​ 11,930 ​ 10,879 ​ 10,636 ​ 10,219 ​ 7,620 ​ Total operating expenses ​ 43,760 ​ 48,854 ​ 49,222 ​ 56,524 ​ 36,976 ​ Loss from operations ​ (43,760) ​ (48,854) ​ (49,222) ​ (56,524) ​ (36,976) ​ Interest income and other expense, net. ​ 540 ​ 2,182 ​ 2,283 ​ 861 ​ 601 ​ Gain on deconsolidation of Angel Pharmaceuticals ​ ​ 37,459 ​ — ​ — ​ ​ — ​ ​ — ​ Loss from equity method investment ​ ​ (234) ​ — ​ — ​ ​ — ​ ​ — ​ Net loss ​ $ (5,995) ​ $ (46,672) ​ $ (46,939) ​ $ (55,663) ​ $ (36,375) ​ Net loss per share, basic and diluted ​ $ (0.20) ​ $ (1.59) ​ $ (1.71) ​ $ (2.72) ​ $ (2.36) ​ Shares used to compute net loss per share, basic and diluted ​ 29,478,878 ​ 29,349,810 ​ 27,509,960 ​ 20,488,506 ​ 15,422,041 ​ Other comprehensive income (loss): ​ ​ ​ ​ ​ ​ Unrealized gain (loss) on marketable securities ​ (25) ​ 63 ​ 7 ​ (2) ​ 6 ​ Comprehensive loss ​ $ (6,020) ​ $ (46,609) ​ $ (46,932) ​ $ (55,665) ​ $ (36,369) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, Consolidated Balance Sheet Data: 2020 2019 2018 2017 2016 ​ (In thousands) ​ ​ ​ Cash, cash equivalents and marketable securities ​ $ 44,259 ​ $ 77,982 ​ $ 114,597 ​ $ 90,055 ​ $ 134,896 Working capital ​ 33,187 ​ 69,119 ​ 108,562 ​ 82,265 ​ 130,089 Total assets ​ 85,529 ​ 83,646 ​ 118,232 ​ 94,775 ​ 140,150 Convertible preferred stock ​ — ​ — ​ — ​ — ​ — Total stockholders’ equity (deficit) ​ $ 72,148 ​ $ 71,111 ​ $ 110,336 ​ $ 84,835 ​ $ 132,801 ​ ​ ​ 83 Table of Contents