Item 5. Market for Registrant’s Common Equity
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
2021
First Quarter
$
4.77
$
2.86
Second Quarter
$
3.14
$
2.46
Third Quarter
$
8.53
$
1.89
Fourth Quarter
$
5.31
$
2.34
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
Holders of Record
As of March 10, 2022, there were approximately 19 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.
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
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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. The Exchanging Stockholders exercised the Exchange Warrants pursuant to a cashless exercise on September 20, 2021 and we issued an aggregate of 1,457,947 shares of common stock to such Exchanging Stockholders.
Issuer Purchases of Equity Securities by the Issuer and Affiliated Purchasers
None.
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, 2021, 2020 and 2019 and the consolidated balance sheet data as of December 31, 2021 and 2020 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, 2018 and 2017 and the consolidated balance sheet data as of December 31, 2019, 2018 and 2017 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:
2021
2020
2019
2018
2017
(In thousands, except share and per share amounts)
Operating expenses:
Research and development
$
29,115
$
31,830
$
37,975
$
38,586
$
46,305
General and administrative
9,515
11,930
10,879
10,636
10,219
Total operating expenses
38,630
43,760
48,854
49,222
56,524
Loss from operations
(38,630)
(43,760)
(48,854)
(49,222)
(56,524)
Interest income and other expense, net.
(15)
540
2,182
2,283
861
Gain on deconsolidation of Angel Pharmaceuticals
—
37,459
—
—
—
Sublease income - related party
235
—
—
—
—
Loss from equity method investment
(4,831)
(234)
—
—
—
Net loss
$
(43,241)
$
(5,995)
$
(46,672)
$
(46,939)
$
(55,663)
Net loss per share, basic and diluted
$
(1.03)
$
(0.20)
$
(1.59)
$
(1.71)
$
(2.72)
Shares used to compute net loss per share, basic and diluted
41,854,110
29,478,878
29,349,810
27,509,960
20,488,506
Other comprehensive income (loss):
Unrealized gain (loss) on marketable securities
(7)
(25)
63
7
(2)
Cumulative foreign currency translation adjustment
1,872
—
—
—
—
Comprehensive loss
$
(41,376)
$
(6,020)
$
(46,609)
$
(46,932)
$
(55,665)
Year Ended December 31,
Consolidated Balance Sheet Data:
2021
2020
2019
2018
2017
(In thousands)
Cash, cash equivalents and marketable securities
$
69,451
$
44,259
$
77,982
$
114,597
$
90,055
Working capital
61,620
33,187
69,119
108,562
82,265
Total assets
109,455
85,529
83,646
118,232
94,775
Convertible preferred stock
—
—
—
—
—
Total stockholders’ equity
$
97,162
$
72,148
$
71,111
$
110,336
$
84,835
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