[Form 4] Corvus Pharmaceuticals, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Corvus Pharmaceuticals, Inc. (CRVS) – Form 4 insider activity dated 06/27/2025

Director and 10% owner Peter A. Thompson, acting through OrbiMed Private Investments V, LP (OPI V), exercised 1,397,684 common stock warrants at $3.50 just before their 06/30/2025 expiry. The warrants were settled on a cashless basis: the issuer withheld 1,176,332 shares (coded “S”) to fund the exercise, and issued 221,352 new shares to OPI V (coded “X”). Following the transactions, Thompson/OPI V’s indirect beneficial ownership stands at 7,165,006 shares.

The filing shows a small net increase in insider ownership and a modest share-count expansion for the company. No open-market sales were reported; the disposition reflects internal share withholding rather than a public sale.

Positive

• Insider confidence: Director/10% owner increased net holdings by 221,352 shares through warrant exercise.
• No open-market selling: Shares withheld to cover exercise price, avoiding additional market supply.

Negative

• Minor dilution: Issuance of 221,352 new shares slightly increases outstanding share count.

Insights

Securities Analyst

TL;DR — Insider exercises expiring warrants, nets 221k new shares; marginal dilution, signals continued commitment.

The cashless exercise converts near-term expiring warrants without cash outlay, avoiding market overhang. While 1.18 million shares were technically “sold,” they were withheld by the issuer, so no fresh supply hit the market. The net issuance of 221,352 shares (≈0.3% of a 70 m share base if similar-sized peers are used) is immaterial dilution. Insider now holds 7.17 m shares, reinforcing strategic alignment. Overall impact is neutral-to-slightly positive, indicating confidence but lacking broader financial implications.

Corporate Governance Expert

TL;DR — Routine Section 16 filing; ownership clarity maintained, no governance red flags detected.

The disclosure satisfies Section 16 requirements and clarifies indirect ownership through OrbiMed entities. All disclaimers regarding beneficial ownership are standard. The conversion ahead of warrant expiry demonstrates orderly insider behavior, limiting potential conflicts. No evidence of aggressive selling or rule-10b5-1 usage is noted. Consequently, governance risk remains unchanged.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Thompson Peter A.

(Last) (First) (Middle)

C/O CORVUS PHARMACEUTICALS, INC.

901 GATEWAY BOULEVARD, THIRD FLOOR

(Street)

SOUTH SAN FRANCISCO CA 94080

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Corvus Pharmaceuticals, Inc. [ CRVS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/27/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/27/2025		X		1,397,684	A	$3.5	8,341,338	I	See Footnotes(2)(3)
Common Stock	06/27/2025		S(1)		1,176,332	D	$4.1586	7,165,006	I	See Footnotes(2)(3)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Common Warrants (right to buy)	$3.5	06/27/2025		X			1,397,684	04/29/2025	06/30/2025	Common Stock	1,397,684	$0	0	I	See Footnotes(2)(3)

Explanation of Responses:

1. On June 27, 2025, OrbiMed Private Investments V, LP ("OPI V") exercised common warrants ("Warrants") to purchase 1,397,684 shares of the Issuer's Common Stock for $3.50 per share. OPI V paid the exercise price on a cashless basis, resulting in the Issuer withholding 1,176,332 of the Warrant shares to pay the exercise price and issuing to OPI V the remaining 221,352 shares.

2. These securities are held of record by OPI V. OrbiMed Capital GP V LLC ("GP V") is the general partner of OPI V, and OrbiMed Advisors LLC ("OrbiMed Advisors"), a registered investment adviser under the Investment Advisors Act of 1940, as amended, is the managing member of GP V. By virtue of such relationships, GP V and OrbiMed Advisors may be deemed to have voting and investment power with respect to the securities held by OPI V noted above and as a result may be deemed to beneficially own such securities for purposes of Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). OrbiMed Advisors exercises this investment and voting power through a management committee comprised of Carl L. Gordon, Sven H. Borho, and W. Carter Neild, each of whom disclaims beneficial ownership of the shares held by OPI V. The Reporting Person is a member of Advisors.

3. Each of the Reporting Person, OrbiMed Advisors, and GP V disclaims beneficial ownership of the securities reported herein for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1943, as amended (the "Exchange Act"), except to the extent of his or its pecuniary interest therein, if any. This report shall not be deemed an admission that any such entity or person is a beneficial owner of such securities for purposes of Section 16 of the Exchange Act, or for any other purpose.

	/s/ Peter A. Thompson	07/01/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
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FAQ

How many CRVS shares did the insider acquire on 06/27/2025?

OrbiMed Private Investments V received 221,352 new shares after a cashless warrant exercise.

What was the exercise price of the CRVS warrants?

The warrants were exercised at $3.50 per share.

How many CRVS shares does the insider own after the transaction?

Indirect beneficial ownership stands at 7,165,006 common shares.

Were any CRVS shares sold on the open market?

No. The 1,176,332 shares marked as disposition were withheld by the issuer to fund the cashless exercise.

When did the exercised warrants expire?

The warrants had an expiration date of 06/30/2025.