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Here's Why We're Not At All Concerned With Corvus Pharmaceuticals' (NASDAQ:CRVS) Cash Burn Situation

Here's Why We're Not At All Concerned With Corvus Pharmaceuticals' (NASDAQ:CRVS) Cash Burn Situation

我們一點也不擔心Corvus Pharmaceuticals(納斯達克:CRVS)的現金消耗情況,原因如下
Simply Wall St ·  12/22 22:56

We can readily understand why investors are attracted to unprofitable companies. By way of example, Corvus Pharmaceuticals (NASDAQ:CRVS) has seen its share price rise 194% over the last year, delighting many shareholders. Nonetheless, only a fool would ignore the risk that a loss making company burns through its cash too quickly.

我們可以很容易理解爲什麼投資者會被無盈利的公司吸引。例如,Corvus Pharmaceuticals(納斯達克:CRVS)的股價在過去一年中上漲了194%,讓許多股東感到高興。然而,愚蠢的人才會忽視無盈利公司迅速燒錢的風險。

So notwithstanding the buoyant share price, we think it's well worth asking whether Corvus Pharmaceuticals' cash burn is too risky. For the purpose of this article, we'll define cash burn as the amount of cash the company is spending each year to fund its growth (also called its negative free cash flow). We'll start by comparing its cash burn with its cash reserves in order to calculate its cash runway.

因此,儘管股價上漲,我們認爲詢問Corvus Pharmaceuticals的現金消耗是否過於冒險是非常值得的。爲了本文的目的,我們將現金消耗定義爲公司每年用來資助其增長的現金支出(也稱爲負自由現金流)。我們將首先比較它的現金消耗與現金儲備,以便計算其現金滑行時間。

How Long Is Corvus Pharmaceuticals' Cash Runway?

Corvus Pharmaceuticals的現金滑行時間有多長?

A cash runway is defined as the length of time it would take a company to run out of money if it kept spending at its current rate of cash burn. In September 2024, Corvus Pharmaceuticals had US$42m in cash, and was debt-free. Importantly, its cash burn was US$22m over the trailing twelve months. So it had a cash runway of approximately 23 months from September 2024. Importantly, though, analysts think that Corvus Pharmaceuticals will reach cashflow breakeven before then. In that case, it may never reach the end of its cash runway. Depicted below, you can see how its cash holdings have changed over time.

現金滑行時間被定義爲如果公司繼續以當前現金消耗速度支出,則耗盡資金所需的時間。在2024年9月,Corvus Pharmaceuticals擁有4200萬美元的現金,且無債務。重要的是,它在過去12個月內的現金消耗爲2200萬美元。因此,從2024年9月開始,它的現金滑行時間約爲23個月。重要的是,分析師認爲Corvus Pharmaceuticals會在那之前實現現金流收支平衡。在這種情況下,它可能永遠不會達到現金滑行的盡頭。下圖顯示了其現金持有量隨時間的變化。

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NasdaqGM:CRVS Debt to Equity History December 22nd 2024
納斯達克GM:CRVS 股東權益歷史 2024年12月22日

How Is Corvus Pharmaceuticals' Cash Burn Changing Over Time?

Corvus Pharmaceuticals的現金消耗是如何隨時間變化的?

Because Corvus Pharmaceuticals isn't currently generating revenue, we consider it an early-stage business. So while we can't look to sales to understand growth, we can look at how the cash burn is changing to understand how expenditure is trending over time. With cash burn dropping by 16% it seems management feel the company is spending enough to advance its business plans at an appropriate pace. While the past is always worth studying, it is the future that matters most of all. So you might want to take a peek at how much the company is expected to grow in the next few years.

由於Corvus Pharmaceuticals目前沒有產生營業收入,我們將其視爲一個早期階段的業務。因此,雖然我們無法通過銷售來理解增長,但我們可以觀察現金消耗如何變化,以理解支出的趨勢。隨着現金消耗下降16%,管理層似乎認爲公司正在以適當的速度推進其業務計劃。雖然研究過去總是值得,但未來才是最重要的。因此,您可能想看看公司在未來幾年的預期增長。

Can Corvus Pharmaceuticals Raise More Cash Easily?

Corvus Pharmaceuticals 能否更輕鬆地籌集更多資金?

While Corvus Pharmaceuticals is showing a solid reduction in its cash burn, it's still worth considering how easily it could raise more cash, even just to fuel faster growth. Issuing new shares, or taking on debt, are the most common ways for a listed company to raise more money for its business. Commonly, a business will sell new shares in itself to raise cash and drive growth. By looking at a company's cash burn relative to its market capitalisation, we gain insight on how much shareholders would be diluted if the company needed to raise enough cash to cover another year's cash burn.

雖然 Corvus Pharmaceuticals 的現金消耗明顯減少,但仍值得考慮它能多容易地籌集更多現金,甚至只是爲了促進更快的增長。發行新股或借款是上市公司爲其業務籌集更多資金的最常見方式。通常,企業會出售新的股份以籌集現金並推動增長。通過查看公司的現金消耗相對於其市值,我們可以洞察如果公司需要籌集足夠的資金以覆蓋再一年現金消耗,股東將被稀釋多少。

Corvus Pharmaceuticals has a market capitalisation of US$321m and burnt through US$22m last year, which is 6.9% of the company's market value. Given that is a rather small percentage, it would probably be really easy for the company to fund another year's growth by issuing some new shares to investors, or even by taking out a loan.

Corvus Pharmaceuticals 的市值爲 32100萬美元,去年消耗了 2200萬美元,這佔公司市值的 6.9%。考慮到這是一個相對較小的比例,公司通過向投資者發行一些新股,甚至是通過貸款來資助再一年的增長可能都是非常容易的。

How Risky Is Corvus Pharmaceuticals' Cash Burn Situation?

Corvus Pharmaceuticals 的現金消耗情況有多風險?

It may already be apparent to you that we're relatively comfortable with the way Corvus Pharmaceuticals is burning through its cash. In particular, we think its cash burn relative to its market cap stands out as evidence that the company is well on top of its spending. On this analysis its cash burn reduction was its weakest feature, but we are not concerned about it. It's clearly very positive to see that analysts are forecasting the company will break even fairly soon. After considering a range of factors in this article, we're pretty relaxed about its cash burn, since the company seems to be in a good position to continue to fund its growth. Separately, we looked at different risks affecting the company and spotted 4 warning signs for Corvus Pharmaceuticals (of which 1 is significant!) you should know about.

您可能已經明顯察覺到,我們對於 Corvus Pharmaceuticals 的現金消耗情況相對感到舒適。特別是,我們認爲其現金消耗相對於市值的比例突顯出公司對其支出的良好控制。在這項分析中,它的現金消耗減少是其最薄弱的特徵,但我們對此並不擔心。很明顯,看到分析師預測公司將很快實現盈虧平衡是非常積極的。在考慮了本文中的一系列因素後,我們對其現金消耗感到相對輕鬆,因爲公司似乎有良好位置繼續資助其增長。此外,我們查看了影響公司的不同風險,並找到了 4 個 Corvus Pharmaceuticals 的警告信號(其中 1 個很重要!),您應該知道。

Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of companies with significant insider holdings, and this list of stocks growth stocks (according to analyst forecasts)

當然,你可能通過其他地方找到一個絕佳的投資機會。所以看一眼這個免費列表,裏面有持有大量內部股份的公司,以及這個根據分析師預測的成長型股票列表。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

對本文有反饋?對內容有疑慮?請直接與我們聯繫。或者,發送電子郵件至 editorial-team (at) simplywallst.com。
這篇來自Simply Wall ST的文章是一般性的。我們根據歷史數據和分析師預測提供評論,採用無偏見的方法,我們的文章並不旨在提供財務建議。它不構成對任何股票的買入或賣出建議,也未考慮到您的目標或財務狀況。我們旨在爲您提供以基本數據驅動的長期分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall ST在提到的任何股票中均沒有持倉。

譯文內容由第三人軟體翻譯。


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