CervoMed Inc. CRVO
We are a clinical-stage biotechnology company developing treatments for age-related brain disorders. Our lead drug candidate, neflamapimod, is an investigational, orally administered small-molecule drug that readily crosses the blood brain barrier and selectively inhibits the enzyme p38α, a key driver of neuroinflammation and synaptic dysfunction. By targeting the critical disease processes underlying degenerative disorders of the brain, neflamapimod has the potential to reverse synaptic dysfunction, improve neuron health, and slow or prevent disease progression. Neflamapimod is currently in clinical development for the treatment of DLB, our lead indication, as well as nfvPPA, RAS, and ALS.
Our novel approach focuses on reducing the impact of neuroinflammation, which we believe is a key factor in the manifestation of degenerative diseases of the brain. Chronic activation of p38α in the brains of people with certain neurodegenerative diseases is believed to impair how neurons communicate through synapses. This synaptic dysfunction leads to deterioration of cognitive and motor abilities. Left untreated, synaptic dysfunction can result in irreversible neuronal loss that leads to devastating disabilities, significant reliance on a caretaker, long term care living, and, ultimately, death. However, before neuronal loss commences, disease progression in many major neurodegenerative disorders, including DLB, initially involves a protracted period of reversible functional loss, particularly with respect to the synapses. We believe that inhibiting p38α activity in the brain has the potential to reverse the clinical progression observed in the early stages of certain neurodegenerative diseases, as well as slow further progression by delaying permanent synaptic dysfunction and neuron death, by interfering with key pathogenic drivers of disease.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.0M | $9.7M | $7.1M | $0 | — | — | — | — | — | — |
| R&D | $21.8M | $18.8M | $8.4M | $1.3M | $8.5M | $9.4M | $6.6M | $5.8M | $5.1M | $7.3M |
| SG&A | $10.5M | $9.2M | $6.5M | $2.1M | $7.4M | $6.4M | $4.8M | $6.2M | $6.2M | $11.1M |
| Total operating expenses | $32.3M | $28.0M | $15.0M | $3.5M | — | — | — | — | — | — |
| Operating income | -$28.3M | -$18.2M | -$7.8M | -$3.5M | -$24.7M | -$16.0M | -$11.6M | -$19.0M | -$11.3M | -$18.4M |
| Interest expense | — | — | $0 | $587 | — | — | — | $3.0K | $100.0K | $37.0K |
| Pre-tax income | -$27.0M | — | — | -$15.6M | -$24.5M | -$15.9M | -$11.5M | -$18.8M | -$2.4M | -$18.4M |
| Income tax | $0 | — | — | $0 | $443.9K | $1.7M | $332.9K | $437.3K | $1.1M | $364.8K |
| Net income | -$27.0M | -$16.3M | -$2.2M | -$5.8M | -$24.1M | -$14.2M | -$11.8M | -$18.4M | -$1.4M | -$18.0M |
| EPS, basic | -2.98 | -2.02 | -0.82 | -11.20 | -12.38 | -0.30 | -1.76 | -8.21 | -3.16 | -1.76 |
| EPS, diluted | — | — | — | 2,038,891.00 | 1,946,859.00 | 53,831,973.00 | 6,706,509.00 | 3,242,301.00 | -29.11 | -1.76 |
| Shares, diluted (wtd. avg.) | 9.0M | 8.1M | 2.7M | 518,140 | — | — | — | 3.2M | 848,090 | 10.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $8.2M | $9.0M | $7.8M | $4.1M | $6.7M | $18.5M | $14.2M | $8.0M | $8.9M | $1.6M |
| Short-term investments | $12.6M | $29.9M | $0 | $12.4M | $0 | — | — | — | — | — |
| Total current assets | $22.9M | $43.1M | $10.0M | $4.2M | $37.8M | $18.8M | $14.6M | $8.9M | $9.7M | $1.6M |
| Property, plant and equipment | — | — | — | — | $0 | $149.2K | $252.4K | $350.3K | $460.7K | $79.8K |
| Goodwill | — | — | — | — | — | — | — | $0 | $6.9M | $6.9M |
| Other intangibles | — | — | — | — | — | — | — | — | — | $8.6M |
| Total assets | $22.9M | $43.1M | $10.0M | $4.2M | $37.8M | $27.7M | $24.1M | $18.2M | $26.1M | $17.5M |
| Accounts payable | $1.5M | $1.5M | $662.5K | $97.3K | $947.5K | $545.8K | $1.3M | $198.8K | $512.0K | $1.7M |
| Total current liabilities | $4.7M | $3.9M | — | — | $2.9M | $2.4M | $1.7M | $804.0K | $2.7M | $4.4M |
| Total liabilities | $4.7M | $3.9M | $2.6M | $13.2M | $2.9M | $2.9M | $4.0M | $2.6M | $4.9M | $8.3M |
| Retained earnings | -$97.7M | -$70.7M | -$54.4M | -$52.3M | -$130.0M | -$105.9M | -$91.7M | -$79.9M | -$61.6M | -$60.2M |
| Total equity | $18.2M | $39.2M | $7.4M | -$33.3M | -$27.9M | $24.8M | $20.1M | $15.6M | $21.2M | $9.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$23.4M | -$16.5M | -$7.4M | -$2.6M | -$14.5M | -$13.6M | -$9.9M | -$10.8M | -$12.3M | -$10.8M |
| Depreciation and amortisation | — | — | — | $0 | $93.4K | $103.2K | $97.9K | $110.4K | $68.0K | $25.3K |
| Stock-based compensation | $1.4M | $1.4M | $407.6K | $333.8K | $897.3K | $736.1K | $515.8K | $1.2M | $1.2M | $1.4M |
| Capital expenditure | — | — | — | — | — | — | — | — | $447.8K | $2.3K |
| Investing cash flow | $18.1M | -$28.7M | $0 | -$12.2M | $4.0K | $0 | — | — | -$447.8K | $8.5M |
| Financing cash flow | $4.6M | $46.4M | $11.1M | $0 | $33.3M | $17.9M | $16.0M | $9.9M | $20.1M | $1.8M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-26-014032.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | $0 | $7.1M | $9.7M | $4.0M |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | -$18.0M | -$1.4M | -$18.4M | -$11.8M | -$14.2M | -$24.1M | -$5.8M | -$2.2M | -$16.3M | -$27.0M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Regulation FD disclosure Item 7.01
- Other event Item 8.01
- Regulation FD disclosure Item 7.01
- Other event Item 8.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Regulation FD disclosure Item 7.01
- Other event Item 8.01
- Other event Item 8.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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