Corvex, Inc. Liquidation Value
Cash & Equivalents
Key Metrics
Cash Liquidation Value
- Long-Term Debt: not reported in this period (annual-only)
Liquid Liquidation Value
- Long-Term Debt: not reported in this period (annual-only)
- Accounts Receivable: not reported
Operating Liquidation Value
- Long-Term Debt: not reported in this period (annual-only)
- Accounts Receivable: not reported
Build your own liquidation scenario
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Liquidation Ladder
| Metric | Total | Per Share |
|---|---|---|
| Cash Liquidation Value | $-6.75M | $-7.46 |
| Liquid Liquidation Value | $-6.75M | $-7.46 |
| Operating Liquidation Value | $-4.98M | $-5.51 |
Key Components (as of 2025-12-31)
| Cash & Equivalents | $2.83M |
| Accounts Receivable | N/A |
| Inventory | $1.77M |
| Current Liabilities | $8.81M |
| Long-term Debt (?) | N/A |
| Op. Lease Liability (?) | $267,000 |
| Finance Lease (?) | $502,000 |
| Shares Outstanding | 904,486 |
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Historical
| Period | Cash | AR | Inventory | AP | Curr Liab | LT Debt | Op Lease | Fin Lease |
|---|---|---|---|---|---|---|---|---|
| 2025-12-31 | $2.83M | N/A | $1.77M | $3.48M | $8.81M | N/A | $267,000 | $502,000 |
| 2025-09-30 | $2.00M | N/A | $2.47M | $2.87M | $6.93M | N/A | $329,000 | $3,000 |
| 2025-06-30 | $2.11M | N/A | $2.48M | $2.79M | $3.63M | N/A | $387,000 | $9,000 |
| 2025-03-31 | $4.36M | N/A | $2.26M | $2.52M | $4.07M | N/A | $445,000 | $14,000 |
| 2024-12-31 | $7.90M | N/A | $2.05M | $2.02M | $3.44M | N/A | $502,000 | $18,000 |
| 2024-09-30 | $11.27M | N/A | $2.03M | $1.90M | $4.23M | N/A | $557,000 | $22,000 |
| 2024-06-30 | $16.87M | N/A | $1.79M | $1.54M | $3.42M | N/A | $593,000 | $26,000 |
| 2024-03-31 | $2.15M | N/A | $1.06M | $3.98M | $6.57M | N/A | $2,000 | $31,000 |
SEC Filings
| Period | Form | Filed | Link |
|---|---|---|---|
| 2025-12-31 | 10-K/A | 2026-04-28 | View |
| 2025-12-31 | 10-K | 2026-03-31 | View |
| 2025-09-30 | 10-Q | 2025-11-14 | View |
| 2025-06-30 | 10-Q | 2025-09-24 | View |
| 2025-03-31 | 10-Q | 2025-09-24 | View |
| 2024-12-31 | 10-K | 2025-04-09 | View |
| 2024-09-30 | 10-Q | 2024-11-14 | View |
| 2024-06-30 | 10-Q | 2024-08-14 | View |
AI Insights
Corvex, Inc. (MOVE) is a pre-revenue-scale medical device/wearables company that completed a reverse merger with Corvex Legacy Holdings, Inc. (Corvex OpCo, an AI/GPU compute infrastructure entity) in March 2026, materially transforming the entity's business profile after the December 31, 2025 balance sheet date. The 10-K/A is a Part III amendment only; no financial statements are included in this filing. All balance sheet data derives from the original 10-K filed March 31, 2026.
Under a liquidation lens at December 31, 2025, equity recovery is deeply negative. Total assets of $5.6M face a liability stack of $9.1M at face value, yielding a reported stockholders' deficit of $(3.5M). Applying standard haircuts, recoverable asset value shrinks further: cash and money market funds of $2.8M recover at 100% (~$2.8M); inventory of $1.8M at 60% (~$1.1M); PP&E net of $0.1M at 50-70% (~$0.05-0.07M); ROU asset and other noncurrent assets (~$0.5M) likely recover near zero in wind-down. Total haircut asset value approximates $4.0-4.1M against $9.1M of face-value liabilities, implying a liquidation deficit to equity of roughly $(5.0M) to $(5.1M), consistent with MFFAIS's CLV/LLV of $(6.7M) and OLV of $(5.0M).
The liability stack is weighted current: $8.8M of $9.1M total liabilities are current, led by a $4.5M bridge loan (Evie Holdings, third amendment March 2026), $3.5M accounts payable, and $1.2M of other current liabilities including operating lease obligations. The bridge loan carries a $0.1M unamortized discount and generated $2.9M of debt discount amortization and $3.0M of total interest expense in 2025, reflecting distressed borrowing economics. The filing discloses a $6.1M royalty guarantee commitment not separately tagged in XBRL, which would represent an additional contingent liability in wind-down and is not reflected in the face-value liability stack above.
The $37.2M Corvex OpCo SAFE financing (Oct-Dec 2025) and $22M Series Seed Preferred Stock round (Nov 2024) occurred at the OpCo level pre-merger and converted to Company preferred stock (Series B, C, D) at the March 2026 close; these are not on the December 31, 2025 consolidated balance sheet. The post-period preferred stack (Series C: ~23,552 shares; Series D: ~30,227 shares) and associated conversion rights (contingent on stockholder approval) introduce significant dilutive and liquidation preference complexity not captured in the year-end balance sheet. The 10-K/A does not disclose liquidation preference amounts for the post-merger preferred series in the XBRL tag set, which is a material omission for recovery analysis. The Series A Preferred ($3.0M, issued Nov 2025, $1,000/share liquidation value, conversion at $5.50/share) is on the balance sheet and represents $3.0M in preferred claims senior to common equity.
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