Corvus Pharmaceuticals Announces Closing of Upsized Public Offering of Common Stock and Full Exercise of the Underwriters’ Option to Purchase Additional Shares, Generating Gross Proceeds of Approximately $201M

Rhea-AI Summary

Corvus Pharmaceuticals (Nasdaq: CRVS) closed an upsized underwritten public offering of 9,085,778 common shares, including full exercise of the underwriters’ option for 1,185,101 additional shares, at $22.15 per share. Gross proceeds are expected to be approximately $201.2 million before underwriting discounts and offering expenses. The company intends to use net proceeds for working capital and general corporate purposes, including Phase 3 T‑cell lymphoma and Phase 2 trials in atopic dermatitis, hidradenitis suppurativa and asthma.

Positive

• Gross proceeds of approximately $201.2M
• Full exercise of underwriters’ option for 1,185,101 shares
• Proceeds intended to fund Phase 3 T‑cell lymphoma trial
• Proceeds intended to fund multiple Phase 2 trials

Negative

• Issued 9,085,778 new shares may dilute existing shareholders
• Net proceeds will be reduced by underwriting discounts and expenses

News Market Reaction – CRVS

-8.33%

10 alerts

-8.33% News Effect

-$183M Valuation Impact

$2.01B Market Cap

0.1x Rel. Volume

On the day this news was published, CRVS declined 8.33%, reflecting a notable negative market reaction. Our momentum scanner triggered 10 alerts that day, indicating notable trading interest and price volatility. This price movement removed approximately $183M from the company's valuation, bringing the market cap to $2.01B at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Shares offered: 9,085,778 shares Underwriters’ option: 1,185,101 shares Offering price: $22.15 per share +5 more

8 metrics

Shares offered 9,085,778 shares Total common shares in upsized underwritten public offering including option

Underwriters’ option 1,185,101 shares Additional shares from full exercise of underwriters’ option

Offering price $22.15 per share Public offering price for common stock in this deal

Gross proceeds $201.2 million Expected gross proceeds from offering including option shares

Net proceeds (option) $188.3 million Expected net proceeds if underwriters’ option fully exercised

Prior proposed raise $150,000,000 Size of proposed common stock and pre-funded warrant offering on Jan 20, 2026

Additional option size $22,500,000 Underwriters’ additional common stock option in proposed offering

Preliminary cash balance $56.7 million Cash, cash equivalents and marketable securities as of Dec 31, 2025

Market Reality Check

Price: $16.01 Vol: Volume 5,188,148 is 0.76x...

normal vol

$16.01 Last Close

Volume Volume 5,188,148 is 0.76x the 20-day average of 6,837,167, suggesting no volume spike on the offering close. normal

Technical Shares trade well above the 200-day MA, with price at 25.093 versus MA 5.96.

Peers on Argus

CRVS gained 15.21% while key biotech peers were mixed: PRTA -2.91%, ALMS -6.49%,...

CRVS gained 15.21% while key biotech peers were mixed: PRTA -2.91%, ALMS -6.49%, ATXS +0.8%, ITOS +0.1%, REPL -1.41%, pointing to a stock-specific reaction to the offering close.

Previous Offering Reports

2 past events · Latest: Jan 21 (Neutral)

Same Type Pattern 2 events

Date	Event	Sentiment	Move	Catalyst
Jan 21	Upsized offering pricing	Neutral	+3.5%	Priced upsized underwritten offering with option for additional shares.
Jan 20	Proposed equity offering	Neutral	+166.0%	Announced proposed common stock and pre-funded warrant offering.

Pattern Detected

Recent offering-related announcements have coincided with strong positive moves of 165.96% and 3.46%, indicating that capital-raising news has been received constructively.

Recent Company History

Over January 2026, Corvus moved from proposing an equity raise to pricing and then closing an upsized underwritten offering. The Jan 20 proposed offering and Jan 21 pricing both triggered sizable gains of 165.96% and 3.46%. Today’s closing announcement confirms execution and full exercise of the underwriters’ option, building on this financing sequence to support planned Phase 3 T cell lymphoma and multiple Phase 2 dermatology and asthma trials.

Historical Comparison

+84.7% avg move · Over two recent offering announcements, average 24h move was 84.71%. Today’s 15.21% gain on the clos...

offering

+84.7%

Average Historical Move offering

Over two recent offering announcements, average 24h move was 84.71%. Today’s 15.21% gain on the closing and full option exercise is directionally consistent but smaller in magnitude.

The company progressed from proposing an equity raise to pricing an upsized deal and now closing it with full underwriter option exercise, securing funding for its late-stage and Phase 2 programs.

Market Pulse Summary

The stock moved -8.3% in the session following this news. A negative reaction despite completion of ...

Analysis

The stock moved -8.3% in the session following this news. A negative reaction despite completion of the upsized offering would contrast with earlier offering-related gains of 165.96% and 3.46%. The transaction brings gross proceeds of about $201.2 million and expected net proceeds of $188.3 million, on top of a prior cash balance of $56.7 million, earmarked for Phase 3 T cell lymphoma and multiple Phase 2 programs. Any sustained weakness would need to be weighed against the strengthened funding profile and past market responses to similar financings.

Key Terms

underwritten public offering, pre-funded warrants, form s-3, prospectus supplement, +4 more

8 terms

underwritten public offering financial

"announced the closing of an upsized underwritten public offering of 9,085,778 shares"

An underwritten public offering is when a company sells new shares of its stock to the public with the help of a financial firm, called an underwriter. The underwriter agrees to buy all the shares upfront, reducing the company's risk, and then sells them to investors. This process helps companies raise money quickly and confidently from a wide range of buyers.

pre-funded warrants financial

"proposed public offering of common stock and pre-funded warrants"

Pre-funded warrants are financial instruments that give investors the right to purchase a company's stock at a set price, but with most or all of the purchase price paid upfront. They function like a coupon or gift card for stock, allowing investors to buy shares later at a fixed price, which can be beneficial if they want to avoid future price increases. This makes them important for investors seeking flexibility and certainty in their investment plans.

form s-3 regulatory

"A shelf registration statement on Form S-3 (File No. 333-281318)"

Form S-3 is a legal document companies use to register their stock sales with the government, making it easier and faster for them to raise money by selling shares to investors. It’s like having a pre-approved shopping list that lets a company quickly sell new shares when they need funds, without going through a lengthy approval process each time.

prospectus supplement regulatory

"The offering of these securities was made only by means of a prospectus supplement"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

phase 3 medical

"including for its Phase 3 T cell lymphoma, and Phase 2 atopic dermatitis"

Phase 3 is the late-stage clinical testing step for a new drug or medical treatment, where the product is given to large groups of patients to confirm effectiveness, monitor side effects, and compare it to standard care. Successful Phase 3 results are often the final scientific hurdle before regulators decide on approval and market launch—like passing a final exam before graduation—and can sharply change a company's valuation and future revenue prospects.

phase 2 medical

"Phase 3 T cell lymphoma, and Phase 2 atopic dermatitis, hidradenitis"

Phase 2 is the mid-stage clinical trial where a new drug or treatment is tested in a larger group of patients to see if it works and to keep checking safety after initial human testing. Think of it as a field test that proves whether a product actually delivers its promised benefit. Investors watch Phase 2 closely because its results strongly influence a medicine’s chances of reaching the market, the size of its potential sales, and the company’s valuation.

at-the-market program financial

"suspended its $100 million at‑the‑market program with Jefferies"

An at-the-market program is a way for a company to sell new shares of its stock gradually over time directly into the stock market, rather than all at once. This approach allows the company to raise money as needed while giving investors the opportunity to buy shares at current market prices. It helps manage the timing and price of new stock offerings, providing flexibility for both the company and investors.

going concern financial

"disclosed substantial doubt about its ability to continue as a going concern"

A going concern is a business that is expected to continue its operations and meet its obligations for the foreseeable future, rather than shutting down or selling off assets. This assumption matters to investors because it indicates stability and ongoing profitability, making the business a more reliable investment. Think of it as believing a restaurant will stay open and serve customers, rather than closing down suddenly.

AI-generated analysis. Not financial advice.

SOUTH SAN FRANCISCO, Calif., Jan. 23, 2026 (GLOBE NEWSWIRE) -- Corvus Pharmaceuticals, Inc. (Nasdaq: CRVS), a clinical-stage biopharmaceutical company, today announced the closing of an upsized underwritten public offering of 9,085,778 shares of its common stock, which includes the full exercise of the underwriters’ option to purchase 1,185,101 additional shares, at a price to the public of $22.15 per share. Gross proceeds from the underwritten public offering before deducting underwriting discounts and commissions and estimated offering expenses are expected to be approximately $201.2 million, including proceeds from the full exercise of the underwriters’ option to purchase additional shares. All of the shares of common stock were offered by Corvus.

Corvus currently expects to use the net proceeds from this offering for working capital and general corporate purposes, which may include capital expenditures and research and development, including for its Phase 3 T cell lymphoma, and Phase 2 atopic dermatitis, hidradenitis suppurativa and asthma clinical trials, sales and marketing and administrative expenses.

Jefferies and Goldman Sachs & Co. LLC acted as lead book-running managers for the offering. Mizuho acted as bookrunner for the offering. Ladenburg Thalmann acted as co-manager for the offering.

A shelf registration statement on Form S-3 (File No. 333-281318) relating to the securities sold in this offering was declared effective by the Securities and Exchange Commission (“SEC”) on August 15, 2024 and a related registration statement that was filed with the SEC on January 21, 2026 pursuant to Rule 462(b) under the Securities Act of 1933 (and became automatically effective upon filing). The offering of these securities was made only by means of a prospectus supplement and accompanying prospectus forming a part of the effective registration statements. A final prospectus supplement and accompanying prospectus relating to the offering have been filed with the SEC and is available on the SEC’s website at www.sec.gov. A copy of the final prospectus supplement and accompanying prospectus relating to the offering may be obtained from: Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, New York 10022, by telephone at 1-877-821-7388, or by email at prospectus_department@jefferies.com; and Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, by telephone at 1-866-471-2526, or by email at prospectus-ny@ny.email.gs.com.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any offer or sale of, these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification of these securities under the securities laws of any such state or jurisdiction.

About Corvus Pharmaceuticals
Corvus Pharmaceuticals is a clinical-stage biopharmaceutical company pioneering the development of ITK inhibition as a new approach to immunotherapy for a broad range of immune diseases and cancer. The Company’s lead product candidate is soquelitinib, an investigational, oral, small molecule drug that selectively inhibits ITK. Soquelitinib is being evaluated in a registration Phase 3 clinical trial for relapsed/refractory PTCL and in a Phase 1 clinical trial for the treatment of atopic dermatitis. Its other clinical-stage candidates are being developed for a variety of cancer indications.

Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements, including statements related to the anticipated use of proceeds from the offering. Such forward-looking statements involve risks and uncertainties, many of which involve factors or circumstances that are beyond the Company’s control, including, without limitation, those related to market conditions. All statements other than statements of historical fact contained in this press release are forward-looking statements. These statements often include words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “seek,” “will,” “may” or similar expressions. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee that the events and circumstances reflected in the forward-looking statements will be achieved or occur, and the timing of events and circumstances and actual results could differ materially from those stated, implied or projected in the forward-looking statements due to a number of factors, including but not limited to, risks detailed in the Company’s most recent filings with the Securities and Exchange Commission, including the preliminary prospectus supplement filed with the SEC on January 20, 2026, including documents incorporated by reference therein, which includes the Company’s current and future reports filed with the SEC, including its Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, filed with the SEC on November 4, 2025. Accordingly, you should not place undue reliance on these forward-looking statements. All such statements speak only as of the date made, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Investor Contact:
Leiv Lea
Chief Financial Officer
Corvus Pharmaceuticals, Inc.
+1-650-900-4522
llea@corvuspharma.com

Media Contact:
Sheryl Seapy
Real Chemistry
+1-949-903-4750
sseapy@realchemistry.com

FAQ

How many shares did Corvus (CRVS) sell in the January 23, 2026 offering?

Corvus sold 9,085,778 common shares, including 1,185,101 shares from the underwriters’ option.

What were the offering price and total gross proceeds for CRVS on January 23, 2026?

The price was $22.15 per share and gross proceeds were approximately $201.2 million.

How will Corvus (CRVS) use the net proceeds from the $201.2M offering?

Corvus expects to use net proceeds for working capital, capital expenditures, and R&D including specified clinical trials.

Did the Corvus offering use an existing SEC registration to sell shares?

Yes; the offering relied on a Form S‑3 shelf registration declared effective August 15, 2024 and a Rule 462(b) filing on January 21, 2026.

Who managed the Corvus (CRVS) public offering completed January 23, 2026?

Jefferies and Goldman Sachs & Co. acted as lead book‑running managers; Mizuho was a bookrunner and Ladenburg Thalmann a co‑manager.