Corvus Pharmaceuticals Announces Pricing of Upsized Public Offering of Common Stock
Rhea-AI Summary
Corvus Pharmaceuticals (Nasdaq: CRVS) priced an upsized underwritten public offering of 7,900,677 shares at $22.15 per share, expected to generate approximately $175.0 million in gross proceeds before fees. The company granted underwriters a 30-day option to purchase up to an additional 1,185,101 shares at the public offering price less discounts.
Corvus said it expects to use net proceeds for working capital and general corporate purposes, including funding its Phase 3 T‑cell lymphoma trial and Phase 2 trials in atopic dermatitis, hidradenitis suppurativa and asthma. The offering is expected to close on or about January 23, 2026.
Positive
- Gross proceeds of approximately $175.0 million
- Proceeds allocated to Phase 3 T‑cell lymphoma and multiple Phase 2 trials
- Underwriters granted a 30‑day option for up to 1,185,101 additional shares
Negative
- All 7,900,677 shares offered by the company, causing shareholder dilution
- Offering subject to underwriting discounts and expenses, reducing net proceeds
- Close expected on or about January 23, 2026, subject to customary conditions
Key Figures
Market Reality Check
Peers on Argus
CRVS was up 3.46% with high volume while scanner data showed no sector-wide momentum. Key biotech peers like PRTA (+4.31%) and REPL (+3.57%) were also positive, but without enough synchronized moves to classify this as a sector rotation.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jan 20 | Equity offering launch | Negative | +166.0% | Announced $150M common stock and pre-funded warrant offering. |
| Jan 20 | Clinical data update | Positive | +166.0% | Reported positive Phase 1 cohort 4 soquelitinib data in atopic dermatitis. |
| Jan 16 | Data timing announcement | Neutral | +166.0% | Set date and call details for Phase 1 cohort 4 results. |
| Jan 05 | Data timing update | Neutral | -7.2% | Confirmed January timing for cohort 4 data and canceled conferences. |
| Dec 08 | Clinical data presentation | Positive | -2.8% | Presented final Phase 1/1b T cell lymphoma data for soquelitinib. |
Recent news has often driven large moves, with positive clinical updates and prior offering announcements showing strong but sometimes divergent price reactions.
Over the past few months, Corvus has advanced soquelitinib with positive Phase 1 data in atopic dermatitis and presented final Phase 1/1b results in T cell lymphoma, while outlining plans for a Phase 3 PTCL trial and a Phase 2 atopic dermatitis trial. Financing steps included a proposed $150,000,000 offering on Jan 20, 2026. Today’s upsized pricing follows that proposal, extending the recent sequence of capital-raising alongside clinical progress.
Market Pulse Summary
This announcement priced an upsized underwritten offering of 7,900,677 shares at $22.15 per share, targeting gross proceeds of about $175.0 million with an additional 1,185,101 shares available to underwriters. Proceeds are earmarked for working capital, corporate purposes, and ongoing Phase 3 and Phase 2 trials. In context of recent positive clinical updates and earlier offering plans, investors may focus on execution of trials, capital deployment efficiency, and any future financing steps.
Key Terms
underwritten public offering financial
registration statement regulatory
rule 462(b) regulatory
prospectus supplement regulatory
AI-generated analysis. Not financial advice.
SOUTH SAN FRANCISCO, Calif., Jan. 21, 2026 (GLOBE NEWSWIRE) -- Corvus Pharmaceuticals, Inc. (Nasdaq: CRVS), a clinical-stage biopharmaceutical company, today announced the pricing of an upsized underwritten public offering of 7,900,677 shares of its common stock at a price to the public of
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.
The offering is expected to close on or about January 23, 2026, subject to satisfaction of customary closing conditions.
Jefferies and Goldman Sachs & Co. LLC are acting as lead book-running managers for the offering. Mizuho is acting as bookrunner for the offering. Ladenburg Thalmann & Co. Inc. is acting as co-manager for the offering.
A shelf registration statement on Form S-3 (File No. 333-281318) relating to the securities being 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 is being made only by means of a prospectus supplement and accompanying prospectus forming a part of the effective registration statements. A preliminary prospectus supplement and accompanying prospectus relating to the offering have been filed with the SEC, and a final prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov. A copy of the final prospectus supplement and accompanying prospectus relating to the offering, when available, 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 expected gross proceeds from the offering, completion and timing of the public offering and 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 and the satisfaction of closing conditions related to the proposed public offering. 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) price in the January 22, 2026 offering?
What gross proceeds will Corvus (CRVS) raise from the upsized offering?
Will the Corvus (CRVS) offering include an overallotment option and how large is it?
How does Corvus (CRVS) plan to use the net proceeds from the offering?
When is the Corvus (CRVS) offering expected to close?
