Corvus Pharmaceuticals Announces Pricing of Upsized Public Offering of Common Stock

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.

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

Argus Jan 22 session

+15.21% close to close Open Argus

Details

News Market Reaction – CRVS

In the Jan 22 session, CRVS gained 15.21%, reflecting a significant positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock surged +15.2% in the session following this news. A strong positive reaction aligns with r...

Analysis

The stock surged +15.2% in the session following this news. A strong positive reaction aligns with recent enthusiasm around Corvus’s clinical data and financing capacity. The upsized offering of 7,900,677 shares at $22.15, plus an underwriter option for 1,185,101 shares, added potential dilution but also expanded gross proceeds to about $175.0 million. Past news showed large moves around clinical milestones, so investors should consider how quickly financing-driven momentum can fade once capital-raising completes.

Key Figures

Offering size: 7,900,677 shares Offering price: $22.15 per share Gross proceeds: $175.0 million +5 more

Offering size

7,900,677 shares

Upsized underwritten public offering of common stock

Offering price

$22.15 per share

Price to the public for the offering

Gross proceeds

$175.0 million

Expected gross proceeds before fees and expenses

Underwriter option shares

1,185,101 shares

Additional shares available via 30-day underwriter option

Underwriter option period

30 days

Duration of option to purchase additional shares

Expected closing date

January 23, 2026

Anticipated closing of the public offering

Stock price

$22.15

Price at time of offering announcement

20-day average volume

6,273,151 shares

Pre-news average trading volume

Historical Context

5 past events · Latest: Jan 20

5 events

1. Jan 20

   Equity offering launch

   24h Move

   +166.0%

   Announced $150M common stock and pre-funded warrant offering.

2. Jan 20

   Clinical data update

   24h Move

   +166.0%

   Reported positive Phase 1 cohort 4 soquelitinib data in atopic dermatitis.

3. Jan 16

   Data timing announcement

   24h Move

   +166.0%

   Set date and call details for Phase 1 cohort 4 results.

4. Jan 05

   Data timing update

   24h Move

   -7.2%

   Confirmed January timing for cohort 4 data and canceled conferences.

5. Dec 08

   Clinical data presentation

   24h Move

   -2.8%

   Presented final Phase 1/1b T cell lymphoma data for soquelitinib.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

underwritten public offering, registration statement, rule 462(b), prospectus supplement

4 terms

underwritten public offering financial

"announced the pricing of an upsized underwritten public offering of 7,900,677 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.

registration statement regulatory

"a related registration statement that was filed with the SEC on January 21, 2026"

A registration statement is a formal document that companies file with a government agency to offer new shares of stock to the public. It provides essential information about the company's finances, operations, and risks, helping investors make informed decisions. Think of it as a detailed product description that ensures transparency and trust before buying into a company.

rule 462(b) regulatory

"filed with the SEC on January 21, 2026 pursuant to Rule 462(b) under the Securities Act"

Rule 462(b) is an SEC provision that lets an issuer add more securities of the same class to an already-effective registration statement by filing a short post-effective amendment that becomes effective on filing, so the additional securities are immediately registered without redoing the full approval process. For investors this matters because it lets companies and underwriters expand an offering quickly—like adding extra seats to a sold-out show—changing supply and potential dilution that can affect the stock price.

prospectus supplement regulatory

"only by means of a prospectus supplement and accompanying prospectus forming a part"

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.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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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 $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 $175.0 million. All of the shares of common stock are being offered by Corvus. In addition, Corvus has granted the underwriters of the offering a 30-day option to purchase up to an additional 1,185,101 shares of common stock at the public offering price, less underwriting discounts and commissions.

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

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many shares did Corvus (CRVS) price in the January 22, 2026 offering?

Corvus priced 7,900,677 shares at $22.15 per share.

What gross proceeds will Corvus (CRVS) raise from the upsized offering?

The offering is expected to generate approximately $175.0 million in gross proceeds before fees.

Will the Corvus (CRVS) offering include an overallotment option and how large is it?

Yes. Underwriters have a 30‑day option to buy up to 1,185,101 additional shares at the offering price less discounts.

How does Corvus (CRVS) plan to use the net proceeds from the offering?

Net proceeds are expected for working capital and general corporate purposes, including funding its Phase 3 T‑cell lymphoma and multiple Phase 2 trials.

When is the Corvus (CRVS) offering expected to close?

The offering is expected to close on or about January 23, 2026, subject to customary closing conditions.