Corvus Pharmaceuticals Announces Proposed Public Offering of Common Stock and Pre-Funded Warrants

Corvus Pharmaceuticals (Nasdaq: CRVS) commenced an underwritten public offering of $150,000,000 of common stock and pre-funded warrants on January 20, 2026, with a 30-day underwriter option to purchase up to an additional $22,500,000 of common stock.

Rhea-AI Summary

Corvus Pharmaceuticals (Nasdaq: CRVS) commenced an underwritten public offering of $150,000,000 of common stock and pre-funded warrants on January 20, 2026, with a 30-day underwriter option to purchase up to an additional $22,500,000 of common stock. Net proceeds are expected to be used for working capital and general corporate purposes, including capital expenditures and research and development for its Phase 3 T cell lymphoma program and Phase 2 trials in atopic dermatitis, hidradenitis suppurativa and asthma. Jefferies and Goldman Sachs are lead managers. The offering is subject to market conditions and will be made by prospectus supplement under an S-3 shelf declared effective August 15, 2024.

Positive

• Raises up to $172.5M including underwriter option
• Proceeds earmarked for Phase 3 T cell lymphoma trial

Negative

• Potential shareholder dilution from new shares and warrants
• Offering completion uncertain due to market and other conditions

Argus Jan 21 session

+3.46% close to close Open Argus

Details

News Market Reaction – CRVS

On Jan 21, the first trading day after this news, CRVS closed 3.46% above the previous close.

Data tracked by StockTitan Argus for the Jan 21 session.

Key Figures

Base offering size: $150,000,000 Underwriters’ option: $22,500,000 Underwriters’ option period: 30 days +5 more

Base offering size

$150,000,000

Underwritten public offering of common stock and pre-funded warrants

Underwriters’ option

$22,500,000

30-day option for additional common stock at offering price

Underwriters’ option period

30 days

Duration of underwriters’ option to purchase additional shares

Phase 3 trial

Phase 3

T cell lymphoma clinical trial to be funded with proceeds

Phase 2 trials

Phase 2

Atopic dermatitis, hidradenitis suppurativa and asthma trials

Pre-news price change

12.75%

24h price change before offering announcement

52-week range

$2.54–$9.60

52-week low and high prior to the offering news

Market capitalization

$601,189,070

Market cap prior to the offering announcement

Historical Context

5 past events · Latest: Jan 05

5 events

1. Jan 05

   Clinical timing update

   24h Move

   -7.2%

   Confirmed timing for cohort 4 Phase 1 atopic dermatitis data release.

2. Dec 08

   Clinical data update

   24h Move

   -2.8%

   Final Phase 1/1b soquelitinib T cell lymphoma data presented at ASH.

3. Nov 04

   Earnings and pipeline

   24h Move

   -0.5%

   Q3 2025 financials and pipeline update, including higher R&D expense.

4. Nov 03

   Conference presentation

   24h Move

   -4.5%

   Announcement of upcoming ASH oral presentation for Phase 1/1b data.

5. Oct 31

   Conference appearance

   24h Move

   +3.6%

   Planned presentation and investor meetings at Guggenheim healthcare conference.

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, pre-funded warrants, shelf registration statement, form s-3, +2 more

6 terms

underwritten public offering financial

"it has commenced an underwritten public offering of $150,000,000 of 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

"and, in lieu of common stock to certain investors, pre-funded warrants to purchase"

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.

shelf registration statement regulatory

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

A shelf registration statement is a document a company files with regulators that allows it to sell shares or bonds quickly when it’s a good time to raise money. It’s like having a pre-approved plan ready so the company can act fast without going through lengthy paperwork each time they want to sell, making fundraising more flexible.

form s-3 regulatory

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

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 will be 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.

registration statement regulatory

"accompanying prospectus forming a part of the effective registration statement."

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.

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

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SOUTH SAN FRANCISCO, Calif., Jan. 20, 2026 (GLOBE NEWSWIRE) -- Corvus Pharmaceuticals, Inc. (Nasdaq: CRVS), a clinical-stage biopharmaceutical company, today announced that it has commenced an underwritten public offering of $150,000,000 of shares of its common stock and, in lieu of common stock to certain investors, pre-funded warrants to purchase shares of its common stock. All of the shares of common stock and pre-funded warrants to be sold in the offering will be offered by Corvus. In addition, Corvus expects to grant the underwriters of the offering a 30-day option to purchase up to an additional $22,500,000 of shares of common stock at the public offering price less underwriting discounts and commissions. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

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 are acting as lead book-running managers for the offering. Mizuho is acting as bookrunner for the offering. Ladenburg Thalmann is acting as co-manager for the offering.

A shelf registration statement on Form S-3 (File No. 333-281318) relating to the securities to be sold in this offering was declared effective by the Securities and Exchange Commission (“SEC”) on August 15, 2024. The offering of these securities will be made only by means of a prospectus supplement and accompanying prospectus forming a part of the effective registration statement. A preliminary prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC on January 20, 2026 and will be available on the SEC’s website at www.sec.gov. A copy of the preliminary 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 completion, timing, size and use of proceeds of the proposed public 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 size and expected gross proceeds from the offering, completion and timing of the public offering, the anticipated use of proceeds from the offering and the expectation to grant the underwriters a 30-day option to purchase additional shares. 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.

What is the size of Corvus Pharmaceuticals' (CRVS) January 20, 2026 offering?

The offering is for $150,000,000 of common stock and pre-funded warrants, plus a $22,500,000 30-day underwriter option.

How does the CRVS offering plan to use net proceeds?

Corvus expects to use net proceeds for working capital, capital expenditures and R&D, including its Phase 3 T cell lymphoma and multiple Phase 2 trials.

Who are the lead managers for the CRVS public offering?

Jefferies and Goldman Sachs & Co. LLC are acting as lead book-running managers; Mizuho is bookrunner and Ladenburg Thalmann is co-manager.

Is the Corvus (CRVS) offering finalized and guaranteed?

No; the offering is subject to market and other conditions, so completion, size, and terms are not assured.

Where can investors find the CRVS prospectus supplement filed January 20, 2026?

The preliminary prospectus supplement will be filed with the SEC and available on www.sec.gov and from the lead managers' prospectus departments.