Corvus Pharmaceuticals closes $201 million stock offering

Corvus Pharmaceuticals Inc. (NASDAQ: CRVS) completed an upsized public offering of 9.09 million common shares at $22.15 per share, generating gross proceeds of approximately $201.2 million before fees and expenses, according to a company statement.

The clinical-stage biopharmaceutical company sold the shares through an underwritten offering that included the full exercise of underwriters' option to purchase an additional 1.19 million shares. All shares were offered by the company.

Corvus plans to use net proceeds for working capital and general corporate purposes, including capital expenditures, research and development for Phase 3 T cell lymphoma and Phase 2 atopic dermatitis, hidradenitis suppurativa and asthma clinical trials, plus sales, marketing and administrative expenses.

Jefferies and Goldman Sachs served as lead book-running managers for the offering, with Mizuho acting as bookrunner and Ladenburg Thalmann as co-manager.

The offering was conducted under a shelf registration statement on Form S-3 that the Securities and Exchange Commission declared effective on August 15, 2024, and a related registration statement filed January 21, 2026.

Corvus develops ITK inhibition treatments for immune diseases and cancer. The company's lead product candidate is soquelitinib, an oral small molecule drug being evaluated in a Phase 3 clinical trial for relapsed/refractory peripheral T-cell lymphoma and a Phase 1 trial for atopic dermatitis treatment.

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