Corvus Pharmaceuticals announced the closing of an upsized underwritten public offering totaling 9,085,778 shares of common stock, which included the full exercise of the underwriters’ option to purchase an additional 1,185,101 shares. Gross proceeds before deducting underwriting discounts, commissions and expenses are expected to be approximately $201.2 million. All shares were offered by the company under a shelf registration statement declared effective by the SEC on August 15, 2024, with a related Rule 462(b) registration filing on January 21, 2026.

Net proceeds from the offering are earmarked for working capital and general corporate purposes, including capital expenditures and research and development. Key R&D investments will support the company’s Phase 3 registration trial in relapsed/refractory peripheral T-cell lymphoma and four Phase 2 studies in atopic dermatitis, hidradenitis suppurativa and asthma. Additional funds will cover sales and marketing initiatives, administrative costs and potential expansion of ongoing immuno-oncology efforts.

Jefferies and Goldman Sachs & Co. LLC served as lead book-running managers, with Mizuho acting as bookrunner and Ladenburg Thalmann as co-manager. The offering was conducted via prospectus supplement and accompanying prospectus forming part of the previously effective S-3 registration statement (File No. 333-281318). Final prospectus documents have been filed with the SEC and are publicly available on its website.

Management stated that the transaction extends cash runway into the fourth quarter of 2026, covering planned clinical trials in atopic dermatitis, hidradenitis suppurativa and asthma, as well as the ongoing Phase 3 lymphoma study. The company noted that additional capital may be required to support future pipeline expansion and late-stage development milestones, underscoring a proactive approach to funding growth initiatives.