Corvus Pharmaceuticals has priced an upsized underwritten public offering of 7,900,677 shares of common stock at $22.15 per share, generating approximately $175.0 million in gross proceeds. The company also granted the underwriters a 30-day option to purchase up to an additional 1,185,101 shares at the same price less underwriting discounts and commissions. This marks the largest equity raise in Corvus’s history and follows the August 2024 SEC effectiveness of its shelf registration statement.

Net proceeds are earmarked for working capital and general corporate purposes, with a substantial allocation toward research and development. Corvus specifically identified funding support for its registration-stage Phase 3 trial in peripheral T-cell lymphoma and its Phase 2 studies in atopic dermatitis, hidradenitis suppurativa and asthma. A portion of the capital will also underwrite planned sales, marketing and administrative activities linked to potential product launches.

Jefferies and Goldman Sachs & Co. LLC are acting as lead book-running managers, with Mizuho as bookrunner and Ladenburg Thalmann & Co. Inc. as co-manager. The offering is conditional on customary closing requirements and is scheduled to close on or about January 23, 2026. Final prospectus supplements will be filed with the SEC and made available via the underwriters upon completion.

With this financing, Corvus strengthens its balance sheet through at least mid-2027, de-risking late-stage development of its lead ITK inhibitor, soquelitinib. The infusion of R&D funding accelerates enrollment in pivotal cohorts and supports planned biomarker analyses. Investors should view the equity raise as a catalyst for upcoming data readouts, particularly the top-line results from the PTCL Phase 3 trial expected in late 2026.