Corvus Pharmaceuticals has successfully priced an upsized underwritten public offering of 7,900,677 shares of its common stock, generating approximately $175 million in gross proceeds. The company also granted the underwriters a 30-day option to purchase up to an additional 1,185,101 shares. This increase from the originally proposed size reflects strong investor demand and bolsters Corvus’s balance sheet ahead of key clinical inflection points.

Corvus intends to deploy the net proceeds to support working capital and general corporate purposes, with a significant allocation toward research and development. Key programs to benefit include the registrational Phase 3 trial in relapsed/refractory T-cell lymphoma and several Phase 2 studies in atopic dermatitis, hidradenitis suppurativa and asthma. The funds will also cover planned capital expenditures, sales and marketing initiatives and administrative costs.

Jefferies and Goldman Sachs & Co. LLC are acting as lead book-running managers for the offering, with Mizuho serving as bookrunner and Ladenburg Thalmann & Co. Inc. as co-manager. The offering is being conducted under a shelf registration statement declared effective in August 2024 and an automatic supplemental registration under Rule 462(b). Subject to customary closing conditions, the transaction is expected to close on or about January 23, 2026.