Corvus Pharmaceuticals completed an upsized underwritten offering of 9,085,778 shares of common stock, including full exercise of the 1,185,101-share underwriters’ option, generating gross proceeds of about $201.2 million before discounts, commissions and expenses. The company intends to apply net proceeds toward working capital and general corporate purposes, including capital expenditures, research and development for its Phase 3 T-cell lymphoma trial and Phase 2 studies in atopic dermatitis, hidradenitis suppurativa and asthma, as well as sales, marketing and administrative expenses. Jefferies and Goldman Sachs & Co. LLC served as lead book-running managers, with Mizuho as bookrunner and Ladenburg Thalmann as co-manager. The offering was registered under an effective Shelf Registration Statement on Form S-3 (File No. 333-281318) declared effective by the SEC on August 15, 2024, and supplemented pursuant to Rule 462(b) on January 21, 2026.

In Cohort 4 of its blinded, placebo-controlled Phase I study in moderate-to-severe atopic dermatitis, Corvus reported a mean 72% reduction in Eczema Area and Severity Index (EASI) at eight weeks for soquelitinib-treated patients versus 40% for placebo (p=0.035). Among 12 treated patients, 75% achieved EASI 75, 25% reached EASI 90 and 33% attained Investigator’s Global Assessment (IGA) 0/1; 11 of 12 reached at least EASI 50. Two placebo patients required rescue medication due to flares, compared with none in the treatment arm. Durable control was observed post-treatment, with responses in earlier cohorts maintained out to 118 days. In patients with prior systemic therapy (50% of Cohort 4), soquelitinib efficacy matched that in treatment-naïve patients, whereas placebo responses were poorer. Safety was clean, with similar adverse event rates between groups, no hepatic abnormalities, no injection site reactions and no conjunctivitis. Broader safety data from ongoing lymphoma trials—encompassing hundreds of patients treated over months or years—show no discontinuations for toxicity, no liver function test abnormalities attributable to the drug and no hematologic suppression.

Corvus highlighted mechanistic data indicating selective ITK inhibition may preserve Th1 function while reducing Th2/Th17 signaling and increasing regulatory T cells; Cohort 3 showed a rise in circulating functional Tregs not seen in placebo. Biomarker analyses revealed reductions in serum IL-4 (Cohorts 3 and 4) and IL-5 (Cohort 3, with Cohort 4 data pending), plus early single-cell RNA sequencing trends toward fewer Th2 cells post-treatment. The company plans to launch a 200-patient Phase II atopic dermatitis trial in Q1 2026, with four arms (200 mg once daily, 200 mg twice daily, 400 mg once daily and placebo) over 12 weeks plus follow-up, capping prior systemic therapy enrollments at 40%. Additional Phase II studies in hidradenitis suppurativa and asthma are slated for later in 2026, while a Phase III registration trial in relapsed peripheral T-cell lymphoma continues toward an interim futility analysis. Corvus’s IP estate provides composition-of-matter protection through 2042 with no royalty obligations. Management expects existing cash to fund planned studies into Q4 2026 but anticipates raising further capital thereafter.