Corvus Raises $201M in Stock Offering and Reports 72% EASI Reduction in Phase I AD
Corvus Pharmaceuticals closed an upsized public offering of 9,085,778 shares at $22.15, generating $201.2 million gross proceeds to fund operations including Phase 3 T-cell lymphoma and Phase 2 atopic dermatitis trials. In Phase I AD cohort 4, oral soquelitinib achieved a 72% mean EASI reduction at eight weeks, with 75% EASI 75 response and a clean safety profile.
1. Upsized Public Offering Closed Successfully
Corvus Pharmaceuticals completed an upsized underwritten public offering of 9,085,778 shares of common stock, which included the full exercise of the underwriters’ option to purchase 1,185,101 additional shares. The transaction generated gross proceeds of approximately $201.2 million before deducting underwriting discounts, commissions and estimated offering expenses. Jefferies and Goldman Sachs & Co. LLC served as lead book-running managers, with Mizuho as bookrunner and Ladenburg Thalmann as co-manager.
2. Use of Proceeds and Corporate Strategy
The company expects to deploy net proceeds for working capital and general corporate purposes, specifically funding ongoing research and development programs. Allocations are planned for its Phase 3 T-cell lymphoma trial and Phase 2 studies in atopic dermatitis, hidradenitis suppurativa and asthma, as well as for capital expenditures, sales and marketing initiatives and administrative costs.
3. Phase I Atopic Dermatitis Data Highlights
In a blinded, placebo-controlled U.S. study’s Cohort 4, 24 patients were randomized 1:1 to receive 200 mg of oral soquelitinib twice daily or placebo for eight weeks. Soquelitinib achieved a mean 72% reduction in Eczema Area and Severity Index (EASI) versus 40% for placebo (p=0.035). Response rates in the treated arm included 75% achieving EASI 75, 25% EASI 90 and 33% IGA 0/1, with 11 of 12 patients reaching EASI 50. Placebo patients saw two flares requiring rescue therapy, compared with none on soquelitinib.
4. Safety, Biomarkers and Next Steps
No new safety signals emerged in the extended-duration cohort, with similar adverse event rates between active and placebo groups and no significant lab abnormalities. Corvus reported durability of response post-treatment and comparable efficacy in patients with and without prior systemic therapies. Biomarker analyses showed reduced serum IL-4 and preliminary decreases in Th2 cells. The company plans a 200-patient Phase II atopic dermatitis trial in Q1 2026, alongside Phase II hidradenitis suppurativa and asthma studies, while its Phase III lymphoma trial continues with an interim futility analysis expected later in the year. Management indicated existing cash runway through Q4 2026, noting potential capital raises for future growth.