Corvus Pharmaceuticals today announced the successful pricing of an upsized underwritten public offering of 7,900,677 shares of its common stock at $22.15 per share, resulting in approximately $175.0 million in gross proceeds before deducting underwriting discounts, commissions and estimated offering expenses. The Company also granted underwriters a 30-day option to purchase up to an additional 1,185,101 shares at the public offering price, less underwriting discounts and commissions. Jefferies and Goldman Sachs & Co. LLC served as lead book-running managers, with Mizuho as bookrunner and Ladenburg Thalmann & Co. Inc. as co-manager. Net proceeds are earmarked for working capital, general corporate purposes, capital expenditures and research and development, including late-stage development of soquelitinib in relapsed/refractory peripheral T-cell lymphoma and mid-stage trials in atopic dermatitis, hidradenitis suppurativa and asthma. The offering is expected to close on January 23, 2026, subject to customary closing conditions.

In the fourth cohort of its Phase 1 trial in moderate-to-severe atopic dermatitis, Corvus reported that 75% of patients receiving 200 mg of soquelitinib twice daily achieved at least a 75% improvement in Eczema Area and Severity Index (EASI 75) after eight weeks of treatment, with responses sustained one month after dosing cessation. Additionally, 33% of patients attained clear or almost clear status on the Investigator Global Assessment (IGA 0/1) scale. Benefits were more pronounced in patients treated for longer durations, including those who had previously failed other systemic therapies. No new safety signals emerged, and biomarker analyses continue to support soquelitinib’s selective ITK inhibition and differentiated immunomodulatory profile. These data underpin the planned transition to pivotal Phase 2/3 programs, with durability of response as the next critical milestone.