Corvus Pharmaceuticals announced the closing of 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 offering price was $22.15 per share, generating approximately $201.2 million in gross proceeds before deducting underwriting discounts, commissions and estimated expenses. Jefferies and Goldman Sachs & Co. LLC served as lead book-running managers, with Mizuho as bookrunner and Ladenburg Thalmann as co-manager. Corvus intends to use net proceeds for working capital and general corporate purposes, including capital expenditures and research and development for its Phase 3 T-cell lymphoma program and Phase 2 trials in atopic dermatitis, hidradenitis suppurativa and asthma, as well as sales, marketing and administrative expenses.

In a blinded, placebo-controlled U.S. Phase I study of oral soquelitinib in moderate-to-severe atopic dermatitis, Cohort 4 (24 patients randomized 1:1 to 200 mg twice daily or placebo for eight weeks) achieved a mean 72 percent reduction in EASI score versus 40 percent for placebo (p=0.035). Among treated patients, 75 percent reached EASI 75, 25 percent EASI 90 and 33 percent IGA 0/1. Eleven of 12 active-arm patients achieved EASI 50; two placebo patients required rescue medication. Durable control persisted after treatment discontinuation, echoing earlier cohorts where responses were maintained or improved out to 118 days. Efficacy was consistent in patients with prior systemic therapy, who comprised 50 percent of Cohort 4, while placebo patients with such history fared worse. No new safety signals emerged; adverse events and laboratory findings were comparable between arms, with no hepatic abnormalities or infection rate increases observed.

Corvus reported emerging biomarker data showing reductions in serum interleukin-4 in Cohorts 3 and 4 and in interleukin-5 in Cohort 3, with additional IL-5 results pending. Single-cell RNA sequencing from early cohorts indicated a trend toward reduced Th2 cell populations in treated patients and an increase in functional regulatory T cells in Cohort 3. The company plans to present detailed biomarker findings at upcoming dermatology conferences. A 200-patient Phase II atopic dermatitis trial is expected to begin in Q1 2026 with four arms (200 mg once daily, 200 mg twice daily, 400 mg once daily and placebo), a 12-week treatment period and off-treatment follow-up, allowing up to 40 percent prior systemic therapy. Additional Phase II studies in hidradenitis suppurativa and asthma are slated for 2026, while a Phase III registration trial in relapsed peripheral T-cell lymphoma continues, with an interim futility analysis later in the year.