Corvus Pharmaceuticals announced the closing of an upsized underwritten public offering of 9,085,778 shares of its common stock, which included the full exercise of the underwriters’ option to purchase 1,185,101 additional shares, at $22.15 per share. Gross proceeds before underwriting discounts, commissions and estimated offering expenses are expected to total approximately $201.2 million. The company intends to deploy net proceeds toward working capital and general corporate purposes, including funding its ongoing Phase 3 T-cell lymphoma trial, Phase 2 studies in atopic dermatitis, hidradenitis suppurativa and asthma, capital expenditures, and sales, marketing and administrative expenses. Jefferies and Goldman Sachs served as lead book-running managers, with Mizuho as bookrunner and Ladenburg Thalmann as co-manager. Registration statements on Form S-3 and Rule 462(b) filings became effective in August 2024 and January 2026, respectively, enabling the transaction.

In a blinded, placebo-controlled Phase I study of soquelitinib in moderate-to-severe atopic dermatitis, Corvus reported that 24 patients in Cohort 4 treated with 200 mg twice daily achieved a mean 72% reduction in EASI score at eight weeks versus 40% for placebo (p=0.035). Response rates included EASI 75 in 75% of patients, EASI 90 in 25%, and IGA 0/1 in 33%, with 11 of 12 treated patients reaching EASI 50. Two placebo patients required rescue medication, while none in the active arm did. Durable disease control was observed post-treatment, extending beyond 118 days in earlier cohorts without additional drug. Among patients with prior systemic therapy—35% across cohorts and 50% in Cohort 4—efficacy mirrored that in treatment-naïve individuals, whereas placebo arms fared worse. Safety remained favorable with no significant laboratory abnormalities, hepatic issues or infection rate differences versus placebo. Corvus plans a 200-patient Phase II trial in Q1 2026 with multiple dosing arms over 12 weeks, alongside planned Phase II studies in hidradenitis suppurativa and asthma and an ongoing Phase III T-cell lymphoma registration trial.