Corvus Pharmaceuticals closed its upsized underwritten public offering on January 23, 2026, selling 9,085,778 shares of common stock, including full exercise of the underwriters’ option for 1,185,101 additional shares at $22.15 per share. Gross proceeds before underwriting discounts, commissions and offering expenses totaled roughly $201.2 million. Jefferies and Goldman Sachs & Co. LLC served as lead book-running managers, with Mizuho as bookrunner and Ladenburg Thalmann as co-manager. Net proceeds are earmarked for working capital, general corporate purposes, capital expenditures and ongoing research and development, specifically for the company’s Phase 3 T-cell lymphoma trial 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% reduction in EASI score versus 40% for placebo (p=0.035). Among treated patients, 75% reached EASI 75, 25% EASI 90 and 33% achieved IGA 0/1; 11 of 12 achieved EASI 50. Two placebo patients required rescue medication for flares. Durable responses persisted beyond dosing, with prior cohorts showing maintained or improved EASI reductions out to 118 days post-treatment. Efficacy in the 50% of Cohort 4 subjects with prior systemic therapy matched that in therapy-naïve patients, while placebo subjects with prior therapies fared worse, underscoring soquelitinib’s potential in refractory populations.

No new safety signals emerged in the eight-week Cohort 4 treatment period; adverse event rates and laboratory findings were comparable between groups, with no hepatic abnormalities or increased infections. Corvus highlighted its broader lymphoma safety database involving hundreds of patients treated over months to years without discontinuations due to toxicity. Mechanistically, selective ITK inhibition is proposed to suppress pro-inflammatory Th2/Th17 pathways while sparing Th1 function, with early biomarker analyses showing reduced serum IL-4 and IL-5 and increases in functional Tregs. Corvus plans a 200-patient Phase II atopic dermatitis trial in Q1 2026, featuring four arms (200 mg once daily, 200 mg twice daily, 400 mg once daily and placebo) over 12 weeks, plus follow-up. Additionally, Phase II studies in hidradenitis suppurativa and asthma are slated for 2026, alongside a Phase III peripheral T-cell lymphoma registration trial with an interim futility analysis expected later that year.