Corvus Pharmaceuticals, Inc. (CRVS) completed an upsized underwritten public offering that closed on January 23 2026. The company sold 9,085,778 shares of common stock at $22.15 per share, and the underwriters exercised their full option to purchase an additional 1,185,101 shares, bringing the total to 10,270,879 shares. The offering generated gross proceeds of approximately $201.2 million before underwriting discounts and commissions, with net proceeds to be used for working capital, general corporate purposes, capital expenditures, and research and development.
The offering was upsized from an original proposal of 7,900,677 shares (about $150 million) to the final 9,085,778 shares, reflecting strong investor demand. The full exercise of the underwriters’ option indicates that the market was willing to absorb the additional shares at the offering price, underscoring confidence in Corvus’s pipeline and business model.
Net proceeds will fund the company’s Phase 3 peripheral T‑cell lymphoma trial, Phase 2 studies in atopic dermatitis, hidradenitis suppurativa, and asthma, as well as sales, marketing, and administrative expenses. The capital raise extends Corvus’s cash runway beyond the fourth quarter of 2026, addressing the liquidity concerns that have accompanied its clinical‑stage operations.
The financing strengthens Corvus’s balance sheet, providing the resources needed to advance its flagship ITK inhibitor, soquelitinib, through critical clinical milestones. By securing additional capital, the company can maintain momentum in its oncology and immunology programs without the immediate pressure of additional debt or equity dilution.
Investors responded positively to the offering, with the underwriters’ full option exercise and the company’s strong clinical data driving demand. The market reaction was amplified by the Phase 1 data for soquelitinib released earlier in the month, which had already boosted investor confidence.
Analysts have continued to express confidence in Corvus’s pipeline, citing the company’s progress in multiple therapeutic areas and the potential market size for its lead candidate. The positive market sentiment reflects the company’s ability to raise capital in a competitive environment while advancing its clinical programs.
The successful upsized offering positions Corvus to pursue its strategic objectives, including the expansion of its clinical portfolio and the execution of its commercialization strategy, while maintaining financial flexibility for future growth.
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