Corvus Capitalizes on Market Rally to Raise $175 Million for Clinical Research

Corvus Capitalizes on Market Rally to Raise $175 Million for Clinical Research

2026-01-22 companies

South San Francisco, Thursday, 22 January 2026.
Following a 166% stock surge, Corvus upsized its offering to $175 million, securing vital funding to advance late-stage trials for lymphoma and immune diseases.

Corvus Capitalizes on Market Rally to Raise $175 Million for Clinical Research

Corvus Pharmaceuticals, Inc. (CRVS) has aggressively capitalized on a surge in investor interest by pricing an upsized underwritten public offering. On January 21, 2026, the company announced the pricing of 7,900,677 shares of common stock at $22.15 per share, aiming for aggregate gross proceeds of approximately $175.0 million [1][2]. This figure represents a significant increase from the initially proposed $150 million offering announced just a day prior [5][6]. The upsize of approximately 16.667% underscores strong institutional appetite, particularly as the offering price of $22.15 sits above the stock’s closing price of $21.41 recorded on January 20, 2026 [1][6].

Catalysts Driving the Valuation

The impetus for this successful capital raise lies in the robust clinical data released earlier in the week. Corvus reported positive results from its Phase 1 clinical trial of soquelitinib for atopic dermatitis, revealing that 75% of patients treated with the drug achieved a 75% improvement in the Eczema Area and Severity Index (EASI 75), compared to only 20% in the placebo group [5]. These results triggered a massive rally in the company’s stock, which surged nearly 166% on January 20, 2026, closing at $21.41 [3][6].

Strategic Financial Shifts

In conjunction with this underwritten offering, Corvus has adjusted its broader financing strategy. On January 20, 2026, the company suspended its “at-the-market” (ATM) equity program with Jefferies LLC, which had a total capacity of $100 million [4]. Notably, no shares had been sold under this facility prior to its suspension [4]. By pivoting from the ATM facility to a fixed-price underwritten offering during a period of high volume and price appreciation, management has effectively locked in substantial capital without the gradual dilution typically associated with prolonged ATM sales.

Sources


Public Offering Biopharmaceuticals