aibioCorvus Pharmaceuticals raises its at-the-market program to $200,000,000
Tickers CRVS
Corvus had sold no shares under its $100,000,000 Jefferies program and had suspended it in January. The amendment doubles the ceiling to $200,000,000, with Jefferies paid up to 3.0% of gross proceeds.
Key facts
- Company
- Corvus Pharmaceuticals, Inc. (NASDAQ: CRVS)
- News type
- Financings
- Primary source
- Corvus Pharmaceuticals, Inc. 424B5 (2026-03-13)
The amendment
Corvus Pharmaceuticals, Inc. (Nasdaq: CRVS) signed an Amended and Restated Open Market Sale Agreement with Jefferies LLC on March 13, 2026. It raises the maximum aggregate offering price of common stock that Jefferies can sell as sales agent from $100,000,000 to $200,000,000. The original agreement is dated August 6, 2024.
Corvus says it had not sold any shares under the original agreement as of March 13, 2026. It also suspended offers and sales under its prior prospectus, effective January 20, 2026. Neither the 8-K nor the prospectus supplement gives a reason for that suspension.
Sales could be made in privately negotiated transactions, in block transactions, or by any method that counts as an "at the market offering" under the Securities Act. Jefferies is not required to sell any specific number or dollar amount of shares. It has agreed to use commercially reasonable efforts, and it is entitled to a commission of up to 3.0% of the gross sales price of shares it sells. There is no escrow or trust arrangement for the funds.
The prospectus supplement is filed under a Form S-3 shelf that took effect automatically on filing. It gives the last reported sale price of Corvus common stock on the Nasdaq Global Market as $16.90 on March 11, 2026. Corvus also agreed to indemnify Jefferies against certain liabilities, including those under the Securities Act of 1933.
The advisers
Jefferies LLC is the sales agent. Latham & Watkins LLP acted for Corvus, and its validity opinion on the shares is filed as Exhibit 5.1 to the 8-K. The prospectus supplement says Paul Hastings LLP, New York, represents Jefferies in this offering.
The cash record
The annual report filed March 12, 2026 gives a 2025 net loss of $15.3 million, against $62.3 million in 2024. Cash used in operations was $32.8 million in 2025 and $25.4 million in 2024. Research and development expense was $33.7 million in 2025, against $19.4 million a year earlier. At the end of 2024, Corvus held $8.7 million of cash and cash equivalents and $43.2 million of short-term investments.
The prospectus supplement counts 74,696,629 common shares outstanding at December 31, 2025, excluding 14,028,177 shares issuable on stock options outstanding on that date. It also warns that Corvus may raise more capital even if it believes it has enough funds for its current or future plans, and that new equity could dilute existing holders.
The pipeline behind the spending
Soquelitinib is in a registrational Phase 3 trial for relapsed T cell lymphomas and a randomized, placebo-controlled Phase 2 trial in atopic dermatitis, which the annual report describes as recently initiated. Ciforadenant is in an open-label Phase 1b/2 trial in metastatic kidney cancer, combined with ipilimumab and nivolumab. The annual report says Corvus is waiting to initiate a potential Phase 2 randomized trial in order to prioritize development of its other product candidates.
The prospectus supplement says the proceeds would go to working capital and general corporate purposes, which may include capital expenditures, research and development, sales and marketing, and administrative expenses. It says management would have considerable discretion over how the money is spent.
What comes next
The program is a ceiling, not a commitment. Any sales depend on Corvus asking Jefferies to sell and on the share price, which was $16.90 on March 11, 2026. Jefferies can decline to sell any particular amount, so the $200,000,000 figure does not show how much stock will be issued.