Corvus Pharmaceuticals Announces Closing of Upsized Public Offering of Common Stock and Full Exercise of the Underwriters' Option to Purchase Additional Shares, Generating Gross Proceeds of Approximately $201M

SOUTH SAN FRANCISCO, Calif., Jan. 23, 2026 (GLOBE NEWSWIRE) -- Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS), a clinical-stage biopharmaceutical company, today announced the closing of an upsized underwritten public offering of 9,085,778 shares of its common stock, which includes the full exercise of the underwriters' option to purchase 1,185,101 additional shares, at a price to the public of $22.15 per share. Gross proceeds from the underwritten public offering before deducting underwriting discounts and commissions and estimated offering expenses are expected to be approximately $201.2 million, including proceeds from the full exercise of the underwriters' option to purchase additional shares. All of the shares of common stock were offered by Corvus.

Corvus currently expects to use the net proceeds from this offering for working capital and general corporate purposes, which may include capital expenditures and research and development, including for its Phase 3 T cell lymphoma, and Phase 2 atopic dermatitis, hidradenitis suppurativa and asthma clinical trials, sales and marketing and administrative expenses.

Jefferies and Goldman Sachs & Co. LLC acted as lead book-running managers for the offering. Mizuho acted as bookrunner for the offering. Ladenburg Thalmann acted as co-manager for the offering.

A shelf registration statement on Form S-3 (File No. 333-281318) relating to the securities sold in this offering was declared effective by the Securities and Exchange Commission ("SEC") on August 15, 2024 and a related registration statement that was filed with the SEC on January 21, 2026 pursuant to Rule 462(b) under the Securities Act of 1933 (and became automatically effective upon filing). The offering of these securities was made only by means of a prospectus supplement and accompanying prospectus forming a part of the effective registration statements. A final prospectus supplement and accompanying prospectus relating to the offering have been filed with the SEC and is available on the SEC's website at www.sec.gov. A copy of the final prospectus supplement and accompanying prospectus relating to the offering may be obtained from: Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, New York 10022, by telephone at 1-877-821-7388, or by email at [email protected]; and Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, by telephone at 1-866-471-2526, or by email at [email protected].

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any offer or sale of, these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification of these securities under the securities laws of any such state or jurisdiction.

About Corvus Pharmaceuticals

Corvus Pharmaceuticals is a clinical-stage biopharmaceutical company pioneering the development of ITK inhibition as a new approach to immunotherapy for a broad range of immune diseases and cancer. The Company's lead product candidate is soquelitinib, an investigational, oral, small molecule drug that selectively inhibits ITK. Soquelitinib is being evaluated in a registration Phase 3 clinical trial for relapsed/refractory PTCL and in a Phase 1 clinical trial for the treatment of atopic dermatitis. Its other clinical-stage candidates are being developed for a variety of cancer indications.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements, including statements related to the anticipated use of proceeds from the offering. Such forward-looking statements involve risks and uncertainties, many of which involve factors or circumstances that are beyond the Company's control, including, without limitation, those related to market conditions. All statements other than statements of historical fact contained in this press release are forward-looking statements. These statements often include words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," "seek," "will," "may" or similar expressions. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee that the events and circumstances reflected in the forward-looking statements will be achieved or occur, and the timing of events and circumstances and actual results could differ materially from those stated, implied or projected in the forward-looking statements due to a number of factors, including but not limited to, risks detailed in the Company's most recent filings with the Securities and Exchange Commission, including the preliminary prospectus supplement filed with the SEC on January 20, 2026, including documents incorporated by reference therein, which includes the Company's current and future reports filed with the SEC, including its Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, filed with the SEC on November 4, 2025. Accordingly, you should not place undue reliance on these forward-looking statements. All such statements speak only as of the date made, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Investor Contact:

Leiv Lea

Chief Financial Officer

Corvus Pharmaceuticals, Inc.

+1-650-900-4522

[email protected]

Media Contact:

Sheryl Seapy

Real Chemistry

+1-949-903-4750

[email protected]