Corvus Pharmaceuticals, Inc. 8-K

What Happened

• Corvus Pharmaceuticals, Inc. (CRVS) announced on March 13, 2026 that it entered into an Amended and Restated Open Market Sale Agreement with Jefferies LLC to sell up to $200 million of its common stock from time to time through Jefferies as sales agent.
• This Amended Sales Agreement replaces the prior Open Market Sale Agreement dated August 6, 2024, which had a $100 million capacity; Corvus had not sold any shares under the original agreement.
• The company filed a prospectus supplement to its Form S-3 registration statement (File No. 333-294272) on March 13, 2026, which was automatically effective upon filing.

Key Details

• Maximum aggregate offering size: $200,000,000 (amended up from $100,000,000).
• Sales agent: Jefferies LLC; commission of up to 3.0% of gross sales price per share (or as otherwise agreed).
• Sales methods permitted: at-the-market transactions under Rule 415, block trades, privately negotiated transactions with company consent, or other lawful methods.
• Jefferies is not required to sell any minimum amount; it will use commercially reasonable efforts under normal sales/trading practices. A legal opinion from Latham & Watkins LLP regarding the validity of the shares was filed with the 8-K.

Why It Matters

• This amendment gives Corvus flexible, on‑demand access to capital markets, enabling the company to raise up to $200M by selling common stock over time rather than via a single offering.
• For investors, the program can dilute existing shareholders if and when shares are sold; the extent and timing of dilution depend on how much the company chooses to sell and market conditions.
• The 3% maximum sales commission and the use of an at-the-market structure mean the company can raise capital more efficiently and opportunistically, but there is no guarantee any shares will be sold under the agreement.