SCHEDULE: Adams Street Partners Adjusts Corvus Pharma Stake

Adams Street Partners, LLC updated its beneficial ownership in Corvus Pharmaceuticals, Inc. to 3.9% following a recent public offering by the issuer.

Summary

• Adams Street Partners, LLC and its affiliated funds filed an Amendment No. 1 to their Schedule 13D regarding Corvus Pharmaceuticals, Inc.
• The amendment reflects a change in the percentage of Common Stock beneficially owned by Adams Street Partners, now at 3.9%.
• This change is solely due to an increase in Corvus Pharmaceuticals' total outstanding shares, not from any transactions by Adams Street Partners.
• Corvus Pharmaceuticals completed an underwritten public offering on January 23, 2026, selling 7,900,677 shares at $22.15 per share.
• Underwriters also exercised an option to purchase an additional 1,185,101 shares.
• The total outstanding shares of Corvus Pharmaceuticals as of January 23, 2026, are 83,767,650.
• Adams Street Partners beneficially owns an aggregate of 3,275,616 shares.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this filing as neutral to slightly positive. While Adams Street Partners' percentage ownership decreased due to dilution, the underlying event was a successful capital raise for Corvus Pharmaceuticals, which is generally positive for the issuer's operational funding.

Positives

• The issuer, Corvus Pharmaceuticals, successfully completed a public offering, raising capital by selling 7,900,677 shares at $22.15 per share, plus an additional 1,185,101 shares from underwriters' option exercise.

Negatives

• Adams Street Partners' percentage of beneficial ownership in Corvus Pharmaceuticals decreased from a previously reported amount to 3.9% due to share dilution from the public offering.

Future Outlook

No explicit future outlook or guidance is provided by the reporting person in this ownership disclosure filing.

Industry Context

StockSavvy.ai notes that public offerings are a common method for biotechnology and pharmaceutical companies like Corvus Pharmaceuticals to raise capital for research, development, and operational expenses, especially given the high costs and long timelines associated with drug development. The dilution of existing shareholders, as seen with Adams Street Partners' reduced percentage ownership, is a typical consequence of such capital-raising activities.

Comparison to Industry Standards

• The offering price of $22.15 per share for Corvus Pharmaceuticals is specific to its valuation and market conditions at the time. Without details on Corvus's financial performance or pipeline, a direct comparison to industry benchmarks or specific comparable companies (e.g., Gilead Sciences, Amgen, Regeneron Pharmaceuticals) for the offering price itself is not feasible from this filing alone.
• The beneficial ownership percentage of 3.9% by Adams Street Partners is a significant institutional stake, though it represents a decrease in proportional ownership due to the offering. This level of institutional ownership is common in growth-oriented biotech firms.

Stakeholder Impact

• Shareholders: Existing shareholders, including Adams Street Partners, experienced dilution of their percentage ownership due to the increase in total outstanding shares from the public offering.
• Corvus Pharmaceuticals: The company successfully raised capital through the offering, which can fund its operations, research, and development, potentially benefiting its long-term prospects.

Key Dates

Recommendation

This filing primarily reports a change in beneficial ownership percentage due to a public offering, rather than a change in investment strategy by Adams Street Partners. The offering itself is a capital-raising event for Corvus Pharmaceuticals, which can be positive for its long-term viability. However, the dilution impacts existing shareholders. Without further information on Corvus's financial performance or strategic direction, a "hold" recommendation is appropriate, acknowledging both the capital infusion and the dilution effect.

Keywords

Corvus Pharmaceuticals, Adams Street Partners, Schedule 13D, Beneficial Ownership, Public Offering, Equity, Investment, SEC Filing, Dilution, Common Stock