Pyxis Oncology closes public offering with $110M in upfront proceeds

Pyxis Oncology, Inc. (Nasdaq: PYXS) closed a registered public offering on October 1, 2026, generating approximately $110.0 million in upfront gross proceeds before deducting underwriting discounts, commissions, and other expenses.

The offering consisted of 36,047,919 shares of common stock at $2.90 per share and pre-funded warrants to purchase 1,883,121 shares at $2.899 per warrant. Both the shares and warrants were accompanied by common warrants to purchase an aggregate of 49,310,352 shares of common stock at an exercise price of $3.50 per share, a 21% premium to the public offering price.

The common warrants are tied to the company's public disclosure of overall survival data from its ongoing Phase 1 monotherapy study of micvotabart pelidotin (MICVO) in recurrent/metastatic head and neck squamous cell carcinoma, which is expected in the first half of 2027. If all warrants are exercised in full for cash, total gross proceeds would reach approximately $282.6 million.

The warrants will only become exercisable upon stockholder approval of an amendment to the company's certificate of incorporation to increase authorized shares of common stock. They expire on the earlier of the fifth anniversary of that amendment's effectiveness or 30 days following the later of that date and the overall survival data release date.

Participants in the offering included OrbiMed, GordonMD Global Investments, BVF Partners, Coastlands Capital, and RTW Investments. Leerink Partners, Guggenheim Securities, and Wells Fargo Securities acted as joint bookrunning managers.

Pyxis Oncology said it intends to use the net proceeds to advance MICVO through clinical milestones, including a planned Phase 3 trial in second-line and beyond recurrent/metastatic head and neck squamous cell carcinoma, as well as for working capital and general corporate purposes.

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