Pyxis Oncology launches public offering of stock and warrants

Pyxis Oncology, Inc. (Nasdaq: PYXS) announced a registered public offering of shares of common stock, or pre-funded warrants in lieu of common stock, accompanied by common warrants to purchase shares of common stock, according to a company statement.

The Boston-based clinical-stage biopharmaceutical company said all securities in the offering will be sold by Pyxis Oncology. Each share of common stock and each pre-funded warrant will be sold together with a common warrant to purchase one share of common stock.

The common warrants will become exercisable only upon stockholder approval of an amendment to the company's certificate of incorporation to increase authorized shares of common stock. The warrants will expire on the earlier of the fifth anniversary of that amendment's effective date or 30 days following the later of that date and 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 the company expects in the first half of 2027.

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

Leerink Partners, Guggenheim Securities, and Wells Fargo Securities are acting as joint bookrunning managers. The offering is subject to market and other conditions, and the company said there is no assurance as to whether, when, or on what terms the offering may be completed.

The securities are being offered pursuant to a registration statement previously filed with and declared effective by the Securities and Exchange Commission.

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