Pyxis Oncology prices public offering for ~$110M in gross proceeds

Pyxis Oncology, Inc. (Nasdaq: PYXS) has priced a registered public offering of shares of common stock, pre-funded warrants, and common warrants, with expected gross proceeds of approximately $110 million before deducting underwriting discounts, commissions, and offering expenses.

The offering includes 36,047,919 shares of common stock and 1,883,121 pre-funded warrants, each accompanied by common warrants to purchase up to 49,310,352 shares of common stock at an exercise price of $3.50 per share. The combined public offering price is $2.90 per share and accompanying common warrant, and $2.899 per pre-funded warrant and accompanying common warrant.

If all common warrants and pre-funded warrants are exercised in full, Pyxis Oncology would receive additional gross proceeds of approximately $172.6 million, bringing the total potential gross proceeds to approximately $282.6 million.

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 expire on the earlier of the fifth anniversary of that amendment's effective date or 30 days following the company's public disclosure of overall survival data from its ongoing Phase 1 monotherapy study of micvotabart pelidotin (MICVO), expected in the first half of 2027.

Pyxis Oncology stated 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.

Leerink Partners, Guggenheim Securities, and Wells Fargo Securities are acting as joint bookrunning managers. The offering is expected to close on or about October 1, 2026, subject to customary closing conditions.

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