Pyxis Oncology Announces Underwritten Public Offering of Common Stock and Warrants

Pyxis Oncology, Inc. entered into an underwriting agreement on September 29, 2026, to sell shares of its common stock and accompanying warrants. The offering is being led by Leerink Partners LLC, Guggenheim Securities, LLC, and Wells Fargo Securities, LLC. The transaction closed on October 1, 2026.

Under the terms of the agreement, the company sold 36,047,919 shares of common stock. Additionally, the company sold 1,883,121 pre-funded warrants to purchase common stock and 49,310,352 common warrants. Each share or pre-funded warrant was sold together with a common warrant to purchase 1.3 shares of common stock.

The common stock and accompanying warrant were offered at a combined price of $2.90 per share. The pre-funded warrant and accompanying warrant were offered at a combined price of $2.899, which reflects the $0.001 exercise price of the pre-funded warrant. The common warrants have an exercise price of $3.50 per share and will not be exercisable until the company’s stockholders approve an amendment to its charter to increase authorized shares and the amendment becomes effective in Delaware.

The common warrants will expire on the earlier of the fifth anniversary of the charter amendment effective date or the 30th calendar day following the public disclosure of results from its Phase 1 monotherapy study of micvotabart pelidotin (MICVO) in second-line and later recurrent or metastatic head and neck squamous cell carcinoma. The company expects to release these overall survival data in the first half of 2027.

Pyxis Oncology reported that the net proceeds from the offering, after deducting underwriting discounts and commissions, were approximately $102.8 million. The company intends to use these funds to advance its lead clinical program, MICVO, including its planned Phase 3 trial in head and neck cancer, as well as for working capital and general corporate purposes.

The company stated that its existing cash and cash equivalents, combined with the net proceeds from the offering, are expected to fund its operating expenses and capital expenditures into the first half of 2028. However, the company noted that if the common warrants are not exercised, the available capital may not be sufficient to fully fund the planned Phase 3 trial.