Pyxis Oncology announces up to $114 million private placement for MICVO program

Pyxis Oncology said on June 30, 2026 that it entered into definitive securities purchase agreements for a private placement expected to result in gross proceeds of approximately $50 million, before deducting placement agent fees and offering expenses, and an additional approximately $64 million of gross proceeds if the accompanying warrants are exercised in full for cash.¹

The deal was led by BVF Partners L.P. with participation from GordonMD Global Investments, RTW Investments, and Coastlands Capital LP.¹ Under the terms, the company agreed to sell 19,600,153 shares of its common stock at a price of $2.551 per share and warrants to purchase an equal number of shares, with the warrants carrying an exercise price of $3.289 per share.¹ The warrants become exercisable on the earlier of the public disclosure of Phase 1 monotherapy data or October 1, 2026, and will expire on July 2, 2029.¹

The company said the upfront proceeds are expected to extend the Company's cash runway into the second quarter of 2027 and support the continued advancement of its lead clinical program, MICVO (micvotabart pelidotin), through key clinical milestones.¹

Pyxis said it now expects updated data from the ongoing Phase 1 monotherapy study in second-line and beyond recurrent/metastatic head and neck squamous cell carcinoma in Fall 2026¹, including patients treated at 5.4 mg/kg IV Q3W with a dose equivalent to or below a dose cap, along with detailed analyses of the dose cap impact on safety, tolerability and efficacy.¹ The company also expects updated data from the ongoing Phase 1/2 dose-escalation study evaluating MICVO in combination with pembrolizumab for first-line R/M HNSCC in the fourth quarter of 2026.¹

Wells Fargo Securities served as sole placement agent, and the private placement was expected to close on July 2, 2026, subject to customary conditions, with the company agreeing to file a resale registration statement by October 2, 2026.