Pyxis Oncology closes $102.8 million public offering tied to MICVO data

Pyxis Oncology entered an underwriting agreement on September 29, 2026 with Leerink Partners, Guggenheim Securities, and Wells Fargo Securities for a public offering, which closed on October 1, 2026, according to a Form 8-K filed with the SEC.

The deal included 36,047,919 shares of common stock and, for certain investors in lieu of shares, pre-funded warrants for 1,883,121 shares, along with common warrants to purchase up to 49,310,352 shares of common stock.¹ Every share or pre-funded warrant sold in the offering came bundled with a common warrant covering 1.3 shares of common stock.¹ Shares with their attached warrants priced at a combined $2.90, while pre-funded warrant units priced at $2.899.¹

The common warrants carry a $3.50 exercise price and cannot be exercised until stockholders approve a charter amendment raising the company's authorized share count.¹ Warrant expiration is tied to either the fifth anniversary of that charter change taking effect, or 30 days after the company reports overall survival 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, with that survival data expected in the first half of 2027.¹

Pyxis has committed to holding a special stockholder meeting within 60 days of closing to seek that approval, repeating the process every 60 days if needed until approval is secured or the warrants expire.¹

Net proceeds totaled roughly $102.8 million.¹ Full cash exercise of the warrants could add about $162.2 million more, net of a 6% solicitation fee.¹ Pyxis said it plans to use the funds to advance MICVO, including its planned Phase 3 "Headliner" trial, with cash expected to last into the first half of 2028.¹ However, without exercise of the common warrants, the company said its funds would not fully cover the Phase 3 Headliner trial.¹