Pyxis Oncology prices $110 million stock and warrant offering for MICVO trial

Pyxis Oncology, Inc. priced its offering on September 29, 2026, moving from the preliminary terms it had filed earlier the same day. The company is offering 36,047,919 shares of its common stock, and, in lieu of common stock to certain investors that so choose, pre-funded warrants to purchase 1,883,121 shares of common stock, with accompanying common warrants to purchase 1.3 shares of common stock per common warrant¹. The combined offering, underwriting discounts, and net proceeds to the company total $109,998,133 in offering price, $6,600,001 in underwriting discounts and commissions, and $103,398,132 in proceeds before expenses¹.

The exercise price of the common warrants is $3.50 per share¹. As before, the common warrants will not be exercisable unless and until stockholders approve an amendment to the company's certificate of incorporation increasing authorized shares, and that amendment becomes effective in Delaware¹.

On September 29, 2026, the last reported sale price of Pyxis Oncology common stock on the Nasdaq Global Select Market was $2.90 per share¹, under the symbol "PYXS." The underwriters expect to deliver the securities to investors on or about October 1, 2026¹, with Leerink Partners, Guggenheim Securities, and Wells Fargo Securities as joint bookrunning managers.

The filing repeats the Phase 1 monotherapy data for MICVO released September 9, 2026, with an August 18, 2026 cutoff, showing a 36% confirmed objective response rate (12/33), a 94% disease control rate (31/33), median progression-free survival of 6.2 months, and a 12-month overall survival probability of 79%¹. No new safety signals were observed, and tolerability was consistent with other ADCs using auristatin payloads.¹

The company said existing cash together with net proceeds from this offering is expected to fund operations into the first half of 2028¹, but if the common warrants are not exercised, the combined proceeds and existing cash will not be sufficient to fully fund the planned Phase 3 Headliner trial in second-line and later recurrent or metastatic head and neck squamous cell carcinoma¹.