Pyxis Oncology reaffirms MICVO data timelines, closes $50 million private placement

Pyxis Oncology said it expects to report updated data from the ongoing MICVO Phase 1 monotherapy study for 2L+ R/M HNSCC in fall 2026, with the update expected to include patients treated at 5.4 mg/kg IV Q3W at or below a dose cap, along with detailed analyses of how the dose cap has affected safety, tolerability, efficacy and initial durability.¹ The company finished enrolling the Phase 1 Part 2 monotherapy dose expansion cohort in the first quarter of 2026.¹

A dose cap for higher body weight patients took effect in December 2025. Pyxis said internal PK simulation modeling indicated MICVO exposures under dose capping and adjusted ideal bodyweight dosing were expected to be comparable, and the company prioritized dose capping for its operational simplicity and faster implementation.¹

Separately, the company said it expects to report updated data from the ongoing Phase 1/2 combination dose escalation study of MICVO with Merck's KEYTRUDA (pembrolizumab) in first-line R/M HNSCC patients in the fourth quarter of 2026.¹

On financing, Pyxis completed a private placement on July 2, 2026 that generated upfront gross proceeds of approximately $50 million, before placement agent fees and offering expenses, with up to an additional roughly $64 million in gross proceeds possible if accompanying warrants are exercised in full for cash.¹ The company said the upfront proceeds, combined with existing cash, extended its cash runway into the second quarter of 2027, giving it flexibility to continue patient follow-up and allow data to mature after completion of enrollment in the 2L+ R/M HNSCC study.¹

As of quarter end, Pyxis had cash and cash equivalents, including restricted cash, and short-term investments of $34.5 million.¹ The company said this position, together with the upfront private placement proceeds, will be sufficient to fund operations into the second quarter of 2027.¹