Pyxis Oncology Prices $110 Million Offering, Eyes Up to $282.6 Million to Fund Lead Cancer Drug

Pyxis Oncology (PYXS) priced a public offering expected to raise about $110 million in gross proceeds, with potential total proceeds of up to $282.6 million if all warrants are exercised. The stock fell 8.62% to $2.65 in pre-market trading after closing at $2.90 on Tuesday. The offering comprises 36.05 million common shares and 1.88 million pre-funded warrants, priced at $2.90 per share and accompanying warrant, or $2.899 per pre-funded warrant and accompanying warrant. Investors also receive common warrants for 49.31 million shares at $3.50 each. Full exercise of the warrants would add roughly $172.6 million, subject to stockholder approval of a charter amendment to increase authorized shares. The warrants expire five years after the amendment's effective date or 30 days after release of overall survival data from the Phase 1 MICVO monotherapy study, expected in the first half of 2027. The offering is set to close on or about October 1, 2026. Net proceeds will fund the Phase 3 Headliner trial in recurrent/metastatic head and neck squamous cell carcinoma and general corporate purposes.