Pyxis Oncology Inc

Pyxis Oncology announced the pricing of its registered public offering for expected gross proceeds of approximately $110M. The offering comprises 36.05M shares of common stock, or pre-funded warrants for 1.88M shares in lieu thereof, alongside accompanying common warrants to purchase up to 49.31M additional common shares at an exercise price of $3.50. The combined public offering price is $2.90 per share and accompanying common warrant, and $2.899 per pre-funded warrant and accompanying common warrant. If all pre-funded and common warrants are exercised in full, Pyxis would receive additional gross proceeds of approximately $172.6M. Following the announcement, PYXS stock fell about 8.8% to roughly $2.64 in after-hours trading. The common warrants will become exercisable only upon stockholder approval of a charter amendment increasing authorized common shares, and will expire five years after the amendment's effective date or 30 days following public disclosure of Phase 1 overall survival data for its lead program in 2L+ head and neck cancer, expected in the first half of 2027, whichever is earlier. The offering is expected to close on or about October 1, 2026, with proceeds earmarked to fund key clinical milestones for lead asset micvotabart pelidotin, including the planned Phase 3 Headliner trial in 2L+ R/M HNSCC, plus general corporate expenses and working capital.